Regulatory Alerts2015-07-07 | CD-SIBOIF-897-2-JUL7-2015Added · Updated
Reinsurance, Fronting and Co-insurance Regulation
The Superintendence of Banks and Other Financial Institutions establishes the Registry of Reinsurers and Reinsurance Brokers and mandates that local insurance companies must use only registered entities for reinsurance, fronting, and co-insurance operations. The regulation defines specific registration requirements, including risk ratings, audited financial statements, and supervisory certificates, with a decision period of twenty business days and a three-year registry validity. It further outlines annual update obligations, such as submitting ratings by January 31, and details grounds for suspension, revocation, or cancellation of registration based on compliance failures or financial instability.
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