Laws – Explanation per regulation

The SVB is responsible for the execution of several laws. The menu indicates which laws.

Old-age Pension (AOV)

The objective of this scheme is a compulsory insurance against financial consequences of old age for the entire population, on account of which the person who has been insured can receive an old-age pension on reaching the age of sixty.

Widow’s, Widower’s and Orphan’s Pension (AWW)

This is a general insurance that guarantees financial support to the widow(er) after the passing away of his/her spouse and to the children of an insured mother/father after death.

Sickness Insurance (ZV)

The objective of this insurance is that employees with an income under the maximum wage limit are insured for the2014

220loss of income as a consequence of sickness.

Accident Insurance (OV)

The objective of this insurance is to have employers insure their employees for the costs of medical care and loss of income as a consequence of an accident.

Severance Pay (Cessantia)

The severance payment is an insurance for employees for the costs of unemployment through no fault of their own. The insurance grants the right to a lump sum payment, depending on the duration of the employment and the most recently received wage.

Basic health insurance (BVZ)

On February 1, 2013, the basic healthcare insurance (BVZ) was introduced for all residents of Curaçao. The basic healthcare insurance, as regulated in the Basic healthcare Act, provides a uniform insurance for all residents.