After the insurance scandal that broke out after the end of Alberto Fernández’s government, the Superintendence of National Security it has changed the conditions under which companies can operate Occupational risk insurers (ART)in order to ensure the solvency of these companies so that they can respond to future disputes.
Resolution 127/2024 of the Superintendence modified an article of the General Regulations of Insurance Activity (RGAA) that the Fernández government had imposed in 2022 and which allowed practically any company to enter the market, even if it did not have the capital and reserves necessary to face lawsuits in the future and protect its policyholders. Now, the Superintendence has established that “subjects operating in the WORK RISKS branch must constitute, at the end of each year or fiscal period, the total of the Reserve for future causes until the end of the period of FIVE (5) years from the date of commencement of operations.”
The text also provides for a change in the percentages of the premiums that companies must allocate to create the reserve fund for the judgment on futures. This makes, strictly speaking, the criteria imposed by the 2022 legislation null and void, with percentages insufficient to guarantee the response capacity of the new insurers on the market.
With the equation that founded the Fernández administrationthe reserves of ART companies were insufficient and, therefore, the coverage of companies without volume or financial support was at high risk.
Last month, Clarín revealed irregularities in the insurance sector promoted by the Fernández government, when it forced state bodies to hire Nación Seguros as insurer but at the same time opened the possibility of a handful of commission-charging intermediaries entering this captive sector . well above market value.
Source: Clarin
