Regulatory Alerts2022-01-01 | JPRF-S-2022-043JPRF-S-2022-043 — Reform of the Section on Coverage of the Private Insurance Fund Regarding Group or Collective Life Insurance Policies
The Financial Policy and Regulation Board of Ecuador issued Resolution No. JPRF-S-2022-043 to amend Article 6 of the Private Insurance Fund's coverage regulations regarding group life insurance policies. The resolution mandates that COSEDE will disburse claims to both onerous and designated free beneficiaries for each insured individual under group life policies, ensuring the total payout does not exceed the fund's USD 1,500.00 maximum coverage limit per insured. This amendment explicitly clarifies that the coverage limit applies collectively to all policy coverages and pending claims for a single insured within the same insurance company, with the threshold subject to annual review based on fund performance and system risk levels.
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