The Superintendent of Nicaragua’s financial services regulator, Victor Urcuyo, recently met with the Economic Committee of the National Assembly to present a proposal for a new insurance law that would allow foreign insurance companies to establish local branches in the country. The draft law is designed to bring Nicaragua into compliance with its insurance-related obligations under the CAFTA-DR free trade agreement. In response to a question as to whether the draft law could be expected to prompt an influx of foreign insurers into the nation’s relatively small insurance market, Mr. Urcuyo reportedly responded he does not know if any foreign companies will take an interest, but that the nation’s insurance market “is growing every day.”
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