Regulatory Alerts2015-07-29 | JB-2015-3521Resolution No. JB-2015-3521 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3521 to rule on an administrative appeal filed by Constitution C.A. Insurance Company against a regional order mandating payment for a vehicle insurance claim. The Board rejected the insurer's appeal and partially confirmed the original resolution, ordering the company to pay the insured, Geovanny Fernando Costales Reyes, the sum of US$ 2,126.84 without interest. The decision was based on the finding that the insurer's objection regarding bad faith was unfounded and that the subsequent rectification of the payment amount by the regional authority was procedurally invalid.
Share