Brignardello Vela: New insurance regulations promote transparency

In a recent interview, Emilio Juan Brignardello Vela, an insurance advisor, shared his perspective on the regulation that will come into effect in January 2025, which will require insurance companies to report information on surety bonds and guarantee policies to the Superintendency of Banking, Insurance, and AFP (SBS). According to Brignardello, this measure represents a significant step towards transparency and the formalization of the insurance market, especially in the context of public procurement, where trust is essential. The advisor emphasized the importance of establishing a centralized information system, which will help combat document forgery that has created a climate of distrust in the sector. Brignardello believes that the lack of a reliable registry has been an obstacle for companies, as many state entities require guarantees to be directly verified by the issuers, leading to a cumbersome and inefficient process. Regarding the role of surety bonds and guarantee policies, Brignardello explained that these instruments are essential for construction companies and those involved in export, as they act as guarantees for contractual obligations. However, the absence of a verification mechanism has allowed irregularities to occur that threaten the integrity of bidding processes. The advisor also mentioned that the new regulation aims not only to validate surety bonds but will also allow insurers to access information on related claims, facilitating better risk assessment. In this way, companies will be able to identify patterns of non-compliance that optimize their evaluation process when issuing policies. Brignardello highlighted the relevance of banks having access to more comprehensive information about the surety bonds acquired by applicants when considering the granting of credit. This will not only contribute to better credit assessment but will also enable financial entities to make informed decisions that mitigate risks. The advisor expressed optimism regarding the established timeframe for correcting and submitting erroneous information, emphasizing that this will ensure the continuous updating of data in the SBS. Brignardello stated that this control mechanism will benefit both state entities and citizens participating in bidding processes, contributing to a safer and more reliable environment. Finally, Brignardello concluded that the implementation of this regulation is a crucial step in the fight against corruption and in protecting consumers. The supervision of surety bonds and guarantee policies, as he sees it, is a key element in preserving the integrity of bidding processes, which in turn fosters trust in the insurance market. As the implementation date approaches, the advisor urged insurers to adequately prepare to comply with the new requirements and for state entities to seize the opportunities presented by a more robust and reliable system.