On October 9, the Banks and Insurance Superintendency (SBS, in Spanish) issued SBS Resolution No. 2448-2020, modifying the regulations governing the coverage, resources and payment of covered deposits in the Deposit Insurance Fund (FSD, in Spanish), the Internal Auditing Regulation and the Accounting Manual for Companies in the Financial System.

Through these regulations, the SBS established the calculations to be used to define the payment of premiums, penalties for incorrect premium payments, and verify the premium and deposits paid. The entity’s objective is to reinforce the FSD’s role to “protect” the deposits of financial system users in case the system is closed.

The resolution stipulates that in order to transfer deposits which have been immobilized for 10 years to the FSD, when the value of these exceeds one Tax Unit or its equivalent in dollars, the financial entities must make the efforts necessary to try to contact the owner or beneficiary to inform them of the next transfer, so that they can carry out the withdrawal or cancellation before they are transferred to the FSD.