Regulatory Alerts2015-07-01 | JB-2015-3506Resolution No. JB-2015-3506 of the Banking Board
The Banking Board of Ecuador issued Resolution No. JB-2015-3506 to reject the appeal filed by three executives of Rocafuerte Seguros S.A. regarding fines imposed for failing to provide information requested by the banking and insurance superintendence's audit commission. The Board confirmed the original sanctions levied by the Regional Intendant of Guayaquil, upholding the monetary penalties against the company's legal representative, technical manager, and reinsurance chief. This decision validates the enforcement of Article 37 of the General Insurance Law, which mandates sanctions for non-compliance with audit requirements.
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