LATAMIR Insurance Review. #45. June 2015.

Looking at the (re) Insurance in Uruguay. Page 18.

Alex Guillamont, Kennedys Latin America director says “Uruguay is currently discussing the modernisation of their insurance sector regulation. Insurance contracts, for example, are regulated by Uruguay’s Code of Commerce of 1865. However, there is no sign that these changes will be approved in the near future.

We do not see major initiatives in Uruguay to move towards a regulation based on solvency assessment and risk measurement, this is due, perhaps, to the size of the country and the small number of players in the market. However, some of the reinsurance companies covering risks in Uruguay, as part of European groups of companies, follow the requirements of Solvency II to comply with the internal policies of the group.”

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