Guatemala: Insurance law makes progress

The legislation which has generated a lot of controversy give the Monetary Board the authority to certify foreign companies that would enter the country.

Thursday, August 28, 2008


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Aníbal García, a lawmaker for Encuentro por Guatemala, explained that they need to discuss the role the Monetary Board will have in order to prevent it from acting in way that will "constitute an effort to strengthen the insurance monopoly of the national financial system by preventing foreigners to enter.

More on this topic

Guatemala: New Regulations for Insurance Companies

September 2010

The normative explains the requirements required for foreign insurance companies seeking to operate as branches or subsidiaries in the country.

Edgar Barquín, banking superintendent, pointed that in order to sell insurance in the country, companies must be incorporated domestically.

Still no agreement on Insurance Law in Guatemala

September 2008

The proposed law to regulate insurance activities is still causing discord 22 months after it arrived at the Legislature on November 2, 2006.

The plenary session of Congress was supposed to take up and approve the articles and final version of the initiative yesterday; however, this did not happen because the initiative was removed from the agenda until the various factions receive the amendments made yesterday by the Superintendence of Banks (SIB).

New Insurance Law in Guatemala

May 2010

Congress could pass a new insurance bill on Thursday which would allow the participation of foreign insurers.

Juan Raúl Aguilar, president of the Guatemalan Association of Insurance Institutions, was interviewed by newspaper El Periódico. He discussed the changes introduced by the bill and how it will shape the insurance market.

Guatemala: New Insurance Law Approved

July 2010

Congress has approved a new insurance law that will open up the national insurance market to foreign companies.

Decree number 25-2010 will come into force in January 2011 and redefines which classes of insurance brokerage are legal and what kinds of policies can be sold.

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