Regulatory Alerts2023-03-17 | NRP-39Added · Updated
Technical Standards for the Submission of Information by Insurance Companies for the Preparation of Insurance Activity Statistics
The Standards Committee of the Central Reserve Bank of El Salvador mandates that Salvadoran insurance companies, foreign branches, and insurance cooperatives submit specific data to the Financial System Superintendence. Entities must file monthly policy and bond information within the first fifteen business days of each month, and annual statistical yearbook data by the first fifteen business days of March. Additionally, an internal auditor certification regarding the reconciliation of yearbook data with financial statements is required by the first ten business days of March. The Standards entered into force on April 3, 2023, with non-compliance subject to sanctions under the Law for the Supervision and Regulation of the Financial System.