Sanctioned Insurance Activity Act Tuesday, May 25, 2010 22 : 33
The latter is provided in Article 40 paragraph 22, which is forbidden to refuse to grant immediate coverage in cases emergency under the contract of insurance for hospitalization, surgery and maternity, subject to the issuance of keys or access authorizations.
In the preamble states that this Act extends the scope, it is subject to state control, in addition to insurance and reinsurance companies, other legal persons engaged in the activity, such as prepaid medicine companies , premium finance and insurance cooperatives.
rules are defined, powers, functions and procedures for the control, monitoring, supervision, licensing, regulation, stability and performance of the insurance and standard of the interest being present, the rights and guarantees of contractors prepaid health services, policy, policyholders and beneficiaries in the relations of insurance, reinsurance and cooperative partners.
legislation also conforms to the requirements of social order, to encourage and develop organizational figures in the context of citizen participation and cooperation that should exist between public and private institutions, in order to safeguard the interests the weak legal
Some items being considered in Article 137, deferred at the previous meeting, the deputy Simon Escalona, \u200b\u200bvice president of the Finance Committee, said the deputy Gonzalo Gualdrón had a proposal on the comments made to this rule to support a Supreme Court ruling. Deputy Gualdrón
said that based on an argument, suggests adding the words "prepaid medicine" and "associates", an approach that was adopted by the plenary.
The text was written: "The Superintendent of Insurance Activity grant permission to cooperative associations or bodies of integration, to carry on insurance or prepaid medical benefit of its members and non members, in classes determined by prudential rules, subject to compliance with the requirements of the law governing cooperative associations, this Act and its Regulations. "
Article 138 was passed that says, "prepaid health is understood as all those medical care services provided directly or indirectly, to be paid regularly or fully in advance by the contractors and the determination of the premium is considered random factors, statistical and actuarial calculations.
Superintendent of Insurance Activity grant authorization for prepaid medicine companies, after completing technical requirements for the performance of this work were developed in the Regulations of this Law
this type of service will apply the guidelines provided in the law on advertising and reservations in all its types and conditions.
also proceeded to give the nod to the rules governing the financing companies insurance policies, which will be under the supervision of the Superintendent of Insurance Activity, who must authorize such activity, as well as the requirements for developing this service.
prohibit foreign companies are prohibited - according to Article 144 which are shareholders of corporations for the financing of insurance premiums, foreign corporations incorporated in jurisdictions classified by the National Customs and Tax Administration (SENIAT) and low taxation.
financing contracts must contain - among others - the following conditions: 1. Indication of method of calculation, the interest rate to charge for premium financing and the rate of interest on arrears. Interest rates may not exceed those established by the Central Bank of Venezuela, 2. Mandate under which the financier can accept the policy on behalf of the insurer where the insurer specified assumes all risks from the time the Funding approves funding of the policy. Fines
Regarding the use or enjoyment of a unique name for the sector set out in Article 151 that "any person who without being authorized to do so, use at your firm, company name, trade name, products or services the words insurance, insurance, insurance, reinsurance, reinsurer, reinsurance companies, prepaid health, policy, or terms relating to or arising from those words, or equivalent in translation into languages \u200b\u200bother than Castilian, with the intention of make believe who are authorized to exercise the said activity shall be punished by a fine of two thousand tax units (2,000 UT) to five thousand tax units (5,000 UT), without prejudice to the measures taken are appropriate under this Act and the criminal liability that may arise.
also be subject to financial penalty for companies in insurance, reinsurance or prepaid medicine who engage in the following cases: Two thousand tax units (2,000 UT) to four thousand tax units (4,000 UT), if they fail the administrative measures it impossible or obstruct the exercise of the functions of the Superintendent of Insurance Activities.: four thousand tax units (4,000 UT) to eight thousand tax units (8,000 UT), when not comply with the requirements to obtain and maintain the operating authority established by this Act, of five thousand tax units (5,000 TU) to ten thousand tax units (10,000 UT), when conducting operations to transfer or disposal of shares without prior approval of the Superintendent of Insurance Activity, or when conducting the transfer of portfolio, the merger or division of a legal person, without the prior permission of the Superintendent of Insurance Activities.
addition of 1,000 to 2,000 tax units, when it published an extract from the document portfolio transfer or referral to the Superintendent of Insurance Activity; three thousand tax units (3,000 UT) to six thousand tax units (6,000 UT), when using policies, documents, fees, or advertising without prior approval of the Superintendent of Insurance Activity and four thousand tax units (4,000 UT) eight thousand tax units (8,000 UT), when no suitable substitute goods for representing technical reserves.
Another sanction is imposed by Article 158, which states that "the subjects covered by this Act, to condition the recruitment of a policy, service or health plan for the recruitment of other policies, services or plans , or that prices paid to suppliers higher than those offered to the general public, shall be punished by a fine of four thousand tax units (4,000 UT) to eight thousand tax units (8,000 UT) "
While any misrepresentation by the maximum fine will be 5000 thousand tax units. Transitional provisions
eight transitional arrangements were approved, establishing the first since the enactment of this Act, the name of the Superintendent of Insurance is "Superintendent of Insurance Activities."
As shall be the duty of the authorities, public and private institutions and subjects covered, to be issue any document, use the name of "Superintendent of Insurance Activities" immediately. For routine, the Superintendent of Insurance Activity documentary exhaust the inventory of stationery and renewal will be phased with the above name.
The second is expected that within one hundred eighty (180) working days from the entry into force of this Act, or the Superintendent of Insurance Activity should dictate the rules on the organizational structure , functional and human resources system of the Superintendent of Insurance Activities.
From the effective date of this Act, the regulated subjects are required to submit to the Superintendent of Insurance Activity, within a period of sixty (60) days, a plan to adjust to the new provisions. The adjustment plan be implemented within a maximum of six (6) months, counted from the date of approval.
According to Articles 7 and 14, section 19 of the Organic Law of National Financial System, the insurance and reinsurance companies regulated by this Act, which form part of an insurance group, economic or financial, must be conducted all the operations necessary to implement the principle of legal separation accounting, administrative and financial within one hundred eighty (180) days after the entry into force of this Act
The law also stipulates that "The effect of the provisions of the previous transitional provision, the insurance companies whose shareholders are regulated subjects by the Organic Law of National Financial System must legally separate accounting, administrative management and treasury management, in order to prevent any monopolistic operations and contrary to the solvency and stability of the financial system.
Under this principle of separation, insurance companies can not integrate with other companies, management accounting, administrative and financial structure must maintain a vertical unbundling.
Within one hundred eighty (180) calendar days from the date of enactment of this Act, legal persons engaged in the financing of premiums, prepaid medicine and cooperative associations engaged in insurance business must request authorization to the Superintendent of Insurance Activity, subject to compliance with the requirements of this Act
Final The final provisions are expected Since the entry into force of this Law, the seat is canceled registration of reinsurance registered with the Superintendencia de Seguros, which are incorporated in jurisdictions classified as tax havens by the National Integrated Customs and Tax Administration (SENIAT).
In the second, it is noted that since the entry into force of this Act are null and void the terms of the insurance contract establishing a balance between the rights, obligations of the parties or impose disproportionate burdens to the detriment of the contracting , policyholder, insured or beneficiary
Report: Zuma CA Insurance policies increases up to 613.14%
By: José López
Date Published: 24/05/1910 Caracas, May 24 -
INSURANCE The Company ZUMA, CA increased my Hospitalization and Surgery Policy Bs F. Cruz Azul 26,146, oo it paid last year to Bs F. 160,312 oo to this year, that is, the Policy had an increase of 613.14% about right? I am a citizen of 74 years of age, and logical reasons that I had to use it to address different health conditions. The response from the insurance company to my surprise it was me that was no longer profitable for them and that as the law forbids trash me because I increase it so that it can not afford it and that broke the glass of water is that this particular policy as they do not have any funding, that is, must be paid in cash.
The unusual part is that in 2008 complaint to the Superintendent of Insurance to that company because the same policy for which I paid last year Bs.F. 26,146, oo the previous year had cost me Bs F. 11,000, oo, and after two years, more exactly a month ago, the Superintendent issued a decision which fined ZUMA INSURANCE devolveme CA and ordered the money they had overcharged, as those increases had not been approved by them.
with this Company Alert ago disregard on the judgments of the Superintendent of Insurance and makes fun of its policyholders, especially those seniors.
In November last year Zuma Insurance, whose main shareholder was José Zambrano, chairman of the intervened bank Banorte, lost Bs.F. 5.038 million, and so I think Will seek to recover that amount with increases not authorized to policyholders?
JOSE LOPEZ
CI No. 0414 2,863,302 6,934,041 TELEPHONE
