Regulatory Alerts2008-01-29 | Resolución 015/2008Added · Updated
Resolution 015/2008
The Board of Directors of the Central Bank of Bolivia maintains the maximum limit for foreign investments by insurance companies at 12% of their investment resources for the 2008 fiscal year. The Superintendence of Pensions, Securities, and Insurance is instructed to authorize specific limits within this maximum threshold. The Presidency and General Management are charged with executing and ensuring compliance with this resolution.
BOARD RESOLUTION NO. 015/2008 SUBJECT: ECONOMIC POLICY ADVISORY - APPROVAL OF MAXIMUM LIMIT FOR FOREIGN INVESTMENTS BY INSURANCE COMPANIES.
VIEWED: Law 1670 of October 31, 1995. Law 1883 of June 25, 1998. Supreme Decree 25201 of October 16, 1998. Board Resolutions 026/99 of April 13, 1999, 044/2001 of May 29, 2001, 021/2003 of February 25, 2003, 012/2004 of January 27, 2004, 009/2005 of January 18, 2005, 006/2006 of January 10, 2006, and 006/2007 of January 30, 2007. Report from the Economic Policy Advisory of APEC-INEP 004/2008 of January 25, 2008. Report from the Legal Affairs Management of SANO 016/2008 of January 25, 2007.
CONSIDERING: That Insurance Law 1883 in its Article 35 establishes that the Central Bank of Bolivia will periodically set the maximum limit for investments by Insurance Companies in securities of issuers constituted abroad, which shall not exceed fifty percent (50%) of investment resources.
That Supreme Decree 25201 in its Article 18 determines that the Board of Directors of the Central Bank of Bolivia must annually set the maximum limit for foreign investments by Insurance Companies.
That Articles 6 and 14 of Law 1670 establish that the Central Bank of Bolivia must, in addition to fulfilling its monetary program, ensure the strengthening of International Reserves to allow for the normal functioning of Bolivia's internal and international payments.
That the Board of the BCB, after considering the Technical Report from the Economic Policy Advisory APEC-INEP 004/2008, determined to maintain during 2008 the maximum limit for foreign investments for Insurance Companies at twelve percent (12%) of their investment resources.
That the Report from the Legal Affairs Management of SANO 016/2008 states that the Board of the Bank, in the absence of legal impediments, has the authority to define annually the maximum limit for foreign investments by insurance companies, in accordance with Article 35 of Law No. 1883, Article 18 of Supreme Decree No. 25201, and Articles 44 and 54, subsections a) and q) of Law No. 1670.
THEREFORE, THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Maintain during the 2008 fiscal year the maximum limit for foreign investment by Insurance Companies at twelve percent (12%) of their investment resources.
Article 2.- Communicate the foregoing decision to the Superintendence of Pensions, Securities, and Insurance, so that it may authorize limits within the maximum established by this Resolution.
Article 3.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, January 29, 2008
Raúl Garrón Claure
Gustavo Blacutt Alcalá
Hugo Dorado Araníbar
Rolando Marín Ibáñez Ernesto Yáñez Aguilar Osvaldo Nina Baltazar
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