Regulatory Alerts2019-09-11 | Resolución SBS 4143-2019Added · Updated
Resolution SBS No. 4143-2019: Approves the Market Conduct Management Regulation of the Insurance System
The Superintendence of Banking, Insurance and Private Pension Fund Administrators (SBS) approves the Market Conduct Management Regulation of the Insurance System, applying to insurance companies and insurance brokers. The regulation establishes definitions, principles of market conduct, and requirements for market conduct management, including the implementation of policies, procedures, a management manual, a code of good practices, and an annual training plan. It mandates the Board of Directors to designate a Market Conduct Officer and requires companies to measure the effectiveness of staff training and analyze user complaints to improve products and services.
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