On Friday, January 27, 2011, the National Council of Private Insurance (CNSP) published Resolution No. 231/11 postponing the effective date of Resolution No. 224/10 from January 31, 2011 to March 31, 2011. CNSP had previously published Resolution No. 224/10 in December, which provided that insurance risks in Brazil cannot be ceded to companies abroad that belong to the same financial group.
Latin American Developments
Venezuela Orders Takeover of Seguros Federal Insurance Company
By Troutman Pepper Locke on
Posted in Latin American Developments
Venezuela’s socialist government has ordered the takeover of Seguros Federal, a local insurance company that was part of a financial group under investigation for reported insolvency issues. …
Venezuela Orders Takeover of Seguros Federal Insurance Company
By Troutman Pepper Locke on
Posted in Latin American Developments
Venezuela’s socialist government has ordered the takeover of Seguros Federal, a local insurance company that was part of a financial group under investigation for reported insolvency issues. …
Brazil – Recent Insurance Regulations
By Troutman Pepper Locke on
Posted in Latin American Developments, Regulatory
In December, the National Council of Private Insurance (CNSP) published Resolutions Nos. 224/10 and 225/10, each amending Resolution 168/07. Resolution 224, which becomes effective January 31, 2011, provides that insurance risks in Brazil cannot be ceded to companies abroad that belong to the same financial group. …
Venezuelan Superintendency Calls on Intermediaries to Confirm License Compliance
By Troutman Pepper Locke on
Posted in Latin American Developments
Venezuela’s newly strengthened regulator, the Insurance Activity Superintendency, has called on all authorized insurance brokers and agents to submit sworn statements confirming compliance with their license status. …
Brazil: Insurance Premiums Up 15.6% Through July 2010
By Troutman Pepper Locke on
Posted in Latin American Developments
Insurance premiums in Brazil increased to an aggregate of 48 billion Brazilian Real (US$ 27.9 billion) through the first seven months of the year, reflecting a 15.6% increase as compared to the same period for the prior year according to the Superintendence of Private Insurance (SUSEP). …
Mexican Court Finds Insurer Jointly Liable For Medical Error
By Troutman Pepper Locke on
Insurers authorized in Mexico must consider the issue of potential liability in connection with selecting physicians for their medical network to provide services to their insureds. A federal collegiate court in Mexico recently ruled, in a 10-year long case, that insurers can be held jointly liable with professionals that form part of their medical network. …
Argentina: Insurance Premiums Up 8.9% in 12 Months to July 2010
By Troutman Pepper Locke on
Posted in Latin American Developments
Insurance premiums in Argentina rose 8.9% to 36.89 billion pesos ($9.35 billion) in the 12 months to the end of July, the insurance superintendency, or SSN, has reported. The total in July 2010 was 3.49 billion pesos ($885 million), an increase of 10.5% from June and 10.8% from July 2009. …
Venezuela Formalizes Expropriation of Insurance Company
By Troutman Pepper Locke on
Posted in Latin American Developments, Regulatory
Venezuelan lawmakers have voted to formalize the expropriation of insurance company Seguros La Previsora, which was closed down last December because of irregular activities. …
Venezuela’s New Insurance Activity Law Comes Into Force
By Troutman Pepper Locke on
Posted in Latin American Developments, Regulatory
The Venezuelan National Assembly has published in an extraordinary Official Gazette the new Insurance Activity Law, under which the insurance regulator is granted substantial new powers to intervene in the industry. The law, which was published on 29 July, is a complete redrafting of the 1995 Insurance Law and is in line with President Hugo Chavez’s plans to redraw the economy. …