Norm on the Unique Account Manual for Insurance Intermediaries (MUCI)

Resolution No. CD-SIBOIF-760-4-DIC11-2012
Date: December 11, 2012

NORM ON THE UNIQUE ACCOUNT MANUAL FOR INSURANCE INTERMEDIARIES (MUCI)

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

CONSIDERING

SOLE PROVISION

The Board of Directors of the Superintendence of Banks and Other Financial Institutions, based on the authority conferred by Articles 116 and 117 of Law 733, General Law of Insurance, Reinsurance and Surety Bonds, Published in La Gaceta, Official Diary No. 162, 163 and 164 of August 25, 26 and 27, 2010; and Article 10, numeral 1 of Law 316, Law of the Superintendence of Banks and Other Financial Institutions.

In exercise of its powers,

HAS ISSUED,

The following:

Resolution No. CD-SIBOIF-760-4-DIC11-2012
NORM ON THE UNIQUE ACCOUNT MANUAL FOR
INSURANCE INTERMEDIARIES (MUCI)

CHAPTER I
CONCEPTS, OBJECT AND SCOPE

Article 1. Concepts.- For the purposes of this Norm, the concepts indicated in this article, both in uppercase and lowercase, singular or plural, shall have the following meanings:

a) Insurance Intermediaries: Natural or legal persons authorized by the Superintendent to provide services in the country as insurance agents, individual insurance brokers, brokerage companies or insurance brokerages, insurance agencies and sub-agents of insurance.

b) MUCI: Unique Account Manual for Insurance Intermediaries.

c) Superintendence: Superintendence of Banks and Other Financial Institutions.

d) Superintendent: Superintendent of Banks and Other Financial Institutions.

Article 2. Object and scope.- This norm aims to establish the guidelines that insurance intermediaries must follow for the adoption and implementation of the MUCI contained in Annex 1 of this norm, which becomes an integral part of it. The MUCI is a uniform accounting record system for insurance intermediaries, which facilitates that the financial statements they prepare are presented in a homogeneous manner and adequately reflect their financial, patrimonial situation and the results of their management.

CHAPTER II
ADOPTION OF THE MUCI

Article 3. Deadline for the adoption of the MUCI.- Intermediaries will have a period of 60 business days, counted from the entry into force of this norm, to carry out the activities, tests and modifications necessary to their systems in order to implement the MUCI; consequently, the balances of the balance sheet accounts, according to the catalog structure currently used by insurance intermediaries, must be transferred to the balance sheet accounts according to the new catalog structure at the latest within the aforementioned period.

The foregoing does not imply an adjustment (increase or decrease) in equity, given that the new provisions of the MUCI are not retroactive.

The Superintendent, within the aforementioned 60-day period, will inform the intermediaries of the date on which they must submit the first report adjusted to the new catalog structure established in the MUCI.

CHAPTER III
FINAL PROVISIONS

Article 4. Authority to approve changes or modifications.- The Superintendent is authorized to approve the changes or modifications that are necessary for the adaptation and updating of the MUCI contained in Annex 1 of this norm, informing the Board of Directors about them.

Article 5. Validity.- This norm will enter into force from its publication in La Gaceta, Official Diary.

(f) Ovidio Reyes (f) V. Urcuyo V. (f) Gabriel Pasos Lacayo (f) Fausto Reyes B. (f) illegible (Silvio Moisés Casco Marenco) (f) illegible (Freddy José Blandón Argeñal) (f) U Cerna B.

URIEL CERNA BARQUERO
Secretary of the Board of Directors SIBOIF