Guatemala: New Regulations for Insurance Companies

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

Tuesday, September 21, 2010

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

Additionally, any insurer willing to sell all types of insurance will require a capital of $1.6 million, and reinsurers may also operate in the country, provided their capital is above $3.22 million, explained Barquín to Prensalibre.com.

More on this topic

Panama: Insurance Companies to Pay More

October 2011

The annual supervision and regulation rate will increase from $2500 to $50 000 for insurance companies and $75 000 for reinsurers.

The new insurance and reinsurance law brings with it several changes, among which is an increase in the rate charged by the Superintendency for overseeing businesses that offer insurance in the country.

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.

Guatemala in Urgent Need of Insurance Law

May 2010

Current regulation does not set capitalization margins for insurance companies.

Edgar Barquín, head of the Banking Superintendence, explained that should a catastrophe occur, such as an earthquake, insurers would be unable to pay for all the damage claims. He explained that insurance companies are complying with the law, but one that is 50 years old.

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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