Norm for the Authorization and Operation of Insurance Intermediaries

Resolution No. CD-SIBOIF-719-2-MAR14-2012
Dated March 14, 2012

NORM FOR THE AUTHORIZATION AND OPERATION OF INSURANCE INTERMEDIARIES

The Board of Directors of the Superintendence of Banks and Other Financial Institutions.

CONSIDERING

That Article 4 of Law No. 733, General Law on Insurance, Reinsurance, and Suretyship, published in La Gaceta, Official Gazette No. 162, of August 25, 2010, establishes that the Superintendence will authorize, supervise, and inspect the companies and natural persons referred to in said Law; therefore, the activity of insuring, reinsuring, and suretying can only be carried out by legal entities, public, private, or mixed, authorized to operate as such by the Superintendence in accordance with the provisions of the aforementioned Law and other applicable regulations.

That Article 115, final part, of the aforementioned Law, establishes that no natural or legal person may exercise the functions of insurance intermediaries or auxiliaries, external or internal, without the prior authorization of the Superintendence and registration in the corresponding registry.

III

That Article 116 of the same Law 733, in its relevant parts, establishes that insurance intermediaries and auxiliaries are subject to the supervision of the Superintendence and their activities are subject to the provisions of said Law and to the general regulations issued by the Board of Directors, with the Superintendent granting the authorizations to operate as insurance intermediaries or auxiliaries. Likewise, that such authorizations are non-transferable and must be registered in the registry kept by the Superintendence for such effect.

That in accordance with the foregoing and based on the powers provided in Article 5, numeral 1) and Article 6, numerals 9) and 11) of the aforementioned Law 733; and Article 3, numeral 13) of Law 316; Law of the Superintendence of Banks and Other Financial Institutions, and its reforms.

In exercise of its powers,

RESOLVES

CD-SIBOIF-719-2-MAR14-2012

To issue the following Norm:

NORM FOR THE AUTHORIZATION AND OPERATION OF INSURANCE INTERMEDIARIES

CHAPTER I
CONCEPTS, OBJECT, AND SCOPE

Article 1. Concepts.-
1 For the purposes of this Norm, the concepts indicated in the present article, whether in uppercase or lowercase, singular or plural, shall have the following meanings:

a) Days: Calendar days, unless it is expressly established that it refers to business days.

b) Intermediation: Consists of the acts performed by insurance intermediaries through the exchange of proposals between the contracting parties, acceptance thereof, advice to applicants for such contracts, and in the management of conservation, modification, renewal, cancellation, and claim of insurance contract losses in which they have intervened; when these have been requested in writing or by any cybernetic means by one of the contracting parties.

c) Insurance intermediaries: Natural or legal persons authorized by the Superintendent to provide services in the country as insurance agents, individual insurance brokers, brokerage companies or insurance brokerages, insurance agencies, and subagents of insurance.

d) General Insurance Law: Law No. 733, General Law on Insurance, Reinsurance, and Suretyship, published in La Gaceta, Official Gazette No. 162, 163 and 164, of August 25, 26 and 27, 2010.

1 Art. 1, amended on March 25, 2026 – Resolution CDMF-XII-5-26

e) Superintendence Law: Law No. 316, Law of the Superintendence of Banks and Other Financial Institutions and its reforms.

f) Premium: the value of the quota or payment that the policyholder or insured must satisfy to an insurance company, as consideration for the coverage of the risk specified in the insurance, reinsurance, and surety contract.

g) Registry: Registry of Insurance Intermediaries of the Superintendence.

h) Recidivism: Second offense on a fact of the same nature already sanctioned within a twelve-month period.

i) Insurance companies: Entities that, with authorization from the Superintendence, operate in insurance, reinsurance, suretyship, and reinsuring, national or foreign, privately owned, state-owned, or mixed, except for the exceptions expressly contemplated in the General Insurance Law.

j) Superintendence: Superintendence of Banks and Other Financial Institutions.

k) Superintendent: Superintendent of Banks and Other Financial Institutions.

l) Fine unit: As established in Article 146 of Law No. 1232, Law on the Administration of the Monetary and Financial System, published in La Gaceta, Official Gazette No. 241, of December 30, 2024, the value of each fine unit corresponds to the national average minimum wage at the date of imposition of the fine, which is the simple average calculated based on the Minimum Wage Table by Sector of Activity determined by the law on the matter.

Article 2. Object.- This Norm aims to establish the authorization and operational requirements for natural or legal persons who dedicate themselves to, or are interested in carrying out, insurance and/or surety intermediation activities.

Article 3. Scope.- These provisions are applicable to the insurance intermediaries referred to in this Norm and to insurance companies, insofar as applicable.

CHAPTER II
AUTHORIZATION AND REGISTRATION REQUIREMENTS FOR INSURANCE INTERMEDIARIES

Article 4. Minimum Qualifications of Interested Parties.- Natural or legal persons interested in providing services as insurance intermediaries must meet the following minimum qualifications:

a) Be of legal age;

b) Have general knowledge and/or experience in the insurance and/or surety industry;

c) In the event that the interested party has been an insurance intermediary in another country, it will be necessary to present a certificate issued by the supervisory authority of the country in which they provided their services as an insurance intermediary, demonstrating that they operated in such capacity;

d) Not be subject to any of the impediments established in Article 14 of this Norm; and

e) Comply with the other requirements established in the following articles, or those established in other laws, regulations, or resolutions issued by the Superintendent.

The managers of brokerage companies or insurance agencies must meet the qualifications indicated in letters a) and d) of this article, and they must be professionals in the administrative field.

To accredit the qualifications provided for in letter b) of this article, the Superintendent will require the interested party to undergo an examination or knowledge test as established in Article 17 of this Norm.

Article 5. Periods for Receipt of Applications.- Applications for authorization to provide insurance intermediation services will be received at the offices of the Superintendence three times a year, during the periods of January-February, May-June, and September-October. Only applications that meet the requirements established in the following articles will be received, as applicable.

Article 6. Authorization Requirements for Insurance Agents and Subagents.- Insurance companies, insurance agencies, and brokerage companies, as applicable, must submit an application for authorization stating the lines of business the interested party intends to intermediate, attaching the following documentation:

a) Notarized copy of the identity card or resident card, or other legal document accrediting nationality, in the case of foreigners;

b) Authorization application form contained in Annex 1 of this Norm, which forms an integral part of it, which must be signed by the interested party and by the legal representative of the company;

c) Notarized copy of the Unique Taxpayer Registry (RUC) certificate;

d) Curriculum Vitae accompanied by academic credentials, training certificates that accredit knowledge in the lines of insurance intermediation for which authorization is requested, and other documents evidencing work experience in the matter, if any;

e) Valid judicial and police background certificates issued by the corresponding national authorities at the date of submission of the application. In the event that the applicant has lived outside the country in the last five (5) years, a certificate issued by the corresponding foreign authority will additionally be required;

f) Notarial declaration by the interested party of not being subject to the impediments established in Article 14 of this Norm;

g) Draft employment contract to be signed between the insurance company and the proposed agent, or draft service contract to be signed between the brokerage company or agency and the subagent. Once the authorization is granted, the contract must specify the lines of insurance authorized for intermediation;

h) Two passport-sized photographs of the proposed candidates; and

i) Letter in which the interested party authorizes the Superintendent to verify the report of their obligations with financial system institutions, issued by the Risk Center of the Superintendence.

In addition to presenting the aforementioned documents, the interested party must pass an examination or knowledge test as established in Article 17 of this Norm.

Article 7. Authorization Requirements for Insurance Agencies and Brokerage Companies.- Interested parties wishing to establish an insurance agency or a brokerage company must submit an application for authorization to the Superintendent indicating the lines of insurance in which they wish to operate, attaching the following documentation:

a) Notarized copy of the identity card or resident card of the person who will act as legal representative, or other document accrediting nationality, in the case of foreigners;

b) Authorization application form contained in Annex 1 of this Norm, which must be signed by the person who will act as legal representative of the company;

c) Draft deed of incorporation of the company, which must be constituted as an anonymous company and have as its sole corporate object the intermediation of insurance and/or surety policies issued by insurance companies authorized by the Superintendence;

d) Opening Balance Sheet certified by an Authorized Public Accountant and signed by the person who will act as legal representative of the company;

e) Curriculum Vitae of the person who will act as legal representative, accompanied by academic credentials, training certificates that accredit knowledge in the lines of insurance they intend to intermediate and for which authorization is requested, and other documents evidencing work experience in the matter, if any;

f) In the case of brokerage companies, present three (3) letters of business intent issued by insurance companies authorized to operate in the country, with an age not exceeding one month from the date of the application. In the case of agencies, present a draft contract signed with the insurance company; once the authorization is granted, the contract must specify the lines of insurance authorized for intermediation;

g) Internal Control Manual adjusted to the operations of the requesting insurance agency or brokerage company;

h) Anti-Money Laundering and Counter-Terrorist Financing Manual containing the guidelines required by the insurance companies;

i) Proposed format to be used as a provisional receipt for the payment of premiums for its clients, which must contain, at least, the following data: corporate name or trade name, consecutive number, modalities and forms of payment, legal footer in accordance with the law on the matter, among others. Such receipt must be prepared in original and two copies;

j) Judicial and police background certificates of the partners and the proposed legal representative, valid at the date of submission of the application, issued by the corresponding national authorities. In the event that any of the aforementioned persons has lived outside the country in the last five (5) years, a certificate issued by the corresponding foreign authority will additionally be required;

k) Notarial declaration by the proposed legal representative of not being subject to the impediments established in Article 14 of this Norm;

l) Address of the location where the offices will be located, with indication of the telephone number and email address, all of which will be verified by the Superintendence prior to authorization to ascertain that the premises meet the conditions to serve users and that it conforms to the assets registered in its Opening Balance Sheet;

m) For individual brokers, agents, and subagents wishing to form a brokerage company, they must present a letter of solvency of their obligations issued by the insurance companies and brokerage companies with which they intermediate the placement of policies, if applicable;

n) Projection of the requesting society to intermediate insurance and/or surety for the following minimum amounts of insurance premiums for the first year of operation:

i. If the interested party is applying for authorization to intermediate all lines described in Article 66 of the General Insurance Law, excluding those referred to in numerals 9) and 11) thereof, the projection will be for a minimum amount in cordobas equivalent to seventy thousand United States dollars (U$ 70,000.00);

ii. If the interested party is applying for authorization to intermediate the lines of insurance referred to in numerals 1), 2), 3) and 4) of Article 66 of the General Insurance Law, the projection will be 30% of the minimum amount established for all lines;

iii. If the interested party is applying for authorization to intermediate the lines of insurance referred to in numerals 6) and 7) of Article 66 of the General Insurance Law, the projection will be 70% of the minimum amount established for all lines; and

iv. If the interested party is applying for authorization to intermediate the surety line referred to in numeral 8) of Article 66 of the General Insurance Law, the projection will be 40% of the minimum amount established for all lines.

o) List of partners or shareholders, indicating their percentage participation in the company's capital; as well as the composition of its board of directors;

p) Original of the surety bond or insurance policy referred to in Article 122 of the General Insurance Law;

q) Notarized copy of the Unique Taxpayer Registry (RUC) certificate of the person who will act as legal representative of the company;

r) Two recent passport-sized photographs of the proposed legal representative; and

s) Letter in which the proposed partners, directors, and legal representative authorize the Superintendent to verify the report of their obligations with financial system institutions, issued by the Risk Center of the Superintendence; and

In addition to presenting the aforementioned documents, the person proposed to act as legal representative of the company must pass an examination or knowledge test as established in Article 17 of this Norm.

Article 8. Authorization Requirements for Individual Insurance Brokers.- Interested parties wishing to act as individual insurance brokers must submit an application for authorization to the Superintendent indicating the lines of insurance in which they wish to operate, attaching the following documentation:

a) Notarized copy of the identity card or resident card, or other legal document accrediting nationality, in the case of foreigners;

b) Authorization application form contained in Annex 1 of this Norm, duly completed and signed by the interested party;

c) Curriculum Vitae accompanied by academic credentials, training certificates that accredit knowledge in the lines of insurance they intend to intermediate and for which authorization is requested, and other documents evidencing work experience in the matter, if any;

d) Three (3) letters of business intent issued by insurance companies authorized to operate in the country, with an age not exceeding one month from the date of the application;

e) Proposed format to be used as a provisional receipt for the payment of premiums for its clients, which must contain, at least, the following data: name, consecutive number, modalities and forms of payment, legal footer in accordance with the law on the matter, among others. Such receipt must be prepared in original and two copies;

f) Internal Control Manual adjusted to the insurance operations of the interested party;

g) Anti-Money Laundering and Counter-Terrorist Financing Manual containing the guidelines required by the insurance companies;

h) When the interested party is an active subagent, they must present a letter of solvency of their obligations issued by the brokerage company and by the insurance companies with which they place policies. In the event that they are an agent of an insurance company, they must present a letter of solvency from the insurance company to which they belong;

i) Valid judicial and police background certificate issued by the corresponding national authorities at the date of submission of the application. In the event that the applicant has lived outside the country in the last five (5) years, a certificate issued by the corresponding foreign authority will additionally be required;

j) Notarial declaration by the interested party of not being subject to the impediments established in Article 14 of this Norm;

k) Address of the location where the offices will be located, with indication of the telephone number and email address, all of which will be verified by the Superintendence prior to authorization to ascertain that the premises meet the conditions to serve users and that it conforms to the assets registered in its Opening Balance Sheet;

l) Opening Balance Sheet certified by an Authorized Public Accountant, which must be signed by the interested party;

m) For legal representatives, agents, and subagents of insurance who apply to be authorized as Individual Brokers, they must present a letter of solvency of their obligations issued by the insurance companies and brokerage companies with which they operate, if applicable;

n) Projection of the interested party to intermediate insurance and/or surety for the following minimum amounts of insurance premiums for the first year of operation:

i. If the interested party is applying for authorization to intermediate all lines described in Article 66 of the General Insurance Law, excluding those referred to in numerals 9) and 11) thereof, the projection will be for a minimum amount in cordobas equivalent to forty-five thousand United States dollars (U$45,000.00);

o) Notarized copy of the Unique Taxpayer Registry (RUC) certificate of the interested party;

p) Original of the surety bond or insurance policy referred to in Article 122 of the General Insurance Law;

q) Two recent passport-sized photographs; and

r) Letter in which the interested party authorizes the Superintendent to verify the report of their obligations with financial system institutions, issued by the Risk Center of the Superintendence; and

In addition to presenting the aforementioned documents, the interested party must pass an examination or knowledge test as established in Article 17 of this Norm.

Article 9. Deadline for Submission of Information.- Interested parties wishing to act as insurance intermediaries will have a period of thirty (30) days to complete or rectify the information required in the preceding articles, which will begin to run from the date of submission of the respective authorization application. Once this period has expired without the complete information being presented, the application will be considered withdrawn.

Interested parties whose application was deemed withdrawn may submit a new authorization application up to one year after receiving notification of such status from the Superintendent.
Article 10. Authorization.- Once the requirements established in the preceding articles are met, the Superintendent will rule on the authorization application in accordance with the results of its analysis, notifying the interested parties of the approval or denial of the respective authorization within a period not exceeding twenty (20) business days, counted from the date the interested party completed all information. In case of approval, it will issue a resolution authorizing the intermediary and ordering its registration in the Insurance Intermediaries Registry kept by the Superintendency for this purpose, prior to payment of the registry fee and the presentation of the bond or insurance policy and the contract referred to in the following article.
The notification of the aforementioned resolution enables the insurance intermediary, in accordance with the authorized specialization, to exercise the functions of insurance intermediation offered by insurance companies authorized in Nicaragua and to provide the respective advice for their contracting, conservation, or modification; as well as the corresponding advice to the insured at the time of any claim. In accordance with what is provided in Article 116 of the General Insurance Law, the authorizations granted to insurance intermediaries shall be non-transferable. Every three (3) years, the registry of said intermediaries must be updated, and these must provide the Superintendency with the information required in Article 16 of this regulation. Insurance companies, brokerage companies, or insurance agencies shall be jointly liable, as appropriate, for the intermediation operations of their agents, legal representatives, or subagents, as the case may be, that cause damage to the insurance company and/or insureds, beneficiaries, or contractors. The individual broker shall be liable for their own operations.

Article 11. Payment of registry fees and presentation of bond or insurance policy and contract.- The Superintendent will notify the resolution of authorization referred to in the preceding article, provided that the interested party complies with presenting the following documents:
a) Official cash receipt from the Superintendency that proves payment of the initial or update registration fee referred to in Article 116 of the General Insurance Law, according to the amount detailed in the Table of Registry Fees contained in Annex 2 of this regulation, which is an integral part of it;

b) Bond or insurance policy referred to in Article 122 of the General Insurance Law, which has annual validity; and c) In the case of agents and subagents, contract signed with the corresponding insurance company, brokerage company, or insurance agency. d) In the case of updating the authorization of individual brokers, brokerage companies, or insurance agencies, in addition to the requirements indicated in the previous letters, comply with what is established in letter r) of Article 21 of this regulation. When the aforementioned documents are not presented within the term of ten (10) business days counted from the request of the Superintendent, the latter will proceed to invalidate the corresponding authorization, except for duly justified cause by the interested party. In the event of withdrawal of the application by the interested party, they may initiate a new authorization process in the next reception period for applications provided for in Article 5 of this regulation; however, they will not have the right to reimbursement or refund from the Superintendency of the registry fee paid, if applicable.

Article 12. Intermediation Specialties.- Authorized insurance intermediaries will be registered in the Registry kept by the Superintendency for this purpose. These intermediaries will be identified in the Registry by an alphabetical code, which will indicate the category of the intermediary and the lines of insurance authorized to operate, according to the Table of Intermediation Specialties contained in Annex 3 of this regulation, which is an integral part of it.

Article 13. Accreditation Credential.- The Superintendency, through the Insurance Superintendence, will grant an accreditation credential to authorized insurance intermediaries, which will contain the information described in Annex 4 of this regulation, which is an integral part of it. This credential will be updated according to the resolution issued by the Superintendent authorizing the update in the Registry of said intermediary.
In the event that the intermediary loses their credential, the insurance company, brokerage company, agency, or individual broker, as appropriate, must manage its replacement by submitting a written request to the Superintendent expressing the circumstances of said loss. It will be the responsibility of the intermediary to assume the cost of replacement of said credential, paying the amount established in Annex 2 of this regulation to the cash area of the Superintendency.

CHAPTER III

IMPEDEMENTS
Article 14. Impediments to be an insurance intermediary.- The following persons cannot be authorized, nor request an update of their authorization in the Registry:
a) Directors, managers, officials, or employees of insurance companies and directors, managers, administrators, or employees of banking and financial institutions, as well as non-banking financial institutions; b) Legal representatives or intermediaries of reinsurance companies; c) Insurance auxiliaries provided for in Article 115 of the General Insurance Law; d) Employees of the Superintendency; e) Those who, as directors, managers, or employees of a public or private legal entity, have been sanctioned for illegal acts by the respective competent authority; f) Those who are directly or indirectly delinquent debtors for more than ninety (90) days or for a number of three (3) times, during a period of twelve (12) months, to any financial institution subject to the supervision of the Superintendency, or who have been judicially declared insolvent, in bankruptcy proceedings, bankruptcy, or forced liquidation; g) Those who have been convicted of causing patrimonial damage to an entity supervised by the Superintendency; h) Those who have been convicted of any crime against property (theft, fraud, swindling, etc.); i) Those who have been convicted of causing damage to public faith, by altering financial statements of an entity supervised by the Superintendency; j) Those who by their position or by any circumstance, in the reasoned judgment of the Superintendent, could exercise coercion for the contracting of insurance; k) Those sanctioned with revocation of their authorization to operate as an insurance intermediary, except when the revocation is based on the grounds contained in subsections i) and j) of Article 40 of this regulation;

l) Those who have been sentenced to principal or accessory penalties, grave and less grave, in accordance with the current Penal Code; m) Other cases that the Superintendent considers pertinent, by reasoned resolution. If any of the impediments indicated in the previous letters arise while the intermediary is registered in the Registry, the Superintendent, ex officio, will proceed to suspend or cancel the respective authorization, as appropriate, without prejudice to its formalization in an official writing. Regarding legal entities, they cannot be registered in the Registry if they or their current partners, directors, or legal representatives are subject to any of the impediments mentioned in this article.

CHAPTER IV
CANCELLATION OF AUTHORIZATION
Article 15. Grounds for cancellation of authorization.- The Superintendent, ex officio or at the request of a party duly motivated and supported by documentation that accredits such petition, as appropriate, will make effective without further procedure the cancellation of the authorization granted in the following cases:
a) By written request of the intermediary in which they expressly renounce to continue exercising the activities for which they were authorized, attaching in the case of legal entities, the resolution of the highest administrative body of the company and a copy of the accreditation credential as an insurance intermediary; b) By death of the intermediary, natural person; c) By dissolution of the intermediary company; d) By merger of two or more brokerage companies or insurance agencies, in which case, the authorization of one of the merged companies will be cancelled; e) By failing to present on time and in due form the official cash receipt from the Superintendency, the bond or insurance policy, or the contract signed, in the case of agents and subagents, according to what is established in Article 11 of this regulation; and f) By change in the category of intermediary. g) By failing to update their authorization as established in Article 116 of the General Insurance Law and this regulation.

The cancellation request submitted by the brokerage company and/or the Individual Broker must be accompanied by the respective solvency letter of their obligations issued by the insurance companies.

CHAPTER V
UPDATE OF AUTHORIZATION
Article 16. Requirements to update authorization.- Insurance intermediaries who wish to update their authorization to continue operating must submit a written request to the Superintendent at least thirty (30) days before the expiration date, attaching the following documents:
a) Copy of the current authorization resolution; b) Updated Curriculum Vitae; c) Notarized declaration of not being subject to the impediments established in Article 14 of this regulation; d) Current judicial and police background certificates; e) Two recent passport-sized photographs; f) Degrees, diplomas, certificates, or statements that accredit training in insurance matters of at least ninety (90) instructional hours; and g) Any other document that in the judgment of the Superintendent is required. In the event that the intermediary does not prove compliance with what is established in subsection f) of this article, they must take the knowledge test or exam provided for in Articles 4 and 17 of this regulation. If upon expiration of the authorization the insurance intermediary has not requested its update, it will be understood that they have withdrawn from continuing to exercise their activity, and therefore, they cannot continue operating as an insurance intermediary, except for duly justified cause. In these cases, interested parties may request a new authorization complying with the requirements established by this regulation for such effect.

The cost of updating the authorization will be the one provided for in Annex 2 of this regulation, which must be paid to the cash area of the Superintendency, prior to favorable notification of the application to the intermediary.

CHAPTER VI
KNOWLEDGE TEST
Article 17. Knowledge test.- Interested parties wishing to provide services as insurance intermediaries must undergo a written knowledge test conducted by the Insurance Superintendence of the Superintendency. The minimum grade to be obtained must be eighty (80) points out of a score of one hundred (100). The test will include aspects such as: insurance legislation and regulations, anti-money laundering prevention, technical knowledge of insurance, risks or lines of insurance, claim handling, policy conditions, insurance tariffs by risks, and information that must be provided to users of the insurance market, according to a syllabus prepared by the Superintendency that will be delivered previously to the interested party.

In the case of brokerage companies or insurance agencies, the legal representative will be the one who must take the knowledge test.

Article 18. Failed knowledge test.- Persons who have failed the knowledge test administered by the Superintendency may opt for a new test in the next examination period, according to the dates the Superintendent establishes for this purpose.

CHAPTER VII
PROHIBITIONS AND CONTROLS OF INSURANCE COMPANIES
Article 19. Prohibitions to insurance companies.- Insurance companies cannot pay commissions or offer insurance through persons who do not have the proper authorization from the Superintendent to provide insurance intermediation services, or having authorization for it, it is not updated, or is suspended, revoked, or cancelled. For this purpose, the Superintendency through the means it considers pertinent will timely inform the status of said authorizations to insurance companies and the general public.

Article 20. Operational controls of insurance companies.- To comply with what is established in the preceding article, insurance companies must implement the following minimum controls:

a) Create a database of all intermediaries with whom they conduct business or intermediation operations, to whom they will assign a key that allows them to identify them up to the levels of subagents of each company. b) Request from said intermediaries their respective current authorization resolutions, which will form part of the file that must be kept for each intermediary with whom they operate; and c) Keep a control of the validity of the bond or insurance policy of each intermediary, which must also form part of their files.

CHAPTER VIII
OBLIGATIONS AND PROHIBITIONS OF INSURANCE INTERMEDIARIES
Article 21. Obligations of insurance intermediaries.- Without prejudice to the functions and duties provided for in Article 119 of the General Insurance Law, insurance intermediaries must comply with the following obligations:
a) Personally exercise the functions of intermediation, except in the case of brokerage companies or insurance agencies, which will do so through their legal representative and/or agents or subagents, as appropriate; b) Display in their offices the authorization resolution to operate as an insurance intermediary, in the case of the individual broker, brokerage companies, and insurance agencies; c) Present to the persons with whom they relate in their insurance intermediation activities, their accreditation credential as an intermediary; d) Identify in their stationery, correspondence, promotion, or advertising, their name or trade name and their perpetual code assigned by the Superintendency to operate; in such a way that it does not induce clients or the general public to believe that it is an insurance company, as appropriate. e) Advise future contractors or insureds regarding all documents constituting the policies, offering them in writing the most convenient coverages for their needs and interests, making special emphasis on informing them about the conditions of the policy and especially, about the extent of the agreed insurance and its additions, about the risks and situations excluded from coverage, in the covered risks, exceptions, and risks that are not covered, additional benefits, amount of deductibles to it, pro-rata clause, expiration or cancellation clause of the policy, the form of premium refund, form and deadlines for payment, effects of non-compliance, claim clause, always adhering to the tariffs, policies, endorsements, insurance plans, and other technical circumstances and legal provisions applicable to insurance companies and in general, all the necessary information to better illustrate the client in their decision; f) Act diligently, when requested by contractors for the preparation and timely presentation to the respective insurer of any claim related to the contracted policy. g) Provide contractors or insureds with the information and documentation linked to the service provided, as well as respond in a timely manner in writing to inquiries or requests for clarifications regarding the content of the contracts and the status of their claims, as established in Article 88 of the General Insurance Law; h) Comply with the following instructions, depending on the payment method used by the client to pay the policy premium:
i. When it is in cash: proceed to deposit said cash on behalf of the client in the account of the respective insurance company or in its cash office. In both cases, the deposit slip of the respective insurance company or the official cash receipt must express that the amount received is on behalf of the client.
ii. When it is by check: Indicate to clients that this instrument must be made out in favor of the respective insurance company and, once received by the intermediary, must deliver to the client the corresponding provisional receipt.
iii. When it is by credit card: Provide clients with the corresponding slip containing the authorization to make the corresponding debit, with the object that they fill it out and sign it; and once received said slip, deliver to the client the corresponding provisional receipt.
The intermediary, within three days counted from having received the check, copy of the official receipt of premium payment, copy of the deposit slip made in the bank account of the insurance company, the slip for debit of the client's credit card, or the electronic transfer receipt, must deliver them to the respective insurance company, as appropriate.

In accordance with what is established in Article 77 of the General Insurance Law, coverage begins from the date and time established in the particular conditions and the payment of the premium, and concludes on the date agreed upon by the parties, also established in the same. i) Deliver to clients the contracted policy within three days following the date of having received it from the insurer. j) Send to the insurance company the documentation that supports the contracting of the policies they intermediate, as well as the documentation required in the regulation governing the matter on anti-money laundering, assets or property, and financing of terrorism regarding know-your-customer policies, at the latest within two (2) business days following their receipt; k) Manage before the insurance company the requests presented for the issuance of policies for their clients, verifying at the time of receiving them that the conditions of the contract or policy are the same as those requested by the insured and proposed to the insurance entity. In the event that the insurance entity rejects or modifies the coverage of the proposed risk, the intermediary must communicate this fact, in writing and immediately, to the proposer; l) Inform the insurance company with which they intermediate the identity of the contractors and the existence and location of the insurable assets, delivering all the information they possess regarding the risk and the proposed conditions for risk qualification and its possible subscription and premium calculation; m) Notify, within a term of forty-eight hours to the interested parties, any fact or relevant circumstance that is known to them or notified to them by the insurer, such as, the cancellation of the policy, change to the terms and conditions thereof, modification of coverage, increase in premium, and modification of deductibles, among others, leaving a copy that evidences the notification. n) Keep their accounting up to date, in the case of individual insurance brokers, brokerage companies, and insurance agencies; o) Communicate in writing to the Superintendent the change of their domicile or other contact data; the modifications to the social contract or statutes, attaching a legalized copy of the modifications duly registered in the Public Mercantile Registry; as well as changes to directors, managers, managing partners, or legal representatives

legal, the closing of operations and any other relevant fact, within the term of three (3) business days following the occurrence of the fact; p) Sign on their stationery the analyses they perform of the different proposals or quotes, which must form part of the insured's file; q) Permanently update their knowledge of insurance, receiving training courses or seminars that allow them to better know the products they offer; r) Be solvent in the payment of their obligations with the Superintendence (payment of registration fees, monetary sanctions, contribution referred to in Article 126 of the General Insurance Law or others) before being able to carry out any general procedure for authorization requests, updates, cancellation, merger of companies, modification and any others; s) Archive, conserve and safeguard the files of the insured for a minimum period of 5 years, counted from the date of finalization or closing of the relationships, transactions and/or accounts with the client. Such files must be composed of the documentation required in the regulations governing the matter on money laundering, goods or assets and terrorism financing regarding "know your customer" policies, as well as all documentation that supports the contracting of the policy from the origin of the relationship with the client; t) Reflect in their financial statements only those transactions related to their insurance intermediation activities, registering each of these transactions accountingly in their books; u) Return to the insurance companies with which they operate all the documentation they have from them, and to the Superintendence, the authorization resolution and the identification credential that accredited them as an intermediary, in case their authorization to operate is revoked, or when the intermediary has requested their cancellation from the Registry. The return of said documents must be carried out within ten (10) days following the date on which they receive the notification of the corresponding resolution from the Superintendent; and v) Comply with any other obligation provided for in the General Insurance Law, regulations issued by the Director Council of the Superintendence or resolution of the Superintendent.

Article 22. Prohibitions for insurance intermediaries.- Insurance intermediaries are prohibited from:
a) Being members of boards of directors, managers or partners of an insurance company; likewise, directors, managers, officials or employees of an insurance company or banking and financial institutions cannot be shareholders or be part of the board of directors of a brokerage company or insurance agency; b) Directly or indirectly carry out intermediation management of reinsurance, representation of reinsurance companies, representation of foreign insurance intermediaries, adjustment or appraisal companies, nor can they be members of boards of directors, managers or partners of the same, nor can they exercise the representation of foreign insurance companies; c) Pay, transfer and/or receive payment of commissions under any denomination, for business referred by another insurance intermediary, national or foreign, or by persons who lack such quality; this provision is excepted for the payment of commissions to subagents of the brokerage company or agency as the case may be; d) Offer and sell insurance or bonds not authorized by the Superintendence, issued by national institutions or foreign branches not authorized to operate in the country; nor can they offer and sell insurance or bonds issued by insurance companies or foreign branches not authorized to operate in the country; e) Pay the premium of the policies of their service users from their commissions; f) Contract the services of third parties to promote the sale of insurance, under any denomination (promoters, managers, processors, promoters, etc.); g) Carry out administrative procedures, such as: accept, cancel, annul or render ineffective, modify in any way the validity, coverage, premium or payment mode, of the policies they intermediate, and others related to insurance or bond contracts without written and signed authorization by the insured; h) Carry out advertising that does not comply with the provisions on this matter regulated by the General Insurance Law and the corresponding regulations;

i) Assume before the parties other obligations or responsibilities different from those indicated in the General Insurance Law, this Norm and the other provisions related to the insurance policies they intermediate; and j) Subagents cannot hold administrative positions within the same brokerage company or agency.
CHAPTER IX
GUARANTEES
Article 23. Surety bond or insurance policy of intermediaries.- In accordance with what is established in Article 122 of the General Insurance Law, brokerage companies, insurance agencies and individual brokers must have a surety bond or insurance policy that guarantees the fulfillment of the responsibilities incurred by these before the contractors, insured, sureties, their beneficiaries and insurance companies, due to the intermediation activities they carry out. Likewise, said surety bond or policy will serve to respond for economic damages caused by bad advice, negligent acts, incompetence, errors or omissions in the contracting of insurance and/or bonds and for claims and/or indemnifications as appropriate; as well as for damages derived from the appropriation of premiums received from their clients by the intermediated policy in the exercise of their operations.
The surety bond or policy referred to above must meet the following minimum conditions:
a) It will have no deductible; b) The beneficiaries must be the contractors, insured, sureties, their beneficiaries and insurance companies; c) The validity must be for one year and must contain a special clause stipulating that it will respond for up to one year after its expiration for facts attributable that could have occurred during the original validity period, or until judicial actions filed against the intermediary for such facts and within the aforementioned period are resolved by final judgment; d) The policy must be automatically renewable and with an insured sum equivalent to 0.05% of the sums insured intermediated on December 31 of the immediate preceding year, which can never be less than US$250,000.00 or its equivalent in cordobas according to the official exchange rate; and

e) The policy must cover all the branches specified in Article 66 of the General Insurance Law, without exclusion of any branch.
Once the surety bond or insurance policy referred to in this article is presented to the Superintendence, it will be reviewed by the Superintendent, who may instruct modifications to it when deemed necessary. This surety bond or policy must be presented in original to the Superintendence, who will keep it in custody and return it to the intermediary upon request, once the time established in subsection c) of this article has been fulfilled.
Article 24. Amount of the surety bond.- The amount of the surety bond referred to in the preceding article will be calculated according to the premiums intermediated placed in the immediate preceding year, ending on December 31; however, said surety bond cannot be less than the amounts equivalent in national currency, according to the official exchange rate in effect at the time of its issuance, established in the "Table of Annual Premium Ranges and Surety Amount" contained in Annex 8 of this norm, which is an integral part of it.
Article 25. Renewal and increase of the surety sum.- Intermediaries must renew the surety bond thirty (30) days in advance of its expiration to present it to the Superintendence. While the surety bond is not renewed, the intermediary cannot exercise their functions; in which case, the Superintendent will communicate to insurance companies, brokerage companies and insurance agencies such situation, instructing them to abstain from carrying out business through intermediaries who fail to comply.
Likewise, intermediaries are obliged to increase their surety bond at the moment when their premium volume exceeds the upper limit of the range under which the surety sum was calculated according to the "Table of Annual Premium Ranges and Surety Amount" contained in Annex 8 of this norm, which is an integral part of it.
CHAPTER X
COMMISSIONS AND CHANGE OF INTERMEDIARY
Article 26. Payment of commissions.- Insurance companies authorized to operate in the country must pay their intermediaries commissions for premiums credited on the 15th and 30th of each month.
Article 27. Payment of commissions in case of early cancellation of policies.- In case of early cancellation of a policy by the insured, the insurance company may debit from the intermediary's commission account the commission corresponding to the premium returned to the insured. If the cancellation is made by the insurance company, the intermediary will have the right to the commissions corresponding to the premiums effectively paid, unless the cancellation is due to a cause attributable to the intermediary.
Article 28. Payment of commissions in case of renewal or modification of policies.- Commissions for the renewal or modification of a policy regarding the same risk or responsibility will belong to the intermediary who placed the immediate previous policy, unless the latter has abandoned the business or the contractor expresses in writing to the insurance company their decision to change insurance intermediaries.
If the insured contractor changes the intermediary, the contracts celebrated will remain in force, but in their subsequent execution the new intermediary will intervene, who will have the right to the commissions originating from the payment of premiums in subsequent periods or fractions, in case of fractional premiums. The substituted intermediary will receive commissions relative to premiums, paid or pending payment, until the month in which the date is immersed when the insurance company received, in writing from the insured, communication informing the change of intermediary; that is, they will have the right to receive commissions for premiums accrued during their management; and the new intermediary will only receive commissions relative to premiums that accrue from the month immediately following their appointment. In the case where the premium has been paid in full at the beginning of the policy validity, or that the premium payment fractions have also been cancelled (number of consecutive installments, with or without financing), on the date of appointment of the new intermediary, this one will not receive commissions on what has already been paid, accrued or not, before their appointment; that is, they will only receive commissions for new premiums resulting from modifications to the policy for new inscriptions, increases in insured sums, inclusion of new coverages, etc. In case the policy has been negotiated to be paid based on the fractional premiums modality, whether semi-annual, quarterly or monthly, the corresponding commissions for the unpaid premium fractions, that is, not accrued on the date of appointment of the new intermediary, as well as those resulting from modifications due to subsequent inclusions and/or exclusions, will belong to the new intermediary to receive or deduct them. When it comes to individual life insurance, the intermediary who mediated in the celebration of the contract will not lose the right to commissions, even if the insured designates a new intermediary for the management of their insurance. The provision established in the previous paragraph will not be applicable in the cases of lapsed life policies that have been rehabilitated with the intervention of the new intermediary.

Article 29. Retention of commissions.- In case of suspension of the authorization of an insurance intermediary, insurance companies must retain the payment of the commissions due to them while the cause or reason that gave rise to the suspension is not overcome, at the discretion of the Superintendent. Insurance companies must restore the payment of retained commissions once they receive communication from the Superintendence indicating the cessation of the suspension.
Article 30. Right of the insured or contractor.- The insurance company must respect at all times the freedom of its clients to choose both the insurance company, and the intermediary if applicable. Nor can it limit the freedom the contractor has to revoke at any time the designation of the intermediary they have disposed of, which must be made effective from the moment the insured and/or contractor, as the case may be, notifies such decision in writing to the insurer.
CHAPTER XI
REPORTS
Article 31. Reports of insurance intermediaries.- Individual brokers, insurance agencies and brokerage companies must send the following reports to the Superintendent:
a) Monthly:
1) Financial Statements signed by the legal representative or individual broker as the case may be and their accountant (Balance Sheet, Income Statement and annexes);
2) Premium Report with the distribution by type of insurance branch provided for in Article 66 of the General Insurance Law; and by the contracted insurance company, according to the format contained in Annex 5 of this norm, which is an integral part of it.
This Report must be expressed in cordobas and/or dollars, according to the currency of the operation and; it must reflect a consolidated report containing the premium volume in cordobas and the premium volume in dollars cordobized according to the official exchange rate of the last day of the month. These reports must be signed by the legal representative or individual broker as the case may be.
3) Report of Commissions earned by type of insurance branch as established in Article 66 of the General Insurance Law; and by the contracted insurance company, according to the format contained in Annex 6 of this norm, which is an integral part of it.
This Report must be expressed in cordobas and/or dollars, according to the currency of the operation and; it must reflect a consolidated report containing the commissions earned in cordobas and those earned in dollars, cordobized according to the official exchange rate of the last day of the month. These reports must be signed by the legal representative or individual broker as the case may be;
4) Report of sums insured intermediated with the distribution by type of insurance branch provided for in Article 66 of the General Insurance Law; and by the contracted insurance company, according to the format contained in Annex 7 of this norm, which is an integral part of it.
This Report must be expressed in cordobas and/or dollars, according to the currency of the operation and; it must reflect a consolidated report containing the sums insured in cordobas and the sums insured in dollars, cordobized according to the official exchange rate of the last day of the month. These reports must be signed by the legal representative or individual broker as the case may be. The reports required above must be presented cumulatively from January 1 to December 31 of the corresponding period. b) Annual:
Balance Sheet and Income Statement, signed by the legal representative or individual broker and certified by an authorized public accountant, corresponding to the period from January 1 to December 31; c) Any other report that the Superintendent indicates to them through circulars. The reports required in this article must be sent to the Superintendence no later than the fifteenth day of the month following the report cutoff date.
CHAPTER XII
SUPERVISION ASPECTS
Article 32. Supervision of insurance intermediaries.- Insurance intermediaries are subject to the supervision of the Superintendence and must keep available for it the documents that support their operations, so that any inspection can be carried out without prior notice to the supervised. All information required by the Superintendent must be attended to without claiming any reserve.
Article 33. Permanent presence of trained personnel.- Insurance agencies, brokerage companies and individual brokers must have in their offices the permanent presence of, at least, one person who has basic knowledge of their operations, in such a way, that they can attend both to clients, as well as to the Superintendence in their supervision activities, as established in the previous article. Non-compliance with this provision will be understood as obstruction to the functions and attributions of the Superintendence and will subject them to sanctions according to the General Insurance Law and this norm.
Article 34. Verification of information.- The Superintendence is empowered to verify the information provided by its supervised or require them the information or complementary documentation they consider pertinent.
Article 35. Disclosure of intermediaries.- The Superintendence will disclose through the means they consider pertinent and with the periodicity they deem convenient, the list of brokerage companies, insurance agencies and individual brokers registered in the Registry; as well as, those intermediaries who have been suspended or cancelled in the exercise of their activities, detailing, at least, their name or trade name, legal representative, email address, address, phone number, number and date of resolution.
CHAPTER XIII
INDEPENDENT OFFICES AND BRANCHES
Article 36. Independent offices.- Brokerage companies and individual brokers must have independent offices that provide the necessary conditions to attend to their clients. Such offices cannot be located in the offices owned by any of the authorized insurance companies, nor share with them, equipment, systems and client files.
Article 37. Branches of intermediaries.- Brokerage companies and insurance agencies may establish branches anywhere in the national territory, provided that these premises have the necessary conditions to attend to their clients. Likewise, among the personnel working in these offices, there must be authorized subagents for insurance intermediation.
The operations of these branches will be limited to the insurance branches authorized to the subagents who will work in them.

The opening and closing of branches must be communicated at least thirty (30) days in advance to the Superintendent, informing about the personnel who will work in these offices, as well as their location, phone numbers, facsimile, email address or other relevant data. The Superintendence may verify in situ if these offices provide the necessary conditions to operate.
CHAPTER XIV
INFRACTIONS AND SANCTIONS
Article 38. Infractions of insurance intermediaries.-
The infractions committed by insurance intermediaries will be classified as minor, moderate and serious. a) Minor infractions constitute:
1) Not sending to the Superintendent the reports required in Article 31 of this norm, with the periodicity indicated in said article;
2) Sending incorrectly or incompletely the reports referred to in Article 31 of this norm;
3) Presenting Financial Statements without being certified by an Authorized Public Accountant;
4) Not having an internal control manual adjusted to their operations or, having it, not applying it;
5) Repealed;
6) Not having their accounting up to date (Financial Statements, Register in Books, etc.);
7) Not having provisional receipts for the payment of premiums of their clients or, having them, not using them; and
8) Any other infractions of equal or similar gravity that are committed to the legal, regulatory and other provisions applicable to them, as well as, instructions of the Superintendent.
b) Moderate infractions constitute:
2 Art. 38, reformed on March 25, 2026 – Resolution CDMF-XII-5-26

1) Reincidence in the commission of minor infractions;
2) Paying insurance premiums with funds from the intermediary;
3) Not presenting or hiding information required by the Superintendent;
4) Having their surety bond or insurance policy expired or for an amount lower than required in Articles 23 and 24 of this norm, and continuing to exercise intermediation activities;
5) Intermediating insurance through unauthorized persons; and
6) Any other infractions of equal or similar gravity that are committed to the legal, regulatory and other provisions applicable to them, as well as, instructions of the Superintendent.
c) Serious infractions constitute:
1) Reincidence in the commission of moderate infractions;
2) Carrying out intermediation operations with their authorization expired;
3) Intermediating products not authorized by the Superintendence to insurance companies operating in the country.
4) Not delivering to insurance companies within a maximum term of 3 days the checks issued by clients in concept of premiums, or the filled and signed slips by these, when they opt to pay with credit card;
5) Receiving cash from clients in concept of premiums, except for the established exceptions;
6) Providing the Superintendent with documents or reports that do not correspond to their true situation;
7) Intermediating insurance policies in branches not authorized to the intermediary;
8) Intermediating insurance contracts from insurance companies not authorized to operate in the country;
9) Carrying out intermediation management of reinsurance, representation of

insurance intermediaries of foreign representation of reinsurance companies or of adjustment or appraisal companies;
10) To exercise the representation of foreign insurance companies;
11) To obstruct and/or impede the supervision activities, in situ or extra situ, of the Superintendence; and
12) Any other infractions of equal or similar gravity committed against the legal, regulatory, and other provisions applicable to them, as well as instructions from the Superintendent.
Article 38 bis. Infractions of insurance intermediaries in matters of AML/CFT/CPF.-
As indicated in Article 148 of Law No. 1232, Law on the Administration of the Monetary and Financial System, with respect to the prevention of money laundering, goods or assets laundering, terrorist financing, and financing of the proliferation of weapons of mass destruction, insurance intermediaries shall be sanctioned by the Superintendent for each of the infractions they commit against the legal and regulatory obligations in this matter, in accordance with the following:
Minor Infractions:
1) When the AML/CFT/CPF training program is inadequate or inconsistent in relation to the complexity, size, or risk profile of the Intermediary; or said program is executed deficiently.
2) To send outside the established deadline the Monthly Cash Transaction Reports (CTR) that must be submitted in accordance with the regulatory provisions established by the SIBOIF and the UIF.
3) To send outside the established deadline or not send the monthly communication of no cash transactions to report to the SIBOIF and/or Report of Absence of Information of Interest (RAII) to the UIF, in accordance with the regulatory provisions issued by these authorities.
Moderate Infractions:
3 Art. 38 bis, added on March 25, 2026 – Resolution CDMF-XII-5-26

1) The AML/CFT Program presents material or significant deficiencies, both in its content, as well as in its execution or management and/or its implementation is deficient or increases the risk profile of the Intermediary.
2) When the Internal Policies and Procedures Manual for the prevention of ML/TF/CPF risks exists, this:
i. Is not updated in accordance with the latest changes made to the laws and regulations in this matter and duly approved by the board of directors of the brokerage company or, in its case, by the Individual Broker.
ii. Is inadequate or inconsistent with respect to the complexity of its financial products and services, service technology and business or its risk profile.
iii. Does not contain a CDD Policy that is consistent with those applied by the Insurance and/or Reinsurance companies with which it is linked.
iv. Does not include policies on the filing, backup, safeguarding, custody, maintenance, conservation, and access to records, files, files, transactions, and other data, which, in accordance with the laws and regulations in this matter, are subject to retention, either physically or electronically, or that, if they exist, are inadequate or deficient, or are being applied deficiently.
v. Does not include procedures for the monitoring and detection of ML/TF/CPF alerts, through transactions carried out by the Intermediary, or well, that if these procedures exist, they are inadequate or deficient, or are being applied deficiently.
vi. Does not include procedures for the detection, analysis, scrutiny, documentation, escalation, and decision to report or not, of activities and operations or transactions unusual qualified as suspicious of constituting money laundering and/or terrorist financing or financing of the proliferation to the competent authority, or well, that, if these procedures exist, they are inadequate or deficient, or are being applied deficiently; or the tools used for the monitoring of the intermediary's transactions are not in accordance with the complexity and volume of its insurance operations.
3) The physical or electronic documentation regarding identification, verification measures, and customer and/or final beneficiary knowledge, is incomplete or inappropriate in accordance with the minimum requirements of the laws and regulations in this matter and/or that its "Know Your Customer" policies denote an inadequate or deficient realization of the Due Diligence of customer and Final Beneficiary knowledge.
4) To send incomplete or inaccurate the Monthly Cash Transaction Reports (CTR) that must be submitted in accordance with the laws and regulations in this matter, instructions of the Superintendent, and others applicable to them.
5) To notify late to SIBOIF and the UIF, about the non-realization of reportable cash transactions, which must be informed within the legal deadline and through a negative communication note, in accordance with the laws and regulations in this matter, instructions of the Superintendent, and others applicable to them.
6) That the financial, human, technological, and material resources assigned by the Intermediary for the execution of the AML/CFT Program are not in accordance with the volume, complexity of its financial products and services, service technology and business or its risk profile.
7) That it does not have a formal AML/CFT training program, with its corresponding budget allocation for its execution in accordance with its volume of operations and personnel.
Serious Infractions:
1) Not to attend the trainings to which they are summoned by the Insurance and/or Reinsurance companies with which they have business links.
2) Not to send the Monthly Cash Transaction Reports (CTR) or not to send to SIBOIF the negative communication of non-existence of reportable cash transactions for the month or, to the UIF the Reports of Absence of Information of Interest (RAII), which must be submitted in accordance with the applicable laws and regulations in this matter when there are no transactions that meet the threshold.
3) Not to have an AML/CFT Program with its respective Internal Policies and Procedures Manual of AML/CFT or not to be updated in accordance with the laws and regulations in this matter.
4) When the intermediary does not comply with the obligation to report to the competent authority according to the law in this matter, the unusual operations or transactions that are suspected of constituting the crime of money laundering and/or terrorist financing and/or financing of the proliferation of weapons of mass destruction. The maximum of this sanction will be applied when an ostensibly suspicious operation is not reported.
5) When the director, manager, official, or any other employee of the intermediary divulges or informs the client that their transaction is being analyzed or considered for a possible Suspicious Activity Report (SAR) or informs them that such report was filed.
In the case of serious infractions or their recurrence, the Superintendent may additionally order the permanent removal from office of the offender or the cancellation of the authorization to operate.
Article 39. Causes for suspension of authorization.- The Superintendent may suspend the authorization of an insurance intermediary for incurring in any of the following causes:
a) To cede, totally or partially, their commission to the insured, policyholders, or persons not registered to act as intermediaries for the obtaining of own benefit; b) To fail to comply with the obligation established in numeral 10) of Article 119 of the General Insurance Law; c) To fail to comply with the obligations contained in letters a), e), f), j), m) and r) of Article 21 of this Norm; d) To repeatedly fail to comply with the provisions established in the General Insurance Law and in this norm; e) To mediate insurance policies not authorized to the insurance companies operating in the country. f) To demand from the applicant, policyholder, or beneficiary any consideration that is not legally justified, even if it has not been received; g) To operate with bond or insurance policy expired or with an amount lower than required in articles 23 and 24 of this norm; and h) For any other cause that, in its gravity, in the judgment of the Superintendent, merits the suspension of the authorization of the insurance intermediary.

The suspended authorizations of insurance intermediaries will be noted in the Registry kept for such effect by the Superintendence.
Article 40. Causes for revocation of authorization.- The Superintendent may revoke the authorization of an insurance intermediary when incurring in any of the following causes:
a) For having been suspended on two occasions, according to the causes established in Article 39 of this norm; b) For identifying itself before the applicant, policyholder, or insured as an insurer, or for making use of qualities or attributions that have not been authorized; c) For providing the Superintendent in the authorization request or update to act as an intermediary, documents or reports that do not correspond to their true situation; d) For providing misleading or inaccurate information to the insurance companies about the applicant, policyholder, or insured, or about the nature of the risk they intend to assume or have assumed; e) For offering conditions or coverages not included in the insurance plans and policies; f) For failing to comply with the functions and duties established in numerals 1), 2), 4), 5), 7), 8) and 9) of Article 119 of the General Insurance Law; g) For forging signatures or altering the content of insurance applications, medical exams, or any document related to insurance contracts, prior report that the interested party sends regarding this; h) For offering or placing insurance contracts of insurance companies not authorized to operate in the country; i) For having annual placed premiums lower than the minimum amounts required in this norm, in accordance with the authorized lines of insurance; j) In the case of subagents, for not having a valid contractual relationship that allows them to exercise their activity;

k) For carrying out, directly or indirectly, reinsurance intermediation management, of representation of foreign insurance intermediaries, of representation of reinsurance companies, of adjustment companies, or of appraisal companies; or to be a partner, member of the board of directors or general manager or principal executive of said companies; l) To exercise the representation of foreign insurance companies; and m) For any other cause that, in its gravity, in the judgment of the Superintendent, merits the revocation of the authorization to operate as insurance intermediaries. The revoked authorizations of insurance intermediaries will be noted in the Registry kept for such effect by the Superintendence.
Article 41. Sanctions applicable to insurance intermediaries.-
4 According to what is established in Article 148 of Law No. 1232, "Law on the Administration of the Monetary and Financial System", published in La Gaceta, Official Journal No. 241, of December 30, 2024, for the infractions in which insurance intermediaries incur, the Superintendent may impose the following sanctions:
a) Admonition; b) Monetary sanctions:
1) For minor infractions: Between zero with one hundredth (0.01) and ten (10) units of fine;
2) For moderate infractions: Between between ten with one hundredth (10.01) and fifty (50) units of fine; and
3) For serious infractions: Between fifty with one hundredth (50.01) and one hundred (100) units of fine.
c) Suspension of the authorization for a period of between one (1) to six (6) months; and d) Revocation of the authorization.
The decision to suspend or revoke the authorization of an insurance intermediary will be taken by the Superintendent following the procedure established in the part in fine of Article 167 of the General Insurance Law. 4 Art. 41, reformed on March 25, 2026 – Resolution CDMF-XII-5-26

Article 42. Criteria for the application of sanctions.- According to what is provided in Article 157 of the General Insurance Law, for the application of the corresponding sanctions, the Superintendent will take into consideration the following criteria:
a) The gravity and/or recurrence of the infraction incurred; and b) The antecedents of the insurance intermediary in the provision of services.
CHAPTER XV
FINAL PROVISIONS
Article 43. Change of legal representative.- The brokerage company and/or insurance agency may request the Superintendent the change of its legal representative expressing the reasons that motivate such change, attaching the certification of the board of directors' minutes corresponding to the session in which such decision was adopted. Likewise, they must comply with the other requirements established in this norm.
Article 44. Modification of annexes.- The Superintendent is authorized to update the annexes of this norm to the extent that its application so requires; in which case, it must inform the Board of Directors of the Superintendence about such updates.
Article 45. Transitional.- The following transitional provisions are established:
a) Insurance intermediaries currently operating will maintain their quality of authorized and registered in the Registry kept for such effect by the Superintendence. Once the authorization to operate expires, they may request its update complying with the requirements for such effect established in Article 16 of this norm; b) Insurance intermediaries currently operating, whose authorization has an expiration date equal to or less than one year counted from the entry into force of this norm, may certify only thirty (30) academic hours of training in insurance matters to request the update of their authorization, without prejudice to complying with the other requirements established in Article 16 of these provisions; c) Insurance intermediaries whose bond or insurance policy is below the minimum amount established in the "Table of Ranges of Annual Premiums and Bonded Amount" contained in Annex 8 of this norm, must adjust it within the deadline of one hundred eighty (180) days counted from the entry into force of the same; likewise, they must modify the expiration date of the bonds to February 28 of the following year to the approval of this norm; d) Brokerage companies and individual brokers that on the date of entry into force of this norm do not have independent offices according to what is provided in Article 36 of the same, have a deadline of forty-five (45) days to comply with this and with any other operational requirement provided in the norm; and e) Authorization requests presented before the entry into force of this norm, will continue to be processed in accordance with the requirements established in the Regulatory Norms for the Authorization of Insurance Intermediaries and the Exercise of their Intermediation Functions, contained in Resolution SIB-OIF-IV-26-96, of date November 22, 1996. The Superintendent is authorized to extend the aforementioned deadlines, at the request of a duly justified party, must inform the Board of Directors of such extensions.
Article 46. Repeal.- The Regulatory Norms for the Authorization of Insurance Intermediaries and the Exercise of their Intermediation Functions, contained in Resolution SIB-OIF-IV-26-96, of date November 22, 1996 and its reforms contained in Resolution No. CD-SIBOIF-347-1-MAR18-2005, of date March 18, 2005, published in La Gaceta, Official Journal No. 72, of April 14, 2005, are repealed.
Article 47. Validity.- This Norm will enter into force from its publication in La Gaceta, Official Journal.
ANNEX 1
AUTHORIZATION APPLICATION FORM

FIRST AND LAST NAMES:_________________________________________________________________
DATE AND PLACE OF BIRTH:_______________________________________________________________
SEX: MALE ( ) FEMALE ( )
MARITAL STATUS: MARRIED ( ) SINGLE ( )
NATIONALITY:___________________________________________________________________________
IDENTITY CARD NO.:______________________________________________________________________
RESIDENCE CARD NO.:_____________________________________________________________________
RUC CARD NO.: __________________________________________________________________________
ADDRESS: DOMICILIARY _________________________ ELECTRONIC: ___________________________
PHONE: CONVENTIONAL _________________________ MOBILE: ________________________________
ACADEMIC LEVEL: HIGH SCHOOL ( ) TECHNICAL CAREER ( ) BACHELOR'S ( ) MASTER'S OR POST-GRADUATE ( ) OTHER
()
SPECIFY:____________________________________________________________________________
WHAT DO YOU DO CURRENTLY?____________________________________________________________
ARE YOU AN OFFICIAL OR EMPLOYEE OF AN INSURANCE COMPANY, REINSURANCE, BANK, NON-BANKING FINANCIAL INSTITUTION, BROKERAGE COMPANY OR INSURANCE AGENCY?
YES ( ) NO ( ) SPECIFY:____________________________________________________________________
HAVE YOU BEEN AN INSURANCE INTERMEDIARY DURING THE LAST FOUR YEARS? YES ( ) NO ( )
SPECIFY PLACE AND TIME WORKED AND CAUSES FOR WHICH YOU STOPPED WORKING:___________________________
SPECIFY THE LINES FOR WHICH YOU REQUEST TO BE AUTHORIZED TO OPERATE, ACCORDING TO TRAINING
RECEIVED, EXPERIENCE OR FORMATION OF PORTFOLIO: (MARK WITH AN "X") LINES YES NO CERTIFICATE OR DIPLOMA PORTFOLIO INSTITUTION FOR WHICH YOU WORKED LIFE PERSONAL ACCIDENTS HEALTH PROVIDENT ANNUITIES PROPERTY MANDATORY BONDS MICROINSURANCE I declare that all data declared here are real and I submit to the verifications that the Superintendence of Banks and of Other Financial Institutions deems pertinent, as well as, its effects in case of omissions. _________________________________ _________________________________ Signature of the Applicant Signature of the Legal Representative

Note: Attach 2 passport-size photos.
ANNEX 2
REGISTRAR FEES TABLE
Concept
Fee (Equivalent in national currency, according to the official exchange rate)
1) Registration / update of Sub-agent US $75.00
2) Registration / update of Agent US $75.00
3) Registration / update of Agency US $185.00
4) Registration / update of Brokerage US $185.00
5) Registration / update of Individual Brokers US $140.00
6) Cancellation of Registry Entry US $50.00
7) Constancies or certifications US $25.00
8) Replacement of accreditation credential US $10.00
ANNEX 3
INTERMEDIATION SPECIALTIES
Category Code
1) Agent A
2) Sub-agent SA
3) Agency AG
3) Brokerage C
4) Individual Brokers CI
Lines of Insurance Code

Life SV (Life Insurance)
Personal Accidents SAP (Accident Insurance)
Health SS (Health Insurance)
Provident SPR (Provident Insurance)
Annuities SR (Annuity Insurance)
Property SP (Property Insurance)
Mandatory SO (Mandatory Insurance)
Bonds F (Bonds)
Microinsurance MS (Microinsurance)
ANNEX 4
CONTENT OF THE ACCREDITATION CREDENTIAL

a) Name of the intermediary; b) Perpetual code assigned by the Superintendence; c) Number of the authorization resolution; d) R.U.C. Number; e) Date of issue; f) Validity of the authorization, according to the authorization resolution; g) Name of the brokerage company or agency, in the case of the subagent; h) Name of the insurance company, in the case of agents; and i) Authorized lines of insurance to mediate.
ANNEX 5
I. ACCUMULATED PREMIUMS BY INSURANCE COMPANY AND LINES OF EXPLOITATION
Month and Year:
Name of the insurance intermediary:
Currency:
Córdobas
No LINES
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
TOTALS
I LIFE
I.1 Individual Life
I.2 Collective Life
I.3 Debtors Balance
II PERSONAL
ACCIDENTS
II.1 Individual
II.2 Family
II.3 Collective
II.4 School
II.5 Private Transport
II.6 Public Transport

II.7 Personal Accidents for
Travelers
II.8 Collective Personal Accidents for Travelers III HEALTH III.1 Individual Medical Expenses III.2 Family Group Medical Expenses III.3 Collective Medical Expenses IV PROVIDENT INSURANCE IV.1 Labor Accidents V ANNUITIES V.1 Scheduled Annuities V.2 Life Annuities V.3 Pension VI PROPERTY VI.1 Fire VI.2 Allied Lines VI.3 Automobiles VI.4 Transport VI.5 Theft and Burglary VI.6 Maritime VI.7 Aviation VI.8 Glass Breakage VI.9 Agricultural VI.10 Money and Valuables VI.11 All Risks in Construction VI.12 Contractor Equipment VI.13 All Risks of Erection VI.14 Boiler and Machinery VI.15 Breakdown and Machinery VI.16 Bank Insurance VI.17 Electronic Equipment VI.18 Credit VI.19 Assistance Policy VI.20 Title Insurance VI.21 Surety VI.22 Unemployment VI.23 Civil Liability VI.24 Fidelity VI.25 Civil Liability of License VII MANDATORY VII.1 Civ. Resp. Damages to Third Parties (Motor Vehicles) VII.2
Civ. Resp. Damages to Third
Parties (Vehicles with Foreign
License Plate)

VII.3
Insurance of Civ. Resp. of
Personal Accidents of
Transport to Passengers
VII.4 Insurance of Civ. Resp. of
Professional License
VIII BONDS
VIII.1 Bonds of Contractors and
Suppliers
VIII.2 Fiscal Bonds
VIII.3 Professional Bonds
VIII.4 Judicial Bonds
VIII.5 Other Bonds
IX SPECIAL INSURANCE
X MICROINSURANCE
TOTAL
1 PREMIUMS PAID
2 PREMIUMS PENDING TO
COLLECT
TOTAL (1) + (2)
Signature of the
Legal Representative or Individual Broker;
II. ACCUMULATED PREMIUMS BY INSURANCE COMPANY AND LINES OF
EXPLOITATION
Month and Year:
Name of the insurance intermediary:
Currency:
Dollars
No LINES
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
TOTALS
I LIFE
I.1 Individual Life
I.2 Collective Life
I.3 Debtors Balance
II PERSONAL
ACCIDENTS
II.1 Individual
II.2 Family
II.3 Collective
II.4 School
II.5 Private Transport

II.6 Public Transport
II.7 Personal Accidents for
Travelers
II.8 Collective Personal Accidents for Travelers III HEALTH III.1 Individual Medical Expenses III.2 Family Group Medical Expenses III.3 Collective Medical Expenses IV PROVIDENT INSURANCE IV.1 Labor Accidents V ANNUITIES V.1 Scheduled Annuities V.2 Life Annuities V.3 Pension VI PROPERTY VI.1 Fire VI.2 Allied Lines VI.3 Automobiles VI.4 Transport VI.5 Theft and Burglary VI.6 Maritime VI.7 Aviation VI.8 Glass Breakage VI.9 Agricultural VI.10 Money and Valuables VI.11 All Risks in Construction VI.12 Contractor Equipment VI.13 All Risks of Erection VI.14 Boiler and Machinery VI.15 Breakdown and Machinery VI.16 Bank Insurance VI.17 Electronic Equipment VI.18 Credit VI.19 Assistance Policy VI.20 Title Insurance VI.21 Surety VI.22 Unemployment VI.23 Civil Liability VI.24 Fidelity VI.25 Civil Liability of License VII MANDATORY VII.1 Civ. Resp. Damages to Third Parties (Motor Vehicles) VII.2
Civ. Resp. Damages to Third
Parties (Vehicles with Foreign
License Plate)
VII.3
Insurance of Civ. Resp. of
Personal Accidents of
Transport to Passengers
VII.4 Insurance of Civ. Resp. of
Professional License
VIII BONDS
VIII.1 Bonds of Contractors and
Suppliers
VIII.2 Fiscal Bonds
VIII.3 Professional Bonds
VIII.4 Judicial Bonds
VIII.5 Other Bonds
IX SPECIAL INSURANCE
X MICROINSURANCE
TOTAL
1 PREMIUMS PAID
2 PREMIUMS PENDING TO
COLLECT
TOTAL (1) + (2)
Signature of the
Legal Representative or Individual Broker;

II.6 Public Transport
II.7 Personal Accidents for Travelers
II.8 Collective Personal Accidents for Travelers III HEALTH III.1 Individual Medical Expenses III.2 Family Group Medical Expenses III.3 Collective Medical Expenses IV PENSION INSURANCE IV.1 Occupational Accidents V ANNUITIES V.1 Scheduled Annuities V.2 Life Annuities V.3 Pension VI PROPERTY VI.1 Fire VI.2 Allied Lines VI.3 Automobiles VI.4 Transport VI.5 Theft and Larceny VI.6 Marine VI.7 Aviation VI.8 Glass Breakage VI.9 Agricultural VI.10 Money and Securities VI.11 All Risks in Construction VI.12 Contractor Equipment VI.13 All Risks of Erection VI.14 Boiler and Machinery VI.15 Breakdown and Machinery VI.16 Bank Insurance VI.17 Electronic Equipment VI.18 Credit VI.19 Assistance Policy VI.20 Title Insurance VI.21 Surety VI.22 Unemployment VI.23 Civil Liability VI.24 Fidelity VI.25 Civil Liability of License VII MANDATORY VII.1 Civil Liability for Damage to Third Parties (Motor Vehicles) VII.2 Civil Liability for Damage to Third Parties (Vehicles with Foreign License Plates)

Foreign License)
VII.3
Insurance of Civil Liability for
Personal Accidents of
Transport of Passengers
VII.4 Insurance of Civil Liability for
Professional License
VIII SURETIES
VIII.1 Sureties for Contractors and
Suppliers
VIII.2 Fiscal Sureties
VIII.3 Professional Sureties
VIII.4 Judicial Sureties
VIII.5 Other Sureties
IX SPECIAL INSURANCE
X MICROINSURANCE
TOTAL
1 PREMIUMS PAID
2 PREMIUMS PENDING COLLECTION
TOTAL (1) + (2)
Signature of the
Legal Representative or Individual Broker;
III. ACCUMULATED PREMIUMS BY INSURANCE COMPANY AND LINES OF
BUSINESS
Month and Year:
Name of the insurance intermediary:
Currency:
Consolidated
No LINES
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
TOTALS
I LIFE
I.1 Individual Life
I.2 Collective Life
I.3 Balance Debtors
II PERSONAL ACCIDENTS
II.1 Individual
II.2 Family
II.3 Collective
II.4 School

II.5 Private Transport
II.6 Public Transport
II.7 Personal Accidents for
Travelers
II.8 Collective Personal Accidents for Travelers III HEALTH III.1 Individual Medical Expenses III.2 Family Group Medical Expenses III.3 Collective Medical Expenses IV PENSION INSURANCE IV.1 Occupational Accidents V ANNUITIES V.1 Scheduled Annuities V.2 Life Annuities V.3 Pension VI PROPERTY VI.1 Fire VI.2 Allied Lines VI.3 Automobiles VI.4 Transport VI.5 Theft and Larceny VI.6 Marine VI.7 Aviation VI.8 Glass Breakage VI.9 Agricultural VI.10 Money and Securities VI.11 All Risks in Construction VI.12 Contractor Equipment VI.13 All Risks of Erection VI.14 Boiler and Machinery VI.15 Breakdown and Machinery VI.16 Bank Insurance VI.17 Electronic Equipment VI.18 Credit VI.19 Assistance Policy VI.20 Title Insurance VI.21 Surety VI.22 Unemployment VI.23 Civil Liability VI.24 Fidelity VI.25 Civil Liability of License VII MANDATORY VII.1 Civil Liability for Damage to Third Parties (Motor Vehicles)

VII.2
Civil Liability for Damage to Third Parties
(Vehicles with Foreign License
Plates)
VII.3
Insurance of Civil Liability for
Personal Accidents of
Transport of Passengers
VII.4 Insurance of Civil Liability for
Professional License
VIII SURETIES
VIII.1 Sureties for Contractors and
Suppliers
VIII.2 Fiscal Sureties
VIII.3 Professional Sureties
VIII.4 Judicial Sureties
VIII.5 Other Sureties
IX SPECIAL INSURANCE
X MICROINSURANCE
TOTAL
Signature of the
Legal Representative or Individual Broker;
ANNEX 6
I. ACCUMULATED COMMISSIONS BY INSURANCE COMPANY AND LINES OF
BUSINESS
Month and Year:
Name of the insurance intermediary:
Currency:
Córdobas
No LINES
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer TOTALS
I LIFE
I.1 Individual Life
I.2 Collective Life
I.3 Balance Debtors
II
PERSONAL
ACCIDENTS
II.1 Individual
II.2 Family

II.3 Collective
II.4 School
II.5 Private Transport
II.6 Public Transport
II.7
Personal Accidents for
Travelers
II.8
Collective Personal Accidents for Travelers
III HEALTH
III.1 Individual Medical Expenses
III.2 Family Group Medical Expenses
III.3 Collective Medical Expenses
IV
PENSION
INSURANCE
IV.1 Occupational Accidents V ANNUITIES
V.1 Scheduled Annuities
V.2 Life Annuities
V.3 Pension
VI PROPERTY
VI.1 Fire
VI.2 Allied Lines
VI.3 Automobiles
VI.4 Transport
VI.5 Theft and Larceny
VI.6 Marine
VI.7 Aviation
VI.8 Glass Breakage
VI.9 Agricultural
VI.10 Money and Securities
VI.11 All Risks in Construction
VI.12 Contractor Equipment
VI.13 All Risks of Erection
VI.14 Boiler and Machinery
VI.15 Breakdown and Machinery
VI.16 Bank Insurance
VI.17 Electronic Equipment
VI.18 Credit
VI.19 Assistance Policy
VI.20 Title Insurance
VI.21 Surety

VI.22 Unemployment
VI.23 Civil Liability
VI.24 Fidelity
VI.25
Civil Liability of
License
VII MANDATORY
VII.1
Civil Liability for Damage to Third Parties
(Motor Vehicles)
VII.2
Civil Liability for Damage to Third Parties
(Vehicles with Foreign License
Plates)
VII.3
Insurance of Civil Liability for
Personal Accidents of
Transport of Passengers
VII.4
Insurance of Civil Liability for
Professional License
VIII SURETIES
VIII.1
Sureties for Contractors and
Suppliers
VIII.2 Fiscal Sureties
VIII.3 Professional Sureties
VIII.4 Judicial Sureties
VIII.5 Other Sureties
IX SPECIAL INSURANCE
X MICROINSURANCE
TOTAL
Signature of the
Legal Representative or Individual Broker;
II. ACCUMULATED COMMISSIONS BY INSURANCE COMPANY AND LINES OF
BUSINESS
Month and Year:
Name of the insurance intermediary:
Currency:
Dollars
No LINES
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer TOTALS
I LIFE
I.1 Individual Life
I.2 Collective Life

I.3 Balance Debtors
II
PERSONAL
ACCIDENTS
II.1 Individual
II.2 Family
II.3 Collective
II.4 School
II.5 Private Transport
II.6 Public Transport
II.7
Personal Accidents for
Travelers
II.8
Collective Personal Accidents for Travelers
III HEALTH
III.1 Individual Medical Expenses
III.2 Family Group Medical Expenses
III.3 Collective Medical Expenses
IV
PENSION
INSURANCE
IV.1 Occupational Accidents V ANNUITIES
V.1 Scheduled Annuities
V.2 Life Annuities
V.3 Pension
VI PROPERTY
VI.1 Fire
VI.2 Allied Lines
VI.3 Automobiles
VI.4 Transport
VI.5 Theft and Larceny
VI.6 Marine
VI.7 Aviation
VI.8 Glass Breakage
VI.9 Agricultural
VI.10 Money and Securities
VI.11 All Risks in Construction
VI.12 Contractor Equipment
VI.13 All Risks of Erection
VI.14 Boiler and Machinery
VI.15 Breakdown and Machinery
VI.16 Bank Insurance

VI.17 Electronic Equipment
VI.18 Credit
VI.19 Assistance Policy
VI.20 Title Insurance
VI.21 Surety
VI.22 Unemployment
VI.23 Civil Liability
VI.24 Fidelity
VI.25
Civil Liability of
License
VII MANDATORY
VII.1
Civil Liability for Damage to Third Parties
(Motor Vehicles)
VII.2
Civil Liability for Damage to Third Parties
(Vehicles with Foreign License
Plates)
VII.3
Insurance of Civil Liability for
Personal Accidents of
Transport of Passengers
VII.4
Insurance of Civil Liability for
Professional License
VIII SURETIES
VIII.1
Sureties for Contractors and
Suppliers
VIII.2 Fiscal Sureties
VIII.3 Professional Sureties
VIII.4 Judicial Sureties
VIII.5 Other Sureties
IX SPECIAL INSURANCE
X MICROINSURANCE
TOTAL
Signature of the
Legal Representative or Individual Broker;
III. ACCUMULATED COMMISSIONS BY INSURANCE COMPANY AND LINES OF
BUSINESS
Month and Year:
Name of the insurance intermediary:
Currency:
Consolidated
No LINES
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer TOTALS
I LIFE

I.1 Individual Life
I.2 Collective Life
I.3 Balance Debtors
II
PERSONAL
ACCIDENTS
II.1 Individual
II.2 Family
II.3 Collective
II.4 School
II.5 Private Transport
II.6 Public Transport
II.7
Personal Accidents for
Travelers
II.8
Collective Personal Accidents for Travelers
III HEALTH
III.1 Individual Medical Expenses
III.2 Family Group Medical Expenses
III.3 Collective Medical Expenses
IV
PENSION
INSURANCE
IV.1 Occupational Accidents V ANNUITIES
V.1 Scheduled Annuities
V.2 Life Annuities
V.3 Pension
VI PROPERTY
VI.1 Fire
VI.2 Allied Lines
VI.3 Automobiles
VI.4 Transport
VI.5 Theft and Larceny
VI.6 Marine
VI.7 Aviation
VI.8 Glass Breakage
VI.9 Agricultural
VI.10 Money and Securities
VI.11 All Risks in Construction
VI.12 Contractor Equipment
VI.13 All Risks of Erection
VI.14 Boiler and Machinery

VI.15 Breakdown and Machinery
VI.16 Bank Insurance
VI.17 Electronic Equipment
VI.18 Credit
VI.19 Assistance Policy
VI.20 Title Insurance
VI.21 Surety
VI.22 Unemployment
VI.23 Civil Liability
VI.24 Fidelity
VI.25
Civil Liability of
License
VII MANDATORY
VII.1
Civil Liability for Damage to Third Parties
(Motor Vehicles)
VII.2
Civil Liability for Damage to Third Parties
(Vehicles with Foreign License
Plates)
VII.3
Insurance of Civil Liability for
Personal Accidents of
Transport of Passengers
VII.4
Insurance of Civil Liability for
Professional License
VIII SURETIES
VIII.1
Sureties for Contractors and
Suppliers
VIII.2 Fiscal Sureties
VIII.3 Professional Sureties
VIII.4 Judicial Sureties
VIII.5 Other Sureties
IX SPECIAL INSURANCE
X MICROINSURANCE
TOTAL
Signature of the
Legal Representative or Individual Broker;
ANNEX 7
I. INSURED SUMS BY INSURANCE COMPANY AND LINES OF
BUSINESS
Month and Year:

Name of the insurance intermediary:
Currency:
Córdobas
No LINES
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer TOTALS
I LIFE
I.1 Individual Life
I.2 Collective Life
I.3 Balance Debtors
II
PERSONAL
ACCIDENTS
II.1 Individual
II.2 Family
II.3 Collective
II.4 School
II.5 Private Transport
II.6 Public Transport
II.7
Personal Accidents for
Travelers
II.8
Collective Personal Accidents for Travelers
III HEALTH
III.1 Individual Medical Expenses
III.2 Family Group Medical Expenses
III.3 Collective Medical Expenses
IV
PENSION
INSURANCE
IV.1 Occupational Accidents
V ANNUITIES
V.1 Scheduled Annuities
V.2 Life Annuities
V.3 Pension
VI PROPERTY
VI.1 Fire
VI.2 Allied Lines
VI.3 Automobiles
VI.4 Transport
VI.5 Theft and Larceny
VI.6 Marine
VI.7 Aviation
VI.8 Glass Breakage
VI.9 Agricultural

VI.10 Money and Securities
VI.11 All Risks in Construction
VI.12 Contractor Equipment
VI.13 All Risks of Erection
VI.14 Boiler and Machinery
VI.15 Breakdown and Machinery
VI.16 Bank Insurance
VI.17 Electronic Equipment
VI.18 Credit
VI.19 Assistance Policy
VI.20 Title Insurance
VI.21 Surety
VI.22 Unemployment
VI.23 Civil Liability
VI.24 Fidelity
VI.25
Civil Liability of
License
VII MANDATORY
VII.1
Civil Liability for Damage to Third Parties
(Motor Vehicles)
VII.2
Civil Liability for Damage to Third Parties
(Vehicles with Foreign License
Plates)
VII.3
Insurance of Civil Liability for
Personal Accidents of
Transport of Passengers
VII.4
Insurance of Civil Liability for
Professional License
VIII SURETIES
VIII.1
Sureties for Contractors and
Suppliers
VIII.2 Fiscal Sureties
VIII.3 Professional Sureties
VIII.4 Judicial Sureties
VIII.5 Other Sureties
IX SPECIAL INSURANCE X MICROINSURANCE
TOTAL
Signature of the
Legal Representative or Individual Broker;

II. INSURED SUMS BY INSURANCE COMPANY AND LINES OF
BUSINESS
Month and Year:
Name of the insurance intermediary:
Currency:
Dollars
No LINES
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer TOTALS
I LIFE
I.1 Individual Life
I.2 Collective Life
I.3 Balance Debtors
II
PERSONAL
ACCIDENTS
II.1 Individual
II.2 Family
II.3 Collective
II.4 School
II.5 Private Transport
II.6 Public Transport
II.7
Personal Accidents for
Travelers
II.8
Collective Personal Accidents for Travelers
III HEALTH
III.1 Individual Medical Expenses
III.2 Family Group Medical Expenses
III.3 Collective Medical Expenses
IV
PENSION
INSURANCE
IV.1 Occupational Accidents
V ANNUITIES
V.1 Scheduled Annuities
V.2 Life Annuities
V.3 Pension
VI PROPERTY
VI.1 Fire
VI.2 Allied Lines
VI.3 Automobiles
VI.4 Transport

VI.5 Theft and Larceny
VI.6 Marine
VI.7 Aviation
VI.8 Glass Breakage
VI.9 Agricultural
VI.10 Money and Securities
VI.11 All Risks in Construction
VI.12 Contractor Equipment
VI.13 All Risks of Erection
VI.14 Boiler and Machinery
VI.15 Breakdown and Machinery
VI.16 Bank Insurance
VI.17 Electronic Equipment
VI.18 Credit
VI.19 Assistance Policy
VI.20 Title Insurance
VI.21 Surety
VI.22 Unemployment
VI.23 Civil Liability
VI.24 Fidelity
VI.25
Civil Liability of
License
VII MANDATORY
VII.1
Civil Liability for Damage to Third Parties
(Motor Vehicles)
VII.2
Civil Liability for Damage to Third Parties
(Vehicles with Foreign License
Plates)
VII.3
Insurance of Civil Liability for
Personal Accidents of
Transport of Passengers
VII.4
Insurance of Civil Liability for
Professional License
VIII SURETIES
VIII.1
Sureties for Contractors and
Suppliers
VIII.2 Fiscal Sureties
VIII.3 Professional Sureties
VIII.4 Judicial Sureties
VIII.5 Other Sureties
IX SPECIAL INSURANCE X MICROINSURANCE
TOTAL

Signature of the
Legal Representative or Individual Broker;
III. INSURED SUMS BY INSURANCE COMPANY AND LINES OF
BUSINESS
Month and Year:
Name of the insurance intermediary:
Currency:
Consolidated
No LINES
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer
Name of the
Insurer TOTALS
I LIFE
I.1 Individual Life
I.2 Collective Life
I.3 Balance Debtors
II
PERSONAL
ACCIDENTS
II.1 Individual
II.2 Family
II.3 Collective
II.4 School
II.5 Private Transport
II.6 Public Transport
II.7
Personal Accidents for
Travelers
II.8
Collective Personal Accidents for Travelers
III HEALTH
III.1 Individual Medical Expenses
III.2 Family Group Medical Expenses
III.3 Collective Medical Expenses
IV
PENSION
INSURANCE
IV.1 Occupational Accidents
V ANNUITIES
V.1 Scheduled Annuities
V.2 Life Annuities
V.3 Pension
VI PROPERTY

VI.1 Fire
VI.2 Allied Lines
VI.3 Automobiles
VI.4 Transport
VI.5 Theft and Larceny
VI.6 Marine
VI.7 Aviation
VI.8 Glass Breakage
VI.9 Agricultural
VI.10 Money and Securities
VI.11 All Risks in Construction
VI.12 Contractor Equipment
VI.13 All Risks of Erection
VI.14 Boiler and Machinery
VI.15 Breakdown and Machinery
VI.16 Bank Insurance
VI.17 Electronic Equipment
VI.18 Credit
VI.19 Assistance Policy
VI.20 Title Insurance
VI.21 Surety
VI.22 Unemployment
VI.23 Civil Liability
VI.24 Fidelity
VI.25
Civil Liability of
License
VII MANDATORY
VII.1
Civil Liability for Damage to Third Parties
(Motor Vehicles)
VII.2
Civil Liability for Damage to Third Parties
(Vehicles with Foreign License
Plates)
VII.3
Insurance of Civil Liability for
Personal Accidents of
Transport of Passengers
VII.4
Insurance of Civil Liability for
Professional License
VIII SURETIES
VIII.1
Sureties for Contractors and
Suppliers
VIII.2 Fiscal Sureties
VIII.3 Professional Sureties
VIII.4 Judicial Sureties
VIII.5 Other Sureties

IX SPECIAL INSURANCE
X MICROINSURANCE
TOTAL
Signature of the
Legal Representative or Individual Broker;
ANNEX 8
Table of Annual Premium Ranges and Bonded Amount
ANNUAL PREMIUM U$ BONDED AMOUNT U$
1 - 45,000.00 5,000.00
45,001.00 - 280,000.00 7,000.00
280,001.00 - 450,000.00 11,500.00
450,001.00 - 650,000.00 18,000.00
650,001.00 - 875,000.00 25,500.00
875,001.00 - 1,300,000.00 33,500.00
1,300,001.00 - 1,750,000.00 50,000.00
1,750,001.00 - 2,200,000.00 67,000.00
2,200,001.00 - 3,000,000.00 85,000.00
3,000,001.00 - 4,000,000.00 115,000.00
4,000,001.00 - 6,000,000.00 165,000.00
6,000,001.00 - 8,000,000.00 214,500.00
8,000,001.00 - 10,000,000.00 235,000.00
10,000,001.00 and More 250,000.00
(f) illegible (Alberto Guevara Obregón) (f) V. Urcuyo V. (f) Gabriel Pasos Lacayo (f) Fausto Reyes (f) illegible (Silvio M. Casco Marenco) (f) U. Cerna B. Secretary. URIEL CERNA BARQUERO Secretary of the Board of Directors SIBOIF

Lineage: Amended

Timeline

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