Regulatory Alerts2015-04-01 | JB-2015-3333Banking Board Resolution JB-2015-3333
The Banking Board of Ecuador issued Resolution JB-2015-3333 to reject the appeal filed by Latina Seguros y Seguros C.A. against a previous administrative order requiring the payment of an insurance claim. The Board confirmed that the insurer failed to object to the claim within the statutory 45-day period established by Article 42 of the General Insurance Law, as the final required documents were submitted on October 25, 2013, and the objection was not made until December 10, 2013. Consequently, the resolution orders the insurer to pay the insured amount of US$23,490.00, less policy stipulated deductions, plus interest calculated from December 10, 2013, within fifteen days of notification.
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