Regulatory Alerts2015-05-20 | JB-2015-3424Banking Board Resolution JB-2015-3424
The Banking Board of Ecuador issued Resolution JB-2015-3424 to reject an appeal filed by Interoceánica C.A. de Seguros y Reaseguros and confirm a lower-level order requiring the insurer to pay Lenco S.A. US$ 22,662.50 for a transport insurance claim. The Board determined that the insurer failed to object to the claim within the statutory 45-day period and that Lenco S.A. possessed an insurable interest in the transported cargo as a carrier. The resolution mandates the insurer to settle the payment within fifteen days under threat of forced liquidation for non-compliance.
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