RESTRICTED
WORLD TRADE S/FIN/W/12/Add.52
11December 1997
ORGANIZATION(97-5445)
Original: Spanish Committee onTrade inFinancial Services
COMMUNICATION FROM BOLIVIA
Conditional Offer onFinancial Services
Addendum
ThefollowingcommunicationiscirculatedattherequestofBoliviatoMembersoftheCommittee
onTrade inFinancial Services.
_______________
Bolivia 'sofferincludes comprehensive commitments inthefieldofbanking services (acceptance
ofdeposits andother repayable funds fromthepublic), andofinsurance andinsurance-related services,
andreflects thecountry 'scommitment toasuccessful outcome ofthecurrent negotiations onfinancial
services.
Bolivia would liketoobserve thatthisofferisconditional, anditsratification depends onthe
achievement ofwhat Bolivia deems tobeasatisfactory outcome ofthenegotiations intheWTO
Committee onTrade inFinancial Services.
Bolivia reserves therighttowithdraw ormodify allorpartofthisofferatanytimeprior to
theconclusion ofthenegotiations.S/FIN/W/12/Add.52
Page 2BOLIVIA
SPECIFIC COMMITMENTS -CONDITIONAL OFFER
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
A. Insurance andinsurance-related
servicesTheactivities andoperation ofinsurance
companies, intermediaries andauxiliary services
aresubject ineach casetoexpress prior
authorization bytheOffice oftheSupervisor of
Insurance.Foreign companies must present
their books ofaccount tothe
relevant national bodies
independently oftheparent
company.
Insurance companies must putupcapital inan
amount setbytheOffice oftheSupervisor of
Insurance andReinsurance, andmust invest their
capital andreserves intheareas andunder
conditions laiddown bytherelevant laws and
regulations.
(a) Direct insurance (including
co-insurance):
(1) Lifeinsurance and
insurance ofpersons;(1) Unbound
(2) Unbound(1) Unbound
(2) Unbound
(2) Insurance other than
lifeinsurance and
insurance ofpersons(3) None, except thatforeign suppliers must
setupasbranch offices orcompanies
legally constituted inthecountry.(3) Unbound
Thedecision ontheright ofestablishment
willtakeaccount oftheeconomic
advantages forthecountry andthespecific
needs ofthedomestic insurance market.S/FIN/W/12/Add.52
Page 3Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Suppliers must adopt oneofthefollowing
legal forms exclusively:
(a) Public limited company established
inthecountry orabroad;
(b) cooperative ormutual fund.
Agencies andrepresentative offices are
prohibited. Theconcepts ofbranch office,
agency andrepresentative office aretobe
understood asdefined innational law.
(4) Unbound (4) Unbound
(b) Reinsurance andretrocession (1) None, except registration withtheOffice of
theSupervisor ofInsurance and
Reinsurance.(1) None
(2) None, except registration withtheOffice of
theSupervisor ofInsurance and
Reinsurance.(2) None
(3) Thesame asfordirect insurance
companies.(3) None, except thatbranch
offices must maintain a
minimum amount ofcapital
andreserves inthecountry
fortheir operations.
(4) Unbound (4) Unbound
(c) Insurance intermediation
(1) Insurance brokers and
agents(1) Unbound
(2) Unbound(1) Unbound
(2) Unbound
(3) None (3) Unbound
(4) Unbound (4) UnboundS/FIN/W/12/Add.52
Page 4Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(2) Reinsurance brokers (1) None, except registration withtheOffice of
theSupervisor ofInsurance and
Reinsurance.(1) Unbound
(2) None, except registration withtheOffice of
theSupervisor ofInsurance and
Reinsurance.(2) Unbound
(3) None (3) Unbound
(4) Unbound (4) Unbound
(d) Services auxiliary toinsurance
(1) Loss investigation,
adjustment andsettlement,
damage investigation, etc.(1) None, except registration withtheOffice of
theSupervisor ofInsurance and
Reinsurance.(1) None
(2) None, except registration withtheOffice of
theSupervisor ofInsurance and
Reinsurance.(2) None
(3) None (3) Unbound
(4) None (4) None
(2) Consultancy, actuarial,
auditing, valuation, risk
classification andother
services(1) Unbound
(2) Unbound
(3) None
(4) Unbound(1) Unbound
(2) Unbound
(3) Unbound
(4) UnboundS/FIN/W/12/Add.52
Page 5Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
B. Banking andother financial services (excluding insurance andsecurities)
Theestablishment ofinstitutions offering banking andother financial services, whether domestic orforeign, issubject toapproval bytheOffice ofthe
Supervisor ofBanks.
(a) Acceptance ofdeposits andother
repayable funds from thepublic(1) Unbound
(2) Unbound(1) Unbound
(2) Unbound
(b) Lending ofalltypes, including
consumer credit, mortgage
credit, factoring andfinancing of
commercial transactions(3) None, except thatforeign suppliers must
setupasbranch offices orcompanies
legally constituted inthecountry.
Agencies andrepresentative offices are
prohibited. Theconcepts ofbranch office,
agency andrepresentative office aretobe
understood asdefined innational law.(3) None, except thatbranch
offices must maintain a
minimum amount ofcapital
andreserves inthecountry
fortheir operations.
(4) Unbound (4) Unbound