Regulatory Alerts2022-12-30 | NSP-73Added · Updated
Technical Norms for the Refund of Balances to Non-Pensioned Salvadorans Residing Abroad with Regular Permanent Migratory Status
The Committee of Norms of the Central Reserve Bank of El Salvador issues technical norms regulating the procedure for non-pensioned Salvadorans residing abroad with regular permanent migratory status to request the refund of their Individual Savings Account for Pensions (CIAP) balance. The document mandates Pension Fund Administrators (AFPs) to verify residency documentation, calculate refunds based on accumulated quotas, and process payments within thirty business days of application submission. It establishes specific operational codes for identifying these refunds and derogates previous norms to ensure legal certainty in the disbursement process.
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