Regulatory Alerts2015-06-24 | JB-2015-3497Banking Board Resolution JB-2015-3497
The Banking Board of Ecuador partially confirmed the Regional Intendancy's resolution ordering Bolívar Compañía de Seguros del Ecuador S.A. to pay a claim to Las Cámaras Corpocámaras following a fire at the insured building. The Board determined that the indemnity amount should be based on the adjuster's final report of US$155,000 rather than the disputed settlement agreement, and ruled that no interest is due because the insurer made partial advance payments within the statutory 45-day period. This decision resolves an appeal filed by the insurer against the lower administrative ruling regarding the calculation of the outstanding balance and applicable penalties.
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