Guatemala: New Insurance Law Approved

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

Thursday, July 15, 2010

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.

The banking regulator, Edgar Barquín, told Elperiodico.com.gt that, “the approval of the law is in line with the terms established in the free trade agreement with the USA”.

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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.

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.

Guatemalan Insurers Demand Law

March 2010

During the Central American Insurers Congress they requested the Legislative to pass the Insurance Activity Law.

The law currently in effect dates from 1966. A reform was submitted to Congress by the Guatemalan Association of Insurance Institutions.

Enrique Rodríguez, president of the Association, told Prensalibre.com.

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).

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