{"id":13840,"date":"2025-05-22T08:22:56","date_gmt":"2025-05-22T13:22:56","guid":{"rendered":"https:\/\/bustamantefabara.com\/en\/?p=13840"},"modified":"2025-05-22T08:22:56","modified_gmt":"2025-05-22T13:22:56","slug":"resolution-no-jprf-s-2025-0152-financial-board-issues-the-regulation-governing-insurance-technology-service-providers","status":"publish","type":"post","link":"https:\/\/bustamantefabara.com\/en\/resolution-no-jprf-s-2025-0152-financial-board-issues-the-regulation-governing-insurance-technology-service-providers\/","title":{"rendered":"Resolution No. JPRF-S-2025-0152: Financial Board Issues the \u201cRegulation Governing Insurance Technology Service Providers\u00bb"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>By Resolution No. JPRF-S-2025-0152 dated April 30, 2025, the Financial Policy and Regulation Board (the \u201cFinancial Board\u201d) issued the <strong>\u201cRegulation Governing Insurance Technology Service Providers\u201d<\/strong> (the \u201cRegulation\u201d). This Regulation is based on the <strong>Organic Law for the Development, Regulation and Control of Technological Financial Services<\/strong> (Fintech Law).<\/p>\n\n\n\n<p><strong>I. Purpose<\/strong><\/p>\n\n\n\n<p>The Regulation aims to establish the regulatory framework for the activities carried out by <strong>Insurance Technology Service Providers<\/strong> (\u201cESTS\u201d), such as alternative transaction systems, insurance market infrastructure, blockchain platforms, among others, that involve <strong>\u201cfinancial risk.\u201d<\/strong><\/p>\n\n\n\n<p>ESTS that pose <strong>financial risk<\/strong> are those directly involved in <strong>sensitive<\/strong> (i.e., critical to the operation of an insurance company, where failure could compromise financial sustainability and operational capacity) and <strong>fundamental<\/strong> (i.e., essential for the company to fulfill its business purpose) processes of an insurance company.<\/p>\n\n\n\n<p><strong>II. Qualification, Authorization, and Operation<\/strong><\/p>\n\n\n\n<p>The incorporation of ESTS is governed by the Fintech Law. Their qualification will be granted by the <strong>Superintendency of Companies, Securities and Insurance (SCVS)<\/strong>, provided the following requirements are met:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li>A corporate purpose that aligns with one of the ESTS activities defined in the Fintech Law.<\/li>\n\n\n\n<li>Sufficient capital and infrastructure.<\/li>\n\n\n\n<li>A corporate governance code.<\/li>\n\n\n\n<li>Inclusion of roles for product responsibility and risk management within their organizational structure.<\/li>\n\n\n\n<li>Compliance with technical and financial standards to be issued by the SCVS.<\/li>\n<\/ol>\n\n\n\n<p>ESTS operations must adhere to the guidelines set forth in the Regulation. Key operations include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Insurance sales<\/li>\n\n\n\n<li>Rate optimization<\/li>\n\n\n\n<li>Risk profile assessment and selection<\/li>\n\n\n\n<li>Product design and development<\/li>\n\n\n\n<li>Loss prevention related to the line of business<\/li>\n\n\n\n<li>Claims management<\/li>\n<\/ul>\n\n\n\n<p><strong>III. Risk Management<\/strong><\/p>\n\n\n\n<p>ESTS must implement a risk management system aligned with international best practices, covering the stages of:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li>Identification<\/li>\n\n\n\n<li>Measurement<\/li>\n\n\n\n<li>Control<\/li>\n\n\n\n<li>Monitoring<\/li>\n<\/ol>\n\n\n\n<p>They must manage <strong>operational risks<\/strong> (i.e., losses arising from failures in internal processes, systems, personnel, or external events) and <strong>legal risks<\/strong> (i.e., losses resulting from errors, negligence, recklessness, or willful misconduct leading to non-compliance or misapplication of legal or regulatory provisions).<\/p>\n\n\n\n<p>In addition, ESTS must implement information security protocols and comply with regulations on <strong>anti-money laundering<\/strong> and <strong>personal data protection<\/strong>.<\/p>\n\n\n\n<p><strong>IV. Timeline<\/strong><\/p>\n\n\n\n<p>The SCVS will have <strong>one (1) month<\/strong> to prepare the schedule for issuing the relevant technical regulations. The maximum period for full compliance is <strong>twelve (12) months<\/strong>.<\/p>\n\n\n\n<p>The Regulation is effective as of its issuance, regardless of its publication in the Official Register.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>For additional information, please contact us at the following email addresses:<\/p>\n\n\n\n<p><strong>Jes\u00fas M. Beltr\u00e1n: <\/strong><a href=\"mailto:jbeltran@bustamantefabara.com\">jbeltran@bustamantefabara.com<\/a><\/p>\n\n\n\n<p><strong>Bel\u00e9n Jaramillo:<\/strong> <a href=\"mailto:bjaramillo@bustamantefabara.com\">bjaramillo@bustamantefabara.com<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Resolution No. JPRF-S-2025-0152 dated April 30, 2025, the Financial Policy and Regulation Board (the \u201cFinancial Board\u201d) issued the \u201cRegulation Governing Insurance Technology Service Providers\u201d (the \u201cRegulation\u201d). This Regulation is based on the Organic Law for the Development, Regulation and Control of Technological Financial Services (Fintech Law). I. Purpose The Regulation aims to establish the [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":13849,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-13840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"_links":{"self":[{"href":"https:\/\/bustamantefabara.com\/en\/wp-json\/wp\/v2\/posts\/13840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bustamantefabara.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bustamantefabara.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bustamantefabara.com\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/bustamantefabara.com\/en\/wp-json\/wp\/v2\/comments?post=13840"}],"version-history":[{"count":1,"href":"https:\/\/bustamantefabara.com\/en\/wp-json\/wp\/v2\/posts\/13840\/revisions"}],"predecessor-version":[{"id":13843,"href":"https:\/\/bustamantefabara.com\/en\/wp-json\/wp\/v2\/posts\/13840\/revisions\/13843"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bustamantefabara.com\/en\/wp-json\/wp\/v2\/media\/13849"}],"wp:attachment":[{"href":"https:\/\/bustamantefabara.com\/en\/wp-json\/wp\/v2\/media?parent=13840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bustamantefabara.com\/en\/wp-json\/wp\/v2\/categories?post=13840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bustamantefabara.com\/en\/wp-json\/wp\/v2\/tags?post=13840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}