Regulatory Alerts2016-09-13 | CD-SIBOIF-959-1-SEPT13-2016Added · Updated
Resolution 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 (SIBOIF) reformed Article 45 of the Operational and Financial Norm of General Warehouses to clarify warehouse obligations regarding insurance policies. The amendment mandates that warehouses strictly comply with contractual conditions in insurance documents and require them to timely request necessary changes from insurers to prevent coverage gaps. This obligation applies to all General Warehouses subject to SIBOIF regulation and entered into force upon notification on September 13, 2016.
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