Regulatory Alerts2016-03-18 | CD-SIBOIF-934-2-MAR18-2016Added · Updated
Norm for the Preparation of Technical Notes and Actuarial Studies
The Board of Directors of the Superintendent of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-934-2-MAR18-2016, establishing mandatory requirements for insurance companies and registered actuaries to prepare technical notes and actuarial studies. The norm mandates that tariff premiums and technical notes require prior authorization from the Superintendent and must be certified by a registered actuary, detailing specific components such as pure risk premiums, safety margins, profit margins, and reserve calculations. It further requires periodic reviews of premiums, triggering mandatory resubmission if the combined ratio exceeds 100% for three consecutive years, and sets strict content standards for actuarial studies to ensure financial solvency and transparency.