The Argentina Superintendency of Insurance (SSN) has revoked the authorisation of GALENO ASEGURADORA DE RIESGOS DEL TRABAJO S.A. to operate, concluding that the insurer no longer meets the minimum conditions to continue operating due to a capital deficit of more than ARS 12.9bn. The measure triggers the company’s dissolution and the start of a forced judicial liquidation process. The action follows the insurer’s September 2025 financial statements. After the SSN granted the legal time limits to submit a recovery plan and restore funds, the company formally stated it was materially unable to do so and acknowledged its financial inability to regularise its position. A general freeze on assets was extended to cover all of the company’s bank accounts, and the firm has five business days to appeal. Once the resolution becomes final, the SSN will appoint liquidator delegates and formally request judicial intervention. When the court orders the opening of the judicial liquidation, the Reserve Fund under the Occupational Risks Law will intervene to ensure benefits for workers and beneficiaries.
Argentina Superintendency of Insurance 2026-02-20
Argentina Superintendency of Insurance revokes Galeno Aseguradora de Riesgos del Trabajo’s authorisation to operate after ARS 12.9bn capital deficit
The Argentina Superintendency of Insurance has revoked GALENO ASEGURADORA DE RIESGOS DEL TRABAJO S.A.'s authorization due to a capital deficit exceeding ARS 12.9bn, initiating its dissolution and forced judicial liquidation. The insurer failed to submit a recovery plan after acknowledging its financial incapacity. A general asset freeze is in place, and the Reserve Fund will ensure benefits for workers once judicial liquidation is ordered.