Regulatory Alerts2024-03-08
Added · Updated
Compilation of Insurance and Reinsurance Regulations - Adjustments pursuant to Law No. 20.130 of 2/5/2023 and Regulatory Decree No. 413/023 of 19/12/2023
The Superintendent of Financial Services replaces Articles 49 and 53 of the Compilation of Insurance and Reinsurance Regulations to update permitted investments for non-pension and pension insurance obligations. The amendments specify eligible assets, including Uruguayan state securities, rated corporate bonds, deposits, foreign government bonds, and specific credit instruments, while imposing strict credit rating requirements (minimum Category 2 or 1) and authorization procedures for financial hedging instruments. The changes also introduce new provisions for personal loans to social security affiliates and clarify the treatment of insurance credits for reserve coverage, effective upon the resolution's entry into force.