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ARUBA | Insurance companies

The State Ordinance on the Supervision of the Insurance Business provides the Central Bank of Aruba (CBA) with the legal basis for supervising life and general insurance companies, both onshore and offshore. Insurance companies operating in or from Aruba need a license from the CBA to conduct their activities unless the insurance is sold abroad and the foreign insurer does not actively promote its business in Aruba. According to said State Ordinance a license is granted either to engage in the life insurance or the general insurance business.

In case of general insurance, a license shall be granted per indemnity line of insurance, being:  
  • Accident and health;
  • Motor vehicle;
  • Maritime, transport and aviation;
  • Fire insurance and other property; or
  • Other indemnity.
In order to be considered for a license to operate as an insurance company in Aruba, the applicant must comply with certain requirements set by the CBA, which are laid down in aforementioned State Ordinance as well as in policies of the CBA (e.g. Policy Rule Insurance License Requirements and Admission Requirements for Insurance Companies).

Furthermore, once the license has been granted, the insurance companies need to comply continuously with the CBA’s directives and guidelines for life insurance companies.