The Venezuelan National Assembly recently engaged in its first discussions regarding the proposed new Ley de Actividad Aseguradora, which would establish a new Superintendency of Insurance Activity and contain provisions concerning the authorization, supervision and regulation of the nation’s insurance industry. The draft law, proposed by the Finance Commission, is broadly designed to bring the Venezuelan insurance industry in line with the government’s goals of “social transformation for the common good” and particularly stresses the rights of “beneficiaries” of insurance and reinsurance contracts.

The proposed law explicitly provides that the conduct of insurance and reinsurance activity will only be permitted in the country with the government’s prior authorization and broadly defines the scope of “insurance activity.” It further empowers the new Superintendency of Insurance to establish the premiums, general conditions and specific terms of insurance contracts for the entire insurance industry.

If you would be interested in learning more about the proposed law and/or the Venezuelan or other Latin American (re)insurance markets and/or regulatory environments, please click the “Email the Editor” button and provide your contact information for follow-up by an EAPD attorney.