Until recently, foreign insurers with head offices located in a ‘tax haven’ (broadly, countries that levy less than 20% income tax), were not permitted to register entities in Argentina. The Argentine Income Tax law contained a so-called ‘black list’ of jurisdictions the government considered a ‘tax haven’.
Argentine tax laws have now changed, so that the 'black list' no longer exists. Instead the Argentine government has issued a 'white list' of cooperative jurisdictions. Notably several jurisdictions (including Bermuda, Jersey, Guernsey, Andorra, Monaco, the Cayman Islands and the Isle of Man) have jumped from the 'black list' to the 'white list'. The insurance regulator is in the process of amending existing regulations to reflect this change in the tax law.
Click here for more details (please note that the link is in Spanish).