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On July 18, 2016, Resolution No. 39,927/2016 of the
Argentine Superintendence of Insurance was published in the
Official Gazette. The Resolution modifies some of the general
conditions of civil liability insurance policies for motor
vehicles.
Resolution No. 39.927/2016 updates the coverage limit amount for
the mandatory and voluntary civil liability insurance for motor
vehicles (private and commercial), hospital and burial expenses,
and mandatory and voluntary deductibles; it eliminates the value of
the vehicle scrap when determining total destruction; it modifies
the foreign currency clause, coverage limits of international
inland carriers, and in airports and oil fields. These amendments
will apply to all policies issued as from September 1, 2016.
Regarding the mandatory civil liability insurance, the Argentine
Superintendence of Insurance (the "SSN" after its acronym
in Spanish) SSN has updated the coverage limit for death and total
disability per person from AR$ 200,000 to AR$ 400,000,
and per event from AR$ 400,000 to AR$ 800,000. The
Resolution also modifies the compensation for hospital expenses
from AR$15,000 to AR$30,000 and for burial expenses from
AR$ 8,000 to AR$ 16,000.
Regarding voluntary civil liability insurance, the SSN raised
the coverage limit per event from AR$ 4,000,000 to
AR$ 6,000,000 for cars, pickup trucks, motor vehicles,
motorbikes, and motorhomes; from AR$ 13,000,000 to
AR$ 18,000,000 for taxis, passenger cars, rural and road
machinery, trailers and semi-trailer trucks, emergency service and
security forces vehicles; and from AR$ 13,000,000 to
AR$ 30,000,000 for transport vehicles for more than eight
passengers. Regarding this last category, the SSN also raised the
mandatory deductible from AR$ 40,000 to AR$ 120,000 and
for taxis and passenger cars from AR$ 5,000 to
AR$ 10,000. These franchises are not opposable to third
parties, and will be initially assumed by the insurer and
afterwards will be reimbursed by the insured.
The SSN also updated the following maximum limits for
deductibles: the simple deductible and that for the coverage
against theft of the content of the vehicle may not exceed 20% of
the insured value; in case robbery or theft, the deductible cannot
exceed 3% of the insured value. Hail damage, windshields, windows,
doors and trunk locks, will be covered without application of any
franchise.
The Resolution also eliminated the clause by which the salvage
value of the vehicle's remains exceeding 20% of the resale
value was added to the reparation costs in order to determine
whether the vehicle is a total loss. Thus, according to the
Resolution, the determination of whether the vehicle is a total
loss will be based solely on the reparation costs.
The SSN also modified the requirements for subscribing civil
liability insurance policies in foreign currency, incorporating two
mutually exclusive clauses, allowing payments in foreign and as
well as local currency at the official exchange rate.
The new resolution also establishes limits to the civil
liability policies covering third parties (being transported or
not) for vehicles at oilfields and airports. The coverage limit
cannot be less than the limit referred to in this article's
second paragraph. Nevertheless, the Resolution excludes coverage
for loading and unloading operations, as well as environmental
damage.
Finally, the SSN increased the coverage limits for liability
insurance of international inland carriers, adapting them to
MERCOSUR standards.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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