Regulatory Alerts2015-05-20 | JB-2015-3423Resolution No. JB-2015-3423 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3423 to reject the appeal filed by Condor S.A. Insurance Company regarding a claim for stolen poultry by Agrodi S.A. The Board ratified the previous order requiring the insurer to pay US$ 30,000 plus statutory interest, determining that the insurer's denial of coverage was untimely and that the loss was covered under the multirisk policy. The resolution mandates that the insurance company comply with this payment order within fifteen days under legal penalties for non-compliance.
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