Lloyd's underwriters can grant a binding authority to a coverholder located in Argentina permitting the writing of reinsurance. Coverholders must be registered as reinsurance brokers in Argentina.
SSN Resolution No. 38,708 (Section 6.3.b) 1. of Annex of Section 2.1.1.) states that reinsurers can appoint local reinsurance brokers to write facultative reinsurance business. The brokers are required to have a valid binding authority agreement issued by the reinsurer and duly registered with the SSN.
Goods for import or export can be insured by insurers not duly registered in Argentina only whilst the goods are located outside Argentina. A binding authority restricted to such business and held by an Argentine coverholder is therefore also permitted.
Lloyd's Delegated Authorities Department must approve a coverholder prior to its appointment to bind business on behalf of Lloyd's underwriters. For further information, access Lloyd's Delegated Authority web pages. Resolution No. 40,027/2016 outlines the process of payment of reinsurance premiums abroad.