Peter Niven, Chief Executive of Guernsey Finance, says that the Island is well-placed to become the captive domicile of choice for firms within the growing Latin American economies.
As the G-20 grapple with how to change the global legal framework for financial services to ensure that there are no future financial crises, some countries have moved to quickly modernize their laws to accommodate the insurance needs of consumers and the business opportunities afforded thereby.
On September 11, 2012, Decree No. 1638/2012 (the "Decree") was published in the Official Gazette, providing a new regulation of Section 22 of the General Environment Law No. 25675 ("LGA," after its acronym in Spanish) on environmental insurance.
As part of the regulatory framework related to the reinsurance business in Argentina, regulated by Resolution No 35.615 of the Superintendency of Insurance of Argentina (Superintendencia de Seguros de la Nación - "SSN"), effective Resolution SSN No 36.332 establishes the minimum requirements to be fulfilled by insurance companies intending to apply for an exemption so as to be authorized to execute certain reinsurance agreements duly specified with foreign reinsurance companies performing operat
The Superintendent of Insurance prohibited the payment outside Argentina of claims and surrender values of life insurance policies with foreign savings.
If deductibles agreed in liability insurance contracts for
public transportation vehicles may be enforced against the injured
third parties is a highly debated issue in Argentine
scholars' opinions and case law.
Since February 2011 the Argentine Superintendence of Insurance
has been enacting regulations that are significantly reshaping the
reinsurance regulatory framework.
Since early this year the Argentinean Superintendence of Insurance (the "ASI") has been
preparing regulations, which took everyone by surprise, and which will change Argentinean
business for non-Argentinean reinsurers.
This memorandum addresses Decree No. 7.976 of April 1, 2013, which authorizes the incorporation by Brazil′s executive branch of the Agência Brasileira Gestora de Fundos Garantidores e Garantias S.A., a state-owned company to be organized as a corporation and linked to the Ministry of Finance, as described in our memorandum dated June 1, 2012.
CNSP Resolution No. 276/13, in force since February 18, 2013, sets forth rules and procedures for the calculation of retention limits for insurance companies and local reinsurers.
This Provisional Measure entered into effect on April 4, 2012.
It seems likely that SDE will open a preliminary investigation, by means of which it will try to gather facts and information concerning the alleged practices.
Over the last year, we have discussed in detail the operation of "cession limits" and "right of first refusal" such that the "opening" of the Brazilian reinsurance market clearly had its limits.
Even if the insured losses from the Chile earthquake fall in the mid-range of current estimates of between US$ 2 billion and US$ 8 billion, it will outpace Hurricane Wilma as the most expensive insured event in Latin America’s history, according to a release by reinsurance broker Cooper Gay.
In August 2008, Costa Rican President Dr. Oscar Arias Sanchez signed into law Costa Rica’s new Ley Reguladora del Mercado de Seguros, thereby ending the Instituto Nacional de Seguros’ (INS) more than eighty-year-old monopoly over the country’s insurance industry.
The Superintendencia de Bancos y Otras Instituciones Financieras (SIBOIF) (Nicaragua), Superintendencia del Sistema Financiero (SSF) (El Salvador) and Superintendencia de Bancos (Superban) (Guatemala) recently released insurance industry results for the first nine months of 2009.
2009 saw several local regulators step up efforts to contravene "grey market practices," that is activities prohibited by local law but previously engaged in by many foreign companies.
In the last year, the overall Latin American insurance market has continued to experience robust growth, estimated at 7.4% by Fundacion Mapfre for the first half of 2009 over the first half of 2008.
Approximately one-fourth of Latin America’s 569 million residents live on less than $2 per day, and many Latin Americans do not have any type of insurance.
A recurrent issue for foreign insurance and reinsurance companies active in Latin American in the last few years has been anti-corruption compliance, both as a compliance issue and an underwriting tisk.