Insurance: Reinsurance Agreements With Foreign Companies

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...