Kennedys and QLDG are pleased to announce the Program of the 2023 Miami Latin American Claims (Re)Insurance Forum, the event of choice for the insurance industry in the region where key industry experts gather and analyze relevant underwriting and claims issues, trends, and developments in Latin America & the Caribbean.
As usual, the Forum will be a 100% in person event and an excellent opportunity for networking with top industry professionals. In the past edition, we had around 200 participants and more than 30 (re)insurance carriers from Europe, Latin America, and the US.
On Friday February 24, 2023, the Superintendence of Companies, Securities, and Insurance (SCVS) issued new provisions on the requirements that foreign reinsurers and reinsurance intermediaries must meet in order to obtain or maintain their license to do business in Ecuador from abroad.
The new legal framework, among other issues, increases the minimum rating required from international reinsurers. This change comes as no surprise since, at the end of January this year, the General Regulations to the Organic Law of the National Public Procurement System were modified to require the Ecuadorean public sector-before contracting their insurance and surety bonds- to demand from their insurers that their international reinsurers have a risk rating of at least “A”. This shows how the regulator is more focused in the need of reviewing the financial solvency requirements of international reinsurers doing business in Ecuador, particularly, after the process of liquidation of Seguros Sucre started.
The more relevant changes in the new provisions in respect of the registration of foreign reinsurers are the need to submit the full rating report issued by an internationally recognized rating agency-before, a simple letter confirming the rating was sufficient- and the increase of the minimum rating levels which a reinsurer must meet in order to be eligible for the license to operate locally. This, in addition to the new requirement to submit audited financial statements and annual reports, evidences how the regulator will scrutinize, even more, the solvency of the entities underwriting reinsurance business in Ecuador from abroad.
For those that are currently registered to do business in Ecuador as foreign reinsurers and who do not meet with the minimum rating levels established by the new provisions, their registrations will be valid until their expiration. The new provisions further clarify that for those local insurance companies with business ceded to foreign reinsurers that do not meet the new minimum rating levels required, such reinsurance placements will remain valid until their expiration.
With respect to the registration of foreign reinsurance intermediaries, the new provisions simplify the requirement to submit evidence of the existence of the company and their authority to act as reinsurance intermediary.
We at Kennedys, together with our associated office in Ecuador, are ready to assist in your further queries with respect to this new set of provisions and their implementation by the SCVS.
Authors: Lorena Avila, Senior Associate; Alex Guillamont, Partner for Latin America and the Caribbean at Kennedys Latin America and Caribbean hub in Miami; and René De Sola, partner at Tobar ZVS, Kennedys associate office in Ecuador.
Kennedysand QLDG are pleased to announce the 7th edition of the annual Miami Latin American Claims (Re)Insurance Forum, the event of choice for the insurance industry in the region.
As usual, the Forum will bring together key international and Latin American industry experts who will be analyzing top issues and developments in Latin America and the Caribbean. Topics and case studies are carefully chosen based on current affairs and the feedback received by professionals from the (re)insurance industry.
For the 2023 upcoming edition, in addition to the highly rated Market Leaders panel of the first day, we will have the following:
2 Cyber sessions discussing systemic risks, first party cover, and exposures on cloud data hack
2 sessions exploring the pitfalls of large infrastructure projects going wrong from the engineering, property, adjustment, and business interruption perspective
Marine: Lessons learned from all angles—hull, cargo, and liability and latest on recoveries
Boundaries of construction and property cover in practice
Energy, mining, and hidden issues with emerging technology
SRCC and Inflation
2023 Forum will be held at the Hotel AKA Brickell, downtown Miami’s financial and cultural center, from June 6th (Welcome Cocktail) to June 9th 2023.
Programme details and speakers are being finalized and will be available soon.
Thank you always to our loyal attendees and sponsors through the years.