Insurance Superintendence Issues Resolutions Applicable To Reinsurers And Reinsurance Brokers

• Resolution SS.SG No. 213/17 regarding "Regulations to enroll and renew the registration of reinsurers at the Insurance Superintendence's registry" nbsp;

On December 28, the Central Bank of Paraguay issued Resolution SS.SG. No. 213/17 regarding "Regulations to enroll and renew the registration of reinsurers at the Insurance Superintendence's registry", that updates and set forth new rulings to enroll and renew the registrations of foreign reinsurance companies before the Insurance Superintendence's registry.

Regarding the above, Resolution 213 now establishes the obligation of foreign reinsurers to submit all foreign documents dully legalized before the Paraguayan consulate or apostilled (Art. 11).

Additionally, Resolution 213 sets forth that only foreign reinsurers with the required minimum risk rating ("BBB" from Standard & Poor's, "B+" from AM Best, "Baa" from Moody's Investors Service, or "BBB" from Fitch Ratings) can apply for a new registration or renew the currently valid registry, deleting the prior existing option of registering foreign reinsurers that only have a registration in one of the countries...