Regulatory Alerts2015-05-20 | JB-2015-3433Banking Board Resolution JB-2015-3433
The Banking Board of Ecuador issued Resolution JB-2015-3433 to clarify the application of a 15% monthly penalty surcharge on SOAT death benefits owed to the family of Grace del Pilar Correa Contreras. The Board determined that the surcharge must be calculated starting from April 18, 2012, which was the expiration of the statutory 30-day payment deadline, until the date of effective payment. This ruling resolves a dispute regarding the temporal scope of the penalty imposed by the previous Resolution JB-2014-3104.
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