Regulatory Alerts2015-04-30 | JB-2015-3394Banking Board Resolution JB-2015-3394
The Banking Board of Ecuador annulled a regional superintendent's decision that had rejected a life insurance claim due to late notification. The Board ruled that the insurer, Coopseguros, violated regulatory circulars by failing to include the mandatory two-year notification limit for beneficiaries in the policy terms. Consequently, the Board ordered the insurer to pay the USD 20,000 death benefit to the beneficiary within fifteen days.
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