Regulatory Alerts2015-07-09 | JB-2015-3512Banking Board Resolution JB-2015-3512
The Banking Board of Ecuador issued Resolution JB-2015-3512 to resolve an administrative appeal by the National Storage Unit (UNA EP) against Rocafuerte Seguros S.A. concerning a denied insurance claim for the theft of 6,200 quintals of rice. The Board confirmed the prior regulatory order requiring Rocafuerte to pay US $5,000 (minus stipulated deductions), determining that although the policy's general conditions exclude theft as a risk, specific coverage clauses apply and the insurer failed to timely substantiate its objection based on warehousemen's negligence. Consequently, the appeal is rejected and the original payment order stands as legally binding.
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