In July 2025, the Regulation for the Registration of Insurance Intermediaries, Reinsurance Intermediaries, and Independent Insurance Adjusters came into effect in Guatemala. This regulation applies to both individuals and legal entities seeking to operate legally as insurance or reinsurance intermediaries, or as independent adjusters in the country.
The new regulation introduces stricter requirements and stronger control mechanisms, with key highlights as follows:
Mandatory electronic registration and automatic annual renewal
All registration, update, and renewal processes must now be completed electronically through the Superintendency of Banks’ platform. For individuals, registration is valid for one year and will renew automatically, provided that the intermediary updates their documentation within 30 days prior to its expiration. For legal entities, registration expires in the month of their incorporation.
Failure to update within the specified time will result in the registration becoming inactive, although it can be reactivated by meeting the required conditions again.
Proof of technical knowledge in insurance
A key goal of the new regulation is to professionalize the sector. Intermediaries, their legal representatives, and anyone promoting or placing insurance on their behalf must demonstrate technical knowledge through at least one of the following:
- A university degree in insurance or a related field.
- A technical certification or diploma issued by an educational institution, insurance company, or specialized association.
- Proof of at least five years of work experience with insurers, reinsurers, or as an intermediary.
- A prior registration with the Superintendency as an intermediary for at least three years.
Specific requirements for legal entities
Legal entities applying for registration must fulfill several documentation and operational requirements, including:
- Articles of incorporation and business license specifying insurance intermediation as the main activity.
- Active contracts with insurance or reinsurance companies with which they maintain a commercial relationship.
- Detailed information on partners or shareholders, including ownership percentages.
- Appointment and registration of legal representatives.
- Identification of all persons acting on behalf of the company as intermediaries, each of whom must meet the same knowledge and documentation requirements.
Documentation must be submitted online, but requirements vary by intermediary type, so applicants should verify which apply to their specific case.
Mandatory professional liability insurance
Independent insurance agents, insurance brokers, and reinsurance intermediaries must hold an active professional liability insurance policy covering errors and omissions in the performance of their duties. This policy acts as a guarantee against damages caused to third parties due to negligence or technical mistakes. The insured amount will be set by the insurance or reinsurance company involved.
This requirement applies to both individuals and legal entities, and is mandatory for registration and annual renewal.
Supervision, suspension, and cancellation of registration
The regulation establishes a clear disciplinary framework, allowing the Superintendency to suspend or cancel registrations under specific conditions:
- Suspension: May occur if the intermediary presents themselves as an insurance company, lacks an active contract (for independent agents), or commits serious infractions, as judged by the authority. During suspension, issuing new policies is prohibited, but commissions on existing business may still be collected.
- Cancellation: Will apply in cases such as voluntary withdrawal, fraudulent documentation, manipulation of applications or medical exams, unauthorized offers, legal violations, or repeat offenses. Due process and the right to defense are guaranteed.
If cancellation occurs due to a serious infraction, re-registration will not be permitted.
Registrations active at the time the regulation took effect will remain valid until their expiration but must be renewed in accordance with the new requirements.
