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ARGENTINA Launches Insurance Company Ombudsman

September 5 2007 – The Argentine Insurers Association (AACS) and the ADIRA which groups provincial insurers, launched today, a Corporate Ombudsman for Argentina ’s insurance schemes. Jorge Maiorano, which was Argentina’s first public defender was named to the post and will have the task of resolving insurance disputes brought to his office ranging from 2,000 to 50,000 pesos (or US$ 630-16,000). Companies that have voluntarily agreed to come under the jurisdiction of the Ombudsman are obliged to abide by Ombudsman decisions.

The Insurance Ombudsman , a private entity, will intercede in disputes and is oriented to protect the rights of customers. Companies adhere voluntarily but are obliged to comply by decisions. For the insured, the process is free of charge, while the choice to go the ombudsman, in no way affects the legal rights of the customer, who may decide to pursue the complaint in a judicial forum.

The rulings by the Insurance Ombudsman permit insured clients to clarify insurance company obligations in cases where rights, benefits and company obligations are unclear. Work accidents, insurance bonds, and civil liability, are not included under the Ombudsman’s jurisdiction.

For the AACS, which is behind the initiative, the Ombudsman will permit the detection of faults in insurance provision, and will hopefully lead to the improvement and competitiveness of the sector, as it will tend to increase standards and the quality of insurance services. Among its programmed institutional activities the Ombudsman will prepare an annual report about the evolution of its cases in Argentina and offer recommendations to improve service quality, and minimize conflicts between insurer and insured.

Statue of the Ombudsman: http://www.aacs.org.ar/Archivos/Legislacion/EstatutoDefensor.pdf

For more information please contact:

Jorge Daniel Taillant

Cel: 54 116 182 3172