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Frequently asked questions Caribbean Netherlands - License

Frequently asked questions - License

How can I apply for a licence?

The forms for a licence application are available on our website, in the downloads section. For a license application, you must complete the:

  • Licence application form for acting as an advisor, intermediary, authorised agent or sub-authorised agent in the Caribbean Netherlands
  • Questionnaire for Appointments in the Caribbean Netherlands.

You can send the completed form and its associated attachments to us by post or by email to bes@afm.nl.

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Suppose a credit provider offers credit with a maximum repayment period of three months. Does this credit provider have to apply for a licence?

In principle, this credit provider does have to apply for a licence. Based on Section 1:9 of the Financial Markets (BES Islands) Decree (Bfm financiële markten BES, “Bfm BES”), though, a provider of credit is exempt from the licence requirement if the credit period is less than three months and the consumer is charged only negligible costs. 

The three-month limit is applied strictly, in the sense that the credit must definitely be repaid after three months. What is decisive here is the actual situation. For example, if the credit is replaced or succeeded by another credit after three months, the AFM considers this construction in principle as credit for a period of more than three months.

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How can I report the appointment of a new director or the end of a director’s appointment?

The notification of a new director can be made using the Questionnaire for Appointment in the Caribbean Netherlands [Questionnaire for the assessment of trustworthiness and suitability]. You can send the completed form and its associated attachments to us by post or by email to bes@afm.nl.

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If the insurance portfolio is no longer actively extended but only managed, can the license then be revoked?

Acting as an intermediary of insurance contracts requires a licence. Being an intermediary in insurance means performing activities aimed at the creation of insurance contracts or assisting in the management of these contracts. The management of an insurance portfolio therefore requires a licence.

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Can an insurance broker, which is part of a bank that has it registered office in Curacao, operate in the market on Bonaire with no further restrictions, or must it operate with an independent company with its registered office on Bonaire?

The licence for a credit institution (bank) is granted by de Nederlandsche Bank (DNB). In order to be able to perform insurance intermediary activities, these must be permitted according to a licence issued by DNB.

DNB must be asked the question about whether an insurance broker must operate with an independent company with its registered office on Bonaire.

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