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
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.
The normative explains the requirements required for foreign insurance companies seeking to operate as branches or subsidiaries in the country.
The proposed law to regulate insurance activities is still causing discord 22 months after it arrived at the Legislature on November 2, 2006.
Congress could pass a new insurance bill on Thursday which would allow the participation of foreign insurers.
Congress has approved a new insurance law that will open up the national insurance market to foreign companies.
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