By way of opinion No. 2012045656 of 2012, the Superintendency of Finance answered the inquiry related to which rule must be invoked to get a financial institution to accept an insurance taken by the client on its own. In this regard, it stated that the Organic Statute of the Financial System (EOSF) stipulates that financial institutions must respect the freedom of choice of an insurer that exists in the insurance market. Therefore, they must observe certain criteria when a debtor submits insurance different to the one taken by the financial institutions. Banks cannot simply deny their admissibility arguing that they have already hired insurance.

Superintendency of Finance, Opinion 45656. July 23, 2012.