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Disclaimer: Crystal is provided for information purposes; it does not constitute solicitation of business and is not intended to be a substitute for appropriate professional advice. Information relating to Lloyd’s Brussels Subsidiary may be subject to regulatory approval.

Argentina * Lloyd's
* Please see Authorisation for details of Lloyd's underwriters licensing status
Please see Authorisation for details of Lloyd's Brussels licensing status

Pre-placement considerations

Authorisation

Lloyd's

Insurance 
Lloyd's underwriters are not licensed to write insurance in or from Argentina.

Exceptions:

Transport of goods to be exported from Argentina and to be imported into Argentina while the goods are outside Argentina only.  While the goods are in Argentina the transport of such goods must be insured by local insurance companies. 

Reinsurance

Lloyd’s is registered as an Admitted Reinsurer in Argentina. Foreign reinsurers registered with the Argentine Insurance Regulator (“Superintendencia de Seguros de la Nación – SSN”) as Admitted Reinsurers are permitted to:

  • write retrocession business (Section 2.1. of Annex of Section 2.1.1. of SSN Resolution No. 38,708/2014);
  • reinsure up to 50% of ceded premiums from insurers on contracts with inception from 1 July 2017 (Section 2.2. of Annex of Section 2.1.1. of SSN Resolution No. 38,708/2014. This threshold will increase to 60% by 1 July 2018 and 75% by 1 July 2019;
  • reinsure individual risks of facultative reinsurance and catastrophe reinsurance in excess of USD 35 million in their entirety (Section 2.3. of Annex of Section 2.1.1. of SSN Resolution No. 38,708/2014). These are not computable for purposes of calculating the percentages mentioned above;

Please refer to Market Bulletin Y5103 or visit the SSN’s website for confirmation of Lloyd's registration as an Admitted Reinsurer and see below for more details.

Last updated: 21 Nov 2018


Definition of risk location

Lloyd's
A risk is an Argentine risk if:

The situs of the risk and/or the insured is located in Argentina.

For general guidance on identifying the location of a risk please refer to the risk locator.
Last updated: 21 Nov 2018

Compulsory classes

Lloyd's

The following classes are compulsory in Argentina:

  • Third party liability for motor vehicles. (Law No. 24,449/1994)
  • Third party bodily injury for passengers on public transport systems. (Law No. 24,449/1994)
  • Workers' compensation. (Law No. 24,557/1995)
  • Professional liability for reinsurance brokers. (SSN Resolution No. 38,708/2014)
  • Third party liability for aircraft operators and personal accident cover for crew. (Aviation Code) 
  • Third party cover for lift operators.(Decree No. 578/2001) 
  • Third party cover for boilers. (Decree No. 887/1979)
  • A bond for travel agents. (Law No. 25,599/2002)
  • Pollution liability cover for enterprises that may cause pollution damage. (Law No. 25,675/2002)
  • A bond or PI insurance for directors and managers of public limited companies (public corporations) and private limited companies (limited corporations). (IGJ Resolution No. 7/2015)
  • Shipowners' liability against oil pollution. (Law No. 25,137/1999; Decree No. 151/2004)
  • Inland transit insurance (carriers' liability insurance for goods transported by road). (Law No. 24,653/1996)
  • Insurance or guarantee for clinical trials. (Ministry of Health’s Resolution No. 1480/2011)
  • Mandatory group life insurance. (Decree No. 1567/1974)
  • Fire and liability insurance for condominiums. (Civil and Commercial Code)
  • Insurance for schools and educational institutions. (Civil and Commercial Code)
  • Third party liability for trust property. (Civil and Commercial Code)
  • Insurance for condominiums under construction in case the construction fails. (Civil and Commercial Code)
  • Insurance for drones. (National Civil Aviation Administration’s Resolution No. 527/2015)
Last updated: 21 Nov 2018

Financial considerations

Exchange controls

Lloyd's
Exchange controls exist.
Last updated: 22 Mar 2017


Distribution channels

Coverholder business

Lloyd's

Lloyd's requirements for a coverholder carrying on Argentine business on behalf of a Lloyd's managing agent.

Binding authority held by a coverholder based in Argentina.

Last updated: 21 Nov 2018

click for more detail More detail

Binding authority held by a coverholder based outside Argentina
Last updated: 21 Nov 2018

click for more detail More detail

Definition of a coverholder
Last updated: 21 Nov 2018

click for more detail More detail

Intermediary regulation

Lloyd's

According to Argentine regulations, reinsurance business may be placed either:

  • Directly with a ceding company / local reinsurer (i.e. with no involvement of reinsurance broker(s));  that is, an Argentine ceding company/ local reinsurer may place reinsurance directly with Lloyd’s managing agents’ service companies or with Lloyd’s approved coverholders acting on behalf of Lloyd’s syndicates, or
  • Through a locally registered reinsurance broker licensed by the Argentine regulator; that is, if business is placed with Lloyd's underwriters via brokers approved by Lloyd's, both an Argentine registered reinsurance broker and a Lloyd's approved broker need to be involved in the reinsurance placements.

Please refer to the more detail section for a list of permitted placement chains.

Last updated: 21 Nov 2018


Insurance documentation

Insurance documents

Lloyd's

Contract certainty applies to general insurance contracts either entered into by a UK regulated insurer (such as Lloyd’s underwriters) or arranged through a UK regulated broker (such as Lloyd’s brokers based in the UK).

Lloyd's has developed Quality Assurance (QA) checks to help the market comply with this requirement.

Further information on contract certainty can be found on the Market Reform website.

Last updated: 15 Feb 2019


Language of contract

Lloyd's

Insurance: 
Insurance contracts must be written in Spanish (Section 25 of Law No. 20,091), with the exception of marine insurances, which may be issued in a foreign language.

Reinsurance: 

The parties can agree the contract language.

Last updated: 21 Nov 2018

Choice of law

Lloyd's
To meet contract certainty requirements, the contract should contain a choice of law clause.

Insurance

Insurance contracts are subject to local law.

Reinsurance

Per Section 9.5. of Annex of Section 2.1.1. of SSN Resolution 38,708/2014, reinsurance contracts arranged by Argentine ceding companies are subject to Argentine law and jurisdiction. The submission to Arbitration Courts is allowed only for arbitral tribunals where the seat of the arbitration is located in Argentina and Argentine law must be applied in all cases.

The following clauses can be used for Argentine reinsurance contracts, as appropriate: LMA5132, LMA5133 and LMA5134.

Lloyd's underwriters may use alternative wordings, provided they comply with Argentine regulations.

Last updated: 21 Nov 2018

Jurisdiction

Lloyd's

Insurance

Insurance contracts are subject to Argentine jurisdiction.

Reinsurance

Per Section 9.5. of Annex of Section 2.1.1. of SSN Resolution 38,708/2014, reinsurance contracts arranged by Argentine ceding companies are subject to Argentine law and jurisdiction. The submission to Arbitration Courts is allowed only for arbitral tribunals where the seat of the arbitration is located in Argentina and Argentine law must be applied in all cases.
The following clauses can be used in Argentine reinsurance contracts, as appropriate: LMA5132, LMA5133 and LMA5134. 
 
Lloyd's underwriters may use alternative wordings, provided they comply with Argentine regulations.

Last updated: 21 Nov 2018

Service of suit

Lloyd's

It is strongly recommended that a service of suit clause be included on contracts. If such a clause is included, Lloyd's Attorney-in-Fact must be the nominee to serve suit. Please find his contact details below:

Mr Martín Argañaraz Luque
Allende & Brea
Maipú 1300, 11th floor
C1006ACT Buenos Aires
Argentina

Last updated: 09 Dec 2013