The National Assembly approved the articles that establish that insurance companies and prepaid medicines protect vulnerable sectors, excluded or neglected by the traditional insurance market.
On Tuesday, within the framework of the second discussion of the Insurance Activity Bill, Parliament approved article 55, which determines as sensitive subjects retirees, pensioners, older adults, people with physical or mental disabilities, micro-entrepreneurs, entrepreneurs, artisans, producers, fishermen, rural population, ethnic groups, among others.
According to the note of National Assemblyit was approved that insurance and prepaid medicine companies can place microinsurance, inclusive insurance and mass insurance directly, or through intermediaries of the insurance activity or alternative channels.
Likewise, it was established that the products can be contracted directly or with an intermediary, and use brokers specialized in financial technology.
Similarly, insurance, reinsurance and prepaid medicine companies are required to publish and submit their solvency margin and unencumbered equity on a quarterly basis in the form and term established by the Superintendence of Insurance Activity (Sudeaseg).
Another of the agreed points is that the regulated subjects must design, implement and maintain a Comprehensive System for the Management of Risks of Money Laundering, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction whose composition, operation and matter will be governed by regulations dictated by the (Sudeaseg).
Not less than 30% of premiums
Meanwhile, insurance and prepaid medicine companies are obliged to reinsure in the national market no less than 30% of the required premiums, except when that percentage cannot be placed in the country for reasons attributable to the national reinsurance companies.
In another of the approved articles, it is established that insurance and reinsurance companies incorporated in the country will have the obligation to establish, maintain, invest and record the technical reserves derived from reinsurance operations.
The legal text contemplates that Sudeaseg will maintain a registry of reinsurance companies incorporated abroad and must comply with the requirements and procedures that the regulation will establish.
The legal instrument establishes civil, criminal and administrative sanctions for the shareholders, boards of directors or the daily management of the insurance or reinsurance and prepaid medicine company that alienate the assets that represent the technical reserves and do not substitute them for others, causing an insufficiency in their representation.
