NEW PRUDENTIAL REGULATIONS FROM THE INSURANCE SUPERINTENDENCE

NEW PRUDENTIAL REGULATIONS FROM THE INSURANCE SUPERINTENDENCE

  The Insurance Superintendence issued new insurance-related Prudential Regulations which were published Special Official Gazette No. 6,835 of September 3, 2024. These new Prudential Regulations are contained in a series of Administrative Rulings and cover various areas of interest, including:

• Insurance Policies for Property.

• Insurance Policies on Debt Obligations.

• Certification of Technical Reserves and External Audits.

• Establishment and Maintenance of Technical Reserves, Complementary Reserves for In-Course Risks due to Defaults on Premiums, and Reserves for Catastrophic Risks.

• Accounting Rules and Codes for Insurance Brokerage Firms, Reinsurance Brokerage Firms, Prepaid Medicine Companies, Premium Financing Companies, Insurance Companies, Reinsurance Companies, and Risk Management Firms.

• Rules for Non-Commited Capital in Insurance Companies.

• Solvency Margin Regulations.

• Intervention, Revocation, Dissolution, and Liquidation of Regulated Subjects.

• Rules for Accounting Registries for Insurance, Reinsurance, Prepaid Medicine, Financing and Refinancing Operations in Foreign Currency.

• Other regulations related to insurance and reinsurance activities.   Entry into force. The different prudential regulations came into effect upon their publication in the Official Gazette on September 3, 2024, in accordance with each Administrative Ruling.

Please do not hesitate to contact us if you have any questions about a particular regulation.