The Superintendence of the Insurance Activity (Superintendencia de la Actividad Aseguradora - SUDEASEG) established the guidelines for registration with the registry of foreign reinsurance companies seeking to operate in Venezuela. These rules, published in Official Gazette No. 6.835 Extraordinary of September 3, 2024 and effective as from the same date, describe the necessary steps and documentation required for their compliance.
From now on, requests for registration with said registry must be made through the SUDEASEG’s online system Sistema Único de Trámites. Exceptions for physical submissions will only be allowed under justified circumstances.
The information that foreign companies must file for the aforesaid registration include:
- Key information, such as their name, corporate domicile, address, contact details, and a notarial authenticated power of attorney for their representative.
- A certificate of the competent authority of the country of their domicile evidencing that the reinsurance company is legally organized in said country and that it has an authorization issued at least five years before to carry out reinsurance and/or refinancing operations abroad, indicating the lines of business in which it may operate and that it has no impediments to payment of reinsurance technical accounts in freely convertible currencies
- Report and financial statements of the last three years, together with audit reports from recognized firms. A minimum equity of USD 10 million is required.
- Documents evidencing that the company is organized and registered in countries, dominions, jurisdictions, territories, or associate, cooperative states in the frame of the global fight against the crimes of risk management of Money Laundering, Terrorism Financing, and Financing of Proliferation of Weapons of Mass Destruction and other unlawful acts, as per the guidelines issued by the Financial Action Task Force (FATF).
- International credit ratings prepared by the providers of credit ratings mentioned in the Rules.
For purposes of the registration with the registry of foreign reinsurance companies, the Lloyd’s of London insurance and reinsurance market will be considered as a single reinsurer. Lloyd’s of London must send SUDEASEG a list of the syndicates that are members of Lloyd’s.
The SUDEASEG will be allowed a period of twenty (20) business days in order to answer the request for registration. The right to correct information or documentation is provided.
The registration must be renewed every three (3) years and the information presented in the request for registration must be updated. Any change in the information provided for registration or renewal must be sent to the SUDEASEG in a period of thirty (30) business days as from the time when such change occurs.
All documents filed in a language other than the Spanish language must be translated by a public interpreter. The powers of attorney and the certifications must have been issued no longer than six (6) months before the date when the request is filed and they must be legalized or apostilled, as appropriate.
The rules became effective upon publication in the Official Gazette
In order to access the Ruling, please click here.
