The Superintendence of Pensions and the Superintendence of Insurance are implementing measures to protect members of the Dominican Pension System, especially when they apply for their annuity, disability and survivorship pensions. This will be done through authorized and regulated insurance companies.
Josefa Castillo Rodríguez, Superintendent of Insurance, and Francisco A. Torres, Superintendent of Pensions, signed an inter-institutional agreement committing to coordinate actions for the regulation, supervision and oversight of insurance companies offering these products, in accordance with their respective regulations.
Francisco A. Torres highlighted the importance of the agreement and congratulated the Superintendent of Insurance and her team for their receptiveness. He pointed out that its objective is to protect members of the pension system to avoid misleading proposals that may harm their interests at the time of decumulation.
Torres explained that Sipen has the function of supervising the insurance companies in relation to the Disability and Survivorship insurance of the affiliates and the administration of the annuities of the pensioners, with the collaboration of the Superintendence of Insurance, according to Law 87-01.
Both institutions are also committed to pursue violations of the law and impose corresponding sanctions for non-compliance or omissions, many of which are detailed in the agreement. This includes AFP amounts, affiliates and insurance policy contracts subscribed by affiliates of the Social Security system, in cases of pensions and retirements.
Josefa Castillo Rodriguez acknowledged the initiative of the Superintendent of Pensions, stating that it comes at the right time as an opportunity for improvement, in line with public policies of transparency. She emphasized that the institutions cannot ignore the common points and must approach those that may be distanced, with the ultimate goal of benefiting the members of the pension system, through Law 87-01.
To follow up on the agreement, a bilateral institutional commission was created to study and present proposals leading to the transitory or definitive solution of the agreement.
Source:presidencia.gob.do
