Argentina Insurance Industry – Governance, Risk and Compliance
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Argentina Insurance Industry Regulation Overview
The Superintendence of Insurance (SSN) regulates the Argentina insurance industry along with other regulators and supervisors including the International Association of Insurance Supervisors (IAIS), Association of Insurance Supervisors Latin America (ASSAL), Asociacion de Administradores de Riesgos de la Republica Argentina (ADARA), Asociación Argentina de Compañías de Seguros (AACS), Aseguradores del Interior de la República Argentina (ADIRA), and Asociación de Aseguradores de Vida y Retiro de la República Argentina (AVIRA).
The Argentina insurance industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident & health (PA&H), and marine, aviation & transit (MAT) insurance. The report specifies various requirements for establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · Superintendence of Insurance (SSN)
· International Association of Insurance Supervisors (IAIS) · Association of Insurance Supervisors Latin America (ASSAL) · Asociacion de Administradores de Riesgos de la Republica Argentina (ADARA) · Asociación Argentina de Compañías de Seguros (AACS) · Aseguradores del Interior de la República Argentina (ADIRA) · Asociación de Aseguradores de Vida y Retiro de la República Argentina (AVIRA) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Argentina Insurance Industry – Key Regulators and Legislation
Superintendence of Insurance (SSN): The SSN is a public agency established under the Ministry of Economy and Public Finances and governs insurance companies. It supervises the activities of insurers and reinsurers. Some of the main responsibilities of the authority include the supervision and inspection of the insurance industry in accordance with the principles of the Insurance Companies Act and the issuing of regulations of minimum capital requirements, technical reserves, revocation of authorizations, and penalties.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The laws regulating the Argentina insurance industry are:
- Insurance Law 17,418 that regulates various insurance, reinsurance, and retrocession contracts
- Insurance Undertakings Law 20,091 that governs the activities of insurance and reinsurance organizations
- Law 22,400 that regulates the insurance broking activity
- Resolution No. 38,052 on the register of institutional agents
- Resolution 38,708 that regulates insurance and reinsurance activity
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Argentina Insurance Industry - Compulsory Insurance
Some of the compulsory insurances required within the Argentina insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Compulsory Insurances in Argentina
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Argentina Insurance Industry - Company Registration and Operation
A license is required to operate in the Argentina insurance industry. The IUL governs the licensing of domestic insurance companies. The law forbade insurance companies without authorization from the SSN from operating in the country. Article 1.2 of Annexure 2.1.1 of Resolution No. 38,708 stipulates that the licensing requirements for reinsurers are the same as insurers. (Re)insurance intermediaries must obtain a license as well to carry out insurance intermediary activities in the country. Insurance agents must be registered with the Insurance Agents Registry (RAI) after getting approval from the SSN and insurance brokers must be licensed by the SSN to carry out insurance brokering activities.
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Argentina Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Argentina. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: The Federal Administration of Public Revenue administers taxation in Argentina in accordance with the Income Tax Law, VAT Law, and Tax Procedures Law. Resident companies are taxed on their worldwide income, while non-resident companies without permanent establishment are taxed only on Argentine income. Resident companies receive a tax credit relative to foreign income tax paid.
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Scope
This report provides:
- Details of the insurance regulatory framework in Argentina
- Details of the rules and regulations governing insurance products and insurance entities
- Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework
- Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The Superintendence of Insurance regulates the Argentine insurance industry.
- Composite insurers are not permitted in Argentina.
- Non-admitted insurance is not permitted in the Argentine insurance industry.
- Workers’ compensation, motor third-party liability, aviation third-party liability, and social security insurance are the key classes of compulsory insurance in Argentina.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Argentina.
- Track the latest regulatory changes and expected changes impacting the Argentine insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Argentina insurance industry?
The Superintendence of Insurance (SSN) is the key regulator of the Argentina insurance industry.
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What are the other bodies that oversee the Argentina insurance industry?
The International Association of Insurance Supervisors (IAIS), Association of Insurance Supervisors Latin America (ASSAL), Asociacion de Administradores de Riesgos de la Republica Argentina (ADARA), Asociación Argentina de Compañías de Seguros (AACS), Aseguradores del Interior de la República Argentina (ADIRA), and Asociación de Aseguradores de Vida y Retiro de la República Argentina (AVIRA) are the regulatory and supervisory bodies that oversee the operations of the Argentina insurance industry.
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Which are the compulsory insurances required within the Argentina insurance industry?
Some of the compulsory insurances required within the Argentina insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What are the types of taxes imposed upon the Argentina insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Argentina. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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