Regulatory Alerts2017-11-07 | CD-SIBOIF-1025-1-NOV7-2017Added · Updated
Norm for the Marketing of Mass Insurance
The Board of Directors of the Superintendent of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-1025-1-NOV7-2017 to regulate the marketing of mass insurance by legal entities. The norm establishes requirements for insurers to contract marketers, mandates registration in a Superintendent registry, and defines mass insurance as standardized products with simplified conditions. It imposes specific obligations on marketers, including a mandatory surety bond with a minimum coverage of US$250,000 and a prohibition on conditioning sales or charging additional fees.