The National Assembly they must address the proposed reform initiative Law of the Ecuadorian Social Security Institute (IESS) and Law of the IESS Bank (Biess) erected by citizen Henry Llanes Suárez.

This March 14, 2023 National Electoral Council (CNE) found that Henry Llanes, a former deputy and representative of the pensioners’ associations, complied with the payment 54,557 signatures of support from citizens registered in the Register of Voters for proposing a citizen’s initiative.

Llanes accepted Article 103 of the Constitution, which states that the popular normative initiative shall be carried out to propose the creation, reform or abolition of legal norms before the legislative branch or any other body with normative competence. It must have the support of not less than 0.25% of the people registered in the electoral roll of the respective jurisdiction.

It is clarified that the proponents of the initiative will participate,”through a representative, in the discussion of the project in the appropriate body, which will have a deadline of 180 days to act on the proposal; if he does not, the proposal will take effect.”

The CNE verified the signatures contained in the 9405 forms for which they were qualified 54,557 out of 32,748 sections that were required or equivalent to 0.25%, therefore “found to exceed the percentage required in the current standard”.

On May 3, 2022, collection forms were delivered to Henry Llanes to promote the popular regulatory initiative to reform the IESS Act and the Biess Act.

In November 2022, he submitted all the signatures and since then entered the verification procedure whose report was approved at the plenary session this Tuesday, March 14, by the votes of councilors Elena Nájera, José Cabrera, Enrique Pito, Esthela Acero. and Diana Atamaint.

This will introduce the report to the National Assembly so that the legislative procedure can be initiated.

In general, the proponent’s reform projects would be framed within the framework of the restructuring of the Board of Directors of IESS and the Board of Directors of IESS Bank.

That Biess can operate on the financial market as a first-tier bank; also that the national government hand over Banco del Pacífico to the IESS as part of the payment of the debts owed by the state to the IESS; and also to calculate pension payments for people affected by resolution CD 554 of August 2017, which made reforms in the regulation of insurance, collection and portfolio management and in the temporary regulation of the transitional program for insurance for disability, old age and death.