, New Rule for authorization of Insurance Policies in Nicaragua

New Rule for authorization of Insurance Policies in Nicaragua

The Superintendence of Banks and Other Financial Institutions (SIBOIF for its acronym in Spanish) issued on September 6, 2016 Rule for the Authorization of Insurance Policies (identified as Resolution No. CD-SIBOIF-958-2-SEP6-20166), which was published in The Gazette, Official Journal No. 187 of October 6, 2016.

The said rule was issued in order to establish general guidelines to be followed by insurance companies for the authorization, modification and delivery of insurance policies regulating the content of the general and special policy for both property and personal insurances as well as contracts bail. It also regulates the process of authorization for new insurance policies.

We highlight that insurance companies have a term of three months to prepare (and file before the SIBOIF) brochures for filing claims by policyholders, which must contain the contact information of the insurer and the content of the policy, among other things.

CENTRAL LAW Nicaragua has extensive experience in the financial sector, having assisted insurance companies in various operations.

If you have any questions or wish to know more about this matter, please do not hesitate to reach us.

Avil Ramírez Mayorga