Regulatory Alerts2023-11-23
Added · Updated
Insurance and Reinsurance Regulations - Modifications based on Law No. 20,130 of May 2, 2023
The Superintendency of Financial Services replaces Articles 20, 31, 33, 34, 35, 45, and 53 of the Insurance and Reinsurance Regulations to align with Law No. 20,130. The amendments establish minimum capital requirements for Group II insurers, defining basic capital and solvency margins, including specific additional capital for collective disability and death insurance. New technical reserves are mandated for collective disability and death insurance and pension annuities, detailing calculation methods for settled, pending, unreported, and insufficiently reported claims, alongside transitional adaptation rules using a 120-month factor. Furthermore, primary market investment conditions are updated, and admitted assets for covering pension obligations are specified, requiring high credit ratings and registration in the Securities Market Register.
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