By Harold J. Skipper
This learn offers a finished description of the worldwide coverage and info the present country of foreign agreements that govern alternate in coverage.
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Extra resources for Insurance in the General Agreement on Trade in Services (AEI Studies on Services Trade Negotiations)
Members are permitted to take exemptions for specific measures, but only with respect to initial commitments and only at time of entry into force of the GATS. Such exemptions are subject to negotiation and, in principle, are to last no longer than ten years. The other general obligation (Article III), from which no exemptions are permitted, is transparency. Governments are required to publish all laws, regulations, and administrative guidelines relevant to services trade. They must establish inquiry points whereby other members can obtain needed regulatory information.
Insurers enhance the efficiency of financial systems in three ways. First, insurers reduce transaction costs associated with bringing together savers and borrowers. Thousands of individuals each pay relatively small premiums, and insurers then invest these funds as loans to businesses and other ventures. When insurers perform this intermediation function, they help individual policyholders avoid the costly, time-consuming tasks of direct lending and investing. Insurers can acquire the information necessary to make sound investments more efficiently than individuals can.
Numerous countries had undertaken insurance reform and liberalization during the period, independent of the GATS, after concluding correctly that it was in their national interests. As a result, most member countries effectively bound what was (or was to become) their status quo in 1997, but relatively few made new commitments to liberalization. This result, however, is not to be discounted. For one thing, most countries that had undertaken market liberalization and deregulation actions prior to the finalization of the GATS committed to maintaining these positions.