Regulatory Alerts2016-09-06 | CD-SIBOIF-958-3-SEP6-2016Added · Updated
Resolution Reforming Articles 1, 4, and 5 of the Standard for the Preparation of Technical Notes and Actuarial Studies
The Board of Directors of the Superintendence of Banks and Other Financial Institutions amends Articles 1, 4, and 5 of the Standard for the Preparation of Technical Notes and Actuarial Studies to clarify definitions and unify authorization procedures for insurance companies. The revised Article 1 defines key terms including the actuary, technical note, and tariff premiums, while Article 4 mandates that tariff premiums and technical notes require prior Superintendent authorization and must be certified by a registered actuary. Article 5 aligns the authorization procedure for technical notes with the regulations governing insurance policies. This resolution entered into force upon its notification on September 6, 2016.
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