Itaipu Binacional opens bidding for fleet insurance worth US$5.3 million amid criticism (Note: "G." stands for "Guarani," the Paraguayan currency, but converted here to US dollars for international readability. The original value of G. 5.300 million equals approximately US$5.3 million as of recent exchange rates.)

Itaipu Binacional, under the leadership of Paraguayan director Justo Zacarías Irún, opened bids today for a vehicle fleet insurance contract worth Gs. 5.3 billion. The tender occurs amid criticism of the company's high expenditures, particularly during an election year.

The contract provides comprehensive coverage, including civil liability and personal accident insurance for drivers and passengers. Interested companies requested a reduction of the required Solvency Margin Compliance Coefficient from 2.0 to 1.25, arguing that the current standard restricts competition. However, Itaipu maintained the requirements, citing Law No. 827/1996 and resolutions from the Central Bank of Paraguay’s Insurance Superintendency.

Companies claimed that requiring a minimum "Apy" risk rating would already ensure the necessary financial stability and that the additional coefficient acted as an unnecessary barrier. Itaipu, however, chose to uphold the original criteria, thereby limiting the number of participants in the bidding process.