Once the deadline for insurance companies to comply with the requirements of the Monetary and Financial Code expired in March 12, the national mayor of Insurance, Andres Martinez, confirmed that the authorities decided to renew it for 18 months.
“The deadline has been extended. The obligation for insurance companies of having a paid up capital of $ 8 million shall be fulfilled until September 12, 2017, subject to the conditions and schedule of partial fulfillments the Superintendency of Companies determines for companies that were not able to have such capital until March 12,” he said.
The Code is in force since September 2014 and, among its provisions, it mandates that insurance companies have a capital of $ 8 million. It also requires greater reserves and liquidity.