Guatemala Failing to Comply with DR-CAFTA Requirements

The country could be fined $7 million for not approving the Insurance Activity Law, one of the requirements of the free trade agreement.

Thursday, April 22, 2010

Such bill would renew the insurance industry in Guatemala, allowing the participation of foreign companies. It has been stuck at congress for several months now.

Sigloxxi.com reports: “Since the bill was introduced, some sectors have strongly opposed it. ACORDES, the Association of Insurance Brokers, argues that the bill impedes them from selling insurance from foreign companies. They consider this to be negative to free competition and commerce.



More on this topic

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.

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.

FTA between Costa Rica and the US comes into effect

January 2009

Since yesterday 99% of Costa Rican exports will enter the US market tariff-free.

According Elheraldo.hn, "the United States is Costa Rica's main trading partner and buys half of its exports at over 9 billion dollars annually; however demand could fall due to the financial crisis that is affecting the US economy.

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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