Allende & Brea – Estudio Jurídico

This report cannot be considered as legal or any other kind of advice by Allende & Brea. For any questions, do not hesitate to contact us.

Amendments to insurance contract emissions and (re)insurance registries regime

By means of Resolution No. 184/2024 (the “Resolution”),the Argentine Insurance Regulator (the “SSN”)has introduced several changes to the General Insurance Activity Regime (the “RGAA”)pertaining insurance policies and incorporation certificates, as well as the requirements and guidelines on insurance and reinsurance books and registries.

As for insurance policies and certificates, it is no longer mandatory to include the Unique Policy Identification Code (CUIP). Additionally, the premium detail to be included shall specify the pure premium, acquisition and administrative expenses, additional fees, and any other charges or items used for the formation of the premium.

In addition, the Resolution reforms sections 37.4 and 37.5 of the RGAA, regarding regulations for accounting and corporate records of insurance and reinsurance companies. For both insurance and reinsurance companies, the Resolution establishes a single system for recording transactions and closings, based on the monthly registry of operations without registering retroactive transactions (except for adjustments made by monthly closings). Accordingly, the annotation of these registries onto digital books shall be made prior to the presentation of the applicable quarterly financial statements before the SSN, notwithstanding those registries with a special regime.

Following the amendments made to insurance policies and certificates, the Resolution also suppresses the need to include the Unique Policy Identification Code (CUIP) and the Unique Claim Identification Code (CUIS) of the applicable registries, as well as the annexes of the RGAA which established the guidelines for registering said codes.

In addition to the aforementioned changes, new requirements have been set for the stamp of reinsurance fund movements registries that reinsurance brokers must possess. For this particular registry, the copying of the forms or their annotation on ledgers shall be made within 30 days from the end of the month.

This report cannot be considered as legal or any other kind of advice by Allende & Brea. For any questions, do not hesitate to contact us.

Related areas