The reform to the law of the insurance activity seeks to adjust the exercise to the needs of the economic dynamics of the nation. The modification establishes the creation of a chapter that allows the Venezuelan State to “guarantee” that the cooperative associations that carry out insurance activities have the necessary technical and financial strength to face their obligations and commitments with policyholders.
Due to differences in the use of terms in the wording of some articles, the 2020 National Assembly (AN) deferred the second discussion of the reform to the Insurance Activity Law, which was debated this Thursday, September 22.
The request for deferral was made by the president of the Parliament’s Finance Commission, deputy of the United Socialist Party of Venezuela (PSUV) for the state of Mérida, Ramón Lobo. The differences began in the discussion of article 23, on the promotion of insurance, reinsurance, prepaid medicine and risk management companies.
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In the article, read to the plenary, it is established that the prior authorization of the Superintendence of Insurance Activity will be required and that the promoters must comply with the following requirements: They cannot be less than five promoters, and they must have proven moral solvency and economic.
As described by the president of Parliament, Jorge Rodríguez protested: “It contains a class character to associate economic capacity with morality,” he said. Deputy Ramón Lobo explained that the article was given “some semantics to separate.”
Later, the opposition deputy Oscar Ronderos indicated that “recognized moral solvency is an indeterminate concept,” adding that it could be specified in the article that people should not “have a criminal record and have the economic capacity.”
The discussion of the following articles was full of corrections by Deputy Jorge Rodríguez. Therefore, the Chamber finally approved postponing the debate.
What does the reform of the insurance activity law look for?
The modification to the agreement instrument seeks to adjust the exercise to the needs of the nation’s economic dynamics.
Article 1 of the rule establishes that “it aims to establish the framework for the authorization, regularization and control of the insurance activity to guarantee the socioeconomic transformation processes promoted by the State in guardianship of the represented users.”
The law applies to all insurance activity in Venezuela or materialized abroad but that is related to risks or people who are in the country.
Article 3, meanwhile, states that insurance companies, reinsurance companies, prepaid medicine companies, risk management companies, insurance auxiliaries, risk inspectors, among others, may only carry out insurance activity with the prior authorization of the Superintendence of Insurance Activity.
The reform establishes the creation of a chapter that allows the Venezuelan State to guarantee that the cooperative associations that carry out insurance activities have the necessary technical and financial strength to face their obligations and commitments with the policyholders, insured and beneficiaries, whose rights are the maximum interest. protected by law.
The text incorporates a provision that guarantees the participation of the national market in the premiums ceded in reinsurance by insurance and medicine companies.
Defines the superintendence of a decentralized service with its own assets, attached to the Ministry in matters of finance that will act under the tutelage of the superintendent and will be governed by its regulations and provisions of this standard.
In the reform it was established that the superintendent of the insurance activity is an official of free appointment and removal. The appointment is made by the Minister for Finance. Among his attributions is: to exercise direction and act as the highest authority, directly execute the attributions that the superintendency has through its officials.
According to the reform project, the superintendency is obliged to periodically present the situation of the insurance activity, especially with regard to premiums, technical reserves, own equity, equity conditions and the number of sanctions imposed.
Information points in the session
During the information points, presented at the beginning of the session, the deputy of the United Socialist Party of Venezuela (PSUV) for the Cojedes state John Moreno denounced opposition officials of the entity for acts against the pharmaceutical sector of that state, among them a deputy to the Legislative Council that would be from Democratic Action with the surname Ochoa.
“Following instructions from the mayor of Tinaquillo, they arrived in the company of the police to dispossess the assets of a pharmacy that belongs to the cojedeños, which provides a humanitarian social service, since medicines are given free of charge as part of the protection that began with Chávez and continue with Maduro,” he said. At the time he called for action against the officials involved.
The president of the National Assembly Jorge Rodríguez appointed a commission to prepare a report on the events that occurred in the state of Cojedes against the pharmaceutical sector of that state.
For his part, the opposition deputy for the state of Miranda, Omar Ávila took the right to speak to recall that on September 23 It’s Deaf Dumb People’s Day. He requested the lighting of blue light in spaces to commemorate his fight.
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