Regulatory Alerts2024-11-05 | CD-SIBOIF-1474-1-NOV5-2024Capital Update Standard for Insurance Companies
The Board of Directors of the Superintendence of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-1474-1-NOV5-2024 to update the minimum mandatory social capital for insurance companies based on current exchange rate variations. The resolution establishes new minimum capital requirements ranging from C$68,102,500.00 for property and life insurance to C$136,205,000.00 for combined operations, effective upon publication in the Official Gazette. Insurance companies with authorized capital below these thresholds must update their paid-in capital within seven calendar days following the next Ordinary General Shareholders' Meeting.
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