Regulatory Alerts2023-01-01 | JPRF-S-2023-084Resolution JPRF-S-2023-084: Reform of Technical Financial Prudence Standards and Technical Reserves Including Definitions of Mass Insurance and Instrumentation Process
The Financial Policy and Regulation Board of Ecuador issued Resolution JPRF-S-2023-084 to amend technical financial prudence standards and technical reserves regulations. The resolution introduces formal definitions for "mass insurance" and "instrumentation process" while extending the maximum policy instrumentation period from 30 to 45 days for mass insurance and surety bonds. Additionally, the Board repealed a specific general provision to establish a single surcharge for risk in force reserves.
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