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Regulator finds that seventeen insurers must return a total of US$19.4 million in compulsory auto premiums; insurers begin making payments and seeking clarity
  • Locke Lord LLP
  • Ecuador
  • January 22 2010

Gloria Sabando, Ecuador’s Superintendent of Banking and Insurance, recently announced that the seventeen (17) companies that operate in the country’s mandatory auto coverage market (SOAT--Seguro Obligatorio de Accidentes y Transito) must return US$ 19.4 million in premium to their customers, representing a 30 credit against “excessive” premiums charged in 2009

Special assembly approves new proposed Ecuadorian constitution
  • Locke Lord LLP
  • Ecuador
  • August 18 2008

A special assembly dominated by members of President Rafael Correa’s Alianza PAIS party recently approved a proposed new Ecuadorian constitution that would grant the president broad political and economic powers

Insurance market grew by 30 in 2008 driven by personal lines growth
  • Locke Lord LLP
  • Ecuador
  • April 23 2009

According to recently released figures, total insurance premiums grew by 30 in Ecuador in 2008, from $678.4 million to $883.7 million

Market growth in Colombia, Ecuador and Nicaragua; Solvency II program in Colombia; Venezuelan companies may need to seek coverage from foreign reinsurers
  • Locke Lord LLP
  • Colombia, Ecuador, Nicaragua, Venezuela
  • July 31 2009

Swiss Re recently reported in its Sigma publication that the Colombian insurance market grew by 14.9 over the last year

Market growth in Mexico, Ecuador and Argentina; Puerto Rican regulator shutters insolvent insurer; Santander considers sale of Argentinean, Chilean and Mexican insurance units
  • Locke Lord LLP
  • Argentina, Chile, Ecuador, Mexico, Puerto Rico
  • August 5 2009

A spokesman for Spanish banking group Santander reportedly stated recently that the company is considering selling its insurance units in Argentina, Chile and Mexico, though he reportedly also referred to the situation as "vague and imprecise."

Latin American insurance and reinsurance update: Costa Rica, Mexico, Ecuador
  • Locke Lord LLP
  • Ecuador, Mexico, Costa Rica
  • March 2 2010

Aseguradora Mundial, the first foreign company authorized to sell insurance in the Costa Rican market, expects to roll out is first policy, an automobile insurance product, by April 2010

Costa Rican INS revives international expansion plans; double-digit market growth in Ecuador and Peru; IRB earnings decline 55.7 in Brazil
  • Locke Lord LLP
  • Brazil, Costa Rica, Ecuador, Peru
  • September 3 2009

As reported previously in this space, Costa Rica’s Instituto Nacional de Seguros’ international expansion plans were put on hold in May 2009 when the nation’s Comptroller General took the position that the INS was empowered only to partner with, not acquire or establish, foreign companies

Latin American update
  • Locke Lord LLP
  • Central & South America, Costa Rica, Ecuador, Mexico
  • May 22 2009

Region: ING Latin America recently reported that its pre-tax profits in the region were up 17 (US$95 million) when comparing 1Q09 to 1Q08

Growth numbers and predictions for Chile, Ecuador, Uruguay and Venezuela
  • Locke Lord LLP
  • Chile, Ecuador, Uruguay, Venezuela
  • January 14 2010

The Chilean Insurance Association recently released predictions that the country’s insurance market will grow by 3.7 in 2010 and 6.7 in 2011

Ecuador will reinforce supervision of financial companies in light of global crisis
  • Locke Lord LLP
  • Ecuador
  • October 17 2008

The Ecuadorian government recently announced that, in light of the ongoing global financial crisis, it will step up its supervision of financial institutions in the country