Norm on Pre-printed or Electronically Printed Signatures in Documents Containing Financial Operations or Services

Resolution No. CD-SIBOIF-1317-1-JUN14-2022
Dated June 14, 2022

NORM ON PRE-PRINTED OR ELECTRONICALLY PRINTED SIGNATURES IN DOCUMENTS CONTAINING FINANCIAL OPERATIONS OR SERVICES

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

CONSIDERING

I

That Article 53 of Law No. 561, "General Law of Banks, Non-Banking Financial Institutions and Financial Groups" (LGB), contained in the Nicaraguan Legal Digest of the Subject of Banking and Finance, published in La Gaceta, Official Journal No. 164, of August 27, 2018, and its updates (Legal Digest Law), establishes that banks may grant credits in general, empowering the Board of Directors of the Superintendence of Banks and Other Financial Institutions (Board of Directors) to issue general norms regarding the execution of these operations.

II

That Article 120 of the LGB establishes that banks are authorized to incorporate computerized, electronic, microfilming, or any other systems into their banking operations and services, with the Board of Directors empowered to regulate in this matter.

III

That Article 5, items 1 and 3, of Law No. 733, "General Law of Insurance, Reinsurance and Sureties," contained in the aforementioned Legal Digest Law, establishes that the Superintendence of Banks and Other Financial Institutions shall have among its powers the regulation of the insurance activity, so that this industry is dynamic, transparent, and organized, contributing to the establishment of a modern and efficient insurance system.

IV

That Article 1 of Law No. 515, "Law on Promotion and Regulation of the Use of Credit Cards," contained in the aforementioned Legal Digest Law, establishes that the Superintendence of Banks and Other Financial Institutions shall be the body in charge of the regulation and supervision of credit card issuers with respect to what is established in this Law. Likewise, Articles 2, 14, and 16 of the aforementioned Law empower the Board of Directors of the Superintendence to issue the necessary norms for the correct application of the Law.

V

That it is necessary to authorize banks, financial societies, non-banking credit card issuers, and insurance societies to use in the documents referred to in this norm, the pre-printed or electronically printed signature of their legal representative or of the person previously authorized for such effect.

In exercise of its powers,

HAS ISSUED

The following,

CD-SIBOIF-1317-1-JUN14-2022

NORM ON PRE-PRINTED OR ELECTRONICALLY PRINTED SIGNATURES IN DOCUMENTS CONTAINING FINANCIAL OPERATIONS OR SERVICES

CHAPTER I
OBJECT AND SCOPE

Article 1. Object.- This norm aims to authorize banks, financial societies, non-banking credit card issuers referred to in Law No. 515, "Law on Promotion and Regulation of the Use of Credit Cards," and the regulations governing the matter for credit card operations, and insurance societies, prior to compliance with formal requirements and internal controls, to use the pre-printed or electronically printed signature of the legal representative of the institution or of the person previously authorized for such effect, in the documents referred to in this norm, in order to expedite customer service and the commercialization of mass-placement products.

Article 2. Scope.- The provisions of this norm are applicable to banks, financial societies, non-banking credit card issuers referred to in the aforementioned Law No. 515 and the regulations governing the matter for credit card operations, and insurance societies, which for the purposes of this norm shall be known as financial institutions.

CHAPTER II
INTERNAL CONTROLS

Article 3. Form of printing.- The signature of the legal representative of the financial institution or of the person previously authorized for such purpose, may be pre-printed in the process of preparing the form used for the issuance of the documents referred to in this norm, or electronically printed in the process of preparing the same.

Article 4. Controls.- For the use of the pre-printed signature in any of the modalities indicated in the previous article, the financial institution must implement the necessary security measures and internal controls to avoid possible forgery or alteration of the documents, complying for these purposes with the provisions of the regulations governing the matter on comprehensive risk management, operational risk, technological risk, and internal control and audit, among others, as applicable, given the industry in which they operate and the type of document to be generated.

Article 5. Approval.- The boards of directors of the financial institutions must approve the procedures for pre-printed or electronically printed signatures and, consequently, the recognition of the use and validity of pre-printed or electronically printed signatures in the documents referred to in this norm.

CHAPTER III
DOCUMENTS TO WHICH THE PRE-PRINTED OR ELECTRONICALLY PRINTED SIGNATURE APPLIES

Article 6. Classification.- The pre-printed or electronically printed signature may only be used for the following documents:

a) Personal credit contracts in which no real guarantees are agreed upon, including operations with credit cards; b) Bank account contracts (savings and checking); c) Contracts for the opening of fixed-term deposit certificates; d) Policies for mandatory civil liability insurance for motor vehicles; e) Policies for mandatory civil liability insurance for motor vehicles with foreign license plates; f) Mass insurance and micro-insurance operations referred to in the regulations governing these matters; g) Insurance policies that have a hundred percent retention, or are under proportional reinsurance contracts (automatic); h) Balance statements and settlements; i) Bank account references; j) Receipt of credit or debit card delivery; k) Tariff schedule; and l) Informational Summary of active or passive operations;

CHAPTER IV
FINAL PROVISIONS

Article 7. Repeals.- The following provisions are repealed:

a) Item d) of Article 10 of the Norm for Credit Card Operations, Resolution CD-SIBOIF-629-4-MAY26-2010, Published in La Gaceta, Official Journal No. 150 and 151, of August 9 and 10, 2010, respectively, and; b) Resolution CD-SIBOIF-890-1-MAY19-2015, Norm on Pre-Printed Signature in Contracts Containing Financial Operations, published in La Gaceta, Official Journal No. 116, of June 23, 2015 and its reforms.

Article 8. Validity.- This norm shall enter into force upon its publication in La Gaceta, Official Journal.

(F) legible Magaly María Sáenz Ulloa (F) Illegible (Luis Ángel Montenegro E) (F) Illegible Fausto Reyes (F) Illegible (Silvio Moisés Casco Marenco) (F) Illegible (Ervin Antonio Vargas Pérez).

SAÚL CASTELLÓN TÓRREZ
Ad Hoc Secretary Board of Directors SIBOIF