Regulatory Alerts2022-12-30 | NSP-46Added · Updated
Technical Norms for Accessing the Benefit of Balance Refund for Serious Illness or Terminal Serious Illness in the Pension System
The Committee of Norms of the Central Reserve Bank of El Salvador issued these norms to establish procedures for Pension Fund Administrators regarding balance refunds for affiliates with serious or terminal illnesses. The document mandates specific timelines for administrative actions, including a three-business-day window for scheduling interviews, a five-business-day limit for rejecting non-compliant requests, and a thirty-day maximum period for refunding balances in terminal illness cases. It further requires the integration of Transfer Certificates and Social Housing Fund balances into the Individual Savings Account prior to calculating the refund amount.
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