Governance, Risk and Compliance – The Guatemalan Insurance Industry

Date: 2015-12

“• The Guatemalan insurance industry is regulated by the Superintendency of Banks. It aims to promote stability and confidence in the financial system of the country.

• Law on Insurance Activity, which came into force on January 1, 2011, aims to bring local insurance companies in line with international standards.

• Compulsory Social Security Insurance provides health and accident insurance benefits to citizens of Guatemala.

• Stamp duty is imposed at rate of 3% on insurance products. However, reinsurance products are exempt from stamp duty.

• Non-admitted insurance is not permitted in Guatemalan insurance industry. However, non-admitted insurance is permitted for insurance contracts relating to marine, cargo, goods in transit, reinsurance on cross border basis only.”

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