The Venezuelan Supreme Court recently upheld the constitutionality of blocking 272 mostly opposition candidates from running for office on the basis of suspicion of corruption. The court rejected arguments that the blacklist was unconstitutional because many of the listed candidates had merely been accused, but not convicted, of corruption:
[T]he court concludes that the restriction of human rights is acceptable in accordance with the laws that are given for reasons of general interest, for the safety of other members of society and for the common good . . . .
The list of blacklisted candidates was created by President
Hugo Chavez's Comptroller General, Clodosbaldo Russian,
in February 2008. Although ostensibly created to bar candidates
accused of involvement in corruption, the majority of the
candidates listed are aligned with political parties that
oppose President Chavez, including Leopoldo Lopez, the mayor of
a Caracas municipality. Lopez's lawyer, Enrique Sanchez
Falcon, has reportedly filed two other suits challenging the
constitutionality of the list and intends to continue the
battle to permit Lopez to run for reelection.
If upheld, the disqualification of the 272 listed candidates
from state and municipal elections will likely further
consolidate President Chavez's power over the political
and economic mechanisms in Venezuela, including regulation of
the (re)insurance market. Any further change in (re)insurance
regulation under President Chavez is unlikely to be favorable
to the nearly 100 foreign companies carrying on insurance and
reinsurance business in Venezuela either directly or through
local affiliates.
For a copy of the October 2007 (re)insurance regulations
governing the transfer of currency to foreign insurers and
reinsurers,
please click here. For a copy of
the January 2006 (re)insurance regulations establishing minimum
qualifications for insurers and reinsurers concerning
experience, solvency and honorableness,
please click here.
If you would be interested in learning more about the Venezuelan or other Latin American (re)insurance markets and/or regulatory environments, please click the "Ask the firm/author a question " button and provide your contact information for follow-up by an EAPD attorney.
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