The National Association of Insurance Commissioners has signed a Memorandum of Understanding with the Association of Latin American Insurance Supervisors (ASSAL).
The Kansas City, Mo.-based association said the signing took place with President Walter Bell participating in the formal signing during the ASSAL's 18th Annual Meeting and 8th Conference on Insurance Regulation and Supervision held this week in Rio de Janeiro, Brazil.
The NAIC now has entered into seven Memoranda of Understandings.
The ASSAL is an international organization that monitors insurance activity in Latin America and is made up of Argentina, Chile, Ecuador, Guatemala, Nicaragua, Peru, Bolivia, Colombia, El Salvador, Honduras, Panama, Uruguay, Brazil, Cuba, Mexico, Paraguay, Puerto Rico, Venezuela and the Dominican Republic.
Due to cultural and economic ties with the region, Portugal and Spain also are members of the ASSAL, giving the association a total of 21 members.
Puerto Rico, as a member of both the NAIC and the ASSAL, has been a strong proponent of and key player in the finalization of the MOU between the two associations.
In his remarks during the signing ceremony, Mr. Bell emphasized Puerto Rico's hard work and dedication to ensuring the completion of the MOU.
“After signing an MOU with Brazil last year, this is a critical step to expanding our cooperation in our own hemisphere, as Latin America's insurance markets continue to grow and face new challenges,” Mr. Bell said.
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