Regulatory Alerts2015-06-17 | JB-2015-3494Banking Board Resolution JB-2015-3494
The Banking Board of Ecuador annulled a previous order requiring Coopseguros to pay a vehicle insurance claim, ruling that the policyholder had failed to submit the complete documentation required by the policy's General Conditions to formally initiate the claim. The Board determined that the statutory 45-day period for the insurer to respond had not yet begun because essential documents, including vehicle keys and transfer contracts, were missing from the initial submission. Consequently, the Board ordered the claimant to provide all necessary documentation specified in the policy to formally perfect the claim and trigger the legal response timeline.
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