Regulatory Alerts2015-05-13 | JB-2015-3418Banking Board Resolution JB-2015-3418
The Banking Board of Ecuador issued Resolution JB-2015-3418 to reject the appeal filed by Antonio José Arosemena Merino, General Manager of Latina Seguros y Reaseguros S.A., regarding administrative sanctions. The Board confirmed a US$1,000 fine imposed on the manager for failing to execute an advance payment guarantee and for not submitting the required settlement act. The decision upheld that the insurance company was obligated to pay the unconditional guarantee immediately upon request, as the underlying contract had been unilaterally terminated due to the contractor's failure to meet obligations.
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