Captive Insurance company law in force with retroactive effect

The government has officially announced that the bill for captive insurance companies has gone into effect, which will be retroactive to January 1, 2013. This law is considered an important tool to continue supporting the international financial services on Curacao, which, in spite of the many obstacles put in its way, still has significant economic clout. Among the captives are insurers on Curaçao that insure or reinsure risks, whether or not there is benefit to the shareholders or entrepreneurs residing outside of the island. The new law provides a new formula to calculate profits of all types of insurance. In recent years, the number of captives in Curaçao dropped steeply and it is envisaged that this new law will throw the trend around and make this select group of companies attractive again in Curaçao.