Latin American Developments

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Despite significant domestic and international concerns, the Argentine government has now made official its elimination of the country’s private pension system.  The Argentine legislature passed Ley 26.425 on November 20, 2008 and President Kirchner signed the law on December 4, 2008, establishing instead an Argentine Integrated Pension System (SIPA) to replace the current capitalization regime as of January 1, 2009. …
Read More Argentina Enacts Law Eliminating Private Pension System

Fitch recently released a report on the Costa Rican Insurance Market, “Sector Seguros de Costa Rica: Solvente y Competitivo Ante la Apertura.”  The report finds that, excluding Panama, Costa Rica is Central America’s largest and fastest-growing insurance market even before it is opened to private competition. 

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Read More Costa Rica Is Central America’s Largest And Fastest-Growing Insurance Market

New York state’s highest court recently held that service on Brazilian defendants in Brazil was effective under New York law even if it did not satisfy Brazilian standards for service of process. 

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Read More New York Court of Appeals Recognizes Personal Jurisdiction Over Brazilian Domiciliaries Served In Brazil Under New York Law

Fitch recently released its annual report on the Nicaraguan insurance market, “Sector Seguros de Nicaragua: Desempeño Semestral y Perspectivas de Corto Plazo.”  Although the report notes that net premiums grew by 14% over the previous year, due in large part to the positive and increasing role of private insurers, it also finds that Nicaragua remains the most inefficient market in Central America due to high operating costs. …
Read More Nicaraguan Insurance Market Continues to Grow Despite Inefficiencies

Liberty Mutual Insurance Europe Limited  (LMIEL) was recently granted authorization by Brazilian insurance regulator SUSEP to do business in the country as an occasional reinsurer.  LMIEL was advised through the application process by EAPD attorneys Jack Dearie and Machua Millett, together with local counsel. 

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Read More Brazil: Liberty Mutual Insurance Europe Limited Obtains Occasional Reinsurer Authorization

Fitch recently released its annual report on the Honduran insurance market, “Sector Seguros de Honduras: Desempeño Semestral y Perspectivas de Corto Plazo.”  According to the report, Honduras experienced premium growth of 16.3% over the previous year, with life insurance (22.3%) and health insurance (14.4%) experiencing the highest growth.  In Central America, the Honduran insurance market trails only Costa Rica in most positive growth measures. 

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Read More Honduran Insurance Market Experiences 16.3% Annual Premium Growth

A survey of senior executives recently commissioned by credit insurer Atradius and conducted by the Economist Intelligence Unit found that more than 50% of those polled stated that their companies had recently considered expansion in Latin America as the major markets slowed under the weight of the global credit crisis.  However, those surveyed also commonly reported concerns about crime, corruption and instability in the region. 

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Read More Latin America An Attractive Alternative Market In Face Of Slowdowns Caused By Global Financial Crisis

El jefe de la reguladora financiera Colombiana (Superfinanciera), Cesar Prado Villegas, renunció recientemente ante el colapso de esquemas piramidales que han costado a los inversionistas Colombianos hasta mil millones de dolares.  Roberto Borras, director de la unidad reguladora del ministerio de finanzas, ha sido nombrado para reemplazar a Prado de forma ínterina. …
Read More Regulador Colombiano Renuncia Ante el Colapso De Esquemas Piramidales Financieros

The head of Colombian financial regulator Superfinanciera, Cesar Prado Villegas, recently resigned in the wake of the collapse of pyramid schemes estimated to have swindled investors out of as much as $1 billion.  Roberto Borras, director of the finance ministry’s regulatory unit, has been named to replace Prado on an interim basis. 

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Read More Colombian Financial Regulator Resigns In Wake Of Pyramid Scheme Collapses