“Consortium Legal is an established law firm with a regional presence.”
Client for Chambers & Partners
The insurance market is currently subject to high international standards and best practices in its operation, based on the supervision principles of the Latin American Insurance Supervisors Association (ASSAL) and the International Association of Insurance Supervisors (IAIS). The current situation presents an additional challenge in complying with the best supervisory standards, as regional regulations aspire to their adoption and a risk-based supervisory approach is applied to efficiently and preventively fulfill the entrusted functions, with emphasis on the significant risks of supervised entities and promoting a culture of governance and risk management that prevents instability situations from manifesting in the insurance market. This model includes a strict solvency regime, a robust framework of corporate governance, and also a business conduct pillar that seeks to defend the rights of insurance consumers and the general public.
Consortium Legal provides legal advice on matters related to Regulatory Processes, Authorizations and Registration, Customer Service, Communication, and Market Supervision in the insurance industry, aiming for a strategic structuring of the insurance and reinsurance business, as well as its intermediation, in pursuit of operational efficiency and regulatory compliance that promotes market penetration and product placement according to commercial objectives and proposed targets for different market segments.
- Analysis of authorization processes for participants, such as constitution, transformations, changes in statutes, cessations, mergers, and portfolio transfers.
- Registration of Reinsurers, Re-bonding companies, and International Insurance, Reinsurance, and Bonding Intermediaries.
- Analysis of registration processes for policies and technical notes, cross-border service providers, representative offices, and cross-border trade.
- Business strategy advisory for insurance and reinsurance companies, product structuring, market penetration, and financial inclusion.
- Advisory on claims handling and insurance decisions.
- Specific advisory services on consumer defense cases, including analysis and resolution.
- Auxiliary services contracts.
- Sector-specific regulatory compliance strategies.
- Advisory on operational implications of regulations.
- Risk-based supervision model, including analysis of significant activities, risk identification, and management.
- Corporate governance and internal control models.
- Advisory on specific supervision requirements.
- Monitoring and control of regulatory compliance strategies and tactics. Development of preventive and corrective action plans.
- Corporate Compliance Information System.
- Review of regulatory projects, training, and updating courses.
- Participation as a director or advisor on the Board of Directors of the entity.