International Insurance Trade - U.S. Market Open: Impact of Foreign Barriers Unknown

摘要

GAO reviewed foreign access to the U.S. insurance market, U.S. access to foreign markets, and Federal efforts to remove insurance trade barriers and to enhance U.S. competitiveness in world markets and found that: The number of foreign-owned firms in the U.S. market has increased but, because of domestic competition, these firms have achieved only a relatively small share of the U.S. market. Government and industry officials generally believe that foreign barriers are widespread, but the extent of new business that would be achieved if these barriers were lessened or removed is unknown. The administration is making efforts to reach international agreements to eliminate unfair trade practices in the service sector, but discriminatory practices in the insurance sector will be difficult to resolve.