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MINUTES OF THE CCNAA-AIT INSURANCE CONSULTATIONS (AD.1991.03.15)
1.Signed on March 15,1991; Entered into force on March 15,1991.
AIT expressed its appreciation for steps taken by the CCNAA aut-
horities to date to improve access to insurance market in the t-
erritories represented by CCNAA for U.S. companies. AIT also ur-
ged expeditious passage by the LY of the amendments to the Insu-
rance Law and expressed hope that the implementing regulations
will lead to further liberalization of the insurance market in
the territories represented by CCNAA.
AIT expressed concern regarding delays in the insurance product
approval process by authorities represented by CCNAA. CCNAA poi-
nted out that many problems were the result of deficiencies in
U.S. companies applications. AIT agreed to convey CCNAA'S conce-
rn to the U.S. industry. AIT urged CCNAA to consider its sugges-
tion for streamlining the process. Both sides agreed that a con-
tinuing exchange of views on this issue would be useful.
AIT & CCNAA discussed insurance pricing systems, expanding inve-
stment instruments for U.S. insurance companies in the territor-
ies represented by CCNAA and Central Reinsurance Corporation.
CCNAA expressed deep concern that the insurance laws of New York
State stipulated prohibiting foreign government-owned insurance
company from establishing branch office.
Date: March 15, 1991