Regulatory Alerts2015-05-13 | JB-2015-3416Banking Board Resolution JB-2015-3416
The Banking Board of Ecuador issued Resolution JB-2015-3416 to partially confirm a lower administrative ruling requiring Seguros Sucre S.A. to pay a vehicle insurance claim. The Board rejected the insurer's appeal, determining that the failure to disclose a second policy did not constitute bad faith sufficient to void the contract, especially after the insured was advised by the other insurer to maintain dual coverage. The resolution mandates payment of US$ 20,888.49 minus the deductible, explicitly excluding interest because the insurer filed its objection within the statutory 45-day period.
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