Venezuela's National Assembly issued the Reform Law of the Insurance Activity Law on 29 November 2023, which has taken effect on 29 March 2024. The Reform establishes a regulatory framework for insurance activity authorization, regulation, operation, control, supervision, and oversight in Venezuela. It applies to all insurance activities developed in the country or abroad, relating to risks or people in the national territory. The Reform includes provisions related to permits, authorizations, organization, operation, minimum capital, insurance through alternative channels, use of new technologies, and registration fee payment methods.
