Regulatory Alerts2015-04-22 | JB-2015-3380Resolution No. JB-2015-3380 of the Banking Board of Ecuador
The Banking Board of Ecuador rejected an appeal filed by Interoceánica C.A. de Seguros y Reaseguros and confirmed a previous order requiring the insurer to pay USD 20,000 to Carlos Fernando Villota Cadena. The Board determined that the insurer's objection to the claim was unfounded because the advance payment was legally deposited into the account of the seller's legal representative, thereby fulfilling the contractual obligation. Consequently, the insurer is ordered to execute the payment within fifteen days of notification under penalty of law.
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