New regulation to face international competition

In order to prepare the sector to international competition, a new law regulating the insurance industry will soon be adopted. It aims at making up for the current shortcomings, instituting good supervision, risk management and the protection of customers.
The insurance sector contributes with 2.7% in the gross domestic product (GDP). It also employs 2 200 people, and yielded about 7 billion Rs (248 million USD) of premiums last year.