The Argentine Insurance Authority and the Argentine Labor Risk Agency agree to strengthen their joint cooperation

The Minister of Finance, Luis Caputo, and the Minister of Labor, Employment and Social Security, Jorge Triaca, attended the execution of a cooperation agreement between the Director of the Argentine Insurance Authority (SSN, for its acronym in Spanish), Juan Pazo, and the Director of the Argentine Labor Risk Agency (SRT, for its acronym in Spanish), Gustavo Moron, this afternoon. The agreement is aimed at strengthening the joint and coordinated control of both agencies, dependent on the Ministry of Finance and the Ministry of Labor, respectively.

The Minister of Finance, Luis Caputo, said: “We are working towards a reliable, efficient and foreseeable insurance system for everyone, which will enable the development of the local capital market”. Caputo added: “To that end, the coordinated action of both agencies is very important”.

Likewise, the Minister of Labor, Jorge Triaca, said: “We are focusing on the prevention as well as on a greater coverage and inclusion of the Labor Risk system, with special emphasis on the system’s transparency, long-term sustainability and protection of worker’s rights”.

The Argentine Framework Convention 70-16 SRT/SSN is aimed at the strengthening of information exchange and cooperation between both institutions, particularly within the context of the implementation of Argentine Law No. 27348, supplementary of the Argentine Labor Risk Act. The joint cooperation of both agencies is aimed at the strengthening of the Labor Risk System and of federalism, through the adherence of the Provinces to the National Law.

The SSN and the SRT will work on the reduction of costs (fee calculation and joint work in actuarial terms) and on the elaboration of common proposals for the Aliquot Regime of the Labor Risk System.

Both agencies will control the enforcement of the Labor Risk Act through mutual assistance methods that guarantee consistency in health services and compensations in the event of a labor accident (SRT) and the promotion of a reliable, foreseeable and efficient system to protect the rights of policyholders, insurable parties, beneficiaries and affected parties (SSN).

In addition, both agencies will promote long-term solvency and transparency of the system through fight against fraud. Information exchange between both agencies will enable the strengthening of mutual cooperation and coordinated policy-making, which favors the protection of the policyholder’s rights within the framework of an efficient and sustainable system that avoids delays caused by filing accidents before the courts.

The insurance sector is very important for a stimulus of the economy and the development of a local capital market favorable for economic growth and the creation of jobs.