PSI Principles for Sustainable Insurance
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The discussions indicated that while insurance service liberalization and globalization can be beneficial, they have different impacts on developed and developing countries. Country experiences seemed to indicate that liberalization of insurance services needs to be accompanied by a strategic and clearly defined national policy on the financial services sector in general and the insurance sector in particular (taking into account each country’s specific national development objectives), as well as the development of efficient and effective regulatory and supervisory frameworks, in line with international initiatives. This recognition that liberalization alone might be insufficient may be one of the reasons for the hesitation...
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