By Harold J. Skipper
This research offers a finished description of the worldwide coverage and information the present country of foreign agreements that govern alternate in assurance.
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Extra resources for Insurance in the General Agreement on Trade in Services (AEI Studies on Services Trade Negotiations)
Insurance underpins much of the world’s trade and entrepreneurial activity. This fact is unsurprising. Modern economies are built on specialization and its inherent productivity improvements. Greater trade and commercial specialization demand, in turn, greater financial specialization and flexibility. Without HAROLD D. SKIPPER, JR. 21 a wide choice of insurance products and constant service and pricing innovations, insurance inadequacies could stifle both trade and commerce. ” Insurance Can Help Mobilize Savings.
These principles, like those of the telecommunications annex, could form the basis for permitting deeper and more uniform integration in insurance while ensuring adequate consumer protection. Each country’s insurance regulation could be subject to analysis against these principles, as part of the negotiation process. Ultimately, more specificity may be desirable, perhaps through the International Association of Insurance Supervisors. But the establishment of greater specificity, such as setting regulatory standards, would be outside the scope of the World Trade Organization’s mandate.
Typically, mutual recognition would be the approach, but the provision applies equally to unilateral recognition. Other members meeting the same standard must be accorded like recognition. Dispute Settlement. As a compromise to the concerns of many national financial services regulators, provision is made for disputes involving prudential and other financial matters to be delegated to a dispute-settlement panel with 34 INSURANCE IN THE GATS expertise specific to the financial service in question.
Insurance in the General Agreement on Trade in Services (AEI Studies on Services Trade Negotiations) by Harold J. Skipper