Two drastic measures were taken when non-compliance was detected in two insurance companies. The regulator decided to leave one out of the market and apply asset inhibition to another.
The National Insurance Superintendency (SSN) gives more news regarding sanctions for companies in the market and applied two strong measures against insurance companies. In the first case, decided to close TPC, a well-known insurer due to a series of “operational irregularities” and control and transparency problems and, on the other hand, applied a sanction of asset inhibition to La Equidad Social Compañía de Seguros.
The case of TPC Seguros
The cancellation of TPC was regulated by the National Insurance Superintendency after identifying anomalies in the payment to both insured and injured parties, in addition to incomplete or incorrect records, disorderly accounting, poor internal management and suspicious movements of money. This is what was arranged by the Resolution 600/2024which was published in the Official Gazette this Wednesday, November 20.
TPC Insurance It was a family-based insurer specializing in malpractice, which had been acquired by Grupo Campici a few years ago.
The superintendency resolved to “revoke the authorization to operate in insurance” and prohibited TPC from managing its assets, for which it froze all its bank accounts. Thus, the company will not be able to have more cash than “an amount greater than the Fixed Fund that has been approved to date, so any balance that exceeds it must be deposited into a bank account in its name, within 24 business hours. “, as established by the standard.
The measure responds to the fact that, The authorities identified that the company maintained a deficit of 151% more than what is required in its capital to operate and for every peso it should have available, it only had 11 cents.
Inhibition of Social Equity
Meanwhile, in the case of Social Equityhe was prohibited, through the Resolution 603/2024 carry out disposition acts with respect to its investments due to the lack of presentation of the Financial Statements corresponding to the period ended September 30, 2024. This is a company that began operating in mid-2021 and acted, until now, in life insurance. Automotive.
Source: Ambito
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