The Argentinean regulator has published a new resolution which further clarifies the new rules affecting foreign reinsurers effective September 1, 2011. In particular, it complements Resolution 35,615 which was published back in February of this year setting out a new legal framework for reinsurance (see our previous blogs here and here).
Read More Argentina: Regulator Provides Further Clarification on New Reinsurance Regime
Latin American Developments
Colombia Seizes Health Insurer SaludCoop for Alleged Irregularities
By Troutman Pepper Locke on
Posted in Latin American Developments, United Kingdom
The Colombian government has intervened to take control of health insurance company SaludCoop while alleged financial irregularities are investigated, according to local reports. …
Read More Colombia Seizes Health Insurer SaludCoop for Alleged Irregularities
Argentina: SSN Provides Clarification on Reinsurance Resolution 35,615
By Troutman Pepper Locke on
Posted in Latin American Developments
Argentina’s Insurance Superintendency (SSN) has issued amendments to Resolution 35,615 in order to clarify some of its provisions with regards to foreign reinsurers. …
Read More Argentina: SSN Provides Clarification on Reinsurance Resolution 35,615
Insurers Continue to Oppose New Brazilian Regulations
By Troutman Pepper Locke on
Posted in Latin American Developments
A coalition of 18 international insurance associations recently sent a letter to the Brazilian government expressing continued opposition to Resolutions 232/11 and 225/10, each of which came into effect on March 31, 2011. …
Read More Insurers Continue to Oppose New Brazilian Regulations
Brazil – Resolution 224/10 Repealed
By Troutman Pepper Locke on
Posted in Latin American Developments
On Monday, March 28, 2011, the National Council of Private Insurance (CNSP) published Resolution 232/11 repealing Resolution 224/10. Resolution 232/11 becomes effective today. …
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FERMA Asks Brazil to Withdraw Reinsurance Regulations
By Troutman Pepper Locke on
Posted in Latin American Developments
The Federation of European Risk Management Associations (FERMA) has asked the Brazilian government to withdraw two new reinsurance regulations that will restrict the cession of insurance risks to foreign reinsurers. …
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Panama Insurance Market Records Strong 2010, Positive Outlook
By Troutman Pepper Locke on
Posted in Latin American Developments
Panama’s insurance market posted growth of 8.5% in 2010, on the back of 9.5% growth in 2009, according to the latest figures from the regulator, the Insurance and Reinsurance Superintendency. It is now the largest market in Central America, with premium income of US$919 million last year. …
Read More Panama Insurance Market Records Strong 2010, Positive Outlook
Costa Rican Insurance Market Starts to Flourish
By Troutman Pepper Locke on
Posted in Latin American Developments
Costa Rica’s local insurance market soared by 17% in 2010 as premiums grew from US$633 million in 2009 to US$739 million last year, according to figures recently released by the Insurance Superintendency. The market continues to be dominated by the Instituto Nacional de Seguros (INS), but other players, including Panama’s ASSA Compañia de Seguros, have increased their presence. …
Read More Costa Rican Insurance Market Starts to Flourish
Banco Santander and Zurich to Form South American Joint Venture
By Troutman Pepper Locke on
Posted in Latin American Developments, Regulatory
Zurich Financial Services Group (“Zurich”) announced on February 22, 2011 that it plans to buy a majority stake in the insurance operations of Banco Santander SA (“Santander”) in Latin America for $1.67 billion. …
Read More Banco Santander and Zurich to Form South American Joint Venture
Argentina Passes New Rules For Reinsurers
By Troutman Pepper Locke on
Posted in Latin American Developments
A new reinsurance resolution has just come into force in Argentina containing new rules for conducting reinsurance business, including a requirement to set up a local branch. …
Read More Argentina Passes New Rules For Reinsurers