Topic: Latin American Developments

Until recently, foreign insurers with head offices located in a ‘tax haven’ (broadly, countries that levy less than 20% income tax), were not permitted to register entities in Argentina. The Argentine Income Tax law contained a so-called ‘black list’ of jurisdictions the government considered a ‘tax haven’. 

A new anti-corruption law passed by the Brazilian Senate will for the first time impose civil liability on companies that bribe public officials. 

Brazil has passed a series of resolutions aimed at strengthening insurers’ capital requirements. Brazil’s insurance supervisor SUSEP said it drew up the resolutions which were approved by the National Council of Private Insurance (CNSP). The resolutions set out a risk-based framework in line with international best practice for supervision. 

Panama’s Insurance Superintendency has announced the creation of a new obligatory register for all foreign reinsurers and reinsurance brokers wishing to do business in the country. 

Louis Mercedes and Stephen Ixer of Edwards Wildman recently authored an article on how the microinsurance market is making strides in Latin America, which appeared in LatAm Insurance Review. 

Panama has passed a new Insurance Law which aims to boost the country’s insurance industry and changes the way local and foreign companies do business there. 

Argentina’s insurance Superintendency, the SSN, recently issued a resolution prohibiting local insurance companies from maintaining any investments abroad.