Still no agreement on Insurance Law in Guatemala

The proposed law to regulate insurance activities is still causing discord 22 months after it arrived at the Legislature on November 2, 2006.

Friday, September 5, 2008

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).

Meanwhile, insurers and agents still believe that the proposal hurts consumers and does not promote competition, while insurance companies and the SIB say that it protects the users and improves supervision.

Three articles are at the center of the disagreement, the main one, which if signed into law, prohibits the sale of insurance by foreign companies not registered in the country.

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