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Insurance Groups Complain About China, Japan, Brazil, India

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NU Online News Service, Sept. 4, 2003, 6:53 p.m. EDT – Two major U.S. insurance trade groups are asking U.S. Trade Representative Robert Zoellick to help them compete in China, Japan, Brazil and India.

Frank Keating, president of the American Council of Life Insurers, Washington, and Robert Vagley, president of the American Insurance Association, Washington, complain in a letter to Zoellick that China still has not finalized some of the regulations that would help open its insurance market to foreign carriers.

Japan has passed many laws and implemented many regulations to open its insurance market, but it continues to give an unfair edge to KAMPO, the country’s national postal life insurance program, Keating and Vagley argue.

Keating and Vagley also complain about the closed pension programs and the government-run reinsurance monopoly in Brazil; the lack of laws protecting the rights of foreign insurers operating in Brazil and India; and a law in India that prohibits foreign companies from owning more than 26% of the stock of Indian businesses.


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