The Superintendent of Insurance, Josefa Castillo Rodriguez, highlighted the progress made by the Dominican Republic in insurance matters, emphasizing the establishment of Risk Based Supervision and Consolidated Supervision with the financial sector, for which collaboration agreements have been signed jointly with the Superintendencies of Banks, Securities and Pensions.
The official highlighted the strengthening of the regulatory framework, formally presented to the coordinator of the reform of the Insurance Law appointed by presidential decree, the draft reform of the law; among other aspects, it has incorporated the International Standards and Basic Principles of Insurance issued by the IAIS, the gradual adoption of Solvency II, the strengthening of the financial solvency of insurers, the inclusion of branches such as pension insurance and inclusive insurance, the sanctioning regime, user protection and the professionalization of the actors that make up the sector.
Josefa Castillo made these statements during her opening remarks at the meeting of the Central American Council of Superintendents of Banks, Insurance and Other Financial Institutions (CCSBSO), hosted by the Dominican Republic and attended by Alex Roberto Lara Enamorado, Superintendent of Insurance and Banks of Honduras; Karina Velásquez, Executive Secretary of the CCSBSO of Panama; Erick Benjamín Fiallos Bustamante, Superintendent of Supervision of the Banking and Insurance Commission of Honduras; Ralph Reichlin, Research Assistant of the CCSBSO of Panama.
Also, Walter Ernesto Flores Lovo, Superintendent of Insurance of the Financial System of El Salvador; María Sonia Pérez Barahona, Head of the Supervision Department of the Superintendency of the Financial System of El Salvador; Juan Carlos Alfaro Lozano, Director of the Toronto Centre Program of Colombia; Luis Alfonso Narváez, Head of Supervision of the Superintendency of Banks and Other Financial Institutions of Nicaragua; Oscar del Cid, supervisor of the Superintendency of Banks of Guatemala; Guillermo Jiménez Martínez, intendant of the Superintendency of Banks and Other Financial Institutions of Nicaragua; and Néstor Quiñonez, supervisor of the National Banking and Insurance Commission of Honduras.
Other delegates from Costa Rica, Colombia, Guatemala, El Salvador, Honduras, Nicaragua and Belize participated virtually.
The superintendent said that, “the officials who administer institutions must be attached to the transparency that the President of the Republic, Luis Abinader, has assumed as a priesthood, who in this sense has signed multilateral agreements in the summits of Heads of States or Governments of the member countries of the United Nations (UN) and in other multilateral organizations”.
She specified that with these exchanges we strengthen cooperation to establish control and supervision mechanisms, as well as the best practices under a risk-based supervision approach, which guarantee the protection of the financial system, that of the users, as well as mitigate the risk of unsuitable investments that could be used to permeate and contaminate the financial system and therefore the economy of the Central American countries.
The official declared that they have carried out actions that have allowed a substantial improvement in the management indexes of the Dominican insurance sector, “a more robust and strengthened sector in full development, to such an extent that we have had a growth in premiums in the last three years of over 18%”, she said.
During the plenary sessions, the participants established the 2025-2029 planning, emphasizing the strengthening and standardization of cross-border consolidated supervision, the identification of training and technical assistance needs, and the activities of the cooperation agreement on environmental and social management.
They also addressed parametric, inclusive and microinsurance, while Tomas Soley, Superintendent of Insurance of Costa Rica, gave a virtual presentation on the roadmap for the greening of the insurance sector. Likewise, Jaime Rodriguez, Financial Superintendent of Colombia, presented on the Sustainable Finance Strategy and incorporation of environmental criteria, and Juan Carlos Alfaro of Toronto Centre of Colombia, presented on the incidence of climate risks in the insurance sector, as well as a discussion on the incorporation of climate risks and ESG criteria into risk-based supervision frameworks for the insurance industry.
Source:presidencia.gob.do
