Insurance and Reinsurance

Liquidation of insurance companies

During the last 5 years, the National Insurance Superintendence (SSN) has been working to expedite the existing liquidating processes of insurance companies.

In that respect, consultants on reinsurance matters have been designated to enable arrangements and closings of cut offs with foreign reinsurer counterparties to companies in liquidation. Furthermore, the information regarding said companies, lawsuits, reinsurers and existing contracts have been gathered, ordered and centralized. This information will enable the negotiation of cut off agreements, which are key to finalize the processes of liquidation.<br /><br />Since 2004 to present date, 45 agreements have been executed for a total amount of 82 million dollars, which were credited to the corresponding liquidating proceedings. There are still 126 companies expecting final liquidation, for which reason there is still a long way to go for the SSN and the intervening courts.

For further information on this topic please contact Martín G. Argañaraz Luque