Regulatory Alerts2019-02-27 | Resolución SBS 808-2019Added
Resolution SBS No. 808-2019: Approves the Regulation of the Registry of Insurance Intermediaries and Auxiliaries, Foreign Reinsurance Companies and Cross-Border Insurance Activities
The Superintendence of Banking, Insurance and Private Pension Fund Administrators (SBS) approves the Regulation of the Registry of Insurance Intermediaries and Auxiliaries, Foreign Reinsurance Companies and Cross-Border Insurance Activities, establishing the scope, definitions, and registration structure for these entities. The regulation mandates that insurance intermediaries, auxiliaries, foreign reinsurance companies, and cross-border service providers must be registered to operate in the country, with natural persons required to pass a competency evaluation before inscription. It specifies detailed requirements for competency exams, including educational and experience thresholds for brokers and auxiliaries, and outlines the registry's organizational sections and legal representation obligations.