Regulatory Alerts2022-04-26 | Resolución SBS 1395-2022Added · Updated
SBS Resolution No. 1395-2022: Amending the Regulations on Commissions and Expenses of the Financial System
The Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS) amends the Regulations on Commissions and Expenses of the Financial System to extend the submission deadlines for commission approval from 15 to 15 days (unchanged for listed items) and from 45 to 60 days for new items not listed in the annexes, while establishing that commissions are deemed approved if no express rejection or extension request is issued by the SBS. The resolution also standardizes terminology for fees related to complementary channels across credit cards, mortgage/consumer loans, and savings/checking accounts, and explicitly permits a fee for the evaluation of endorsed insurance policies for collateral in mortgage and consumer credit, while excluding fees for the evaluation, administration, or management of credit life insurance policies required as a condition for contracting. These changes apply to financial system companies and electronic money issuing entities.
More like this from SBS
SBS published 5 documents in the last 30 days. We email you each new one the day it's published.