Mixed Institute Of Reassurances Creation/Ratify The Decreto-Ley 15345/46 - Full Text Of The Norm

Original Language Title: INSTITUTO MIXTO DE REASEGUROS CREACION / RATIFICASE EL DECRETO-LEY 15345/46 - Texto completo de la norma

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(Note Infoleg: This regime was first established by Decree-Law No. 15.345/46 B.O. 25/06/1946, which was subsequently ratified and amended by Act No. 12.988 B.O. 11/07/1947. From this ratification, Law No. 12.988 is taken as a reference to the creation of the same, so the subsequent systems and updates of the text have been made on it. ) They sanctioned the Law Creating the Joint Institute of Insurance LEY No.12.988 Buenos Aires, June 24, 1947




Art. 2° . Substitute the text of article 3 for the following: The institute is a mixed institution of the State and of the Argentine insurance companies and its capital is 12,000.000 m/n., represented by 12,000 nominative certificates of $1,000 m/n. each.

"This capital will be integrated like this: $6,000,000 m/n, by the Argentine State, which will be able to contribute it in national income titles to its value as a square; and $6,000,000 m/n. for Argentine insurance companies, of which $2,000.000 m/n. they will be assessed in relation to their capitals and legal reserves, in the proportion that is necessary, up to a amount not exceeding 10% of these values as a whole; $2,000.000 m/n. relative to the average premiums of the last triennium, and $2,000.000 m/n. in proportion to the average technical reserves of the last triennium.

This capital will be used for its turn and its capital and reserves investments will be used in national, provincial or municipal properties and public income titles."

Art. 3° . Article 4 in the following form:

"Art. 4° - For all purposes of this decree law and effect of the tax regime provided for in art. 17 and 18 of Law 11.252, Argentine insurance companies with capital and management based in the country shall be considered, to which they have their social capital represented in nominal shares or quotas and are holders of three fifths of them, Argentine citizens. The same ratio is required for members of their directories.

"For the purpose of complying with these provisions, the insurer legal persons are granted a period of one hundred and eighty days from the sanction of this law. They will be equivalent to the character of Argentine citizens, for the purposes indicated above, the Argentine legal persons who meet the same requirements set out in this article regarding their own capital and directory".

Art. 4° . Modify the text of article 5 in the following form:

(a) In the first paragraph, second clause, replace "two directors" with "three directors";

(b) In the first paragraph, third clause, replace "four directors" with "three directors";

(c) Substitute the 2nd and 3rd paragraphs for the following: "They will form a quorum half plus one of their members and the resolutions will be taken by a majority of votes. The president has a vote in all matters and a double vote in case of a tie.

"The president of the institute or, in his absence, any of the directors designated by the executive branch are entitled to veto any resolution of the assemblies or of the board that they consider to be contrary, either to the present law or to its regulation, to the provisions of Decree 15.349/46, as well as those that affect the national public or economic interest or that may compromise the conveniences of the State linked to the institute.

"In these cases, the resolution of the assemblies or of the board will be suspended and all the priors will be raised to the Ministry of Finance of the Nation for its final pronouncement, which must take place within the 20 working days counted from the date of its receipt, and the veto resolution is firm, if not.

"Only when the veto is based on the violation of legal provisions, the private capital may appeal to the justice of the final resolution."

Art. 5° . Substitute in art. 6° the words "Minister of Finance" for "Poder Executive".

Art. 6° 6 Add to article 7the following text: "The charges mentioned in this article may not be filled:

(a) Failed or contested;

(b) Convicted for common crimes, until after two years of serving the sentence;

(c) Those who are part of the boards of insurance companies in the country and of insurance or insurance companies abroad.

"The directors and syndicates who, after their designation, had some of these inabilitys, will cease their functions, being replaced immediately.

"The requirement set out in subparagraph (c) shall not be considered unqualified in the case of directors elected by shareholders.

Art. 7° 7 Art. 8° in the following form:

"Art. 8° . The manager and the actuary, who must be Argentine citizens and have sufficient background to credit their capacity and suitability for the position, will be appointed by the board with an agreement of the executive branch. For such officials, they will govern the same inability as for the president and the directors."

Art. 8° Draft article 10to the contents of your first paragraph.

Art. 9° 9 Substitute the text of article 11for the following:

"Art. 11. . On the mandatory assignment provided for in Article 16, the companies referred to in Article 10 shall pay the tax set out in Article 9°. The excess of general risks not yielded to the Argentine Institute or companies will pay an additional two percent.

"The recovery of this tax and the one set out in Article 10 shall be done in the cases and in the form established in Article 9."

Art. 10. Art. 12in the following form:

"Art. 12. . It is prohibited to secure persons, property or any secure interest in national jurisdiction abroad. This infringement shall be repressed with a penalty imposed on the insured and intermediaries by the executive branch, up to twenty-five times the amount of the premium. It will be appealable to the Federal Chamber of Capital."

Art. 11. Art. 13 in the following form:

"Art. 13.. All persons, property, property, property, property, furniture and property, semovients, liability or damages that are resolved to ensure, dependent, property and/or used by the Nation, provinces, municipalities, autocarchic entities or by natural or legal persons that exploit concessions, permits or have franchises, exemptions or privileges of any kind established by municipal authorities,

Art. 12. Substitute the text of article 15for the following:

"Argentinian insurance companies have an obligation to assign to the Institute the surplus of their own retention, which can be fixed freely. The Institute will then proceed in accordance with Article 17, with special consideration of the capacity of the square and the volume and quality of the operations that individually yield to it each company".

Art. 13. Substitute the text of the entire article 16for the following:

"The companies whose management and capital are not based in the country shall yield to the Institute, to original commissions of acquisition, not less than 30% of all the general and personal risks that they hire in the country. By 70% surplus of the same, these companies have freedom of disposal.

Art. 14. Delete in the first paragraph of article 17, the words "of these last" and the words "and paying the differences to complete the basic and additional taxes that tax those operations."

Art. 15. Amendment to the first paragraph of article 19in the following form:

"The Institute's profits or losses will be distributed equally between the State and shareholder insurance entities.

Art. 16. Add to article 21the following paragraph:

"No decision can be made in this respect without the intervention of the Superintendence of Insurance of the Nation.

Art. 17. Substitute the text of article 22for the following:

"New insurance companies or representations of foreign companies may not be established or established from now on, regardless of their form, without the proper authorization of the Executive Branch, which will only grant it after hearing the Institute, whose directory should inform you, in each case, whether the creation or establishment in question is required by the verified needs of the square, and the Superintendence of Insurance of the Nation. This provision also applies to cooperative or mutual societies, without prejudice to the national law of cooperatives 11.388, to which provisions must be adjusted in all cases."

Art. 18. Substitute the text of article 23for the following:

"Resecuting entities shall cease in their activities as such from the date, being authorized to function as insurers in accordance with the existing provisions. Asset and passive reinsurance contracts in force, they shall be denounced and shall remain in force until the date on which the expiration is omitted under their contractual provisions or termination is possible."

Art. 19. Incorporate as a new article the following:

"All the activity of insurance and reassurance, even the one developed by the institute created by this law, is subject to the legal regime of superintendence of insurance."

Art. 20. Incorporate as a new article the following:

"The employees and workers of the insurance, reinsurance, capitalization and savings companies are covered by the legal regime of bank employees in all matters relating to stability, minimum wages, salary scale and retirement regime.

"For the purposes of the application of the scale, the hierarchical category assigned by the company to its employees will be taken, as of May 1, 1947.

"It is also included in the provisions of this article that, exercising a liberal profession in relation to permanent dependence with the employer, perform their duties outside the company's offices."

Art. 21. In publishing this law, the Executive Power will adjust the final text to the previous amendments.

Art. 22. . Contact the executive branch.


J. H: Quijano.

Ricardo C: Guardo.
Alberto H: Reales. Rafael M: Minimum.