Regulatory Alerts2018-08-23 | CD-SIBOIF-1069-1-AGOST23-2018Added · Updated
Resolution Amending Article 7 of the Reinsurance, Fronting, and Co-insurance Standard
The Superintendence of Banks and Other Financial Institutions amended Article 7 of the Reinsurance, Fronting and Co-insurance Standard to facilitate the registration of reinsurer companies resulting from corporate restructuring. The amendment allows the Superintendent to exempt such companies from submitting specific proof of operation and audited financial statements, or to accept substitute documents, when the originating company's information is already known. Reinsurers must still update their information annually, including risk ratings and contact details, and notify the Superintendent of corporate name changes within one month.
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