Regulatory Alerts2023-12-21
Added · Updated
Compilation of Insurance and Reinsurance Regulations - Normative Modifications to Improve the Authorization Process
The Superintendent of Financial Services replaced Articles 4.1 and 6 to expand minimum information requirements for insurance and reinsurance authorization, including detailed shareholder data and organizational plans. It substituted Articles 14 and 15 to regulate share issuance and transfers, requiring prior authorization for changes in control while allowing simplified notification for minor stakes under 15%. The resolution also updated Article 17 to establish solvency and guarantee requirements for the voluntary withdrawal and liquidation of private insurance companies. Additionally, it modified Articles 137.1, 137.2, 147.1, and 148 to mandate timely reporting of capitalizations, shareholder changes, and significant financial events for direct and indirect shareholders holding 15% or more.
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