Resolution Reforming Article 45 of the Operational and Financial Norm of General Warehouses

Resolution No. CD-SIBOIF-959-1-SEPT13-2016
Dated September 13, 2016

NORM REFORMING ARTICLE 45 OF THE OPERATIONAL AND FINANCIAL NORM OF GENERAL WAREHOUSES

The Board of Directors of the Superintendence of Banks and Other Financial Institutions,

CONSIDERING

I
That on July 4, 2014, the Operational and Financial Norm of General Warehouses, contained in Resolution No. CD-SIBOIF-841-1-JUL4-2014, published in La Gaceta, Official Gazette No. 143, on July 31, 2014, was approved.

II
That it is necessary to reform Article 45 of the aforementioned norm, in order to clarify the scope of responsibilities assigned to General Warehouses in said article, with respect to insurance policies, addendums, and other documents that they receive from insurance companies.

III
That based on the authority conferred by Articles 2 and 139 of Law 734, General Warehouse Law; and Article 2, fourth paragraph, Article 3, numeral 13), and Article 10, numerals 1) and 2) of Law 316, Law of the Superintendence of Banks and Other Financial Institutions, and its reforms.

In exercise of its powers,

HAS ISSUED

The following:
Resolution CD-SIBOIF-959-1-SEPT13-2016

2

NORM REFORMING ARTICLE 45 OF THE OPERATIONAL AND FINANCIAL NORM OF GENERAL WAREHOUSES

FIRST: Article 45 of the Operational and Financial Norm of General Warehouses, contained in Resolution No. CD-SIBOIF-841-1-JUL4-2014, published in La Gaceta, Official Gazette No. 143, on July 31, 2014, is hereby reformed, which shall read as follows:

“Article 45. Compliance with insurance conditions.- Warehouses are strictly obligated to comply with the contractual conditions established in the insurance policies, addendums, and other documents that they receive in writing from the corresponding insurance company.

In accordance with the foregoing and what is established in Article 70 of Law 734, “General Warehouse Law”, and Article 80 of Law No. 733 “General Law of Insurance, Reinsurance, and Sureties”, it is the obligation of Warehouses to timely request from insurance companies the changes that are necessary to insurance policies to avoid gaps in coverage for products, locations, and risks, for which they must diligently and timely review and assess the content and scope of their respective insurance policies and addendums, comparing them with the existing reality in the insured premises.”

SECOND: This norm shall enter into force upon its notification, without prejudice to its subsequent publication in La Gaceta, Official Gazette. (f) S. Rosales C. (f) M. Díaz O. (f) Gabriel Pasos Lacayo (f) Fausto Reyes (f) illegible (Silvio Moisés Casco Marenco) (f) illegible (Freddy José Blandón Argeñal) (f) U. Cerna B.

URIEL CERNA BARQUERO
Secretary of the Board of Directors SIBOIF