Regulatory Alerts2023-09-05 | CD-SIBOIF-1402-1-SEPT5-2023Norm on the Regulatory Controller
The Board of Directors of the Superintendence of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-1402-1-SEPT5-2023 to establish mandatory requirements, functions, and qualifications for the Regulatory Controller position in insurance companies. The regulation mandates that insurance entities appoint a Controller who operates independently to evaluate legal compliance, manage significant risk events, and submit annual evaluation programs and reports to the Board and the Superintendence. It further details the nomination process, required documentation for vetting, specific compliance duties, and a three-month transitional period for implementation.
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