Guatemala: Insurers Call for Less Bureaucracy

Their suggestion is to facilitate the acquisition of insurance policies by simplifying the current insurance contract forms required by the Tax Administration.

Tuesday, November 12, 2013

Insurance companies made ​​these and other proposals during the XXXIV Hemispheric Insurance Conference which is taking place in Antigua Guatemala.

"One of the proposals is to simplify the Special Inspectorate (IVE) Tax Authority forms which aim to prevent money laundering," noted an article in Prensalibre.com.

According to the president of the Guatemalan Association of Insurance Institutions (Agis), Hermann Girón, in this sector the money laundering risk is low so that the procedures could be reduced.



More on this topic

Guatemala: The Potential of The Insurance Sector

February 2014

The sector's share in GDP is only 1.2 %, whereas in El Salvador and Costa Rica it amounts to 2.1% and 2% respectively.

The insurance market in Guatemala has a lot of potential for growth. The share of this sector in the Gross Domestic Product (GDP) is 1.2 %, as opposed to El Salvador and Costa Rica where it is 2.1 % and 2% respectively.

XXXIV Hemispheric Conference on Insurance

October 2013

From 10 to November 13 representatives from insurance companies will gather together in Guatemala to address topics of interest to the industry.

Among the topics to be discussed at the event being held in Antigua, Guatemala, are the new trends and recent innovations in the insurance industry. The event, held bi-annually since 1946, facilitates relationships between insurers and reinsurers.

Guatemala and El Salvador Investigate Triangulation of Dollars

October 2013

Detections have been made of cash transfers which are then returned via wire transfers and which apparently are linked to drug dealing and extortion.

The information was confirmed by the president of the Bank of Guatemala, Edgar Barquín, who explained that from Guatemala cash is exiting in dollars and going to El Salvador and then returning to the country through wire transfers.

Guatemala to Regulate Jewelry Sales

July 2010

Companies dealing in jewelry will have to report cash sales for amounts greater than $10,000.

The Special Verifications Unit of the Guatemalan Banking Regulator will receive reports from 76 jewelers, in accordance with the country's terrorism financing law.

For their part, Sigloxxi.com reports that representatives of the jewelry sector are unhappy about reporting their purchases, whether made in cash or by any other means.

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