The American Insurance Association (AIA) is applauding the U.S. Trade Representative’s (USTR) inclusion of substantive, important insurance provisions in formal trade requests made of all 145 members of the World Trade Organization (WTO).
“The U.S. requests are the culmination of four years of hard work by U.S. insurers, USTR officials, and our trade partners. This is an important step toward real insurance market opening and improvements throughout the WTO community,” John Savercool, AIA vice president, federal affairs, said. “When the requests are fulfilled, insurance consumers around the globe will benefit – through greater economic development, greater personal security, and sounder financial infrastructures.”
Savercool said the U.S. insurance-related requests are designed to encourage the opening of foreign insurance markets through traditional market access and national treatment commitments, regulatory transparency, and regulatory reforms. He also noted that all of these areas are needed so that U.S. insurers can compete in most foreign markets.
While all WTO countries were expected to submit their requests by June 30 of this year, they have until March 2003 to respond to the various requests made of them in this process.
Was this article valuable?
Here are more articles you may enjoy.