Banking Board of Ecuador

RESOLUTION No. JB-2015-3510

THE BANKING BOARD

CONSIDERING:

THAT this appeal is resolved in accordance with the First Transitional Provision of the Organic Monetary and Financial Code, published in the Second Supplement of Official Register No. 332 of September 12, 2014, whose text states that resolutions contained in the Codification of Resolutions of the Superintendence of Banks and Insurance and the Banking Board, and the norms issued by the control bodies, will remain in force in all that does not oppose what is provided in the Organic Monetary and Financial Code, until the Monetary and Financial Policy and Regulation Board resolves what corresponds, according to the case; and, with the second paragraph of the Third Transitional Provision, which states that the Banking Board will continue to act until it resolves all claims, appeals, and other administrative procedures that it was hearing as of the date of entry into force of the same, within a period of one hundred and eighty days, extendable at the discretion of the Monetary and Financial Policy and Regulation Board;

THAT by Resolution No. 054-2015-F of March 5, 2015, the Monetary and Financial Policy and Regulation Board resolved to extend by one hundred and eighty additional days the period for the Banking Board to continue acting and resolve all claims, appeals, and other administrative procedures within its competence;

THAT by Letter No. INSP-2013-1094 of March 8, 2013, Dr. Esteban Celi de la Torre, then National Superintendent of the Private Insurance System, informed Eng. Gene Alcívar Guzmán, General Manager of Seguros Sucre S.A., that he ratified what was stated in Letter No. INSP-2013-0879 of February 25, 2013, regarding the request for documentation related to the claim filed by the Public Strategic Company Corporación Eléctrica del Ecuador CELEC EP, under insurance policies No. 6031152 for all-risk insurance and No. 6010270 for loss of profit insurance.

THAT Eng. Gene Alcívar Guzmán, General Manager of Seguros Sucre S.A., through communication received at the Superintendence of Banks and Insurance on March 13, 2013, proposed a "recusal" against the authority of Letter No. INSP-2013-1094 of March 8, 2013;

THAT Dr. Esteban Celi de la Torre, former National Superintendent of the Private Insurance System, through Letter No. INSP-2013-1509 of April 3, 2013, informed Eng. Gene Alcívar Guzmán, General Manager of Seguros Sucre S.A., that the "recusal" proposed by the insurer was rejected as improper; and, stated that Letter No. INSP-2013-1094 of March 8, 2013, generated an administrative act only regarding the request for information, which would serve as a basis to analyze the pertinence or not of the administrative claim filed;

---

Banking Board of Ecuador

Resolution No. JB-2015-3510 Page 2

THAT by document received at the Superintendence of Banks and Insurance on April 10, 2013, Eng. Gene Alcívar Guzmán, General Manager of Seguros Sucre S.A., with the professional sponsorship of Dr. Gutemberg Vera Páez, filed an appeal against the administrative act contained in Letter No. INSP-2013-1509 of April 3, 2013;

THAT by Resolution No. SBS-INSP-2013-088 of May 13, 2013, Dr. Sabett Chamoun Villacrés, then National Superintendent of the Private Insurance System, accepted for processing the appeal filed by Seguro Sucre S.A. against Letter No. INSP-2013-1509 of April 3, 2013, and ordered the sending of the respective file;

THAT as indicated, the content of Letter No. INSP-2013-1509 of April 3, 2013, was analyzed, from which it emerges that it is a notification administrative act, and that it only refers to the impropriety of the "recusal" filed, and to the sending of additional documentation, according to its text which states:

"(...)

For the above reasons, and once the criterion of the National Legal Superintendent (sic) is available, the "RECUSAL" proposed by SEGUROS SUCRE S.A. is rejected as improper.

Additionally, it is observed that Letter No. INSP-1094 of March 11, 2013, generated an administrative act only regarding a request for information, which would serve as a basis to analyze the pertinence or not of the administrative claim.

(...)";

THAT the National Legal Superintendent, through memorandum INJ-DNJ-SAL-2014-0105 of February 13, 2014, recommended to the Banking Board to reject the claim contained in the appeal filed;

AND, in exercise of its legal powers,

RESOLVES:

SINGLE ARTICLE.- REJECT the appeal filed by Eng. Gene Alcívar Guzmán, General Manager of Seguros Sucre S.A.; and, consequently, CONFIRM the administrative act contained in Letter No. INSP-2013-1509 of April 3, 2013, through which Dr. Esteban Celi de la Torre, former National Superintendent of the Private Insurance System, through Letter No. INSP-2013-1509 of April 3, 2013, informed Eng. Gene Alcívar Guzmán, General Manager of Seguros Sucre S.A., that the "recusal" proposed by the insurer was rejected as improper; and, stated that Letter No. INSP-2013-1094 of March 11, 2013, generated an

---

Banking Board of Ecuador

Resolution No. JB-2015-3510 Page 3

administrative act only regarding the request for information, which would serve as a basis to analyze the pertinence or not of the administrative claim filed.

NOTIFY.- Given at the Superintendence of Banks, in Quito, Metropolitan District, on July 9, 2015.

Econ. Rodrigo Landeta Parra GENERAL SUPERINTENDENT, E PRESIDENT OF THE BANKING BOARD, E

I CERTIFY.- Quito, Metropolitan District, on July 9, 2015.

Lcdo. Pablo Cobo Luna SECRETARY OF THE BANKING BOARD

---

Banking Board of Ecuador