The American Insurance Association has issued a bulletin calling the recently concluded free trade agreement with Bahrain “an important step forward in free market interaction” between the U.S. and the Gulf State.
The AIA praised the United States Trade Representative for negotiating an agreement that will open up Bahrain to insurance competition. It noted that the pact will “help grow Bahrain’s domestic insurance industry, attract foreign insurance capital and improve conditions for U.S. insurers.”
“This new agreement gives Bahrain insurance consumers more choice and will help them develop their economy more rapidly,” stated David Snyder, AIA vice president and assistant general counsel. “Insurance plays a key role in economic development by encouraging entrepreneurs to take on risk and by assisting in important capital infrastructure improvements.”
As part of the agreement, Bahrain will have transparent insurance regulation that will allow subsidiaries and branches without any caps on foreign ownership, giving American property-casualty insurers the right to fully conduct business in Bahrain.
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