On Oct. 9, ARG GVT published amendments on treatment, disclosure.
ARG INS published Resolution 505/2024 in the official gazette to make amendments to the General Regulations of the Insurance Activity regarding COVID-19 liability.
Highlights
Amended Point 33.4.3.4. of the General Regulations of the Insurance Activity.
Point 33.4.3.4. pertains to payment for temporary work disabilities and provides that at the end of each fiscal year or period, COVID-19 coverage must be established.
Established for those claims arising as a result of unlisted occupational condition.
Following the case-by-case calculation procedure in Points 33.4.1.9.1. and 33.4.1.9.2.
Amended accounting disclosure provision, temporary work disabilities payable regarding coverage of the unlisted occupational disease, COVID-19, must be disclosed.
Also must disclose it together with the rest of the insurer's temporary work disabilities.
Must be regularized by using account 2.01.01.01.01.28.10.00 - temporary work disabilities payable a/c FFEP fund; and list these claims in inventory details separately.
Assets or deferrals from operation of said FFEP not disclosed in financial statements.
Additionally, Resolution 505 amended Point 33.4.3.5. regarding benefits in kind.
In order to provide that the insurers may apply, at their option, the general procedure in point 33.4.1.10.1. or the alternative procedure indicated in point 33.4.1.10.2.
They may use said procedures to set liability to be paid the form of benefits in kind to for claims arising due to occupational disease not listed under COVID-19 coverage.
The result using either of the two procedures will not be subject to the comparisons.
Benefits in kind payable corresponding to the coverage of COVID-19 must be disclosed together with the rest of the benefits in kind pending from the insurer in account.
It is hereby established that insurers operating with occupational risk coverage may affect the reserves of FFEP exclusively in those cases provided for in these regulations.
Any case or claim not strictly within Article 1 and/or Article 2 of this Resolution may be reserved by entity without possibility of using regularizing accounts in charge of FFEP.
Effectiveness
Resolution shall apply to financial statements closed on Dec. 31, 2024, and later years.
