The SSN extended the schedule for insurers and reinsurers constituted and authorized as of July 31, 2016, to evidence the minimum capital required to operate.
Resolution No. 40,308 of the National Superintendence of Insurance (“SSN”), published on February 21, 2017, extended the intermediate deadlines so that insurers and reinsurers constituted and authorized as of July 31, 2016, evidence the minimum capital required for them to operate.
To this end, point 30.7 of the General Regulation of the Insurance Activity approved by SSN Resolution No. 38,708/2014 as amended (“RGAA” after its acronym in Spanish) was modified. The new scheme of the RGAA’s regime on gradual adequacy of the minimum capital requires AR$60 million as of March 31, 2017, AR$130 million as of June 30, 2017, AR$200 million as of September 30, 2017 and AR$300 million as of June 30, 2018.
The last date to demonstrate compliance with the total minimum capital has not been modified, neither have the amounts of each of the stages of the accreditation scheme.
The following table summarizes the changes introduced by SSN Resolution No. 40,308:
|
Dates |
Amount to be evidenced |
|
|
According to previous regulation |
According to current regulation |
|
|
December 31, 2016 |
AR$60 million |
- |
|
March 31, 2017 |
AR$130 million |
AR$60 million |
|
June 30, 2017 |
AR$200 million |
AR$130 million |
|
September 30, 2017 |
- |
AR$200 million |
|
June 30, 2018 |
AR$300 million |
AR$300 million |
This insight is a brief comment on legal news in Argentina; it does not purport to be an exhaustive analysis or to provide legal advice.