Reinsurance for RIGI projects is unblocked

From 10 August 2026, a bank or exchange house may give an Argentine insurer access to the FX market to pay premiums and ancillary services for reinsurance abroad, when the policy it issued covers "risks associated with the construction and operation of a project of a Single Project Vehicle (VPU) under the RIGI" (verbatim). It is an operation that until now had no written channel. ⭐ The condition that orders everything else, and has to be read in full: the dollars do not come out of the insurer's pocket, they come out of the project. Access is exercised with funds the VPU transfers to the insurer's local account (point 1.1), and those funds must have originated in the VPU itself settling in the FX market financial debt raised abroad or debt securities under point 3.5 of the consolidated text on External Trade and Exchange, with maturities and principal compatible with its point 13.2 — borrowing under point 1 of Comunicación «A» 8426 also qualifies (point 1.2). That portion of the debt cannot be counted again for any other FX-market access mechanism. The client's access for the prepayment must occur within 72 business hours of the new borrowing being settled or the funds being received (point 1.3). And if the VPU applied to the RIGI expecting to use the export-collection benefit, two more steps apply: a sworn statement by the VPU's legal representative or attorney recording that the insurer's payment is registered in the VPU's name, and registration of that payment in the BCRA's online system with its validation (point 1.4). verif · Aug 10, 2026 ↗

Institutions may grant access from 10 August 2026, a date the communication itself sets in point 1. In the same text the BCRA states that it will later circulate the replacement pages to incorporate the change into the consolidated text. verif · Aug 10, 2026 ↗

To three parties that are not the project owner. The Argentine insurer, which is the one that needs the access: a multi-billion-dollar construction risk is not retained in the local market, it is ceded almost entirely to reinsurers abroad, and with no channel to pay that premium in foreign currency the cover cannot be sustained. The insurance producer and broker arranging the placement, because the operation stops depending on case-by-case authorisation and gains a listed set of requirements. And the VPU, which stays inside the circuit even though someone else buys the dollars: the funds must come from it, originating in its own settled external debt, and if it uses the RIGI export-collection benefit it must sign a sworn statement and accept that the payment is registered in its name. ⚠️ Downstream it reaches everyone working on the site, because the construction policy is a contractual condition in any international financing: with no cover in force there is no disbursement, and with no disbursement there is no certificate to collect. verif · Aug 10, 2026 ↗