Regulatory Alerts2019-02-27 | Resolución SBS 809-2019Added
Resolution SBS No. 809-2019: Approves the Regulation for the Supervision and Control of Insurance Brokers and Auxiliaries
The Superintendence of Banking, Insurance and Private Pension Fund Administrators (SBS) approves the Regulation for the Supervision and Control of Insurance Brokers and Auxiliaries, which updates the regulatory framework for these intermediaries. The regulation establishes minimum conditions for registration, professional and moral suitability requirements, and specific obligations regarding corporate governance, financial solvency, and ethical conduct. It mandates that insurance brokerages and auxiliary companies maintain minimum equity levels, with non-compliance triggering adaptation plans and potential sanctions. The regulation enters into force on August 1, 2019, except for Article 43, which takes effect on January 1, 2020.
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