Restrictions on domicile of reinsurers revised
When the Insurance Regulator overhauled the reinsurance regime in 2011, the new regulation it introduced prohibited the registration of entities whose head office was located in a tax shelter.
New reinsurance regulations define how to act as an admitted insurer- SSN Communiqué 2804
The insurance regulator issued SSN Communiqué 2804 on May 4 2011, in order to clarify certain matters regarding the new reinsurance regime established by Resolution 35.615/2011 (published on February 21 2011). This update examines the main terms of the communiqué and offers a brief overview of the impact of the regulation.
New reinsurance regulations define how to act as an admitted insurer
Registration with insurance regulator Registration with representative office Tax treatment Under recent regulations issued by the insurance regulator, in order to act as an 'admitted insurer' on an exceptional basis, foreign reinsurers must be registered with the local insurance regulator and establish either a branch or a representative office in Argentina. Insurers must also register the branch or representative office with the local corporate authorities.
La Resolución 35.840. Protección y defensa de los asegurados.
El 3 de junio pasado, la Superintendencia de Seguros de la Nación dictó la Resolución 35.840, que crea el “Departamento de Orientación y Asistencia al Asegurado” (en adelante “DOAA”), con el propósito de brindar a los asegurados, un ámbito especializado en la tutela, promoción y defensa de sus derechos.
The insured’s duty to keep the insured property in good condition
The Insurance Act determines the insured’s duty to keep the insured property in good condition and inform to insurers any relevant situation that affects the insured risk. Further to these duties, the mentioned regulation establishes the insured’s duty to disclose all relevant circumstances to the insurer, in case relevant circumstances are not disclosed by the insured, insurers may terminate the corresponding insurance contract.