Argentina's government is the first in the world to require that companies involved in potentially hazardous activities purchase insurance covering environmental damage to the country, according to a report from Reuters news service.

The Argentine National Congress passed its environmental insurance law in 2002. It remained on the books but was not implemented until last month, following years of economic turmoil and other challenges that had beset the country.

According to Reuters, one insurance company is currently authorized to sell environmental insurance in Argentina and others are applying for permission. Policies are expected to range from 120,000 Argentine pesos, or about $37,000, a year to 50 million pesos, about $15.6 million, based on company activities and risk involved.