Latin American Developments

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Brazil’s Superintendencia de Seguros Privados (SUSEP) recently released Circular No. 392 confirming the requirements for purchase of foreign insurance and which lines of insurance may be purchased in foreign currency. 

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Read More Brazil’s SUSEP Confirms Requirements for Purchasing Foreign Insurance, Permitted Lines for Purchase in Foreign Currency

Congressman Rafi Souki, President of the Subcomission on Financial, Banking and Insurance Policy of the Venezuelan National Assembly, recently announced that, within the next several days, the final version of the country’s controversial new insurance law regulating the insurance industry will be approved. 

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Read More Venezuela: New Insurance Law Expected to be Approved in the Next Several Days

Willis recently completed the purchase of the remaining shares in its Argentinean units, Herzfeld Willis SA and Willis SA.  Eugenia Paschoal, CEO of Willis Latin America reportedly commented that “We have taken full ownership of Willis Argentina because we see excellent growth prospects in this country and are committed to becoming the leading broker there. 

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Read More Willis Demonstrates Confidence in Future of Argentina, Latin America

The Salvadoran Insurance Association (ASES) is warning that a proposed tax increase on reinsurance premiums may cause a mass exodus of reinsurers, leaving the nation under-protected in the event of a natural disaster.  As part of a lengthy fiscal reform proposal expected to be presented to the Legislative Assembly in the coming days, President Mauricio Funes reportedly intends to propose the imposition of a ten percent tax on reinsurance premiums. …
Read More El Salvador: Government’s Threatened Tax Increase May Cause Exodus of Reinsurers

Eduardo Iturriaga, Director General of Mexico’s insurance regulator, the Comision Nacional de Seguros y Fianzas, recently reminded the market that purchasing foreign insurance from within Mexico is both a violation of the insurance law and a criminal offense that can carry penalties of a fine between 200 and 2,000 days of salary and a prison sentence of between 3 and 10 years. …
Read More Mexican Regulator Reminds Market that Purchase of Foreign Insurance from within Mexico is Illegal, with Possible Punishment Including Fines and Jail Time

The Superintendent of Nicaragua’s financial services regulator, Victor Urcuyo, recently met with the Economic Committee of the National Assembly to present a proposal for a new insurance law that would allow foreign insurance companies to establish local branches in the country. 

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Read More Nicaragua: Regulator Presents New Draft Insurance Law to Open Market to Foreign Insurance Companies