North American insurance associations issued a statement June 21 expressing their positive view of North American Free Trade Agreement (NAFTA) for the insurance industry.
The associations are the American Council of Life Insurers, American Insurance Association, Canadian Life and Health Insurance Association, Insurance Bureau of Canada and Mexican Association of Insurance Companies. They also said they support the modernization of the treaty.
In their statement, the associations say NAFTA “has facilitated increased trade, improved customer choice, allowed for the provision of more services and has fostered growth and greater cooperation among government policy makers, regulators and insurers in all three countries.”
In addition, they explain the treaty has benefited insurers by removing ownership restrictions, allowing established companies to compete in each others’ markets. NAFTA has also “created a regulatory environment that supports innovation, market efficiency and regulatory transparency,” says the statement.