Technical Norms for the Authorization and Registration of Insurance Intermediaries

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-08/2025
NRP-89
TECHNICAL NORMS FOR THE AUTHORIZATION AND REGISTRATION OF INSURANCE INTERMEDIARIES Approval: 09/30/2025 Validity: 10/15/2025

THE NORMS COMMITTEE OF THE CENTRAL RESERVE BANK OF EL SALVADOR,

CONSIDERING:
I. That Article 50, first paragraph, of the Insurance Companies Law establishes that insurance may be contracted directly by authorized insurance companies, or through dependent agents, independent agents, and insurance brokers.
II. That Article 50, second paragraph, of the Insurance Companies Law establishes that insurance intermediaries are considered to be natural or legal persons who promote the contracting of insurance offered by authorized companies.
III. That Article 50, third paragraph, of the Insurance Companies Law establishes that, for the exercise of insurance intermediation, authorization from the Superintendence is required. To obtain authorization, the applicant must meet requirements such as knowledge tests on insurance matters, education, prior experience, and capital requirements, as applicable.
IV. That Article 50, final paragraph, of the Insurance Companies Law establishes that independent insurance agents and insurance brokers must post a bond with the Superintendence to respond for errors or omissions they may incur that cause damage to the insured or third parties.
V. That Article 34 of the Regulations of the Insurance Companies Law establishes that insurance intermediaries are insurance brokers, independent agents, and dependent agents.
VI. That Article 37 of the Regulations of the Insurance Companies Law establishes that insurance brokers and independent agents must submit to the Superintendence, for registration, the list of their dependent agents.
VII. That Article 78, letter e), of the Law on Supervision and Regulation of the Financial System establishes that the Superintendence will organize and keep updated the records entrusted by laws and those related to insurance intermediaries authorized by the Superintendence.
VIII. That Article 82 of the Law on Supervision and Regulation of the Financial System establishes that the requirements that natural persons must meet to be and remain registered in the Registry of Insurance Intermediaries are: meet the requirements established by applicable regulations for their authorization by the Superintendence, comply with the regulations applicable to them in the exercise of their professional duties, and not have been convicted of any intentional crime. In the case of legal persons, if applicable, the aforementioned requirements will apply to their legal representative, members of the board of directors or equivalent body, and the general manager, or whoever acts in their place.

THEREFORE,

by virtue of the regulatory powers conferred by Article 99 of the Law on Supervision and Regulation of the Financial System,

AGREES to issue the following:

TECHNICAL NORMS FOR THE AUTHORIZATION AND REGISTRATION OF INSURANCE INTERMEDIARIES

CHAPTER I
OBJECT, SUBJECTS, AND TERMS

Object
Art. 1.- These Norms aim to regulate the authorization of natural or legal persons interested in operating as Insurance Intermediaries, establishing the procedures and requirements for their registration with the Financial System Superintendence, as well as the responsibilities of authorized Insurance Companies in El Salvador that operate with them.

Subjects
Art. 2.- The subjects obliged to comply with the provisions established in these Norms are:
a) Natural or legal persons who request authorization to intermediating the contracting of insurance, under the figure of Insurance Brokers or Independent Agents; b) Insurance Companies; c) Branches of foreign insurers established and authorized in the country; and d) Cooperative associations that provide insurance services.

Terms
Art. 3.- For the purposes of these Norms, the terms indicated below have the following meaning:
a) Dependent Agent: Natural persons linked by an employment contract to an Insurance Company, an Insurance Broker, or an Independent Agent, who do not require authorization from the Financial System Superintendence; b) Independent Agent: Natural persons who dedicate themselves to the intermediation of insurance activity and who operate based on commercial contracts; c) Central Bank: Central Reserve Bank of El Salvador; d) Insurance Broker: Intermediaries constituted as legal persons; e) Insurance Intermediaries: Natural or legal persons who promote the contracting of insurance offered by companies authorized by the Financial System Superintendence, through the exchange of proposals and acceptances, and in advising to celebrate, maintain, or modify them, according to the best convenience of the contracting parties. They can be Insurance Brokers, Independent Agents, or Dependent Agents; f) Law: Insurance Companies Law; g) Registry: Registry of Insurance Intermediaries, authorized by the Financial System Superintendence; h) Insurance Companies: For the purposes of these Norms, understood as Insurance Companies constituted in El Salvador, in accordance with the Insurance Companies Law, branches of foreign insurance companies established and authorized in the country, and cooperative associations that provide insurance services; and i) Superintendence: Financial System Superintendence.

CHAPTER II
ON THE AUTHORIZATION OF INSURANCE INTERMEDIARIES

Authorization
Art. 4.- Natural or legal persons who meet the requirements to be Insurance Intermediaries, with the exception of Dependent Agents, will be authorized by the Superintendence.
Likewise, Insurance Intermediaries will be inscribed in the Registry kept for such effect by the Superintendence, according to their specialization, enabling them to exercise the function of promoting the contracting of insurance offered by authorized Insurance Companies in El Salvador and providing respective advice for their contracting, maintenance, or modification.

Specialization of intermediaries
Art. 5.- In the Registry, Insurance Intermediaries authorized by the Superintendence will be identified, according to their specialization, by an alphanumeric code composed of letters and numbers. The letters will identify the class of intermediary and the authorized lines of operation, and the numbers, the assigned serial number, according to the following:

Class of Intermediary Code

1. Independent Agent I
2. Insurance Broker C

Lines of Operation Code

1. Life Line V (Personal Insurance)
2. Property Line D (General Insurance)
3. Life and Property Lines VD (All classes of insurance)

Reception Periods
Art. 6.- Authorization requests will be received twice a year, during the periods of February to March and September to October, in accordance with publications made by the Superintendence in printed media of national circulation or other digital publication platforms or on its website.

The requests to be submitted to the Superintendence must meet the requirements established in these Norms.

Authorization Request
Art. 7.- Applicants seeking authorization from the Superintendence to operate as Insurance Brokers must present the following documentation:
a) Authorization request to operate as an Insurance Intermediary, legal person, according to the model established in Annex No. 1 of these Norms, signed by the Legal Representative of the company; b) Notarially certified copy of the testimony of the deed of incorporation and its modifications duly registered in the Commerce Registry; c) Credential of the member of the Board of Directors or the Sole Administrator, appointed as Legal Representative of the company; d) Copy of the Unique Identity Document (DUI) of the Legal Representative; e) Copy of the Tax Identification Number (NIT) of the company and the Legal Representative, in accordance with what is established by the Tax Administration; f) Resume of the Legal Representative, accompanied by the necessary documents to accredit their experience and academic degree or level of education; g) Valid certificate issued by the General Directorate of Penal Centers stating that the Legal Representative has no criminal record; h) Annual financial statements of the last three years and their corresponding audit opinions, when applicable. If the company is recently constituted, only the initial balance sheet must be presented; i) List of personnel with employment contracts dedicated to insurance intermediation, which must contain:
i. Full name of each person;
ii. Copy of the Tax Identification Number (NIT), in accordance with what is established by the Tax Administration;
iii. Copy of the Unique Identity Document (DUI);
iv. Copy of the card or identification accrediting them as a Dependent Agent granted to each of these persons by the requesting Insurance Broker, to promote on their behalf the sale of insurance policies; and
j) Training plan for the personnel referred to in letter i) of this article.
Additionally, the Legal Representative of the company requesting authorization from the Superintendence to operate as an Insurance Broker must undergo the knowledge test referred to in Chapter III of these Norms.

Art. 8.- The documentation that applicants seeking authorization to exercise as Independent Agents must present is the following:
a) Authorization request to operate as an Insurance Intermediary, natural person, according to the model established in Annex No. 2 of these Norms; b) Copy of the Unique Identity Document (DUI) in the case of Salvadorans or a notarially certified copy of the Residence Card or other legal document accrediting their nationality, in the case of foreigners; c) Copy of the Tax Identification Number (NIT), in accordance with what is established by the Tax Administration; d) Resume, accompanied by the necessary documents to accredit experience and academic degree or level of education; e) Valid certificate issued by the General Directorate of Penal Centers stating that they have no criminal record; f) List of personnel with employment contracts dedicated to insurance intermediation, which must contain:
i. Full name of each person;
ii. Copy of the Tax Identification Number (NIT), in accordance with what is established by the Tax Administration;
iii. Copy of the Unique Identity Document (DUI);
iv. Copy of the card or identification accrediting them as a Dependent Agent granted to each of these persons by the requesting Independent Agent, to promote on their behalf the sale of insurance policies; and
g) Training plan for the personnel referred to in letter f) of this article.
Additionally, applicants seeking authorization to exercise as independent agents must undergo the knowledge test referred to in Chapter III of these Norms.

Authorization Procedure for Insurance Intermediaries Art. 9.- Upon receipt of the request for authorization as insurance intermediaries, in accordance with what is established in Articles 7 and 8 of these Norms as applicable, the Superintendence will proceed to verify compliance with the requirements defined in these Norms, to authorize or deny the request, having a maximum period of sixty business days. In any case, the denial must be reasoned. If the request is not accompanied by complete and properly formatted information, as detailed in Articles 7 and 8 of these Norms as applicable, the Superintendence, due to the lack of necessary requirements, may require applicants to present the missing documents within a period of ten business days counted from the day following the notification, a period that may be extended at the request of the intermediaries applicants, when there are reasons justifying it. The Superintendence in the same notice will indicate to applicants that if the information is not completed within the aforementioned period, it will proceed without further procedure to archive the request, reserving their right to submit a new request. If after the analysis of the documentation presented in accordance with Articles 7 and 8 of these Norms, the Superintendence has observations or when the documentation or information is not sufficient to establish the facts or information intended to be accredited, the Superintendence may notify applicants to remedy the deficiencies communicated or present additional documentation or information requested. Applicants will have a maximum period of ten business days counted from the day following the notification, to resolve the observations or present the information requested by the Superintendence. The Superintendence may, through a reasoned resolution, extend by another ten business days the period indicated in the previous paragraph, when the nature of the observations or deficiencies notified so requires. The request and documentation may be submitted through the means made available by the Superintendence, which may be electronic. In any case, the period referred to in the first paragraph of this article will begin to count from the next business day after the request has been submitted. Extension Period Art. 10.- Applicants may submit to the Superintendence a request for extension of the periods indicated in the fifth paragraph of Article 9 of these Norms, before the expiration of said period, stating the grounds on which it is based and proposing, if applicable, the relevant proof. The extension period may not exceed ten business days and will start from the next business day following the expiration date of the original period.

Suspension of the Period
Art. 11.- The period of sixty business days indicated in the first paragraph of Article 9 of these Norms, will be suspended for the days that elapse between the notification of the requirement to complete information or documentation referred to in the second and fifth paragraphs of said article, until the interested parties remedy the observations required by the Superintendence. Art. 12.- Once the complete and properly formatted documentation referred to in Articles 7 and 8 of these Norms has been presented, the Superintendence will proceed to call applicants to take the knowledge test referred to in Chapter III of these Norms. The results of the knowledge test must be communicated to applicants within a maximum period of five business days following the date of the test. Communication of the Resolution Art. 13.- The Superintendence will proceed to notify the interested parties of the resolution authorizing or denying the requests for Authorization of Insurance Intermediaries and their inscription in the Registry, in accordance with the results of the evaluation and the presentation of the bond referred to in Article 17 of these Norms, within a maximum period of three business days from the date the resolution is issued. Issuance of Credential Art. 14.- The Superintendence will issue the accreditation credential as an authorized Insurance Intermediary within a maximum period of 15 business days, from the payment of the registration fee. The payment of the registration fee will be defined by the Superintendence and will be at the expense of the applicant, who must pay it within a period of twenty business days counted from the communication referred to in Article 13 of these Norms. The credential will contain the following data:
a) Authorized lines; b) Name of the intermediary; c) Code assigned by the Superintendence; d) Tax Identification Number (NIT); e) Unique Identity Document Number (DUI); f) Date of issue; g) Expiration date; h) Bond expiration date; i) Name of the Legal Representative, in the case of insurance brokers; and j) Number and date of the Session of the Board of Directors of the Superintendence in which the insurance intermediary was authorized. Validity of Authorization Art. 15.- The authorization to operate as an Insurance Intermediary is for an indefinite period; however, when the Superintendence becomes aware that the actions of the intermediary are in contravention of what is established in the Law and its Regulations, the Commercial Code, the Consumer Protection Law, the Law on Supervision and Regulation of the Financial System, and these Norms, it may suspend or cancel their inscription in the Registry. Publication of Authorized Intermediaries Art. 16.- The Superintendence will publish on its Website the authorized Insurance Intermediaries, detailing at minimum the following information: registration number, name or corporate name, Legal Representative, authorized lines, session number, and the date of authorization by the Superintendence. Presentation of Bond Art. 17.- Insurance Brokers and Independent Agents must post a bond with the Superintendence, for an initial value of two thousand eight hundred fifty-seven dollars and fourteen cents of the United States of America (US$ 2,857.14), which will be adjusted subsequently by the parameters indicated in the second paragraph of Article 41 of the Regulations of the Law. The bond will have a validity period of two years and will serve to respond for errors or omissions that insurance intermediaries may cause to the detriment of the insured or third parties, in the exercise of their activity. The bond referred to in the first paragraph of this article must be presented to the Superintendence, in applicable cases, within a maximum period of ten business days after the communication of the results of the process for the Authorization of Insurance Intermediaries. The initial validity will be from the date the results of the Authorization process were notified until the date determined by the Superintendence, and must be updated every two years.

Art. 18.- For the purposes of determining and updating the values of the bond, Insurance Companies will remit to the Superintendence within the first thirty business days of each year and with reference to the previous year, the following information:
a) Intermediary code; b) Name of the intermediary; c) Intermediated Insured Sum; d) Intermediated Bonded Sums; and e) Intermediated Net Premiums.
Based on the information received and in accordance with the second paragraph of Article 41 of the Regulations of the Law, the Superintendence must establish the values of the bond to be required from Insurance Intermediaries. The current amounts of the bond value to be required must be published on the Superintendence's website, specifying the base used for the determination of the bond amount, and must communicate to Insurance Intermediaries the value of the bond to be required at least sixty days before the expiration of the current bond. The information requested in this article must be submitted according to the model established in Annex No. 3 of these Norms.

CHAPTER III
CRITERIA FOR THE EVALUATION OF INTERMEDIARIES

Evaluation Factors
Art. 19.- The evaluation of requests from applicants to be Insurance Brokers or Independent Agents will be based on the following factors and scores:

Factors Weighting

1. Knowledge Test 60
2. Academic Training 30
3. Experience in Insurance Intermediation 10
   Total 100

The minimum score required to be authorized and inscribed in the Registry is seventy (70) points.

Weighting of Factors
Art. 20.- The factors described in Article 19 of these Norms will be weighted based on the criteria that follow:
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