Guatemala in Urgent Need of Insurance Law

Current regulation does not set capitalization margins for insurance companies.

Friday, May 7, 2010

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.

“He also explained that with the calculations currently in use, insurers are assuming unnecessary risks, which could trigger a crisis should a major event occur, as they would be unable to pay their customers”, reported Sigloxxi.com.

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