Regulatory Alerts2024-10-14
Added · Updated
Compilation of Insurance and Reinsurance Rules – Technical Reserves for Collective Disability and Death Insurance and Reserves for Pension Annuity Insurance
The Superintendencia de Servicios Financieros replaces Articles 31 and 34 of the Compilation of Insurance and Reinsurance Rules to establish specific technical reserve requirements for collective disability and death insurance and pension annuity insurance. Insurers must calculate reserves for liquidated claims, pending claims, and insufficiently or unreported claims using actuarial present values adjusted by the Average Nominal Salaries Index, with minimum reserve floors set at 5% or 10% of related bases. These modifications enter into force on January 1, 2025, with a transitional period allowing insurers to adjust reserves over ten years if their existing balances are insufficient.
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