Insurance & Reasurance

Insurance & Reasurance

The insurance market is currently subject to high international standards and good practices in its operation, based on the supervisory principles of the Association of Insurance Supervisors of Latin America and the International Association of Insurance Supervisors.  This current situation presents an additional challenge in complying with the best standards of supervision because the normative at the regional level aspires to adopt them, applying a risk-based supervisory approach to fulfill its functions in an efficient and preventive manner, with emphasis on the significant risks of the supervised entities and promoting a culture of governance and risk management that prevents situations of instability in the insurance market. This model includes a strict solvency regime, a robust corporate governance framework, but also a pillar of business conduct that strives to defend the rights of the insurance consumer and the general public.

Consortium Legal offers legal advice on issues related to the processes of regulations, authorizations, registration, customer service, communication, and supervision of the insurance market with an eye toward strategic structuring of the insurance and reinsurance business, as well as intermediation with an eye toward operational efficiency and regulatory compliance that favors market penetration and product placement according to commercial objectives and proposed goals for different niche markets.

Some services provided by the Insurance practice area include:

  • Process Analysis of the authorization of participants (constitution, transformations, changes in statutes, cease-and-desist, mergers, portfolio transfers)
  • Registration of Reinsurers, Refinancers and Intermediaries of insurance, reinsurance and international bonds
  • Analysis of Registration Processes (policies and technical notes, cross-border providers, representative offices, cross-border trade)
  • Advice on business strategy for insurance, reinsurance, product structuring, market penetration, financial inclusion
  • Advice on claims and insurance decisions.
  • Individualized advice in analysis and resolution of consumer defense cases
  • Auxiliary services contracts
  • Litigation and arbitration on issues related to insurance when client is a party
  • Sectoral regulatory compliance strategies
  • Advice on operational implications of regulation
  • Supervision model based on risks (e.g., analysis of significant activities, identification, and risk management)
  • Model corporate governance and internal control
  • Market Discipline / Business Conduct
  • Advice in response to specific requirements of sectoral supervision
  • Control and monitoring of regulatory compliance strategies and tactics; preventive and corrective action plans
  • Corporate Compliance Information System
  • Review of normative projects; training and refresher courses
  • Participation as director or advisor on client entity’s Board of Directors

From a business and personal point of view, we provide legal advice and accompany the client during the process of risk identification, determination of insurable interests, and selection of the right insurance entity and insurance intermediary, in order to receive proposals that are adjusted to the clients’ real needs and risk profile. Prior to coordinating the insurance contracting, we assist our clients in evaluation of proposals and policies to identify the policies’ main conditions, risk, premium amount, coverage, and exclusions.  Consortium Legal has extensive experience in regulatory matters in the field of insurance, having advised on authorizations, acquisitions, and liquidations of insurance companies, registration of reinsurers, and other issues before competent authorities.


Diego Martín


El Salvador

José Rafael Rivera



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