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Financial Services and Preferential Trade Agreements
processing and related software, as well as advisory and other auxiliary services, excluding intermediation, related to banking and other financial services. Second, regarding insurance services, the parties committed to allow the cross-border supply of insurance of risks related to maritime shipping and commercial aviation and space launching and freight (including satellites), goods in international transit, and reinsurance and retrocession, as well as the supply of services auxiliary to insurance and insurance intermediation, such as brokerage and agency. 48. Solicitation will be defined in accordance with the terms of each country’s laws. In Costa Rica, a Web page is not considered public solicitation. However, direct e-mails sent to customers may well be considered as such. In any case, given the territorial nature of the laws in Costa Rica—as in most other countries of the world—citizens may be free to conduct business abroad in accordance with the host country’s laws. 49. The Dominican Republic and El Salvador undertook the commitment to enact that legislation no later than four years after CAFTA-DR-U.S. enters into force. 50. Indeed, besides insurance, the agreement does not entail any reform of Costa Rica’s legislation on financial services. 51. For a detailed study of the commitments assumed by Costa Rica in the insurance sector, see chapter 12’s annex 12.9.2., section H. 52. In this regard, chapter 12 explicitly states that the regulatory authority must act consistently with the core principles of the International Association of Insurance Supervisors.
References and Other Resources Ángulo, José. 2004. “Décimo informe sobre el estado de la nación en desarrollo humano sostenible: Informe final—Principales cambios en el sector financiero costarricense, 1985–2003 [Tenth report on the state of the nation regarding sustainable human development: Final report—Principal changes in the Costa Rican financial sector, 1985–2003].” Estado de la Nación, San José, Costa Rica. Arce, Gilberto. 2005. “Mercado de seguros en Costa Rica: Un análisis económico [Insurance market in Costa Rica: An economic analysis].” PowerPoint presentation, Academia de Centroamérica, San José, Costa Rica. Bolaños, Rodrigo. 2003. Reforma financiera en Costa Rica: Los grandes temas de la agenda para el inicio del siglo XXI [Financial reform in Costa Rica: Major agenda items for the beginning of the 21st century]. Documento 5. San José, Costa Rica: Academia de Centroamérica. Delgado, Félix, and Miguel Loría, eds. 2004. Eduardo Lizano: Escritos sobre reforma financiera [Eduardo Lizano: Writings on financial reform]. San José, Costa Rica: Academia de Centroamérica.