Insurance groups throughout North America issued a joint statement last week stating that they are strong supporters of the North American Free Trade Agreement (NAFTA).
“[The organizations] reaffirm our strong support for NAFTA, which has benefitted the customers we serve across North America, along with our industry at large,” the statement said. “While the first priority must be to preserve the benefits of the agreement, we support ongoing efforts to modernize the agreement, as well. We urge the three parties to engage constructively to ensure that consumers and businesses are able to continue to benefit from NAFTA for decades to come.”
The statement was signed by the American Council of Life Insurers, American Insurance Association, Canadian Life and Health Insurance Association, Insurance Bureau of Canada, Mexican Association of Insurance Companies, Property Casualty Insurers Association of America, and Reinsurance Association of America.
Leaders from Canada, Mexico, and the United States are meeting in Montreal this week for the 6th round of negotiations on the agreement.
The organizations said that NAFTA has improved consumer access to insurance products and bolstered competition by eliminating national ownership restrictions and establishing a non-discriminatory government procurement process.
Further, they said NAFTA has bolstered investor confidence via investment protections and a process to resolve disputes.
“As negotiators conclude the sixth round, we encourage all negotiators to redouble their efforts to strengthen NAFTA while ensuring that it preserves and enhances these existing benefits,” the joint statement said.