Compilation of Insurance and Reinsurance Regulations – Insurance Plans – Policies and Technical Notes

Montevideo, May 25, 2023
Ref: COMPILATION OF INSURANCE AND REINSURANCE REGULATIONS – Insurance Plans – Policies and Technical Notes

The market is informed that the Superintendency of Financial Services adopted the following resolution on May 18, 2023:

1. SUBSTITUTE in Chapter VI – Insurance Plans, of Title I – Insurance and Reinsurance Companies, of Book I – Authorizations and Registrations, of the Compilation of Insurance and Reinsurance Regulations, Article 16 with the following:

ARTICLE 16 (INSURANCE PLANS – POLICIES AND TECHNICAL NOTES).

Insurance companies may not use policies whose text models (general, specific, and special conditions) and technical notes have not been previously submitted to the Superintendency of Financial Services.

The technical note must contain the characteristics of the product, the coverages included, the technical foundations used for the determination of the risk premium, the commercial premium, and the technical reserves, as well as the corresponding reinsurance policy.

It must be accompanied by a note from the company indicating that it has been evaluated by the head of the actuarial function and a report from the legal advisor stating that the content of the policy complies in all its terms with the current regulations in this matter and incorporates the guidelines contained in the instructions that will be provided.

In the event that the submitted policy consists of a basic coverage and additional coverages, the following must be presented:

• the text models of all the coverages that make it up;
• a single technical note detailing each of those coverages or separate technical notes for each coverage.

Any modification of the policy texts or technical notes previously communicated must be presented to the Superintendency, referencing the document to be modified, in a manner that allows for its identification. A copy of the new documents must be attached, indicating the changes made and informing the date from which their commercialization will begin.

If deemed necessary, the Superintendency of Financial Services may request the presentation of the texts of the questionnaires or forms to be used at the time of contracting, as well as additional information to that indicated above.

The documentation corresponding to the policy models, technical note, company note, legal advisor report, and other required documentation must be presented in accordance with the instructions that will be issued.

JUAN PEDRO CANTERA
Superintendent of Financial Services
2022-50-1-02511

Diagonal Fabini 777 - C.P. 11100 - Tel.: (598 2) 1967 - Montevideo, Uruguay - www.bcu.gub.uy CIRCULAR NO. 2433