Insurance laws Argentina
In Argentina, the insurance and reinsurance market is highly regulated to ensure the financial stability of the sector and to protect policyholders.
Regulatory Authority
The primary regulatory body is the Superintendencia de Seguros de la Nación (SSN), or the Superintendency of Insurance of the Nation. The SSN is a regulatory agency that reports to the Ministry of Economy. Its functions include:
Regulation and Supervision: Overseeing all aspects of insurance activity, including the licensing of companies and intermediaries (brokers and agents).
Enforcement: Ensuring that insurance companies comply with the law and imposing sanctions for irregular activities.
Consumer Protection: Handling consumer complaints and ensuring fair market conduct.
Key Legislation
The legal framework for insurance in Argentina is primarily based on:
Insurance Companies Act (Law No. 20.091): This law establishes the legal and financial requirements for insurance companies, including minimum capital and solvency requirements.
Insurance Contract Act (Law No. 17.418): This law governs the contractual relationship between the insurer and the insured, defining their reciprocal rights and duties.
Insurance Intermediaries Act (Law No. 22.400): This act specifically regulates the activities of insurance brokers and agents.
General Insurance Regulation (Resolution No. 38,708/14): This regulation and its annexes provide detailed rules for the implementation of the main laws.
Mandatory Insurance
Argentina has several types of mandatory insurance to protect the public and businesses:
Motor Third-Party Liability: This is compulsory for all motor vehicles operating on public roads.
Professional Indemnity Insurance: Certain professionals, such as insurance brokers, are required to have this type of insurance.
Travel Health Insurance (for visitors): As of July 1, 2025, all non-resident foreigners entering Argentina as tourists must have mandatory health insurance that covers medical emergencies, hospitalization, and repatriation.
Employee's Insurance: Employers are required to provide coverage for work-related injuries or diseases.
Other Key Aspects
Company Structure: Insurance companies in Argentina must be incorporated as a local corporate entity or a branch of a foreign company. Their exclusive corporate purpose must be insurance operations.
Non-Admitted Insurance: Insurance operations performed without prior authorization from the SSN are considered irregular and are subject to sanctions. The placement of non-admitted insurance is generally prohibited, meaning risks located in Argentina must be insured by companies authorized to operate in the country.
"Cash Before Cover": The regulations often include a "cash before cover" rule, which requires the premium to be paid before the policy is considered in effect.
Consumer Disputes: If a policyholder has an issue with an insurance company, they can file a complaint with the SSN.
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