Regulatory Alerts2024-01-01 | JPRF-S-2024-0137JPRF-S-2024-0137 — Reforms to the "General Rules of the Private Insurance Fund"
The Financial Policy and Regulation Board of Ecuador issued Resolution JPRF-S-2024-0137 to amend the General Rules of the Private Insurance Fund, raising the total protected coverage to USD 2,000.00 per insured or beneficiary for the 2025 fiscal year. The resolution establishes a 0.12% basic contribution and a risk-adjusted variable contribution scaled from 0.0288% to 0.144% on net direct insurance premiums for 2024, payable in twelve monthly installments beginning January 2025. It also sets the fund’s equity accumulation target at USD 78,000,000.00, mandates annual coverage and contribution reviews based on COSEDE technical reports, and updates all regulatory references to the Board’s current official name.
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