STRENGTHS AND WEAKNESSES OF THE INSURANCE LAW (733) IN NICARAGUA

Abstract

It is unquestionably the importance of insurance in Nicaragua and the world. Importance immaterializes at personal level, because it provides security and satisfaction to the people; at the family level as it gives stability at home and nationally operates as drivers of the national economy as does the bench.

However Nicaragua do not possess, yet, specific legislation applicable to insurance (not the right insurance, or to the insurance contract), except some outdated provisions of the Commercial Code and in some resolutions of the Superintendence of Banks, however a General Law on Insurance, Reinsurance and Bonds was approved, that in instead of activating and regulating insurance activity in Nicaragua, making designed to be entirely meet the requirements set by international bodies and the Free Trade Agreement with the United States as a signatory to the TLC – CAFTA assuming among other commitments, those contained in Annex 12.9.2, Section F, paragraph 7; and are kept outside; regard to the regulation of insurance contracts and the settlement of possible legal situations that may arise between the insured and the insurer among insurance intermediaries and beneficiaries, if any.

By passing this law, there are many gaps and deficiencies are exposed, technical and objectively in this article. Of course I will not discuss all those titles, chapters or sections of the Law, but those that are most relevant to the activity of the Insurance Broker, Insurance Companies and the Insurance Contract.