Regulatory Alerts2015-03-25 | JB-2015-3318Banking Board Resolution JB-2015-3318
The Banking Board of Ecuador issued Resolution JB-2015-3318 to reject the appeal filed by Seguros Sucre S.A. and confirm the prior order requiring the insurer to pay a claim to the Banco Nacional de Fomento. The Board determined that the insurance company failed to pay the indemnization within the statutory 45-day period and submitted its objections late, thereby forfeiting its right to deny coverage based on alleged security protocol violations. Consequently, the insurer is ordered to pay USD 192,500.00 plus applicable interest calculated from the expiration of the 45-day deadline.
Share