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
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.
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