GFIA writes to Argentinian supervisor over reinsurance payment concerns

Written by Michael Griffiths

27/01/2023

The Global Federation of Insurance Associations (GFIA) has written to the Argentinian insurance supervisor (SSN), to express concerns about recently implemented rules that have begun causing “serious issues” with the payment of reinsurance premiums to foreign companies.

According to the Federation, the issuance of the Joint General Resolution of the Federal Administration of Public Revenues and the Secretary of Commerce No. 5271, and Communication “A” 7622 of the Central Bank of Argentina, has resulted in major restrictions and delays in the payment of reinsurance premiums abroad.

The GFIA has warned that these restrictions risk “seriously affecting” the functioning and continuity of the Argentine insurance and reinsurance market, as well as its relationship with the international reinsurance market.

“GFIA called on the SSN to, therefore, urgently remove any regulatory barriers to the payment of reinsurance premiums to foreign firms,” a statement from the GFIA said.

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