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As part of the regulatory framework related to the reinsurance
business in Argentina, regulated by Resolution No 35.615 of the
Superintendency of Insurance of Argentina (Superintendencia de
Seguros de la Nación - "SSN"), effective
Resolution SSN No 36.332 establishes the minimum requirements to be
fulfilled by insurance companies intending to apply for an
exemption so as to be authorized to execute certain reinsurance
agreements duly specified with foreign reinsurance companies
performing operations from their headquarters, in those case where,
by reason of the significance and characteristics of the risks
ceded, such reinsurance operations may not be covered in the
Argentine reinsurance market (Section 19, Annex I, Resolution No
35.615).
For such purposes, in the proceedings before the SSN, insurance
companies will report, in a complete and detailed manner, the
significance and characteristics of the risks giving rise to the
application, in addition to an opinion issued by an independent
actuary registered with the SSN, establishing the relevant
technical grounds in support of the application.
The filing made by the insurance company will include, at least,
the following information: amount insured, type of insurance,
description of risks and reasons justifying the application,
insured's name, effective term and, if a reinsurance proposal
is available, the information concerning such contract and
participating parties. It will be necessary to have evidence of
underwriting denials notified by sufficient means at least by the
reinsurers registered with the SSN contemplated in Section 1 of
Annex I to Resolution No 35.615 (reinsurers admitted).
The application will be made prior to execution of the
reinsurance agreement and the insurance company will not provide
coverage for the risks involved until the SSN has issued a
favorable decision in relation to the above-mentioned application
for exemption. Otherwise, such operations will be considered to
constitute irregular conduct of the insurance business.
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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This memorandum addresses Decree No. 7.976 of April 1, 2013, which authorizes the incorporation by Brazil′s executive branch of the Agência Brasileira Gestora de Fundos Garantidores e Garantias S.A., a state-owned company to be organized as a corporation and linked to the Ministry of Finance, as described in our memorandum dated June 1, 2012.
Venezuela remains an enticing and daunting jurisdiction in 2010, as the government continues to intervene in the financial services and other major industries and the insurance industry faces the prospect of a new comprehensive insurance law.
Approximately one-fourth of Latin America’s 569 million residents live on less than $2 per day, and many Latin Americans do not have any type of insurance.
The main purpose of the Bill is to (i) regulate mortgage credit insurance (seguro de crédito a la vivienda) and financial guarantee insurance (seguro de garantía financiera); (ii) transform the legal framework currently applicable to the participation of foreign governments and foreign official entities in the capital stock of Mexican insurance companies.
The Superintendencia de Bancos y Otras Instituciones Financieras (SIBOIF) (Nicaragua), Superintendencia del Sistema Financiero (SSF) (El Salvador) and Superintendencia de Bancos (Superban) (Guatemala) recently released insurance industry results for the first nine months of 2009.
Although all of the Latin American jurisdictions had notable regulatory and market developments in 2008, Chile stands out as particularly significant given the size of the market involved.
On December 26, 2006, the National Private Insurance Council ("Conselho Nacional de Seguros Privados" – CNSP), the government agency responsible for insurance and private pension plan policies in Brazil, issued CNSP Resolution no. 155, establishing more rigorous rules on the minimum capital requirements companies must meet to be authorized to operate as insurers.
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