Fernando Bastidas, deputy of the AN-2020, highlighted that among the modifications that were made to the Insurance Activity Law is the creation of various types of insurance that allow citizens to be protected regarding their income and to insure Venezuelans who have pre-existing conditions
The deputy of the National Assembly elected in December 2020 Fernando Bastidas revealed this Wednesday, November 23, that the reform that was made to the Insurance Activity Law contemplates several modifications aimed at user protection and boosting the national economy, such as For example, establishing that 30% of the money from reinsurance does not go abroad but stays in Venezuela.
In an interview granted to VTV, Bastidas explained that the capital from reinsurance – which is insurance on an insurance company – is generally money that is taken abroad and placed in other countries. In this sense, he estimates that the indicated percentage stays in the country and allows further acceleration of economic processes.
He highlighted that among the modifications that were made to the Insurance Activity Law is the creation of various services that allow citizens to be protected with respect to their income, these being “inclusive insurance”, “microinsurance” and “mass insurance”; each one with its characteristics that companies must interpret and adapt their products.
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He indicated that the figure of the “defense of the insured” is also given strength so that those users who have complaints can go to that instance so that any inconvenience can be solved more quickly.
Bastidas stressed that the insurance sector is one of the “three financial edges” of the country and that the reform of the Insurance Activity Law seeks, mainly, to guarantee that the compensation of the beneficiaries is met. He said that the sector has been decapitalized by “economic aggression”, which has led them to change the criteria to insure people.
For this reason, it established that another of the reforms of this article is to change the system of collecting sanctions from the Tax Unit at the highest exchange rate indicated by the Central Bank of Venezuela, which should help regulate this situation. Along with this, the figure of the Superintendency of Insurance Activity is given prominence to enforce this regulation.
He indicated that it was included in the Law that Venezuelans who have pre-existing illnesses be allowed to insure the service and that there is a kind of complementary reserves in case of insufficient premiums. In other words, companies are obliged to cover with their resources what is missing for an insurance premium.
The parliamentarian affirmed that in order to carry out the reform of the Insurance Activity Law, the pertinent consultations were made with related sectors and chambers, as well as with user committees and citizens in several states of the country to listen to proposals and adapt the text to the news of the nation.
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