Regulatory Alerts2015-04-15 | JB-2015-3361Banking Board Resolution JB-2015-3361
The Banking Board of Ecuador issued Resolution JB-2015-3361 to reject the appeal filed by José Luis Romo-Rosales, General Manager of Seguros Sucre S.A., against a $500 fine imposed by the Portoviejo Regional Intendancy. The Board confirmed the penalty because the insurance company failed to provide requested documentation regarding a vehicle policy and an administrative claim, constituting a clear violation of the General Insurance Law. The resolution mandates that any future refusal to comply with Superintendence instructions will result in progressively more severe sanctions.
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