Regulatory Alerts2024-08-15 | NRP-77Added · Updated
Technical Standards on the Granting of Credits to Persons Related to an Insurance Company
The Central Reserve Bank of El Salvador issued Technical Standards NRP-77 to regulate the granting of credits to related parties by insurance companies and foreign branches operating in El Salvador. The regulations define related persons based on ownership thresholds and family ties, establish specific credit limits capped at 15% of paid-in capital or 2% of net total assets, and mandate detailed reporting and record-keeping to the Financial System Superintendence. These standards replace previous regulations and enforce compliance through sanctions defined in the Financial System Supervision and Regulation Law.
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