Regulatory Alerts2023-05-29 | CD-SIBOIF-1380-1-MAY29-2023Norm Reforming Articles 4, 8, and 9 of the Standard on Investment Limits for Insurance, Reinsurance, and Surety Companies
The Board of Directors of the Superintendence of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-1380-1-MAY29-2023 to reform investment limits for insurance and reinsurance companies. The resolution establishes a global cap of 20% on foreign investments backing the Sufficiency of Investments Calculation Base and permits excess funds to be invested abroad up to a 50% limit under specific conditions. Institutions must report non-compliant foreign deposits and securities and reduce them to the new limits by their respective maturity dates.
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