Regulatory Alerts2015-05-13 | JB-2015-3417Resolution No. JB-2015-3417 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3417 to confirm a USD 2,103.00 fine imposed on Martha Cristina Tuñío Rodríguez, General Manager of Equivida S.A., for unilaterally canceling two individual life insurance policies. The Board rejected the manager's appeal, ruling that such unilateral termination violates Ecuadorian insurance law and that the sanction was proportionate to the infringement. The resolution further orders the insurer to refund the premiums paid for the policies, which are deemed to remain in force.
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