It seeks to strengthen the regulation and supervision of these operations and differentiate them from other policies issued by insurers.
Through Resolution No. 00332-2023, the Superintendency of Banking and Insurance (SBS) approved this Thursday, February 2 andl Credit, surety and surety insurance regulations. This will have the objective of strengthening the regulation and supervision of these products and is applicable to the companies of literal D of article 16 of the General Law. Likewise, it will allow insurers to establish technical guidelines to strengthen management and avoid associated risks.
The regulation, in the case of sureties, establishes differentiated prudential and management treatments between the risks covered by sureties that guarantee credit obligations (GOC Sureties) from those that guarantee other types of obligations (GOO Sureties).
For its part, for surety and surety policies, risk management associated with this type of product will be strengthened, and requirements and guidelines for counter-guarantees and investments will be defined.
Finally, for credit insurance, its definition will be modified and a methodology for calculating the current risk reserve (RRC) will be decreed. This will apply to internal and export credit risks, and also includes the associated accounting treatment. Likewise, measures will be incorporated for an adequate management of the policies of this risk.
It should be noted that the issued standard also establishes modifications in the Regulation of Patrimonial Requirements, to which is added a particular methodology for surety insurance and GOO Bonds based on adverse scenarios on concentration of exposures.
Source: Larepublica
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