The law requiring eco-insurance was passed by Argentina’s Congress in 2002 but was not implemented until last month. The insurance policies will range in price from 120,000 pesos (US$36,090) a year to 50 million pesos (US$15 million), depending on a company’s activities, output and the potential risk involved.
“Argentina is taking a leadership role in the region on this issue,” Sergio Chodos, an undersecretary at the Environment Secretariat, told Reuters. “There’s a lot of environmental insurance sold in Europe, but it’s not obligatory because it doesn’t have to be. In Argentina, lawmakers understood that this had to be made obligatory.”
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