Board Resolution No. 010/2026

BOARD

BOARD RESOLUTION NO. 10/2026

SUBJECT: ECONOMIC POLICY ADVISORY – APPROVING THE MAXIMUM LIMIT FOR FOREIGN INVESTMENTS BY INSURANCE ENTITIES.

VIEWED:

Law No. 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB) and its modifications.

Law No. 1883 of June 25, 1998, on Insurance and its modifications.

Supreme Decree No. 25201 of October 16, 1998.

Board Resolution No. 095/2022 of October 6, 2022, which approves the Statute of the BCB.

Board Resolution No. 014/2025 of February 4, 2025.

Report BCB-APEC-SADBC-INF-2026-4 of January 21, 2026, from the Economic Policy Advisory (APEC).

Report BCB-GAL-SANO-DLBCI-INF-2026-19 of January 22, 2026, from the Legal Affairs Management (GAL).

CONSIDERING:

That Law No. 1670 in its article 20 establishes that the BCB is authorized to regulate financial operations with foreign countries, carried out by public and private persons or entities. In its articles 44 and 54 subsection a), it determines that the highest authority of the BCB is its Board of Directors, which is responsible for defining its policies and specialized regulations of general application and internal rules, as well as for establishing administrative, operational, and financial strategies. To this end, it has the attribution to issue regulations and adopt general decisions that may be necessary for the BCB to comply with its functions, competencies, and powers assigned by the Law.

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That Law No. 1883 in its article 35 determines that the BCB will periodically set the Maximum Limit for Investments of Insurance Companies in securities of issuers constituted abroad, which may not be greater than fifty percent (50%) of the investment resources.

That Supreme Decree No. 25201 provides in its article 18 that in accordance with article 35 of the Insurance Law, the BCB will annually set the maximum limit for investments abroad.

That the BCB Statute in numerals 1) and 25) of its article 10 establishes as an attribution of the Board of Directors to approve general decisions and issue regulations that may be necessary for the BCB to fulfill the functions, competencies, and powers assigned by the Law, as well as to regulate financial operations with the exterior carried out by public or private persons or entities.

CONSIDERING:

That through report BCB-APEC-SADBC-INF-2026-4, the APEC concludes that the Bolivian insurance market presents a solid financial situation, that the current limit of two percent (2%) is restrictive, and that expanding the limit to ten percent (10%) of the required investment resources would improve the efficiency of the sector's investments, without generating systemic risks or contravening the current regulatory framework.

That through report BCB-GAL-SANO-DLBCI-INF-2026-19, the GAL concludes that the proposal to establish the maximum limit for foreign investment by insurance entities at ten percent (10%) of their required investment resources for the 2026 management period does not contravene any regulations, making it legally viable, and it is incumbent upon the BCB Board of Directors to consider its approval.

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THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA, RESOLVES:

Article 1.- Approve for the 2026 management period, the Maximum Limit for Investment Abroad for Insurance Entities of five percent (5%) of their investment resources effective from this date, and ten percent (10%) effective from April 1, 2026.

Article 2.- Notify the Pension and Insurance Supervisory Authority of this Board Resolution, so that, within the framework of its attributions and functions, it transmits to the Insurance Entities the determination adopted in the preceding article.

Article 3.- Board Resolution No. 014/2025 of February 4, 2025, is hereby repealed.

Article 4.- This Resolution shall enter into force from its approval.

Article 5.- The Presidency and the General Manager are charged with the compliance of this Resolution.

La Paz, January 27, 2026

David Iván Espinoza Torrico
PRESIDENT a.i.

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Claudia Haydee Pacheco Ayala
DIRECTOR a.i.

Dennise Sussan Martin Alarcón
DIRECTOR a.i.

Walter Fernando Orellana Rocha
DIRECTOR a.i.

Álvaro Alfonso Romero Villavicencio
DIRECTOR a.i.