Regulatory Alerts2017-08-25 | CD-SIBOIF-1012-2-AGOS25-2017Added · Updated
Norm Reforming Article 12 of the Standard for the Authorization of Insurance Policies
The Superintendence of Banks and Other Financial Institutions amended Article 12 of the Standard for the Authorization of Insurance Policies to permit insurance companies to deliver policies and related documents via electronic means when the client expressly authorizes such delivery. The revised rule mandates that electronic transmissions be conducted in a protected manner with auditable processes to record delivery and receipt, while maintaining the requirement to deliver claims filing brochures either physically or electronically. Insurance companies must send these policies and documents within a maximum period of five days from the payment of the premium.