On Friday February 24, 2023, the Superintendence of Companies, Securities, and Insurance (SCVS) issued Resolution SCVS-INS-2023-0004 regulating the Registry of Reinsurers and Reinsurance Intermediaries not established in the country, which leaves without effect all previous resolutions in this regard. It is essential to consider the following:
They were domiciled abroad to reinsurance entities and intermediaries interested in operating with local Insurance and reinsurance companies.
They must apply for registration with the Companies, Values, and Insurance Superintendence (SCVS), keeping a registry.
What are the requirements that reinsurers must meet to register?
Document naming an attorney-in-fact in Ecuador, with authorization to indicate domicile to receive summons and notifications to judicial and administrative processes. The attorney-in-fact may not be a legal representative, a board of directors’ member, or maintain an employment relationship with insurance companies or reinsurance companies incorporated or established in the country.
The SCVS may request any documentation related to reinsurance placements held in Ecuador.
Documents issued abroad must have the apostille; be materialized, if applicable; and be in Spanish (translated).
In addition, the application must include the name of the Legal Representative in the country of origin, institutional website, contact email address, and updated telephone numbers.
It also applies to subsidiaries, affiliates, corporations, branches, or members of a related group established in the country of origin or other countries.
What are the requirements for the registration of International Reinsurance Brokers?
The SCVS will proceed with their exclusion from the registry.