Standard Reforming Article 6 of the Standard on Pre-Printed Signatures in Contracts for Financial Operations

Resolution No. CD-SIBOIF-1012-1-AGOS25-2017
Dated August 25, 2017

STANDARD REFORMING ARTICLE 6 OF THE STANDARD ON PRE-PRINTED SIGNATURES IN CONTRACTS CONTAINING FINANCIAL OPERATIONS

The Board of Directors of the Superintendence of Banks and Other Financial Institutions.

CONSIDERING

I

That through Resolution No. CD-SIBOIF-890-1-MAY19-2015, the Standard on Pre-Printed Signatures in Contracts Containing Financial Operations was approved, published in La Gaceta, Official Diary No. 116, on June 23, 2015, with the objective of authorizing banks, financial companies, and insurance companies, prior to compliance with formal and internal control requirements, to use the pre-printed signature of the legal representative of the institution or of the person previously authorized for such effect, in the contracts described in the aforementioned standard, in order to expedite attention to their clients and the marketing of mass placement products.

II

That it is necessary to reform Article 6 of the aforementioned standard in order to add to the list of contracts that may use pre-printed signatures, insurance policies that have a hundred percent retention, or are under proportional reinsurance contracts, in order to expedite the operation, commercialization, and delivery of these types of policies.

III

In accordance with the considerations set forth above and based on the legal powers established in Article 3, numeral 13), and Article 10, numeral 1, of Law 316, Law of the Superintendence of Banks and Other Financial Institutions, and its reforms.

In exercise of its powers,

RESOLVES

To issue the following Standard:

Resolution No. CD-SIBOIF-1012-1-AGOS25-2017
STANDARD REFORMING ARTICLE 6 OF THE STANDARD ON PRE-PRINTED SIGNATURES IN CONTRACTS CONTAINING FINANCIAL OPERATIONS

FIRST: Article 6 of the Standard on Pre-Printed Signatures in Contracts Containing Financial Operations, contained in Resolution No. CD-SIBOIF-890-1-MAY19-2015, of May 19, 2015, published in La Gaceta, Official Diary No. 116, of June 23, 2015, is hereby reformed, which shall read as follows:

“Article 6. Classification.- The pre-printed signature may only be used for the following contracts:
a) Personal credit contracts in which no real guarantees are agreed upon, including operations with credit cards; b) Bank account contracts (savings and checking); c) Contracts for the opening of fixed-term deposit certificates; d) Mandatory insurance policies for civil liability of motor vehicles; e) Mandatory insurance policies for civil liability of motor vehicles with foreign license plates, and; f) Mass insurance and micro-insurance operations referred to in the regulations governing these matters. g) Insurance policies that have a hundred percent retention, or are under proportional (automatic) reinsurance contracts.”

SECOND: This standard shall enter into force upon its notification, without prejudice to its subsequent publication in La Gaceta, Official Diary. (f) S. Rosales C. (f) M. Díaz O. (f) Gabriel Pasos Lacayo (f) Fausto Reyes B. (f) illegible (Silvio Moisés Casco Marenco) (f) illegible (Freddy José Blandón Argeñal) (f) illegible (José Edelberto Zelaya Castillo. Ad Hoc Secretary)

URIEL CERNA BARQUERO
Secretary of the Board of Directors SIBOIF