Norm Reforming Article 12 of the Standard for the Authorization of Insurance Policies

Resolution No. CD-SIBOIF-1012-2-AGOS25-2017
Dated August 25, 2017

NORM REFORMING ARTICLE 12 OF THE STANDARD FOR THE AUTHORIZATION OF INSURANCE POLICIES

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

CONSIDERING

I

That through Resolution No. CD-SIBOIF-958-2-SEP6-2016, the Standard for the Authorization of Insurance Policies was approved, published in La Gaceta, Official Gazette No. 187, of October 6, 2016, with the objective of establishing general guidelines to be followed by insurance companies for the authorization, modification, and delivery of insurance policies.

II

That it is necessary to reform Article 12 of the aforementioned standard in order to allow insurance companies to deliver insurance policies and other documents comprising them via electronic means, when the client expressly authorizes this.

III

That in accordance with the considerations stated above, and based on the powers provided for in Article 4 of the General Insurance Law; and Article 3, numeral 13, of Law 316; Law of the Superintendence of Banks and Other Financial Institutions, and its reforms.

In exercise of its powers,

RESOLVES

To issue the following Standard:

Resolution No. CD-SIBOIF-1012-2-AGOS25-2017
NORM REFORMING ARTICLE 12 OF THE STANDARD FOR THE AUTHORIZATION OF INSURANCE POLICIES

FIRST: Article 12 of the Standard for the Authorization of Insurance Policies, contained in Resolution No. CD-SIBOIF-958-2-SEP6-2016, dated September 6, 2016, published in La Gaceta, Official Gazette No. 187, of October 6, 2016, is hereby amended, which shall read as follows:

“Article 12. Delivery of the policy or individual insurance certificate.- In the case of individual insurance, insurance companies or the intermediary, if applicable, are obligated to physically deliver a copy of the insurance policy to the insured, obtaining from them or their intermediary, if applicable, the corresponding receipt of delivery stating the time and date of its delivery, archiving the aforementioned in the respective underwriting file. Regarding group or collective insurance, insurance companies are obligated to physically deliver the individual insurance certificates to the policyholder, who in turn must deliver them to the insured, obtaining from the policyholder or their intermediary, if applicable, the corresponding receipt of delivery stating the time and date of the delivery of the corresponding certificates, archiving the aforementioned in the respective underwriting file.

Without prejudice to what is established in the preceding paragraph, insurance companies may deliver insurance policies and the documents comprising them via electronic means, when the client has expressly authorized this. Regarding group or collective insurance, insurance companies may deliver the individual insurance certificates to the policyholder who expressly authorizes this via these same means, who in turn must deliver them to the insured.

The sending via electronic means of the policy and other documents comprising it must be carried out in a protected manner, establishing auditable processes that allow for a record of delivery and receipt by the recipient or recipients, as applicable to individual, group, or collective insurance as indicated in the preceding paragraph.

Together with the policies and the documents comprising them, insurance companies must deliver, either physically or electronically, the brochure for filing claims referred to in Article 13 of this standard.

Insurance companies must send the policies and the documents comprising them within a maximum period of five (5) days counted from the payment of the premium.”

SECOND: This standard shall enter into force upon its notification, without prejudice to its subsequent publication in La Gaceta, Official Gazette. (f) S. Rosales C. (f) M. Díaz O. (f) Gabriel Pasos Lacayo (f) Fausto Reyes B. (f) illegible (Silvio Moisés Casco Marenco) (f) illegible (Freddy José Blandón Argeñal) (f) illegible (José Edelberto Zelaya Castillo. Ad Hoc Secretary)

URIEL CERNA BARQUERO
Secretary of the Board of Directors SIBOIF