FINANCE CONTINUED REVIEW OF THE DRAFT LAW ON INSURANCE BUSINESS
deputy Rafic Souki (Zulia), member of the Standing Committee on Finance
reported that a second reading approval of
Draft Law on Insurance Activities will take longer than anticipated,
because they are still analyzing all proposals
were recorded during the public consultation process at national
. In this sense
MP said earlier, during the call
Fourth Republic, was very easy to draft and enact a law because they were produced
the country's most prestigious law firms and were
the result of an economic agreement between the domes.
"It is more cumbersome to pass a law because the National
Constitution establishes a broad consultation process
somehow delay the enactment of the rule. That was before when law firms
Allan Brewer Carias and David Morales Bello made laws like
the parties and the interests of the oligarchy, "the parliamentary
. Rafic Souki
MP said that this instrument, on
insurance business was consulted not only with companies related to the branch
but the thick, mechanical
shop owners.
"All respondents were equally" Souki said not before
point out that even many private organizations are
requesting information on the subject. He added that all this has led to
think this answers a delaying tactic to
the standard is finally approved.
- And what is the status of current instrument
times, asked the journalist ANTV
- "This law is being seriously considered by
members of the Standing Commission on Domestic Policy, we are revising proposed by
proposal and article by article and almost 500 articles have examined
only 9 or 19 of these. There is little me
doubt that the adoption of this instrument will be delayed, "said the parliamentary
.
In addressing the issue of illegal collection of
Price Index (CPI) MP Rafic Souki, a member of the Joint Commission to investigate this sounded
case, reported that when meeting with authorities
Supreme Court, specifically with
president and other members of the Constitutional Court, he
asked to comment about the lawsuit filed by the
umbrella organization to affected.
Souki said the ruling by the highest court in the country,
be favorable to the declaration of illegality
collection of this measure, cover the entire period during which it was committed
that Members have considered a scam.
"We hope the Supreme Court declared the illegality of the collection of the IPC and
establish ways to compensate those affected," said the parliamentary
.
Source: Yira Yoyotte / Press AN
VENEZUELA: Bolivarian Insurance ALBA trade support. The Government, through the Bolivarian Insurance will cover commercial transactions are conducted within the framework of the Bolivarian Alternative for the Americas (ALBA) and the Work of Commerce of the People (TPC).
in Official Gazette No. 39,236 was published reform decree forming the insurance company and there are established new business functions.
Executive's intention is that the insurer covers the risks of transactions made with those two blocks, but when it came to the constitution of the company in 2007, was scheduled to attend the state-owned trade not only with the ALBA and the CPC but also with Mercosur, Caricom and Latin American Common Market.
now limited operations. The decree of August 6, 2009 states that "requires an insurance company that allows protect risks from trade and investment between Venezuela and the countries with which it has commercial links (...) 21 century socialism needs a new business concept to strengthen relations between the Government and the people. "
adds that" under the new institutional reforms insurance company needs to support the small and medium businesses, to small businesses, cooperatives, and also create products that will solve the social realities that have found no solution in the domestic insurance market.
The Bolivariana de Seguros will be hands of the Vice President, since before that was planned under the Ministry of Economy and Finance.
Beyond addressing the trade, The Government envisages that the state insurance policies operate with public authorities, which are mostly private companies.
insurance industry sources indicate that the schedule of the Executive is scheduled for the fourth quarter the company is operating, but has not yet finished giving their plans to the Superintendent of Insurance. (
VENEZUELA: Insurance bank should become independent entities. Every man for himself. The banks, with insurance companies must put distance in between the two activities. Only then can survive the Insurance Activity Act.
The subcommittee Banking and Insurance of the National Assembly (AN), chaired by Rep. Rafic Souki, decided to delete the form of Bank Security. Banks that are engaged in this activity must operate as independent companies.
"One thing is the bank and another insurance company, they can not condition the approval of a loan to a policy making the insurance company has," said Souki.Aseguradoras not trust the parliamentary body also approved to stop the operations of trusts or financial intermediary performing insurance companies. Only keep the premiums financed, without recharging, or interest.
"You take a policy for one year for (value of the policy) is split into parts, may be three or four parts. They are not losing, so they should not charge interest, because the policyholder is paying in advance, "said the deputy.
The third party payment AN The subcommittee established in the draft Law on Insurance Activity that tobacco companies can not refuse to pay what they owe to others. "Many insurers refuse to cancel, and it is up to the third demand, that access to it, that can not be." Be civil liability insurance or any another, "the company must pay the claim to the third hit by the policyholder," he said. Assemblyman said the law will determine penalties for insurers who do not meet this commitment. Amounts of premiums
The standard is adamant that the Superintendent of Insurance Activity that fixed the value of premiums. Rep. Souki
noted that insurance companies may be making proposals, but that the Superintendent will make the decision which will be the amount of the premium, according to a study of costs that should be done. A leisurely debate the bill has 304 articles, which are discussed one by one in the Subcommittee on Banking and Insurance. Van by Article 78. Once completed this debate in the subcommittee, the text should be discussed at the Finance Committee of the NA. After being Finance approved, will be passing discussion at the Plenary of the Parliament. (EntornoInteligente.com)
VENEZUELA: profit fell 11.93% of the insurance companies. Profits of insurance companies registered in June 2009, a decrease of -11.93% over the same period in 2008, representing 87 million Bolivars least for this sector.
This is reflected in the report of the firm Softline Consultores, based in companies that make up the insurance sector in Venezuela. The 10 leading companies concentrate 66.89% of the market: Caracas Liberty Mutual, Horizon, Mercantile, La Previsora, Mapfre, Constitution, Multinational Banesco, Occidental and Carabobo. The first of this list holds 12.15% of a fragmented market by the existence of 50 companies in the industry.
According to the report, the company's total assets stood at 21.2 million Bolivars to June 2009, an increase of 5.7% over May 2009. Compared to June 2008 was 36.1% higher. Net premiums collected amounted Bs.F.13 sector, 4 million in June with a 36.43% growth compared to the same month in 2008. Technical reserves had growth of 1.1% compared to May 2009 compared with June of last year showed an increase of 37.18%. Total expenditure (expenditure committee acquisition and administration) in June totaled Bs.F. 3.531 million, an increase of 24.19% over May 2009.
banking earnings totaled Bs.F. 646 million as of June, a decrease of -11.93%. Are 87 million Bolivars unless accuse these companies. (EntonoInteligente.com)
VENEZUELA: 50% is contracted demand for auto insurance policies. The slowdown that records the automotive sector begins to impact on other activities, especially in the insurance industry. The decrease in the supply of cars has made the acquisition of policies has diminished. According to figures used in the industry automotive, auto sales in the first half fell 47% and the insurance industry sources suggest that the demand for insurance had decreased nearly 50% over the same period.
Sources indicate that when purchasing a vehicle purchase your policy immediately, but in the course of this year the Venezuelan market behavior has been different. The automotive industry has faced several constraints as restrictions on foreign supplies, problems with supplies of import licenses, to which are added further regulation by the Executive.
During the period from 2006 to 2008, stage of growth in car sales, demand vehicle insurance fire, which affected the outcome of the sector.
In fact the behavior of the share sales of health and family car was now such distributions are changing. Beyond the lower demand, performance of contracts have been affecting the settings on the sums insured, which have been impacted by the behavior of inflation.
Central Bank data from Venezuela show that the prices of insurance policies in the first half of this year increased 26%. The figures from the Superintendency of Insurance indicate that in the first five months of 2009, the company recorded sales growth 38%. The premiums were 11.3 billion Strong Bolivars, while during the same period last year were at 8.2 billion Strong Bolivars. At that rally influenced
health insurance, especially public sector collective policies. Companies that manage contracts and official bodies focus 39% of sales.
insurance industry sources indicate that public sector demand continues to grow, especially as a result of nationalization. Since 2007, group health insurance in the formal sector have been increasing because more and more entities who purchase private policies. The sources added that the acquisition of companies by Government, companies are counting more contracts from the public. Under state control are already several companies in the construction sector (cement), steel, and is in the process of acquiring other companies.
Within the national executive has raised the transfer of the policies that engages the public sector to the Bolivariana de Seguros (company created in 2007), however, the company has not be finished, at which organisms forced to continue working with private companies.
The Government's intention was that in the last quarter of the policies of local officials pass the state insurance, but it is in the pipeline. Official sources state that have not yet finished presenting work schedules to the Insurance, without which it can not begin to operate. (El Universal - Mayela Armas H.)
VENEZUELA: Zurich Insurance promotes products for the masses. products or insurance policies are placed within reach of the majority population through various deals that make choosing the best interests of everyone through information campaigns, and using banking channels represented by their extensive branch networks and other possibilities not yet exhausted its full potential such as business portfolios of small businesses (SMEs), Web pages and the ATM or Call Center, as explained by Priscilla Villanueva Eng, director of the Consumer Products area of \u200b\u200bZurich Insurance.
To achieve the main objectives of the Consumer Products area of \u200b\u200bZurich Insurance, the alliance is essential to banking, which allows important social work round to penetrate the mainstream audiences that had never before had access to traditional insurance.
These premises are relevant in these times when there is discussion of the new Insurance Act, in the opinion of Dr. Domingo Sosa, just Zurich Insurance Company, because of inconsistencies when at some point will require insurance companies a percentage of sales of policies to social work, and on the other side is to eliminate the mixed channels of banking and insurance, which represent the best option to achieve this task.
As has already been a kind of public forum, also has other views as coming from Rafael Andrade, insurance broker expert in training sales forces, who have ratified the persistence of support for the possibility the bid by the joint mechanisms of banking and insurance as a distribution channel to meet current needs-served.
brokers, intermediaries, banks and insurance companies have expressed matches in his concern for the eventual elimination of mixed channels of banking and insurance, which would mean a reversal of progress for the inclusion of more people who may have access to insurance to guarantee their welfare and their families
VENEZUELA: Supreme Court reviewed the Insurance Act. The Administrative Chamber of the Supreme Court conducted a hearing before an appeal against the bancassurance scheme. Producers Federation of Insurance requested the interpretation of a provision of the Law on Insurance and Reinsurance.
The organization's president, James Lemoine, said that yesterday was the presentation of the allegations and is now awaiting the final decision of the Supreme Court. "The intention is to prohibit the bancassurance model, because this way policies are purchased while the beneficiaries have no advice," he said. Bancassurance is a scheme of selling policies to customers in the financial sector.
In the reform of the Insurance Act, now called the Insurance Activity Act prohibits that scheme. Currently, Parliament is still reviewing the legal framework. (El Universal - Venezuela)
VENEZUELA: Insurance Activity Act protects buyers of policies. Bill Insurance Activity responds mainly to protect the needs of policy buyers, who are conditioned to pay high costs without receiving, in many cases, firms' response to a disaster.
This was said the deputy member of the Subcommittee on Financial Policy, Banking and Insurance, National Assembly (AN), Rafic Souki, noting that the regulation raises the activity aims to generate more effective responses to citizen and release of the obligation to purchase a policy when it comes to obtaining credit in any financial entity.
"The main enemies of the Banking Law Association are refusing to lend to buyers without conditioning to pay the policy offered by the bank, whether for cars or housing, and the House Insurance policies sold by unregulated and respond when an incident invent a thousand excuses to avoid paying, "he said.
Speaking to Agencia Bolivariana de Noticias (ABN), the MP clarified that the possibility of international insurance companies operating in the country have a policy established in previous legislation, so that they are false rumors about the supposed intention of the Act to stimulate foreign interests.
"is a lie that you are opening the doors to foreign reinsurance companies to develop the activity, but neither are we in denial. Yes, we are putting the condition that they meet the requirements to the Superintendent of Insurance "he added.
In this sense, Souki stated that some companies in the country with risks are so high that it becomes necessary the insurance coverage abroad, to ensure satisfactory for the welfare of citizens. He said that so far, the subcommittee has held meetings with customers, brokers and insurance producers, the House of workshops, clinics affiliated with the policies, as well as the Chamber Banking and Insurance Association, to discuss the legal instrument and make proposals.
However, these last two have generated a controversy that prevents the progression of the discussion, which is expected to be completed before August 15, based on the same arguments to defend their interests above the collective. "There is no political will on the part of parliamentarians to maintain conditions that are detrimental to policyholders buyers, who are the end users, and cause distortion in the timely response of the companies," he said.
Souki said that the Insurance Activity Act has among its most innovative, the creation of the Superintendency of Insurance Activity, as the competent body to control this activity, and the National Council of Users and Clients of Insurance Activity, which will consist of organizations that constitute popular participation in its defense. (ABN) Bill on Insurance Activity responds primarily to protect the needs of policy buyers, who are conditioned to pay high costs without receiving, in many cases, firms' response to a disaster.
This was said the deputy member of the Subcommittee on Financial Policy, Banking and Insurance, National Assembly (AN), Rafic Souki, noting that the regulation raises the activity aims to generate more effective responses to citizen and release of compulsory purchase a policy when it comes to obtaining credit in any financial entity.
"The main enemies of the Banking Law Association are refusing to lend without influencing buyers to pay the policy offered by the bank, whether for cars or housing, and the House Insurance policies sold by unregulated and respond when an incident invent a thousand excuses to avoid paying, "he said.
Speaking to the Bolivarian News Agency (ABN), the MP clarified that the possibility of international insurance companies operating in the country have a policy established in previous legislation, so that they are false rumors about the alleged intent of the law to encourage foreign interests.
"is a lie that you are opening the doors to foreign reinsurance companies to develop the activity, but neither are we in denial. Of course, we are putting the condition that they comply with the requirements provided to the Superintendent of Insurance" he added.
In this sense, Souki stated that some companies in the country with risks are so high that it becomes necessary the insurance coverage on the outside, to ensure satisfactory for the welfare of citizens. He said that so far, the subcommittee has held meetings with users, brokers and insurance producers, the House Workshops, clinics affiliated with the policies, as well as the House Banking and Insurance Association, to discuss the legal instrument and make proposals.
However, these last two have generated a controversy that prevents the progression of the discussion, which is expected to be completed before August 15, based on the same arguments to defend their interests above the collective. "There is no political will on the part of parliamentarians to maintain conditions that are detrimental to policyholders buyers, who are the end users, and cause distortion in the timely response of the companies," he said.
Souki said that the Act Insurer Activity Among its most innovative, the creation of the Superintendency of Insurance Activity, as the competent body to control this activity, and the National Council of Users of the Insurance Activity, which will consist of popular organizations to be established for his defense. (ABN)
VENEZUELA: They warn that companies should hire reinsurance. PDVSA, CANTV and Sidor, will have to hire multinational reinsurance companies, as the national capital can not cover the high RISKS of these companies. That is among the signs that are made to the Law on Insurance Activity prepared by the Subcommittee on Financial and Insurance Policy of the National Assembly.
Reinsurance companies are the insurance companies hire when your capital is not allowed to eventually take high risks, and in this case assumed by reinsurers. Sources
specialized brokers in the area of \u200b\u200binsurance indicating that due to the minimum capital that they require national insurers, "the large public and private companies have to resort to foreign reinsurers." Latest News attempted to ascertain the opinion of the Chamber of Insurance, but it was not possible since it was reported unofficially that the profession did not want to pass opinion because the project is still debated. Sources connected
warn that the biggest concern of the union is the elimination of bank-insurance scheme, but also indicated that this mechanism will be evaluated for the second discussion and may include a scheme in which not being ignored completely in this figure .
banking-insurance is a scheme that allows banks to offer life insurance policies to the people they hire financial services such as opening savings accounts, current or trusts. It was also discovered that the Law on Insurance Activities will include a chapter on hiring policies for vehicles, but this will find the rules which will included in the bill governing the sale of cars, prepared by the AN. (String Global.com)
VENEZUELA: Venezuela's offer microinsurance is Latin reference. "Zurich Venezuela has been developing a very interesting model that provides coverage to informal sector workers" during the past seven years, after which date, in July 2009, has been recognized by leading experts in the art within the framework specialized international conferences on the subject, harmoniously combining the theme of social responsibility with sustainable business and to strengthen effective relationships between business partners. Such words
commendation were given by Craig Churchill, an expert in finance Micro International Labour Organization (ILO), United Nations agency, Director of Microinsurance Innovation Facility (formerly called the Working Group on Microinsurance Consultative Group to Assist the Poor).
Mr. Churchill has traveled the world looking at micro-projects. For his part, Jonathan Nur, Zurich Microinsurance Manager Venezuela, consulted in this regard, he explained that the model considered a pioneer in the country emerged from initiatives Carlos Luengo, CEO of the Company, and its President Samuel Berner, who in 2002 signed an agreement with the People's Bank of Entrepreneurship, BanGente; First Development Bank of the country, who just turned 10 years of service.
The Venezuelan experience also has received attention from other Latin American countries like Honduras and El Salvador, which has helped to initiate similar projects in the countries of Central America.
microinsurer management thus becomes equally important action to make it larger than that of Zurich Insurance company with experience in risk management, with a clear business strategy and a strong balance sheet to help all clients regardless of their size.
Zurich Seguros, SA continues as usual in their efforts to provide excellent services from all its offices that also include Central Office in Caracas and its branches in Barquisimeto, Maracaibo, Maracay, Maturin, Puerto La Cruz, Puerto Ordaz, San Cristóbal and Valencia, with the aim of being present where customers require, and and offer solutions that can optimize risk management.
VENEZUELA: Caracas Liberty Mutual Insurance opened Auto Service Center. The insurance company launched a new service center which offers greater value and agility in customer care and service delivery auto inspection and installation of high quality products Caracas, July 2009 .- Liberty Mutual Insurance Caracas opened the new "Center for Auto Insurance Services Caracas", which will offer its clients services of inspection, installation and uninstallation of the tracking system Detektor and products such as windshields and windows, car inspections to ensure, setting emission damage and repair orders. "With this center we seek to streamline and optimize processes in order to reduce response times and be ever more efficient.
is part of the commitment we made to our policyholders, to provide a true quality of service. The value that we Venezuelans to provide the best care, not only in our offices, but with all our suppliers, machine shops, clinics, among others, "said Roberto Salas, president of Liberty Mutual Insurance Caracas.
This new center opens doors in the third section of Main Avenue farmhouses Lourdes, infrastructure has ample spaces, where guests can enjoy the comfortable waiting rooms, snacks and specialty care of the promoters.
In a first phase, began operations with the installation and servicing of vehicles with Satellite system Detektor, which helps locate and recover stolen cars, with a small electronic device hidden inside que emite una señal silenciosa la cual permite ubicar rápidamente la unidad, incluso en sótanos y garajes. En una segunda fase, estarán próximamente disponible los servicios relacionados a ajustes de daños de vehículos que puedan circular, inspección de vehículos para asegurar e instalación de vidrios y parabrisas.(Analitica.com)
VENEZUELA: Seguros a paso lento. Los diputados de la comisión de Finanzas aún no han dado los toques finales a la ley que regirá la actividad aseguradora, pero mantienen la promesa de aprobarla antes del 15 de agosto.
El informe final de la Ley sobre la Actividad Aseguradora todavía no ha sido aprobado en la Comisión de Finanzas National Assembly, although public consultation was completed legislation for several months and that the members of this body had promised that the legislation would be the first in the parliamentary agenda, 2009.
On June 10 Ferrer Germain member of the Subcommittee on Financial Policy, Banking and Insurance said the review of the legal project culminated in two weeks. But almost a month later, the deputy admits they are still evaluating the proposals submitted by the various actors involved in the insurance business.
"They set up a technical committee to evaluate proposals received and have taken into account many of them to incorporate them into law. We were very careful because we want the new insurance regulation is well balanced, "Ferrer said yesterday, following the weekly meeting of the Finance Committee.
Among the proposals that have already been built, according to the senator, is the by the Superintendencia de Seguros (Sudeseg) to punish companies that break the rules.
Currently this is a unique feature of Indepabis, but Members considered that the technical nature of the activity requires a specialized opinion. Ferrer reiterates that the new legislation will prohibit the sale of policies in both banks as dealers car. The goal is for the purchase of insurance is not linked to another transaction that the user receives the advice you need before purchasing.
"There must be a strict regulation that gives priority to users," he said. The deputy promised again that the final report of the Insurance Activity Act will be ready in two weeks.
said the idea is that the Finance Commission approve the legislation before the end of July, so the meeting has at least two weeks to discuss and give final approval. (Alejandro R. Hinds - TalCualDigital)
VENEZUELA: Superintendent determine rates insurers. The National Assembly is reviewing the Insurance Activity Act, which will expand the powers of the Superintendent of Insurance. Members have approved the first legal framework and provisions in these states that the agency may determine the rates and general and special conditions of contract for the entire insurance market and also allow access to compulsory insurance policies and supportive .
Rafic Souki, a member of the Subcommittee on Banking and Insurance to review the project, notes that the intention is that the Superintendent determine the minimum and maximum rates may be used by companies. The legal framework
this force the agency does not set the parameters, usually makes ex post evaluations. In a provision also states that the body must authorize in advance the premium rates for the purposes of determining the sufficiency of them.
By modifying the legal framework governing not only insurance companies but also to cooperatives and companies of prepaid medicine. Souki said that in the coming days will accelerate the adoption of the articles to the report for second reading be approved at this session. (Entornointeligente.com)
