History
History of SVb
The Social Insurance Bank (SVb) was founded in 1960 to administer the Old Age and Old Age Pension Law (AOV). In 1965 SVb’s tasks were expanded with the introduction of the General Widow and Orphan Pension Law (AWW). In 1966 SVb received an additional task with the introduction of the Sickness Insurance Law (Ziekteverzekering or ZV) and the Accident Insurance Law (Ongevallenverzekering or OV). Finally, in 1983 a Severance fund (Cessantia) was instituted to guarantee employee compensation in case of unintentional retirement.
SVb as an independent institution in Aruba
While Aruba was part of the Dutch Antilles, SVb was an administrative subsidiary while the management and administration were on Curacao. Since the “Status Aparte” SVb Aruba was instituted and developed into a prime institution for our social protection network. With investments in human resources and the experience accumulated during the crisis period, the economic boom, and the increase in population, SVb is an institution that works independently, with efficient corporate management, attentive service, and a great sense of responsibility.
Changes in the law to improve its performance
To improve its product for the community, SVb promoted and will continue to encourage several law reform to provide the necessary legal instruments to reach a solid financial position in our social protection system.
