Argentina: New Local Law and Jurisdiction Requirements

You may be aware that Article 162 of Law no. 17418 treated reinsurance business as an international activity and allowed Argentinean cedants and their reinsurers to agree on the applicable law and jurisdiction as appropriate.

However, Resolution 33.320/2008 published on 2 September 2008 has established that both treaty and facultative reinsurance contracts arranged by the local Argentinean ceding companies must conform to Argentinean law and jurisdiction.

The Resolution is effective from the date of its publication (2 September 2008) and therefore all contracts incepted on or after that date must conform to Argentinian law and jurisdiction. Contracts already in force incepting before 2 September are exempt from this change.
Last updated on 22 Dec 2008