Expiry of Insurance Plans
Insurers must report to the Argentine Superintendence Insurance the approval number of the insurance plans they are using or are intent on using under penalty of expiry of such approvals.
Resolution No 35,701 (the “Resolution”) enacted by the Argentine Superintendence of Insurance (the “ASI”) was published in the Oficial Gazzette on April 20, 2011. The Resolution sets forth a schedule for insurers to report the approval numbers of the insurance plans that they are using or are intent on using. Non-compliance with this reporting requirement within the terms fixed by the Resolution will produce the automatic expiry of the unreported approvals.
The Resolution sets forth that the period to inform with respect to life insurance is May 16-June 15, 2011, and with respect to non-life insurance is June 16-July 19, 2011. These deadlines may not be extended.
Regarding the information required by the ASI, insurers must inform the approval numbers of each line of insurance, as well as of the different insurance plans, stating, for each case, the number and date of the administrative act whereby the approval was granted.
The information must be uploaded on the ASI’s web site. Insurers shall register the users who will be authorized to upload the required information.
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.