Regulatory Alerts2023-05-25
Added · Updated
Compilation of Insurance and Reinsurance Regulations – Insurance Plans – Policies and Technical Notes
The Superintendency of Financial Services replaced Article 16 of the Insurance Plans chapter to mandate that insurance companies must submit policy text models and technical notes for prior review. Technical notes must detail product characteristics, coverages, premium determination bases, reserves, and reinsurance policies, accompanied by actuarial and legal compliance reports. Insurers must submit all coverage text models and either a unified or separate technical notes for each coverage, and any modifications to previously submitted documents require formal presentation with change details and effective commercialization dates.
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