Regulatory Alerts2024-01-01 | JPRF-S-2024-0106JPRF-S-2024-0106 — Microinsurance Standard Establishing a Regulatory Framework to Promote Insurance Services for Low-Income Populations
The Financial Policy and Regulation Board of Ecuador issued Resolution No. JPRF-S-2024-0106 to establish a comprehensive regulatory framework for microinsurance products targeting low-income populations earning up to a unified basic salary. The resolution mandates that insurance companies, producer advisors, and alternate distribution channels adhere to strict principles of inclusion, simplicity, accessibility, transparency, and consumer protection when designing, promoting, and selling microinsurance policies. It further standardizes policy issuance, claims processing, premium payment methods, and simplified anti-money laundering due diligence while explicitly prohibiting deductibles and making loss adjusters optional to ensure affordable and efficient coverage.