Regulatory Alerts2015-06-02 | CD-SIBOIF-892-1-JUN2-2015Added · Updated
Norm on Micro Insurance
The Superintendence of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-892-1-JUN2-2015 to regulate the commercialization of micro insurance products by insurance companies. The norm mandates that policy models receive authorization from the Superintendent, requiring a maximum sum insured of US$10,000, simplified language, minimal exclusions, and specific minimum content disclosures. Insurance companies are required to submit quarterly statistical reports on their micro insurance operations and have three months from the publication date to adjust existing products to these new requirements.
Topics
Share