Regulatory Alerts2016-03-18 | CD-SIBOIF-934-1-MAR18-2016Added · Updated
Norm for the Authorization and Operation of Insurance Auxiliaries
The Superintendence of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-934-1-MAR18-2016 to establish the authorization and registration requirements for internal and external insurance auxiliaries. The Norm defines specific roles such as actuaries, adjusters, and risk evaluators, and mandates that applicants submit detailed documentation including academic credentials, background checks, and surety bonds to the Superintendent. It sets a 30-day deadline for applicants to rectify information and a 20-business-day period for the Superintendent to resolve authorization requests. The document also outlines impediments that disqualify individuals from registration, such as criminal convictions or debts to supervised financial institutions, and establishes procedures for fee payment, credential issuance, and authorization cancellation.