Important Amendments To The Argentine Reinsurance Regulatory Framework

The Superintendence of Insurance amended the Argentine reinsurance regulatory framework: (i) allowing more placement of risks with foreign admitted reinsurers; (ii) eliminating the requirement that they register as permanent representation in accordance with article 118 et seq. of the Argentine Companies Law No. 19550; (iii) updating the minimum capital required from local reinsurers; (iv) extending deadlines to prove such capital; and (v) establishing an alternative restructuring plan, among other changes.

On May 4, 2017 the Resolution No. 40422-E/2017 of the National Superintendence of Insurance ("SSN", after its acronym in Spanish) was published, substantially amending the regulatory framework of the reinsurance regime. Some of the main changes are mentioned below.