Regulatory Alerts2015-05-13 | JB-2015-3419Resolution No. JB-2015-3419 of the Banking Board of Ecuador
The Banking Board of Ecuador rejected Seguros del Pichincha's appeal and confirmed the order to pay the outstanding loan balance to Banco Pichincha following the death of the borrower. The Board determined that the insurance coverage was valid because the borrower had signed the declaration and the premium was included in his monthly payments, placing the administrative burden of reporting insured clients on the bank. The insurance company was ordered to pay the sum of US$ 75,088.04 within fifteen days of notification, without interest due to the insurer's timely objection.
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