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REORDINATION OF THE TEXT OF THE LAW OF DECRETO REASEGURS No. 10,307

Buenos Aires, June 11, 1953

VISTO: The provisions of Decree No. 10.073, which approves the Organic Statute of the National Institute of Insurance in its character as the "Emprese of the State", and CONSIDERING: That by virtue of the provisions of Law No. 12,988 (t.o. in 1947), it has been essential to incorporate into that Statute, on the basis of the matter, several of the precepts contained in that Law. No. 8.428/52,

The President of the Argentine Nation, Decreta:

Article 1 . The articulates of Law No. 12.988 and its regulation shall henceforth be quoted with the text and numbering of the provisions that are aggregated (annexes I and II) and are part of this decree.

Art. 2o . Note the Honorable Congress of the Nation.

Art. 3o El This decree will be endorsed by the Minister Secretary of State in the Department of Making.

Art. 4o . Communicate, publish, give to the General Directorate of the National Registry and archvese.

PERON. . Pedro J. Bonanni.

I de Reordering Law No. 12,988

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.

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.

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 . The employees and workers of 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 shall be taken as at 1 May 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.

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.

II Nuevo New Law Regulation 12.988

Article 1 s In accordance with article 1 and in accordance with Law No. 12,988 (at 1953), to be considered Argentine insurance companies, the insurance companies shall, without prejudice to the composition of the capital and directory required by it:

(a) To have its capital constituted by actions or certificates of non-transferable nominative actions by any kind of endorsement; they may only be transferred after authorization by the National Institute of Insurances, which can only be agreed upon when the assignee is Argentine, character that the latter must accredit and communicate through the company and by affidavit in duplicate to the Superintendence of Insurance of the Nation; if the assignee is also to be Argentinean,

(b) The closure of the social exercise will take place on 30 June each year;

(c) In the name of society the word "reasecure" may not appear.

Article 2 . To establish the qualification set out in Article 1 of Law No. 12,988 (t. 1953), the Argentine insurance companies shall, by duplicate, refer to the Superintendence of National Insurance, on forms to be supplied to them, an affidavit of the shareholders of the same, be natural or legal persons, on their status as Argentinean and on the actions of their property.

Article 3 Las Argentinian insurance companies, given their commercial character and in order to facilitate their shareholders' disposition of shares and knowledge of their value, will request the appropriate authorization for their quote in Bolsa.

Article 4 ). The additional taxes established by Articles 71, 72nd and 73rd of the Internal Revenue Act (t.o. in 1952, Decree No. 7.766/52) are effective as of 24 June 1947, the date of promulgation of Act No. 12,988 (arts. 9, 10 and 11 of the Act in 1947).

Article 5 . The application, perception and control of the additional ones and the taxes set forth in Articles 17 and 18 of Law No. 11.252 (Articles 69 and 70 of the Law of Internal Taxes, t.o. in 1952, Decree No. 7.766/52), shall be carried out by the Directorate General Impositive, Chapter according to the rules prescribed in this Decree.

Article 6 Las Argentinian insurance companies that reassure abroad in the special cases provided for in Articles 6 and 8 of the Organic Statute of the National Institute of Insurance, Decree No. 10.073 (Articles 17 and 20o "in fine", Law No. 12.988, t.o. in 1947), will not complete the difference of rates referred to in Article 19o of Law No. 11.252 (Article 74 of the Tax Law). Nor will they complete the differences by reinsurance in foreign companies performed prior to the commencement of operations by the former Argentine Joint Institute of Insurance.

Article 7 Todos All goods arriving at Argentine port or leaving Argentine port, must be insured in accordance with Article 4 of Law No. 12.988 (T. in 1953).

Article 8 de For the purposes of Article 4 of Law No. 12,988 (t. in 1953), consider that the transport risks of all property entering the country are borne by the person receiving them, except for the following cases:

(a) When the goods have been acquired under the condition F.O.B., with an indication of a point of the interior of Argentina.

(b) In the case of goods imported into appropriation, and

(c) In the case of goods referred to the country for sale through representatives or agents of the foreign seller ' s signature, provided that the import is made on account of it.

Correlatively, consider that the transport risks are the responsibility of the person who remits the goods that leave the country, in the cases of the goods that are exported from Argentina, under clause F.O.B., with an indication of a point in the interior of the country of destination, or in appropriation, as well as those referred for sale abroad by agents or representatives of the exporting firm established in Argentina.

For the purposes of the above provisions and Article 4 of Law No. 12,988 (at 1953), the F.O.B. condition is considered to be fulfilled, with an indication of a point in the interior of the import country, only in those cases of imported or exported goods, covered by the seller's account of risks until their placement behind the customs of the port of disembarkation, at an internal point (local, etc.)

Article 9 . For the purposes of Article 4 of Law No. 12,988 (at 1953), Customs and Ports Administrations shall require importers and exporters to express, by affidavit, the form to be supplied to them for that purpose, whether the goods have been or have not been insured.

In all cases where appropriate, together with the change document, a copy of the insurance policy should be accompanied.

Article 10. . In all cases, customs shall refer to the respective Delegation or District of the Tax General Directorate, or to the staff member of the same person who is stationed before customs or receiverships at the places where such is available, the forms referred to in the previous article.

Article 11. Los The consuls and vice consuls of the Republic abroad will only legalize those consular and commercial invoices in which the interested parties discriminate the amounts corresponding to the following concepts: 1st) Cost, 2nd) Insurance, 3rd) Freight and 4th) Other expenses.

The Directorate General Impositiva . following the corresponding hierarchical route— may require the aforementioned officials to have the appropriate analytical backgrounds or details authenticated, which it considers necessary for the purpose of the implementation of the respective provisions.

Article 12. . The sums for breaches of articles 2, 3 and 4 of Act No. 12,988 (T. in 1953) shall be subject to the General Tax Directorate of the Ministry of Finance of the Nation.

Article 13. . For the purposes provided for in the previous article, any official distribution which for any reason or circumstance presumposes or is aware that any of the precited provisions has been infringed shall immediately notify the General Impositive Directorate with all the documentation relevant to the case.

Article 14. . Received the complaint or substantiated infringements in the affidavits referred to in article 4 of Act No. 12,988 (at 1953), the Impositive General Directorate will give hearing to the alleged offenders so that in the course of fifteen days they will formulate the discards to be considered entitled.

Article 15. . Evacuated the view or the term fixed without answering it, the Directorate General Impositiva, which is the summary, will elevate the proceedings to the Ministry of Finance with a well-founded opinion on the penalty to apply, for its resolution by the Executive Branch.

Article 16. , For the purposes set out in this decree, the General Impositive Directorate is authorized:

(a) To take all measures to ensure that the provisions of articles 2 and 3 and 4 of the Act No. 12,988 (t.o. in 1953) have been violated;

(b) To require the information it deems relevant to which, in any way, they intervene in the operation, and

(c) To prevent importers or exporters from the respective records while the substance of the sums lasts.

Article 17. El The decree that the Executive Power dictates on these summaries shall be notified to the offender, which:

(a) You must deposit within five working days, the amount of the fine imposed on you, and

(b) It may appeal the resolution, within the period of eight working days, to the only return effect, to the National Court of Appeals in the Civil, Commercial and Special Criminal and in the Disputes of the Federal Capital.

If the fine imposed is not paid within the specified term, the proceedings shall be forwarded directly to the Procurator-General of the Treasury of the Nation to demand its collection by way of apprehension.

Article 18. . For the purposes of article 3 (c) of the Organic Statute of the National Institute of Insurance, Decree No. 10.073, and in accordance with the provisions of point 4 of the Legal Regime of the Superintendence of National Insurance, the national, provincial or municipal official entities, as well as the joint economy companies that plan to establish insurance plans to cover in any form any such technical conditions, shall also require the application of the Nation As long as the National Insurance Superintendency has not been issued in this respect, the national, provincial or municipal official entities, as well as the mixed-economic societies, shall refrain from implementing the plans for insurance they project.

Article 19. . Defrost any provision opposing this regulation.