ANNOUNCEMENT 26 Oct 2011In October 2011, the government of Argentina announced changed rules for foreign investors.
NUMBER OF INTERVENTIONS
Infoleg (2011) Resoluci?n 36.162/2011.
On 26 October 2011, Argentina through issuing Resolution 35615 announced that domestic insurers must invest their funds exclusively in Argentina by 31 December 2011.
Furthermore, according to Resolution 35615, insurers will have a term of:
In cases of insufficient market depth or other inconveniences related with the Resolution, an authorization for the temporally maintenance of investments abroad may be granted. The grounds of the request of exception must be proven prior to the filing of each balance sheet.
The Resolution provides a different regime for reinsurers. Argentinian reinsurers may still invest abroad. However, the volume of total foreign assets must not exceed, in any case, 50% of their accredited capital.