Regulatory Alerts2015-03-25 | JB-2015-3320Resolution No. JB-2015-3320 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3320 to partially confirm an administrative order requiring Panamerican Life Insurance Company to pay medical claims to policyholder Juan Francisco Chafla Altamirano. The Board rejected the insurer's appeal, ruling that the company failed to object to the claims within the statutory 45-day period mandated by Article 42 of the General Insurance Law. Consequently, the insurer is ordered to pay the claimed amounts plus interest calculated from the expiration of the 45-day deadlines for each respective claim.
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