The Asociacion Boliviana de Asegoradores (ABA), a private association of Bolivian insurers, recently denounced the “illegal” sale of travel and life insurance by non-registered, foreign insurers.
Read MoreThe Chilean government recently announced that it will raise the capital gains tax rate applicable to foreign insurers, foundations and sovereign funds that operate in the country. In a joint release, the Ministerios de Hacienda y Economia announced that the regulation will be sent to the Controlaria General this week.
Read MoreBrazil’s Superintendencia de Seguros Privados (SUSEP) recently granted IRB Brasil Resseguros S.A. (IRB), the government-controlled entity that formerly held a reinsurance monopoly in Brazil, an extension of time through December 31, 2008 to conform to the new regulations that opened the Brazilian reinsurance market to local and foreign competition.
Read MoreAs it prepares to compete in the country’s newly de-monopolized insurance, Costa Rica’s state insurance giant, the Instituto Nacional de Seguros (INS), has recently announced the creation of four new insurance entities: INS Internacional, INS Servicios, INS Vida and INS Comercializadora. The move is part of an effort by INS to restructure, retain customers and grow its business in the face of new competition.
Read MoreFitch Ratings recently released a special report entitled “Brazilian Insurance Industry: Annual Results and Prospects.” In the report, released September 26, 2008, Fitch reports that the Brazilian insurance market grew by 15% in 2007 and predicts that the market, already the largest in Latin America and the Caribbean, will experience “consistent growth in the short and medium term . . . .”
Read MoreWith stock market turbulence and industry consolidation in 2008 have come financial strength ratings downgrades for more than 100 insurers and reinsurers. While such downgrades can result in numerous consequences, one potentially unrecognized consequence is non-compliance with regulatory reporting guidelines in numerous jurisdictions in Latin America and other parts of the world.
Read MoreEAPD lawyer Machua Millett recently participated in the American Conference Institute’s ReAct Brazil International Forum on Positioning for Success in the Brazilian Reinsurance Market.
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