Intermediary mandates granted to legal entities, in the process of registration with the SSN: their validity was extended until September 30, 2017 and the period to comply with SSN’s observations expires on August 31, 2017.
The new dates concerning intermediary mandates, within the scope of article 32 of the SSN Resolution No. 38052 of 2013, were informed to entities and persons subject to the supervision of the National Superintendence of Insurance (“SSN” after its acronym in Spanish) by the Argentine Executive Branch’s Communiqué No. IF-2017-13074164-APN-SSN#MF dated July 1, 2017.
According to this Communiqué, validity of the intermediary mandates granted to legal entities, in the process of registration to the date of issue of the Circular, was extended until September 30, 2017.
With respect to the observations issued by the SSN in these processes, the term for them to be complied with was extended, expiring on August 31, 2017.
If the registration process of the intermediary mandates is not completed by September 30, 2017, such mandates will lose their validity, and insurers must revoke them.
In such cases, from October 1, 2017 insurers must refrain from using legal entities that are not registered in the Register of Intermediary Agents, created by the SSN Resolution No. 38052, as a marketing channel. In the event of non-compliance, they may be subject to the application of the sanctions provided for in article 58 of the Law on Insurance Entities and their Control No. 20091.
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