Regulatory Alerts2015-10-27 | CD-SIBOIF-913-1-OCT27-2015Added · Updated
Resolution Amending Articles 5, 6, 7, 8, 9, 10, 11, 16, 19, 27, 29, 36, 38, 43, 47 and 54, and Adding Annex to the Reinsurance, Fronting and Co-insurance Standard
The Board of Directors of the Superintendence of Banks and Other Financial Institutions amended Articles 5, 6, 7, 8, 9, 10, 11, 16, 19, 27, 29, 36, 38, 43, 47, and 54 of the Standard on Reinsurance, Fronting and Co-insurance. The resolution specifies registration requirements and annual update deadlines for reinsurers and reinsurance brokers, including a US$2,500,000 minimum surety bond for brokers. It establishes procedures for the suspension or revocation of registrations based on rating drops or payment delays, and mandates the submission of facultative reinsurance contract information within thirty days of signing.
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