Resolution JPRFM-2025-016-S: Substitutes Article 6 of the Private Insurance Fund Coverage Section

RESOLUTION No. JPRFM-2025-016-S
THE BOARD OF FINANCIAL AND MONETARY POLICY AND REGULATION

CONSIDERING:

That, Article 226 of the Constitution of the Republic of Ecuador prescribes that public servants and persons acting by virtue of a state power shall exercise only the competencies and faculties attributed to them in the Constitution and the Law;

That, Article 227 of the same instrument states that the Public Administration constitutes a service to the community that is governed by the principles of effectiveness, efficiency, quality, hierarchy, coordination, planning, among others;

That, the first paragraph of Article 303 of the constitutional norm determines that the formulation of monetary, credit, exchange, and financial policies is the exclusive faculty of the Executive Function and will be implemented through the Central Bank of Ecuador;

That, on October 13, 2025, the Organic Reformatory Law of the Organic Code of Monetary and Finance was published in the Sixth Supplement of the Official Register No. 142;

That, Article 13 of the Organic Code of Monetary and Finance creates the Board of Financial and Monetary Policy and Regulation, part of the Executive Function, as an organ with functional, technical, and institutional autonomy, and in its decisions, responsible for the formulation of monetary, credit, financial, securities, insurance, and prepaid comprehensive health care services policy and regulation. The Board of Financial and Monetary Policy and Regulation will be the highest governing body of the Central Bank of Ecuador;

That, Article 17 of the aforementioned Code, in its pertinent part, determines that:

"(...) For the fulfillment of these functions, the Board will issue regulations in matters within its competence, without being able to alter legal provisions.
The Board of Financial and Monetary Policy and Regulation may issue regulations by segments, economic activities, and other criteria. It may even reform or repeal regulations from the former Board of Monetary and Financial Policy and Regulation, the Board of Financial Policy and Regulation, or the Board of Monetary and Financial Policy and Regulation.

RESOLUTION No. JPRFM-2025-016-S
All norms and policies issued by the Board of Financial and Monetary Policy and Regulation in the exercise of its functions, duties, and faculties must be backed by duly substantiated technical and legal reports (...)";

That, Article 18 of the same instrument establishes the specific functions of the Board of Financial and Monetary Policy and Regulation in the financial sphere, specifically in its items 10, 16, and 20, which empower this Institution to issue the prudential regulatory framework to which insurance entities must adhere; issue secondary regulation related to the Deposit Insurance, Liquidity Fund, and Private Insurance Fund; and, dictate the regulations that govern insurance and reinsurance, respectively;

That, Article 24 of the same Code provides that the acts of the Board of Financial and Monetary Policy and Regulation enjoy the presumption of legality and will be expressed through resolutions that will have mandatory force, which will govern from their publication in the Official Register, or from the date of their issuance when so determined by the Board, in accordance with the subject matter;

That, Article 25.2 of the same instrument determines that the Technical Secretariat of the Board of Financial and Monetary Policy and Regulation is exercised by the Central Bank of Ecuador, and Article 25.3 establishes as its functions the preparation of technical and legal reports that support regulation proposals, provide technical and administrative support to the Board of Financial and Monetary Policy and Regulation, and those assigned to it by said Board;

That, Article 344 of the Organic Code of Monetary and Finance, Book I, states that the coverage of the Private Insurance Fund reaches insured persons in the public and private sectors who have active policies, with the total premium paid, in companies within the private insurance system, within the amount established by the Board of Financial and Monetary Policy and Regulation;

That, the Twenty-Ninth General Provision of the same instrument states: "In existing legislation where mention is made, indistinctly, of the Board of Monetary and Financial Policy and Regulation, the Board of Monetary Policy and Regulation; or, the Board of Financial Policy and Regulation, replace and understand as 'Board of Financial and Monetary Policy and Regulation';

That, Section II "On the Coverage of the Private Insurance Fund", of Chapter I "General Norms of the Private Insurance Fund", of Title V "On the Private Insurance Fund", of Book III "Private Insurance System" of the Codification of Monetary, Financial, Securities, and Insurance Resolutions, contains the norms

RESOLUTION No. JPRFM-2025-016-S regarding the coverage of the private insurance fund;

That, the First Transitional Provision of the Organic Reformatory Law of the Organic Code of Monetary and Finance determines that the members of the Board of Financial and Monetary Policy and Regulation, sworn in on September 16, 2025, by the National Assembly, will continue to exercise their functions for the periods for which they were designated and will maintain their labor continuity and acquired rights;

That, through Office No. T.233-SGJ-25-098, dated September 5, 2025, signed by the Constitutional President of the Republic, addressed to the President of the National Assembly, the list of candidates for the designation of the Members of the Board of Financial and Monetary Policy Regulation was sent; as well as, the temporality of their stay within the initial period;

That, the Plenary of the National Assembly, on September 16, 2025, designated and swore in the members of the Board of Financial and Monetary Policy and Regulation, in the persons of: Gustavo Estuardo Camacho Dávila; Silvia Daniela Moya Arteta; Roberto Javier Basantes Romero; María Isabel Camacho Cárdenas; and, Jeniffer Nathaly Rubio Abril;

That, through Office No. COSEDE-COSEDE-2025-04012-OFICIO, dated November 28, 2025, the Corporation of Deposit Insurance, Liquidity Fund, and Private Insurance Fund (COSEDE) referred to the Board of Financial and Monetary Policy and Regulation, the Reserved Technical Report No. CTRE-FSP-2025-007, in which the proposal for the coverage amount corresponding to the Private Insurance Insurance is analyzed and detailed, as well as, the Legal Report No. CTPSF-UPN-0137-2025, in which the legal basis of the proposal is detailed;

That, the Board of Financial and Monetary Policy and Regulation, through ordinary session No. 008-2025, under modalities presencial, on December 23, 2025, learned of the proposal sent through Memorandum No. BCE-BCE-2025-0329-M, dated December 19, 2025, by the General Manager of the Central Bank of Ecuador to the President of the Board of Financial and Monetary Policy and Regulation; as well as, the Technical Report No. BCE-GEEE-064-2025/BCE-SEMF-095-2025, dated December 18, 2025; and, the Legal Report No. BCE-GJ-068-2025, dated December 18, 2025; and,

In exercise of its functions and in attention to Article 24 of the Organic Code of Monetary and Finance, the Board of Financial and Monetary Policy and Regulation,

RESOLVES:

RESOLUTION No. JPRFM-2025-016-S
Sole Article.- Substitute the first paragraph of Article 6 of Section II "On the Coverage of the Private Insurance Fund", of Chapter I "General Norms of the Private Insurance Fund", of Title V "On the Private Insurance Fund", of Book III "Private Insurance System" of the Codification of Monetary, Financial, Securities, and Insurance Resolutions, with the following:

"Art. 6.- COSEDE will pay the Private Insurance Insurance, based on the capacity of the Private Insurance Fund, up to the total protected amount of four thousand United States dollars (USD 4,000.00) per insured person or beneficiary".

FINAL PROVISION. - This resolution will enter into effect from its issuance, without prejudice to its publication in the Official Register.

Its publication on the institutional website and the update of the Codification of Monetary, Financial, Securities, and Insurance Resolutions are entrusted to the General Secretariat of the Central Bank of Ecuador.

COMMUNICATE AND PUBLISH. - Given in the city of Quito D.M., on December 23, 2025.

THE PRESIDENT
Mgs. Gustavo Estuardo Camacho Dávila

The preceding resolution was processed and signed by Master Gustavo Estuardo Camacho Dávila - President of the Board of Financial and Monetary Policy and Regulation, in the city of Quito D.M., on December 23, 2025.- I CERTIFY.

TECHNICAL SECRETARY
Mgs. Jennifer Mishel Carrillo Rosales