The American Insurance Association is asking the insurance industry and members of Congress to support House passage of the Central American Free Trade Agreement (CAFTA), arguing that the trade deal "represents the latest step in opening the world's insurance markets."
"CAFTA involves the Dominican Republic and several Central American countries, but Costa Rica is noteworthy for having one of the world's last government-owned insurance monopolies," said David Snyder, AIA vice president and assistant general counsel.
"CAFTA does away with the state-run monopoly in favor of gradually opening a private insurance market in Costa Rica," Mr. Snyder continued. "There is no doubt that CAFTA's provisions on insurance will open new markets for U.S. insurers, but it will also help the CAFTA countries develop economically, reduce unnecessary loss of life and property, and assist in providing critical public infrastructure such as roads, bridges, libraries and hospitals."
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