This Tuesday, the National Assembly (AN) sanctioned the Insurance Activity Law and sent it to the National Executive for enactment.
The legal text establishes sanctions with fines to the regulated subjects of the insurance activity, from 5 to 20 thousand times the reference exchange rate when it prevents or hinders the exercise of the functions of the Superintendence of Insurance Activity (Sudeaseg), refers the National Assembly on your website.
In addition, it establishes fines of 25,000 to 50,000 times the reference exchange rate when reinsurance contracts are made in which there is no real transfer of risk.
The norm contemplates that the members of the board of directors and related of the regulated subjects who falsify the truth about the financial statements, be sanctioned with a fine of 50 thousand to 100 thousand times the reference exchange rate, as well as the prohibition of the exercise for insurance activity for a period of up to 10 years.
The law establishes that insurance companies, prepaid medicine and risk managers that delay without just cause the fulfillment of their obligations, or reject in a generic way the claims formulated by the users, will be sanctioned with 10 thousand to 25 thousand times the type reference change.
Meanwhile, the cooperative associations that are authorized by the governing body may adapt and adopt the figure of insurance, prepaid medicine and risk management companies. Likewise, they must comply with the requirements demanded by the legal norm.
It is worth noting that within 180 continuous days following the entry into force of the legal instrument, Sudeaseg will dictate the regulations of the law.
