BOARD OF DIRECTORS

BOARD RESOLUTION NO. 014/2025

SUBJECT: ECONOMIC POLICY ADVISORY – APPROVAL OF THE MAXIMUM LIMIT FOR FOREIGN INVESTMENTS BY INSURANCE AND REINSURANCE 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.
• Report BCB-APEC-SADBC-INF-2025-3 of January 23, 2025 from the Economic Policy Advisory (APEC).
• Report BCB-GAL-SANO-DLBCI-INF-2025-24 of January 27, 2025 from the Legal Affairs Management (GAL).

CONSIDERING:

That Law No. 1670 in its Articles 44 and 54, subsections a) and q), determines that the highest authority of the Central Bank of Bolivia is its Board of Directors, responsible for defining its specialized policies and general application regulations and internal norms, as well as establishing administrative, operational, and financial strategies. To this effect, the Board is empowered to adopt general decisions that are necessary for the BCB to fulfill the functions, competence, and powers assigned to it by the Law and those necessary for the fulfillment of its functions.

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

That Supreme Decree No. 25201 establishes in Article 18 that, in accordance with Article 35 of the Insurance Law, the Central Bank of Bolivia will annually set the maximum limit for foreign investments.

That the BCB Statute indicates in its Article 10, items 1) and 25), as an attribution of the Board to approve general decisions and issue the norms that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law, as well as to regulate financial operations with the exterior carried out by public and private persons or entities.

That the Economic Policy Advisory, through report BCB-APEC-SADBC-INF-2025-3, concludes and recommends that during the 2025 fiscal year, the Maximum Limit of Foreign Investments for Insurance Entities be maintained at 2% in relation to Required Investment Resources.

That the Legal Affairs Management, through report BCB-GAL-SANO-DLBCI-INF-2025-24, concludes that the APEC proposal to maintain the Maximum Limit of Foreign Investment for Insurance Entities at two percent (2%) of their investment resources for the 2025 fiscal year does not contravene any regulations and is therefore legally viable; recommending that the BCB Board of Directors consider its approval.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Approve for the 2025 fiscal year, the Maximum Limit of Foreign Investment for Insurance and Reinsurance Entities of two percent (2%) of their investment resources.

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Article 2.- Notify the Supervisory Authority for Pensions and Insurance (APS) of this Board Resolution, so that, within the framework of its attributions and functions, it transmits to the Insurance and Reinsurance Entities the determination adopted in the preceding Article.

Article 3.- Board Resolution No. 011/2024 of January 18, 2024 is hereby repealed.

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

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

La Paz, February 4, 2025

SIGNED. ROGER EDWIN ROJAS ULO, Gumerindo Héctor Pino Guzmán, Miguel Angel Marañon Urquidi, Victor Gonzalo Calisaya Gomez.

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"2025 BICENTENNIAL OF BOLIVIA"