Regulatory Alerts2015-04-15 | JB-2015-3363Banking Board Resolution JB-2015-3363
The Banking Board of Ecuador annulled a previous administrative decision that had rejected an insurance claim, ruling in favor of the beneficiary Margarita Iluminada Pincay Zamora. The Board determined that Seguros del Pichincha S.A. failed to prove that the insured's undisclosed medical conditions were causally linked to his death from stomach cancer, thereby invalidating the insurer's defense of reticence. Consequently, the resolution orders the insurance company to pay the full policy benefit of USD 50,000 to the beneficiary within fifteen days of notification.
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