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The insurance associations of North America to provide their support to NAFTA

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June 26, 2017 11:30

TheAmerican Council of Life Insurers, theAmerican Insurance Association, thecanadian Association of insurance companies of persons (CLHIA), the insurance Bureau of Canada (IBC) and theAsociación Mexicana de Instituciones de Seguros have recently published a joint declaration to support the modernization of the NAFTA.

According to the five bodies, the free trade Agreement north american (NAFTA) has benefited greatly from the insurance markets of Canada, Mexico and the United States. «It has increased trade, expanded the choice available to consumers and the supply of services, and contributed to the development and co-operation between public policy makers, regulators and insurers in the three countries in question «, one can read in the document.

Regulatory environments that encourage innovation

For insurers, the NAFTA has lowered the barriers to the property, thereby allowing the established companies to compete in their markets on a reciprocal basis of their customer service and their reputation, not their country of origin. The all, to the benefit of consumers who may continue the search for the solutions that best suit their needs.

Moreover, the insurance associations, highlight the fact that NAFTA has created regulatory environments that encourage innovation, market efficiency and regulatory transparency, in spite of the differences between the three markets in question from the point of view of regulation and supervision.

Modernize NAFTA

The insurance associations of Canada, Mexico and the United States say they wish to support efforts to modernize the NAFTA so that it more accurately reflects the business realities and technologies of today.

«Recognizing the vital contribution of the agreement to each of the three markets in question, we wish to collaborate with our governments to ensure that their modernization work to reinforce the benefits already the NAFTA. We believe that, by this modernization, the NAFTA will continue to serve the best interests of consumers and insurance companies of the trois country «, conclude the five associations.

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