IAFI has written to the Argentinian insurance supervisor (SSN) to express concerns about the fact that recently implemented rules have begun causing serious issues with the payment of reinsurance premiums to foreign companies.

The issuance of the Joint General Resolution of the Federal Administration of Public Revenues and the Secretary of Commerce No. 5271; and Communication "A" 7622 of the Central Bank of Argentina, has resulted in major restrictions and delays in the payment of reinsurance premiums abroad.

IAFI warned that these restrictions risk seriously affecting the functioning and continuity of the Argentine (re)insurance market and its relationship with the international reinsurance market.

IAFI called on the SSN to, therefore, urgently remove any regulatory barriers to the payment of reinsurance premiums to foreign firms.