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?

• Risk Rating (not less than A-) issued by one of the international rating firms indicated by the SCVS, which are: Moodys, Standard and Poors, Fitch, A.M. Best. The rating must have been given within the year before the renewal application; (The underlining is ours).
• Copy the available opinion or report reflecting the solvency and stability of reinsurance operations in Ecuador.
• Certification of the risks accepted in the last year by ceding company in the country, and type of coverage, whether proportional or non-proportional.
• Updated certificate of operation issued by the competent insurance authority in the country of domicile.
• Audited financial statements, annual reports corresponding to the last three years.

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?

• Certified statement of the legal representative on the amount of paid-up capital (not less than USD 500,000);
• Authentic copy of the articles of incorporation and its amendments, duly legalized by the competent authority of the country of origin.
• Certificate of legal existence and certificate of operation to carry out reinsurance intermediation, issued by the competent authority of the country of origin.
• Audited financial statements, annual reports, or annual reports corresponding to the last three years; and,
• Current professional liability insurance policy.

The SCVS will proceed with their exclusion from the registry.

• Communications sent to the e-mail address indicated for such purposes will be valid.
• If the insurers maintain contracts with international reinsurers that do not reach the qualification indicated, these agreements will remain in force until expiration.
• Foreign reinsurers who have been qualified and do not reach the indicated qualification when this regulation is in force will keep their registration in power until its expiration.
• Those applications for registration or renewal that are in progress will be subject to the regulations in force at the date of application.