Published: September 08, 2011 | Country: United States
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Effective September 1, all reinsurance in Argentina must be purchased through registered reinsurers.
This resolution, mandated by the Argentina Superintendency (SSN) in February, follows the measures Argentina adopted in compliance with the Financial Action Task Force (FATF-GAFI), a global anti-money laundering organization.
Unless they register, reinsurers are prohibited from accepting reinsurance transactions in Argentina, although new reinsurers will be allowed to do business with SSN’s approval.
As of September 1, the following reinsurers have been approved by the SSN (but are not operational yet):
- Aseguradores Argentinos Cia. de Reaseguros S.A.
- Compañia Reaseguradora del Sur S.A.
- Reaseguradora del Río de la Plata S.A.
- IRB Brasil Reaseguros S.A. ( sucursal Argentina )
- Mapfre Re. Compañia de Reaseguros S.A. ( sucursal Argentina )
- Starr Indemnity & Liability Company ( sucursal Argentina )
- Testimonio Compañía de Seguros S.A.
Insurance contracts have been renewed automatically for one year, and global programs will continue to be fronted through their parent companies until June 30, 2012. The SSN will handle Facultative reinsurance treaties on a case-by-base basis, although this still needs to be regulated by the SSN.
Marsh Argentina will continue to monitor the situation and will keep clients informed of developments. Marsh clients who have questions or concerns should contact their Marsh representatives.