Regulatory Alerts2001-02-09 | CD-SIB-146-2-FEB9-2001Added · Updated
Norm on Insurance Intermediation Departments in Banks
Financial entities are authorized to offer insurance contracting services linked to their own operations, provided they respect the client's freedom to choose their insurer or intermediary. Banks are prohibited from conditioning credit operations on the client's choice of insurance provider and must display a visible notice informing clients of this freedom. Banks may establish an insurance brokerage or advisory department if they have no significant links to an insurance company, with non-compliance subject to fines of 2,000 to 100,000 córdobas.