The Argentine Superintendence of Insurance Companies has issues Resolution 36,162/2011 (the “Resolution”) that was published in the Official Gazette on October 27, 2011. By means of such Resolution, the Superintendence of Insurance Companies (“SIC”) provides that insurance companies transfer their assets and investments located overseas into Argentina.
In the prior regime, prior to the Resolution, insurance companies could hold assets and investments overseas up to 50% of their required capital or 50% of the net commitments. The Resolution amends this completely and three sections sets forth the new investment regime for insurance companies.
Consequently, onwards, insurance companies will have to:
Exceptionally, based on market reasons or in inconveniences to adequate to the Resolution, the SIC may temporarily authorize the maintenance of the relevant investments abroad.
The Resolution provides a different regime for Reinsurers; it sets forth that Argentine reinsurers’ investments and funds located abroad must not exceed, in any case, 50% of their assets.
Should you have any question or comment regarding the foregoing, please contact us by calling at (54-11) 5252-2462, via Fax to (54-11) 5252-2463 or by e-mail to info@canosa.com.ar.
Canosa Abogados shall not and will not be responsible or liable for any actions (or lack thereof) taken as a result of relying on or in any way using information contained in this website and in no event shall be liable for any damages resulting from reliance on or use of this information. Readers should take specific advice when for specific situations.
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