Regulatory Alerts2018-12-20 | NCM-03Added · Updated
Technical Standards for Transparency and Disclosure of Information of Insurance Companies
The Committee of Standards of the Central Reserve Bank of El Salvador issued these standards requiring domestic insurance companies, foreign branches, and cooperative associations to disclose specific policy details, claim procedures, and intermediary information to users and policyholders. Entities must maintain specialized software to track complaints, publish quarterly statistical summaries on their websites, and submit monthly reports to the Superintendence, the Consumer Ombudsman, and the Central Bank within five business days. The standards became effective on January 7, 2019, with a six-month adaptation period for the statistical reporting obligations.
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