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Argentina, Brazil, Colombia, Mexico, Puerto Rico, Venezuela
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July 27 2009
Mapfre’s Latin American operation, Mapfre America, recently announced that its net profits increased 25.0 and its total premiums 20.3 when comparing the first half of 2009 to the first half of 2008
A spokesman for Spanish banking group Santander reportedly stated recently that the company is considering selling its insurance units in Argentina, Chile and Mexico, though he reportedly also referred to the situation as "vague and imprecise."
Eduardo Iturriaga, Director General of Mexico’s insurance regulator, the Comision Nacional de Seguros y Fianzas, recently reminded the market that purchasing foreign insurance from within Mexico is both a violation of the insurance law and a criminal offense that can carry penalties of a fine between 200 and 2,000 days' salary and a prison sentence of between 3 and 10 years
