SENADO AND CAMARA DEDIPUTADOS DE LA Nacion ARGENTINA REUNIDOS IN CONGRESO, ETC., SANCIONAN WITH FORCE OF LEY:Article 1 ). (Article 4o, Law No. 12,988, t.o. 1947). For all purposes of this Law and the effects of the tax regime provided for in articles 69 and 70 of the Internal Tax Law, t.o. 1952, Decree No. 7.766/52 (Articles 17 and 18 of Law No. 11.252), Argentine insurance companies with capital and management based in the country to which they have their social capital represented in nominal shares or quotas and are holders of three fifths of the same, Argentine citizens. The same ratio is required for members of their directories.
They will be equivalent to the character of Argentine citizens, for the purposes indicated above, the Argentine legal persons who comply with the same requirements set out in this article regarding their own capital and directory.(Note Infoleg: This article was replaced in due course by Decree-Law No. 6.697/63 B.O. 22/08/1963. Subsequently, the Resolution No. 11.353/74 of the Superintendence of National Insurance B.O. 14/03/1974 interpreted the sanction and promulgation of the Act No. 20.557 B.O. 06/12/1973 had produced the abrogation of this Decree-Law, so the replacement introduced by it ceased to have effect. ) Article 2 ). (Article 12, Law No. 12.988, t.o. 1947). It is prohibited to secure persons, property or any secure interest in national jurisdiction abroad. In the event of an infringement, it shall be repressed with a penalty imposed on the insured and intermediary by the executive branch, up to twenty-five times the amount of the premium. The ruling of the executive branch will be appealed to the National Court of Appeals in the Civil, Commercial and Special Criminal and Administrative Disputes of the Federal Capital. Article 3 ). (Article 13: Act No. 12,988, t.o. 1947). All persons, property, property, property, property 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 under the Laws, or by the authorities of the Nation. In the event of an offence, it shall be liable to the same penalty as the preceding article. Article 4 ). (Article 14, Law No. 12,988, t.o. 1947). They must also be covered in Argentine insurance companies, insurance of all kinds of goods that enter the country, whatever form, whose risk of transport to the Republic is on behalf of the receiver, as well as insurance of goods that leave the country, whatever form the risk of transport to the foreigner is on behalf of the person who sends it. In the corresponding customs procedures, an oath must be declared if the risk has been covered and in such case accompany a signed copy of the respective policy. Offences shall be repressed with the same criminality as set out in article 2. (Note Infoleg: For Resolution No. 589/94 of the Ministry of Economy and Public Works and Services B.O. 10/05/1994 determines that, in accordance with Articles 1o, 19 and 118 of Decree No. 2284/91 B.O. 01/11/1991, the one established in the first part of this article has been invalid "as soon as they prevented the hiring of insurance on foreign trade freights in foreign companies." Article 5 ). (Article 20, First paragraph, Law 12,988, t.o. 1947). Contracts for passive reassurances that Argentine insurance companies have in force on the date of this Law shall be denounced and shall remain in force until the date on which the expiration or termination is omitted under the contractual provisions. Article 6 ). (Article 22, Law No. 12,988, t.o. 1947). New insurance companies or representations of foreign companies may not be established or established from the date of this Law, regardless of form, without the proper authorization of the Executive Branch, which will only grant it after hearing the National Institute of Insurance, which must inform you in each case, whether the establishment or establishment in question is required by the verified needs of the place, and the Superintendence of Insurance of the Nation. This provision also applies to cooperative or mutual societies, without prejudice to the National Cooperatives Act No. 11.388, to which provisions must be adjusted in all cases. Article 7 ). (Article 23, Law No. 12,988, t.o. 1947). The reassuring entities shall cease their activities as such from the date of this Law, being authorized to function as insurers under the existing provisions. Active and passive reinsurance contracts in force shall be reported and shall continue to be in force until the date on which, under their contractual arrangements, the maturity or termination is omitted. Article 8 (Article Derogated by Article 5 of the Act No. 22,425 B.O. 16/03/1981) Article 9 ). (Article 29, Law No. 12,988, t.o. 1947). All provisions of the Laws opposing this Law are repealed. Article 10. ). (Article 30, Law No. 12,988, t.o. 1947). Contact the Executive.