Superintendent of Insurance – Minimum contents for insurance policies

Resolution No 33,463/2008 of Argentine Superintendent of Insurance, substituted section 25 of the “General Rules for the Insurance Activity”, updating and unifying in a single resolution all previous resolutions, circulars and communications that had been separately enacted by the control authority, providing for all aspects of an insurance policy contents, delivery, annulment and of certificates of incorporation into group policies.

Policies must now contain on their front page the name, tax code, ID and domicile of the policy holder. If the insurer and the policy holder are different persons, the policy must identify each of them. Likewise, deductibles affecting each coverage must be informed in the policy. In the event of renewal of an insurance policy, the number of the previous or renewed policy must be indicated.

A text must also be inserted in the policy, stating that should there be any difference between the insurance policy and its proposal, such difference will be deemed accepted if the insured does not raise any objection within a month from the date he receives the insurance policy. If a broker intermediated in the selling of a policy or endorsement, its registration number and name must be included in the policy.

The 15-day term (starting from the execution of the insurance contract) established for an insurance company to deliver the policy to the policy holder remains unchanged. The actual delivery of the policy may only proved by: (i) a receipt signed by the insured; (ii) a postal receipt if the policy is sent by post; (iii) a receipt signed by a third party, stating that the documents are received in the name of the insured; (iv) a certificate of delivery of the documents sent electronically.

Documents may be electronically delivered, either: (a) via an insurer’s web site (the insurer’s web site must be included on the proposal forms); or (b) by e-mail to the policy holder’s e-mail address (provided such e-mail address is included in the pertinent proposal form and the policy holder has expressly agreed to receive the documents by e-mail).

The Resolution will be applicable to insurance policies issued as from 1 December 2008 and derogates Resolutions No 24,382, 24,868, 25,068 and 30,727; Circulars No 3426 and 4623; Communication SSN 365; and sections 3 to 8 of Resolution No 24,697.