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The Cuban government announced a transformation of the insurance system, which includes the creation of a supplemental life insurance policy, the expansion of policies marketed in foreign currency, and the implementation of mandatory civil liability insurance for all vehicle drivers.
The measures are part of the package of 176 economic and social transformations presented by Prime Minister Manuel Marrero Cruz to the National Assembly of People's Power (ANPP).
The modifications were included in the Axis 20: Transformations in Insurance Policy, one of the 23 blocks of changes proposed by the Executive to reform various sectors of the economy and public administration.
According to the document presented to Parliament, the aim is to modernize the insurance activity and expand its sources of financing and coverage.
Among the main measures is the recognition of the profitability of financial resources mobilized by insurance activity, a transformation aimed at changing the current management of funds handled by insurance entities.
The Government also proposes creating a life insurance that complements social security protections, which means adding a new instrument for additional coverage to the existing state protection system.
The document does not specify the operating mechanisms or the access conditions for this product, aspects that will need to be defined during the implementation phase of the transformations.
Another measure aims to boost the marketing of insurance policies in foreign currencies to cover risks associated with transportation, travel, and medical expenses.
The proposal is situated within a context of expanding the use of foreign currency in various sectors of the economy and would allow the contracting of insurance denominated in foreign currency for certain activities and services.
The most significant change for the population is the decision to mandatorily regulate liability insurance for vehicle drivers.
If finalized, all owners or drivers will be required to have a policy in place to cover damages that may be caused to third parties as a result of traffic accidents.
The three measures represent the entirety of the specific transformations included by the Government within the insurance sector and are part of a broader program of economic reforms that, according to Marrero Cruz, aims to modernize various areas of the Cuban economy without abandoning the socialist model.
During the presentation of the transformation package, the Prime Minister explained that the measures will need to be further developed through specific implementation rules and mechanisms, a stage in which their operational and regulatory scopes will be defined.
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