Regulatory Alerts2023-12-14 | NRP-48Technical Standards for Constituting and Operating Reciprocal Guarantee Societies and Re-guarantors of Reciprocal Guarantee Societies
The Standards Committee of the Central Reserve Bank of El Salvador issued Technical Standards to regulate the legal and administrative requirements for constituting and operating Reciprocal Guarantee Societies and their Re-guarantors. The document establishes detailed procedures for authorization applications, including specific documentation, capital verification, and timelines for review by the Superintendence of the Financial System. It further mandates operational prerequisites such as the submission of internal manuals and equipment descriptions before operations can commence.
Share