Regulatory Alerts2025-12-05
Added · Updated
Errata - Circular No. 2483 - Article 77 of the Compilation of Insurance and Reinsurance Regulations
The Financial Services Superintendence corrects an error in Circular No. 2483 by substituting Article 77 of the Compilation of Insurance and Reinsurance Regulations to remove literal f), which had erroneously re-included certain surety insurance policies. The amended article defines high-risk categories for enhanced due diligence, specifically limiting politically exposed persons (PEPs) to those from abroad, excluding domestic PEPs. It also establishes specific monetary thresholds for life insurance premiums—U$S 10,000 annually or U$S 200,000 as a single premium—and sets a transaction threshold of U$S 120,000 per year for foreign PEPs, below which only documentation regarding financial situation or fund origin is required.