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Foreign Insurers Global Practice Guide Foreign Insurers A Global Practice Guide prepared by the Lex Mundi Insurance Reinsurance Practice Group This guide is part of the Lex Mundi Global Practice Guide Series which features substantive overviews of laws, practice areas, and legal and business issues in jurisdictions around the globe. View the complete series at: www.lexmundi.com/GlobalPracticeGuides. Lex Mundi is the world’s leading network of independent law firms with in-depth experience in 100+ countries. Through close collaboration, our member firms are able to offer their clients preferred access to more than 21,000 lawyers worldwide – a global resource of unmatched breadth and depth. Lex Mundi – the law firms that know your markets. www.lexmundi.com About This Guide This guide presents overviews on the general regulation of insurers and re-insurers and requirements for foreign insurers and/or re-insurers to operate in different jurisdictions around the world. It is hoped that this survey will serve as an initial resource to insurers and re-insurers in respect to the applicable legislation and regulations in different jurisdictions and, additionally, as a guide for Lex Mundi members. This publication is not intended to represent a comprehensive guide nor a legal advise on the matters covered, but rather provide a general overview on the subject. They may only be used as an indication and advice should always be sought from the appropriate Lex Mundi member law firm. Please note that each response was provided on a different date, and therefore the answers to the survey refer to laws and regulations in force on that specific date. Table of Contents Argentina ...................................................................................................................................... 3 Australia ....................................................................................................................................... 5 Bahamas ..................................................................................................................................... 10 Barbados .................................................................................................................................... 12 Bolivia ......................................................................................................................................... 14 Brazil ............................................................................................................................................ 16 Bulgaria....................................................................................................................................... 18 Canada, Manitoba .................................................................................................................... 20 Channel Islands ........................................................................................................................ 23 Chile ............................................................................................................................................. 25 Colombia .................................................................................................................................... 27 Curacao....................................................................................................................................... 30 Cyprus ......................................................................................................................................... 32 Dominican Republic ................................................................................................................ 35 Estonia ........................................................................................................................................ 37 Iceland ......................................................................................................................................... 40 India ............................................................................................................................................. 44 Isle of Man .................................................................................................................................. 48 Liechtenstein ............................................................................................................................. 51 Netherlands ............................................................................................................................... 54 Peru .............................................................................................................................................. 57 Poland ......................................................................................................................................... 60 Romania ...................................................................................................................................... 65 Slovak Republic ........................................................................................................................ 68 South Africa ............................................................................................................................... 71 Sri Lanka..................................................................................................................................... 73 Taiwan ......................................................................................................................................... 75 Turkey ......................................................................................................................................... 78 USA, Montana ........................................................................................................................... 81 USA, Nevada .............................................................................................................................. 84 www.lexmundi.com Page 1 © 2009 Lex Mundi USA, North Carolina ................................................................................................................ 86 USA, Pennsylvania .................................................................................................................. 89 USA, Puerto Rico ..................................................................................................................... 92 USA, West Virginia................................................................................................................... 94 www.lexmundi.com Page 2 © 2009 Lex Mundi Foreign Insurers Argentina Prepared by Lex Mundi member firm Marval, O'Farrell & Mairal 1. What is the definition of insurer and reinsurer in your jurisdiction? There is no such statutory definition. An insurer may be defined as a business or legal entity of the types authorized by law licensed to underwrite insurance operations in Argentina, while a reinsurer is licensed to underwrite reinsurance operations. 2. Can a foreign insurer and/or reinsurer underwrite insurance or provide capacity to underwrite insurance in your jurisdiction? In order for a foreign insurer or reinsurer to do business in Argentina, it needs to set up a branch or agency, with local capital, and obtain a license from the Argentine Superintendence of Insurance (or “SSN” after its acronym in Spanish). Foreign reinsurers with no capital in Argentina can reinsure from their home offices when due to the importance and type of risk to be ceded there is no local reinsurance capacity and subject to the approval of the SSN (which will be granted on a case-by-case basis), or when an individual risk exceeds US$ 50 million in which case the excess may be reinsured abroad without the need to obtain the SSN's prior approval. These foreign reinsurers must be registered with the SSN and with the Public Registry of Commerce. 3. Are insurers and/or reinsurers regulated in your jurisdiction? Yes. 4. Are foreign insurers and/or reinsurers required to be licensed or registered to underwrite and sell insurance/provide capacity in your jurisdiction? Yes. 5. What is the applicable legislation or regulations governing insurers and/or reinsurers in your jurisdiction? The main legislation governing insurers and reinsurers are the Insurance Contract Law 17,418, the Insurance Companies Law 20,091, the General Rules for the Regulation of the Insurance Business promulgated by resolution 21,523 of the SSN, as amended, and the Reinsurance Framework promulgated by resolution 35,615/11 of the SSN, as amended. Also worth of mention is the Insurance Brokers Law 22,400. 6. Is an unlicensed insurer or reinsurer entitled to sell insurance/provide capacity to sell insurance in your jurisdiction? No. However, unlicensed reinsurers may provide capacity to Argentine insurers in certain specific cases (see 2 above). 7. If an insurer and/or reinsurer is licensed and registered in another jurisdiction will that be accepted for the purposes of licensing and registering in your jurisdiction? No. www.lexmundi.com Page 3 © 2009 Lex Mundi 8. Does the applicable regulator in your jurisdiction have a website? If so, what is the website? Yes, www.ssn.gob.ar. 9. Are the forms to become licensed or registered in your jurisdiction available on the regulator’s website? No. Contact Information Pablo S. Cereijido Marval, O'Farrell & Mairal [email protected] Av. Leandro N. Alem 928, 7th floor C1001AAQ Buenos Aires, Argentina Leandro M. Castelli [email protected] Tel 54.11.4310.0100
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