Canada    FinTech Guide    Chapter 13    Uruguay


13. InsurTech
Uruguay  Uruguay


Legal Affairs


The requirements to operate in our country as an insurance company are the following: To be located in Uruguay, to be authorized by the Executive Power and to be licensed by the CBU.


  1. Incorporation: According to section 2 of the Law No. 16.426 "public or private entities, in order to perform insurance activities shall be located in the country and must be authorized by the Executive Power with the advice of the Insurance and Reinsurance Superintendency (...)".

  2. Authorization: The applicant institution must submit a form together with the following information before the Executive Branch:
    1. Proof of a deposit equivalent to 20% of the basic capital requirement. Please note that the corporation´s capital depends on the branches or areas of insurance where it will operate.
    2. Certified copy of the company’s by-laws.
    3. The contractual capital may not be less than those applicable as minimum capital.
    4. Information regarding the shareholders, specifying among others the percentage of participation in the Company´s capital.
    5. Information regarding the board of directors, syndics and key personnel. Please note that according to section 14 of Decree No. 354/94 only individuals are allowed to act as directors, not being possible for legal entities to do so.

  3. License from the Central Bank of Uruguay: Once obtain the authorization to operate as an insurance or reinsurance company by the Executive Branch it is will be necessary to submit specific information.

  4. Procedure: We point out that such authorization and corresponding license are granted not only upon the compliance of formal requirements. The CBU also takes into consideration elements of merit and convenience, as well as the background of the incorporators or directors, as the case may be.


Economic Conditions


No data available.



Contributing Authors

Guyer & Regules

Federico Susena
Montevideo, Uruguay


John Leaman
Montevideo, Uruguay

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Chapter Index:


1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

Disclaimer:
The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018