Regulatory Alerts2011-02-17 | CD-SIBOIF-665-1-FEB17-2011Added · Updated
Norm on the Requirements for the Establishment of Insurance, Reinsurance, Surety Companies and Branches of Foreign Insurance Companies
This regulation establishes the specific requirements, procedures, and documentation necessary for the authorization to establish insurance, reinsurance, and surety companies, as well as branches of foreign insurance companies, in Nicaragua. It mandates detailed submissions including economic feasibility studies, proof of lawful source of funds, and comprehensive background checks for shareholders holding 5% or more, directors, and key management personnel. The Superintendence of Banks and Other Financial Institutions is granted the authority to evaluate these applications within a 120-day period and to deny or revoke authorizations based on incomplete, false, or misleading information.