The leading insurance associations in North America recently affirmed their support for the renewal of the North American Free Trade Agreement (NAFTA), which is currently in the seventh round of negotiations.
The insurers said NAFTA has improved consumer access insurance products, bolstered competition by eliminating national ownership restrictions, and established a non-discriminatory government procurement process.
The organizations that stand in support of NAFTA include 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.
“While the top priority must be to preserve the existing benefits of the agreement, we support the ongoing effort to modernize the agreement and urge Canada, Mexico, and the United States to engage constructively so that consumers and businesses can continue to benefit from NAFTA for decades to come,” the organizations stated. “Specifically, it is essential that a modernized NAFTA contain strong investor protections, provide insurers with access to the full range of dispute settlement procedures, and introduce strong commitments on cross-border data flows and prohibitions on forced data localization for financial services providers, as long as data protection is guaranteed.”
They encourage negotiators to redouble their efforts to preserve and strengthen NAFTA.