Regulatory Alerts2024-02-29 | NRP-54Technical Standards on the Transfer of Shares of Insurance Companies
The Central Bank of El Salvador issued Technical Standards establishing the authorization requirements and procedures for acquiring more than one percent of the capital in insurance companies. The regulation mandates specific documentation for natural and legal persons, defines disqualifying conditions for shareholders, and sets a twenty-business-day timeline for the Financial System Superintendence to review applications. It also enforces voting restrictions on unauthorized shares and requires the disposal of such shares within sixty days if eligibility criteria are not met.
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