Regulatory Alerts2022-08-17 | Resolución SBS 02571-2022Added · Updated
Resolution SBS No. 02571-2022: Amending the Regulation on Capital Requirements for Insurance and Reinsurance Companies
The resolution amends the Regulation on Capital Requirements for Insurance and Reinsurance Companies to update the solvency margin calculation for Previsional Insurance based on run-off portfolio claims. Specifically, it modifies Article 6, section 6.4.1, establishing that the solvency margin for invalidity, survival, and funeral expense operations is calculated separately for each SISCO contract and the entire run-off portfolio using a formula based on the last twelve months' claims, a 14.5% factor, and a retention ratio not less than 0.30. The regulation also updates the formats for Tables No. 8 and No. 10 in Annex ES-7C. These changes enter into force on January 1, 2023.