Technical Standards 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 STANDARDS 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 surety bond with the Superintendence to answer for errors or omissions in which they might incur and that cause damage to the insured or to 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 present to the Superintendence, for its 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 that the laws entrust to it and those relating 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 Register of Insurance Intermediaries are: to meet the requirements established by the applicable regulations for their authorization by the Superintendence, to comply with the regulations applicable to them in the exercise of their professional duties, and not to have been convicted of any intentional crime. In the case of legal persons, if applicable, the aforementioned requirements will be applicable to their legal representative, to the members of the board of directors or equivalent body, and to 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 STANDARDS FOR THE AUTHORIZATION AND REGISTRATION OF INSURANCE INTERMEDIARIES

CHAPTER I
OBJECT, SUBJECTS, AND TERMS

Object
Art. 1.- These Standards 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 Superintendence of the Financial System, 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 Standards are:
a) Natural or legal persons who request authorization to intermediated 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 Standards, 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 Superintendence of the Financial System; b) Independent Agent: Natural persons who dedicate themselves to the intermediation of insurance activities and who operate based on commercial contracts; c) Central Bank: Central Reserve Bank of El Salvador; d) Insurance Broker: Intermediaries that are constituted as legal persons; e) Insurance Intermediaries: Natural or legal persons who promote the contracting of insurance offered by companies authorized by the Superintendence of the Financial System, 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 may be Insurance Brokers, Independent Agents, or Dependent Agents; f) Law: Insurance Companies Law; g) Register: Register of Insurance Intermediaries, authorized by the Superintendence of the Financial System; h) Insurance Companies: For the purposes of these Standards, 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 will be understood; i) Superintendence: Superintendence of the Financial System.

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 Register 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 the respective advice for their contracting, maintenance, or modification.

Specialization of intermediaries
Art. 5.- In the Register, 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 will identify 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 from 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 platform or on its website.

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

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 Standards, 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 Register; 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 of the Legal Representative, in accordance with what is established by the Tax Administration; f) Curriculum Vitae of the Legal Representative, accompanied by the necessary documents to accredit their experience and academic degree or education level; g) Current 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 reports, 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 Standards.

Art. 8.- The documentation that applicants seeking authorization to practice 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 Standards; 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) Curriculum Vitae, accompanied by the necessary documents to accredit experience and academic degree or education level; e) Current certificate issued by the General Directorate of Penal Centers stating 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 practice as independent agents must undergo the knowledge test referred to in Chapter III of these Standards.

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 Standards as applicable, the Superintendence will proceed to verify compliance with the requirements defined in these Standards, to authorize or deny the request, having a maximum period of sixty business days. In all cases, the denial must be reasoned. If the request is not accompanied by complete and duly formatted information, as detailed in Articles 7 and 8 of these Standards as applicable, the Superintendence, due to the lack of necessary requirements, may require the 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 the 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 Standards, 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 the applicants to remedy the deficiencies communicated to them or present additional documentation or information requested of them. The 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 up to 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 Standards, before the expiration of said period, must express the grounds on which it is based and propose, if applicable, the relevant proof. The extension period may not exceed ten business days and will begin 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 Standards, 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 duly formatted documentation referred to in Articles 7 and 8 of these Standards has been presented, the Superintendence will proceed to call the applicants to take the knowledge test referred to in Chapter III of these Standards. The results of the knowledge test must be communicated to the 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 in which it authorizes or denies the requests for authorization of Insurance Intermediaries and their inscription in the Register, in accordance with the results of the evaluation thereof and the presentation of the surety bond referred to in Article 17 of these Standards, 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 Standards. 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 (DUI) Number; f) Date of issue; g) Expiration date; h) Expiration date of the surety bond; 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 the Authorization
Art. 15.- The authorization to operate as an Insurance Intermediary is for an indefinite period; however, when the Superintendence has knowledge 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 Standards, it may suspend or cancel their inscription in the Register.

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 Surety Bond
Art. 17.- Insurance Brokers and Independent Agents must post a surety 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 surety bond will have a validity period of two years and will serve to answer for errors or omissions that insurance intermediaries might cause to the detriment of the insured or third parties, in the exercise of their activity. The surety 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 surety bond, Insurance Companies will send 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 Sum Insured; 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 surety bond to be required from Insurance Intermediaries. The current amounts of the value of the surety bond to be required must be published on the Superintendence's website, specifying the base used for the determination of the surety bond amount, and must communicate to the Insurance Intermediaries the value of the surety bond to be required at least sixty days before the expiration of the current surety bond. The information requested in this article must be sent according to the model established in Annex No. 3 of these Standards.

CHAPTER III
CRITERIA FOR THE EVALUATION OF INTERMEDIARIES

Evaluation Factors
Art. 19.- The evaluation of the requests of 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 Register is seventy (70) points.

Ponderation of factors
Art. 20.- The factors described in Article 19 of these Norms shall be weighted based on the criteria described below:
a) Knowledge test (60 points). Applicants must take a written knowledge test, with a minimum grade of six (6) out of ten (10). The test will include aspects of insurance legislation, technical insurance terminology, risks or lines of insurance, claim settlements, policy conditions, insurance tariffs by risk, and information that must be provided to users.

In no case will persons who do not achieve the minimum score required in the knowledge test (36 points) be authorized, even if through the other factors they reach the minimum score to be authorized.
In the case of Insurance Brokers, the Legal Representative is the one who must take the knowledge test. b) Academic training (30 points). Applicants who prove their level of education in a reliable manner shall be weighted as follows:

1. Graduate of Higher University Education. 30 points
2. Graduate of a university career or graduate of a non-university higher career (Technological) or university technical career. 24 points
3. Graduates as Professor, Bachelor, Accountant, Secretary or technician at the level of secondary education who also take a university career.
   18 points
4. Graduates as Professor, Bachelor, Accountant or technician at the level of secondary education. 15 points
5. Third-cycle studies up to high school students. 12 points
   For Insurance Brokers, the score is assigned to the Legal Representative. For the accreditation of the points referred to in this subsection, titles issued in El Salvador must have the authentication of the Ministry of Education. In the case of titles issued abroad, both the copies and the signatures contained therein must be authenticated or certified by a notary or foreign official, as appropriate, and follow the apostille procedure in the case of signatory countries, or legalized by the Head of the Diplomatic Mission, Consul, Vice-Consul or Person in Charge of Consular Affairs of El Salvador, or in default, by officials of the Ministry of Foreign Relations from which such documents originate.

c) Experience in insurance intermediation (10 points). For each year of experience of Independent Agents and Legal Representatives of Insurance Brokers, demonstrated with certificates issued by Insurance Companies or Insurance Brokers registered with the Superintendence, two (2) points per year shall be assigned, up to a maximum of ten (10). Points are counted by consecutive years in chronological order demonstrated in the certificates, regardless of the number of entities to which service has been provided simultaneously.

Additional Points
Art. 21.- Independent Agents and Legal Representatives of Insurance Brokers who prove having received training in matters of insurance legislation, technical insurance terminology, risks or lines of insurance, claim settlements, policy conditions, insurance tariffs by risk and information, with a minimum of forty hours, will receive ten (10) additional points; provided that such training has been received in the last two years, counted from the date of submission of the authorization request, as well as that it has been imparted by Universities, Insurance Companies, Insurance Intermediary Associations or another national or foreign entity, duly authorized in its country of origin, which certify the subject matter on which the training dealt.

Retake of knowledge test
Art. 22.- Persons who have failed the knowledge test may request a new opportunity to undergo the authorization process, in the immediate subsequent application reception period in which they failed, if they deem it convenient.

CHAPTER IV
OF THE RESPONSIBILITIES OF INSURANCE COMPANIES AND INSURANCE INTERMEDIARIES

Of operations
Art. 23.- Insurance Companies must verify, at the time of initiating or renewing insurance contractual relationships with clients who have appointed Insurance Intermediaries in their policies, as well as when making commission payments, that said Intermediaries have the proper authorization from the Superintendence and are registered in the Registry.

Likewise, they must keep updated the contact information of those Intermediaries who have been appointed in policies, as long as said policies are in force.

Of conflicts of interest
Art. 24.- Insurance Companies that identify conflicts of interest in their operations with Insurance Intermediaries must observe the Conflict of Interest Management Policy and/or the Code of Ethics or Conduct, as appropriate, to which they are subject, approved by the Central Bank, through its Standards Committee.

Of the submission of annual financial statements Art. 25.- Insurance Intermediaries who are obligated by law to keep formal accounting must submit annually to the Superintendence, through the means it makes available, the audited Financial Statements at the close of each year, no later than May 31 of the year following the reported year.

Update of the list of dependent agents
Art. 26.- Insurance Companies, Insurance Brokers and Independent Agents who operate with Dependent Agents must submit monthly to the Superintendence the incorporations or dismissals of these, no later than ten business days following the close of each month, proving that the incorporations comply with the internal policies established for their hiring, which must contain as a minimum the requirements established in these Norms. The submission of the list must include the following information:
a) Full name; b) Copy of the Tax Identification Number (TIN), in accordance with what is established by the Tax Administration; c) Copy of the Unique Identity Document (DUI); and d) Copy of the credential or card of Dependent Agent issued by the Insurance Company or Insurance Broker, to promote on its behalf the sale of insurance policies.

Of the submission of the annual training plan
Art. 27.- Insurance Companies, Insurance Brokers and Independent Agents who operate with Dependent Agents must submit the annual training plan for Dependent Agents, no later than the month of December prior to the corresponding year of said plan.

Prevention of money laundering and terrorist financing Art. 28.- Insurance Companies and their Intermediaries, as appropriate, must comply with the Laws, Instructions and Regulations in force related to the Prevention of Money Laundering and Assets, Terrorist Financing and the Proliferation of Weapons of Mass Destruction, in their operations.

CHAPTER V
UPDATE OF INFORMATION OF INSURANCE INTERMEDIARIES

Update of information of independent agents
Art. 29.- The Insurance Intermediary registered with the Superintendence will be responsible for communicating any modification of the information that affects the content in the Registry, presenting for this purpose the corresponding documentation within a maximum period of fifteen business days following the date of its occurrence. In case of modifications of address, telephone, email to receive notifications, they must inform the Superintendence within a maximum period of ten business days. If changes occur in documents such as the Unique Identity Document (DUI), Tax Identification Number (TIN) in accordance with what is established by the Tax Administration, birth certificate or in those that come from some identity trial, the interested party must request through letter the modifications that are pertinent in the Registry, as well as the respective change of their credential, attaching a copy of the documents that accredit the changes made, as applicable. Once the documentation is verified, the Superintendence will proceed without further procedure to update the Registry.

Change of corporate name of an insurance broker Art. 30.- The Insurance Broker that changes its denomination or corporate name must present to the Superintendence the following documentation:
a) Request for update of the denomination or corporate name, explaining the reason for the change, attaching a notarially certified copy of the testimony of the public deed of modification to the social pact duly registered in the Commercial Registry and the original credential that accredits it as a legal person registered in the Registry; b) Certified copy of the point of the minutes of the General Shareholders' Meeting where the change of corporate name of the entity was agreed; and c) Copy of the TIN of the society, in accordance with what is established by the Tax Administration. Once the documentation is verified, the Registry will be updated without further procedure.

Change of legal representative
Art. 31.- When an Insurance Broker changes its Legal Representative, it will proceed to update its information within a period not exceeding ten business days counted from the business day following its registration in the Commercial Registry, for which it must present the following documentation:
a) Certified copy of the Legal Representation credential duly registered in the Commercial Registry; and b) In case the Legal Representative has authorization from the Superintendence as an Independent Agent, it must submit a request to temporarily suspend said authorization, attaching the corresponding credential. If the new Legal Representative is not authorized as an Independent Agent, it must attach the documentation referred to in letters b), c) and d) of Article 8 of these Norms and undergo the evaluation process described in Chapter III of these Norms.

Activation of independent agent in the registry Art. 32.- The Independent Agent who is suspended in the Registry and wishes to continue exercising insurance intermediation will submit a written request to the Superintendence to activate their authorization as an Independent Agent, to which they will attach the following documentation:
a) In case of cessation as Legal Representative of an Insurance Broker, they must present the original credential issued by the Superintendence, which accredited them as such; b) In case of cessation of positions held in Insurance Companies due to the provisions established in Article 275 of the Commercial Code or the first paragraph of Article 94 of the Law of Supervision and Regulation of the Financial System, they must present the certificate of cessation of the position held in the corresponding Insurance Company; c) Surety bond in their name, as a natural person in favor of the Superintendence, in accordance with what is established in Article 17 of these Norms. Said surety bond must have an initial validity from the date of submission of the request until the date determined by the Superintendence, and must be renewed every two years.

In the case that the person who, prior to their appointment as Legal Representative, had not worked as an Independent Agent, must submit to the Superintendence, a request accompanied by the documentation mentioned in Article 8 of these Norms. For the cases mentioned in this article, it will not be necessary to take the knowledge test referred to in letter a) of Article 20 of these Norms.

Minimum social capital of insurance brokers
Art. 33.- The Superintendence will establish the minimum social capital with which Insurance Brokers must operate, which will be updated every two years in accordance with what is established in Article 98 of the Law, so Insurance Brokers must update their social capital within a maximum period of one hundred eighty days from the communication of the Superintendence and no later than fifteen calendar days after the date of registration in the Commercial Registry, and submit to the Superintendence the modification of their social pacts. In case of non-compliance with the update of social capital, their authorization will be suspended for a period of one hundred eighty days and then the administrative process for their cancellation from the Registry will begin.

CHAPTER VI
OTHER PROVISIONS AND VALIDITY

Cancellation of authorization
Art. 34.- The legal dissolution of an Insurance Broker or the death of an Independent Agent, as appropriate, will cause the cancellation of their authorization and the termination of their appointment in the policies intermediated by this intermediary. The Superintendence, at the request of a party, with the documentation that accredits such situation, will make effective without further procedure the cancellation of the authorization.

Additionally, cancellation will proceed when, by their own will, the interested party requests it in writing and attaches the credential of accreditation of Insurance Intermediary.
The Superintendence without further procedure will proceed to what is requested.

The Superintendence will proceed to notify the resolution of cancellation of the authorization and registry of the Insurance Intermediary, within a maximum period of three business days from the date the resolution is issued.

Effects of not presenting the surety bond
Art. 35.- Persons who having obtained the minimum score to be authorized and who do not present the surety bond referred to in Article 17 of these Norms, must initiate a new process in the immediate subsequent application reception period, if they deem it convenient.

Validity of the surety bond
Art. 36.- The surety bond referred to in Article 17 of these Norms that Insurance Intermediaries provide to the Superintendence to respond for errors or omissions to the detriment of insured parties or third parties, must be in force at all times, a situation that allows them to maintain their registration in the Registry. The renewal of the surety bond must be made at least one month prior to its expiration.

The Insurance Intermediary who does not present the renewal of their surety bond to the Superintendence, in the period indicated in the previous paragraph, will have until the last business day for Public Administration prior to the expiration of its validity, for its presentation; otherwise, their authorization in the Registry will be suspended for a period of one month, said suspension will be carried out so that the intermediary carries out the management of the transfer of the portfolio to the corresponding insurance company.

After the expiration of the suspension period, the Superintendence will proceed to cancel their registry entry.
The Superintendence will proceed to notify the resolution of suspension or cancellation, as appropriate, of the authorization and registry of the Insurance Intermediary, within a maximum period of three business days from the date the resolution is issued. Insurance Companies, for their part, must not accept business of their line with Insurance Intermediaries while these have not renewed and presented their surety bonds to the Superintendence.

Of the payment of commissions to suspended or cancelled insurance intermediaries Art. 37.- Insurance Companies must make the payment of commissions accrued in the validity of the policy up to before the date of the notification of the agreement of the Board of Directors of the Superintendence on the suspension or cancellation of an Insurance Intermediary.

Supervision
Art. 38.- Insurance Companies, Insurance Brokers and Insurance Intermediaries will keep at the disposal of the Superintendence, all the information that this requires for the execution of its surveillance and supervision work, including the complete and updated information of their underwriting control processes and claims management of the products placed by these, providing all the necessary collaboration either in their In-situ visits or in Extra-situ monitoring.

Technical details
Art. 39.- The Superintendence will send to Insurance Companies, with a copy to the Central Bank, the technical details related to the sending of information required in Annex No. 3 of these Norms, within a period of fifteen business days following the entry into force of these Norms.

Sanctions
Art. 40.- Non-compliance with the provisions contained in these Norms will be sanctioned in accordance with what is established in the Law of Supervision and Regulation of the Financial System.

Repeal
Art. 41.- These Norms repeal the [Reference to previous norms, text cut off in source], approved by the Board of Directors of the Financial System Superintendence in Session No. CD-24/2010 of June 16, 2010, whose Organic Law was repealed in accordance with Legislative Decree No. 592 which contains the Law of Supervision and Regulation of the Financial System, published in the Official Diary No. 23, Volume No. 390, of February 2, 2011.

Transitory
Art. 42.- The [Reference to previous norms, text cut off in source] and that were in process at the moment of entering into force of these Norms, will continue and conclude in accordance with the regulations with which they began.
Insurance Intermediaries who at the validity of these Norms, are authorized and registered in the Registry, maintain their status of authorized and registered in the Registry.

Art. 43.- The surety bonds that, in accordance with what is established in [Reference to previous norms, text cut off in source], are issued at the moment of the entry into force of these Norms, will remain until their expiration, and will observe the period referred to in Article 17 of these Norms at the moment of their renewal.

Unforeseen aspects
Art. 44.- Aspects not provided for in regulatory matters in these Norms will be resolved by the Central Bank through its Standards Committee.

Validity
Art. 45.- These Norms will enter into force from October 15, two thousand twenty-five.

Annex No. 1

MODEL OF REQUEST FOR AUTHORIZATION AS INSURANCE INTERMEDIARY (Legal Persons) I, (Full Name)__________________________________________, of legal age, in my capacity as Legal Representative of the Company _________________________________, request that my represented entity be authorized to carry out the activity of insurance intermediation, in its capacity as Insurance Broker, for the following lines (mark with an X only one of the following options):
❑ All Classes of Insurance (General Insurance and Personal Insurance) ❑ Only General Insurance ❑ Only Personal Insurance

Attached to this are the following:

1. Notarially certified copy of the testimony of the deed of constitution of the Company.
2. Credential of the member of the Board of Directors or of the Sole Administrator, appointed as Legal Representative of the Company.
3. Copies of the Tax Identification Number (TIN) of the Legal Representative and of the Company, in accordance with what is established by the Tax Administration.
4. Copy of the Unique Identity Document (DUI) of the Legal Representative.
5. Financial statements of the Company with its corresponding audit opinion, for the last three years.
6. List of personnel with employment contracts with the company, dedicated to the activity of insurance intermediation, which contains:
   a) Full name of each of the persons; b) Copy of the Tax Identification Number (TIN), in accordance with what is established by the Tax Administration; c) Copy of the Unique Identity Document (DUI); and d) Copy of the credential granted to each of these persons, by the requesting Company to promote on its behalf the sale of insurance policies.
7. Training plan for the personnel referred to in the previous item.
8. Certificates issued by Insurance Companies and Insurance Brokers, following:
   ________________________________ and _______________________________ indicating the time that my represented entity has been providing the service of intermediation in the contracting of insurance, in those entities; as well as the corresponding one to the Legal Representative.
9. Curriculum Vitae of the Legal Representative, accompanied by the necessary documents to accredit the academic degree or level of education.
10. Certification by the External Auditor expressing the amount of the minimum subscribed and paid Social Capital.
11. Authorization credential of Insurance Intermediary of the person designated as Legal Representative of the company.
12. Surety bond constituted in favor of the Financial System Superintendence, in accordance with what is established in Article 17 of these Norms.

Annex No. 1
Alameda Juan Pablo II, between 15 and 17 Norte Avenue, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-08/2025
NRP-89
TECHNICAL STANDARDS FOR THE AUTHORIZATION AND REGISTRATION OF INSURANCE INTERMEDIARIES Approval: 09/30/2025 Validity: 10/15/2025 I designate the following address for notifications:
Address:___________________________________________________________________ ___________________________________________________________________________ __________Telephone(s): Mobile:Email (e-mail): Website (Web Site): (District), _____ of ________________ of ______ ___________________________ Signature of the Legal Representative Note: Applications with incomplete information will not be accepted.

Annex No. 2
Alameda Juan Pablo II, between 15 and 17 Norte Avenue, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-08/2025
NRP-89
TECHNICAL STANDARDS FOR THE AUTHORIZATION AND REGISTRATION OF INSURANCE INTERMEDIARIES Approval: 09/30/2025 Validity: 10/15/2025

APPLICATION MODEL FOR AUTHORIZATION AS AN INSURANCE INTERMEDIARY (Natural Persons) I, (Full Name)_______________________________________, of legal age, residing at ______________________, request authorization to carry out the activity of insurance intermediation, in the capacity of independent agent, for the following lines of business (Mark with an X only one of the following options):
❑ All Classes of Insurance (General Insurance and Life Insurance) ❑ Only General Insurance ❑ Only Life Insurance Attached hereto are the following:

1. Copy of the Unique Identity Document (DUI), in the case of Salvadorans, or copy of the residence certificate, in the case of foreigners.
2. Copy of the Tax Identification Number (NIT), in accordance with what is established by the Tax Administration.
3. Curriculum Vitae, accompanied by the necessary documents to accredit the academic degree or level of education.
4. Certificates issued by the Insurance Companies and Insurance Brokers, namely:
   ________________________________ and _______________________________ indicating the time I have been providing the service of intermediation in the contracting of insurance, in those entities.
5. Roster of personnel with employment contracts with the company, which is dedicated to the activity of insurance intermediation, which contains:
   a) Full name of each of the persons; b) Copy of the Tax Identification Number (NIT), in accordance with what is established by the Tax Administration; c) Copy of the Unique Identity Document (DUI); and d) Copy of the credential granted to each of those persons, by the requesting company to promote on its behalf the sale of insurance policies.
6. Training plan for the personnel referred to in the previous paragraph.
7. Surety bond constituted in favor of the Financial System Superintendence, in accordance with what is established in article 17 of these Standards.

Annex No. 2
Alameda Juan Pablo II, between 15 and 17 Norte Avenue, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-08/2025
NRP-89
TECHNICAL STANDARDS FOR THE AUTHORIZATION AND REGISTRATION OF INSURANCE INTERMEDIARIES Approval: 09/30/2025 Validity: 10/15/2025 I designate the following address for notifications:
Address:___________________________________________________________________ ________________________________________________________Telephone(s): ___Mobile:Email (e-mail): (District), _____ of ________________ of 20. ________________________________ Signature Note: Applications with incomplete information will not be accepted.

Annex No. 3
Alameda Juan Pablo II, between 15 and 17 Norte Avenue, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-08/2025
NRP-89
TECHNICAL STANDARDS FOR THE AUTHORIZATION AND REGISTRATION OF INSURANCE INTERMEDIARIES Approval: 09/30/2025 Validity: 10/15/2025

ON THE INFORMATION REQUIRED FROM INSURANCE COMPANIES

FIELD DESCRIPTION codigo_intermediario Alphanumeric code composed of letters and numbers, assigned by the Superintendence as a unique number to each authorized intermediary. nombre_intermediario Full name or corporate name of the authorized insurance intermediary. suma_asegurada_intermediada Total amount of insured sums of the intermediary's business portfolio for all authorized lines of business. sumas_afianzadas Total amount of bonded sums of the intermediary's surety business portfolio. primas_netas_intermediadas Total amount of net premiums generated by the intermediary's business. ---