Insurance: New Regulations on the “Plan Deposit System”

To continue reducing red tape in the insurance industry, on August 16, 2024, the Argentine Superintendence of Insurance (SSN) issued Resolution 392/2024, which amends point 23 of the General Regulations of the Insurance Activity (RGAA).

Resolution 392 complements Resolution SSN 197/2024 of April 18, 2024, which had already incorporated changes to point 23 by creating the so-called “Plan Deposit System” and had amended the minimum written premium requirements.

The Plan Deposit System introduces the automatic authorization to use contractual conditions of insurance plans and rates (where applicable), provided they follow certain guidelines the SSN set forth. The SSN may require changes to an insurance plan after it is filed if it detects a deviation from the guidelines.

By means of Resolution 392, the SSN provided detailed guidelines for these coverages: liability (except environmental liability), aviation, fire, operational all risks, household and commercial insurance, livestock, theft and similar risks, domestic transport of goods, technical insurance, other property covers, life, personal accidents and health insurance. It also included guidelines for the technical conditions of insurance plans. Distinctions were made for life and non-life insurances.

In general, the new regulation simplifies and unifies the existing guidelines for insurance plans which, until now, had been enacted in multiple resolutions. Resolution 392 does not create an obligation to amend insurance plans approved prior to its coming into force.