Regulation for the Detection and Prevention of Money Laundering Offenses

PURPOSE: The purpose of this Regulation is to establish general guidelines for the implementation of policies, procedures, and methodologies in the identification of insurance policyholders, insureds, beneficiaries, and other clients who make use of the services and products provided by insurance or reinsurance institutions and insurance intermediaries. Likewise, these general guidelines are also applicable to the maintenance, availability of records, and notification of transactions in insurance operations, cash transactions, multiple cash transactions, financial transactions, and atypical transactions, with the purpose of preventing and detecting the performance of transactions related to the crime of money laundering and terrorist financing, in order to comply with the provisions set forth in articles 27, 31, 32, 33, 34, 36, 37, 38, 41, and 42 of the Law Against the Crime of Money Laundering and articles 23, 24, 25, and 26 of the Law Against Terrorist Financing.

DEFINITIONS OF TERMS: For the purposes of this Regulation, the following shall be understood as: BCH: Central Bank of Honduras. Final Beneficial Owner or Beneficiaries: Natural persons who are the final owners or have final control of a client and/or the person in whose name an operation is conducted. It also includes those persons who exercise final effective control over a legal person in accordance with applicable law. Commission or CNBS: National Commission of Banks and Insurance. Terrorist Financing: Activity that, through any means, directly or indirectly, provides or collects assets, dispenses or attempts to dispense financial services and other services with the intention that they be used or with the understanding that they will be used in whole or in part to finance the commission of acts of terrorism or terrorist organizations, even if these do not take place or will not take place in Honduran territory. Supervised Institution: Institutions that, in accordance with article 6 of the Law of the National Commission of Banks and Insurance, are under the supervision, surveillance, and control of the Commission. Insurance or Reinsurance Institutions: National legal entities or branches of foreign institutions legally established in the country, authorized to engage in a habitual and systematic manner in the commercialization of insurance products, surety bonds, and reinsurance. Reinsurance Intermediaries: Natural or legal persons who, in exchange for remuneration, perform the activity of mediation of reinsurance between a cedent insurance or reinsurance entity and another insurer. Insurance Intermediaries: Dependent and independent agents and brokerage companies registered in the Registry of Insurance Agents and Brokers administered by the Commission, which promote the commercial activity of insurance and surety bonds between natural or legal persons and insurance institutions, receiving a commission from these, as well as the subsequent advice provided in the event of claims and the preservation, modification, and renewal of contracts. Money Laundering: Activity aimed at legitimizing income or assets derived from illicit activities or lacking economic foundation or legal support for their possession. Law: The Law Against the Crime of Money Laundering contained in Decree No. 45-2004 and its amendments through Decree No. 3-2008, the Law Against Terrorist Financing contained in Decree No. 241-2010, and the Law on Definitive Protection of the Domain of Goods of Illicit Origin contained in Decree No. 27-2010 and other amendments thereto. Superintendence: Specialized technical body of the Commission, responsible for the supervision and control of institutions and persons to whom the provisions contained in this regulation are applicable. Atypical Transaction: Operation not consistent with the previously determined profile of the insurance policyholder or contractor, insured, beneficiary, and other clients that is not related to economic activity and that deviates from the parameters of normality established for a particular range of the market, or that could suggest that the client is developing another activity not known by the supervised institution. UIF: Financial Information Unit.

RESPONSIBILITY AND MANDATORY COMPLIANCE: This Regulation is mandatory for all insurance institutions, reinsurance institutions, and insurance and reinsurance intermediaries.

SUPERVISION: The Commission, through the Superintendence, shall include procedures in its supervision plans aimed at verifying compliance with the Law and this Regulation.

DESIGNATION OF COMPLIANCE OFFICER: Insurance institutions, reinsurance institutions, and insurance and reinsurance intermediaries, through their Boards of Directors or Administrative Councils, shall appoint a Compliance Officer with sufficient independence and autonomy, in order to coordinate the functions and activities of compliance and security related to the prevention and detection of misuse of the services and products they commercialize. In the case of insurance intermediaries that do not have a Board of Directors or Administrative Council, the Manager or legal representative shall appoint the Compliance Officer. CHAPTER II OF THE COMPLIANCE COMMITTEE

CONSTITUTION: Each insurance and reinsurance institution shall form a Compliance Committee that shall have, at a minimum but not limited to, the following functions:

• a)

  Evaluate the development of the Compliance Program;

• b)

  Analyze unusual transactions presented by the Compliance Officer to determine their atypicality;

• c)

  Resolve conflicts between business areas regarding those products or services that are suspected of being vulnerable to money laundering and terrorist financing;

• d)

  Analyze and approve management reports prepared by the Compliance Officer on activities for the prevention of money laundering and terrorist financing, for presentation to the Board of Directors.

COMPOSITION: The Compliance Committee shall be composed, at a minimum, of:

• a)

  A member of the Board of Directors or of the Administrative Council;

• b)

  The General Manager or the official to whom he delegates;

• c)

  The Compliance Officer, who shall serve as Secretary of the Committee. Insurance and reinsurance institutions that do not have a Board of Directors or Administrative Council domiciled in the national territory shall appoint, through the responsible administrative body, the representative with sufficient powers to constitute the Committee. The designation of members of the Compliance Committee does not exempt the insurance institution nor its other officials and employees from the obligation to prevent, detect, and internally report unusual and/or atypical transactions with proper supporting documentation. CHAPTER III OF THE COMPLIANCE OFFICER

REQUIREMENTS: The Compliance Officer, for purposes of appointment, shall meet the following minimum requirements: a) Proven work experience in insurance; and b) Experience in the formulation and execution of policies and procedures for the prevention and detection of the crimes of money laundering and terrorist financing, risk analysis, legal aspects and audit, among others.

COMMUNICATION TO THE COMMISSION: Insurance and reinsurance institutions shall notify in writing the UIF and the Superintendence of the appointment of the Compliance Officer the following business day after the appointment has been made, attaching the curriculum vitae and the corresponding board resolution confirming the appointment. This prior provision is applicable when the Compliance Officer is replaced, and the institution must inform the reasons that led to his separation. The institution may make observations when it deems that the position and level of responsibility do not allow it to perform its functions adequately.

IMPEDIMENTS: The following cannot be appointed as Compliance Officer:

• a)

  Members of the Board of Directors or Administrative Council;

• b)

  Holders of more than five percent (5%) of the capital stock shares;

• c)

  Those who have been declared bankrupt or in creditor concourse and who have not been rehabilitated;

• d)

  Those who have been convicted of any crime against property or public trust;

• e)

  Those who hold other positions within the institution, and these positions interfere with proper diligence; and,

• f)

  Officials who hold other positions within the institution and that may interfere with proper diligence.

FUNCTIONS: The Compliance Officer shall perform, at a minimum, the following functions:

• a)

  Design and update the compliance program and propose to the General Manager or President of the Administrative Council, the policies and procedures for the prevention and detection of money laundering and terrorist financing, in order to prevent the risks of reputation, operational, legal, and knowledge of misuse of the services and products provided by the institution;

• b)

  Communicate to the institution's personnel and its intermediaries all legal and regulatory provisions on money laundering and terrorist financing in effect in the Republic of Honduras, as well as the internal procedures related to the compliance that derive from laws and regulations;

• c)

  Ensure that the policies and procedures established for the prevention of the crime of money laundering and terrorist financing are complied with, as well as the prudential standards and resolutions issued by the CNBS;

• d)

  Present quarterly reports to the General Manager or President of the Administrative Council or Board of Directors which shall contain at a minimum: a summary of atypical transactions reported to the UIF, risk analysis and monitoring, training received and provided, and the results of the application of the established procedures and policies;

• e)

  Keep updated on technical and legal aspects related to the crime of money laundering and terrorist financing;

• f)

  Establish channels of communication and cooperation with other supervised institutions in the system;

• g)

  Send reports related to the prevention of the crime of money laundering and terrorist financing that are requested by the UIF;

• h)

  Establish communication channels between the main office, agencies and branches and when applicable, with the foreign parent company, regarding the reporting of cash transactions, multiple cash transactions, financial transactions, and atypical transactions;

• i)

  Present to the Compliance Committee unusual seizures detected, which shall determine the atypical ones to report;

• j)

  Immediately send to the UIF the reports of atypical transactions;

• k)

  In the design of products and services, ensure that they comply with internal control standards for the prevention of money laundering and terrorist financing;

• l)

  Verify that the Human Resources area or its equivalent defines parameters that ensure a high level of personal integrity, establishing a system to evaluate the personal and work backgrounds of employees and officials or other authorized representatives;

• m)

  Timely inform the Board of Directors or Administrative Council, Presidency and/or General Management, and Compliance Committee, of changes in national legislation and international standards related to the crime of money laundering and terrorist financing;

• n)

  Evaluate and make necessary corrections in reports of cash transactions, multiple cash transactions, financial transactions, atypical transactions, and other reports required by the UIF; o) In coordination with the Human Resources area or its equivalent, plan training programs for personnel including intermediaries on the subject of prevention of money laundering and terrorist financing, which shall include the identification and full knowledge of its clients and instruct them regarding the responsibilities contained in the Law, this Regulation, and future provisions that may be issued; p) Serve as a liaison between the institution and the UIF; q) Other functions designated by the institution regarding money laundering and terrorist financing. CHAPTER IV REGULATIONS RELATING TO INSURANCE POLICYHOLDERS, BENEFICIARIES, FINAL BENEFICIARY OR BENEFICIAL OWNERS AND OTHER CLIENTS

IDENTIFICATION: Insurance institutions and insurance intermediaries shall fully identify insurance policyholders, their insureds and other clients, and final beneficiaries or beneficial owners, at the time of first establishing a contractual relationship, whether in the underwriting of insurance or when providing any other service. In the case of policy beneficiaries, they shall be fully identified at the time of submission of the claim. The following guidelines shall apply:

• a)

  The information and documentation required in the underwriting and/or renewal of policies, approval of a loan or other services, shall be preserved by keeping a copy in magnetic, photostatic, photographic, microfilm, or any other means of reproduction, organized in a file by branch or by client, according to the institution's policy;

• b)

  Insureds and/or clients of the insurance institution and/or its intermediaries shall complete the application and other current forms prior to underwriting and/or renewing policies or processing loans;

• c)

  Require a photocopy of the identity card and the National Tax Registry (RTN) of the insureds or in the case of national clients. Foreign nationals shall present a valid passport or residence card, a properly verified domicile, and their migration status. The same documentation shall be required for loan processing;

• d)

  When group or collective insurance is contracted, the contractor or insurance policyholder or insured shall provide a list of members with the full name and identity card number and RTN of each group member or, failing that, the number of their valid passport if foreign;

• e)

  Policies cannot be underwritten or loans granted with false names or any other means that conceals the identity of the policyholder and/or final beneficiary or beneficial owner, obtaining for such purpose the identification that allows the insurance institution to be convinced of the identity of this person;

• f)

  Require that the contractor or insurance policyholder, insured, beneficiary or other client declare whether they act in the name of or in representation of another person who is the true final beneficiary or beneficial owner, obtaining for such purpose the identification that allows the insurance institution to be convinced of the identity of this person;

• g)

  Fully identify all persons who have legal authorization to contract in representation of contractors or insurance policyholders, insureds, beneficiaries and other clients, as if they were policies issued to personal title;

• h)

  Obtain information on the purpose and nature of the business relationship that the client wishes to maintain with the institution;

• i)

  Maintain a continuous due diligence process that allows for updating the information of existing clients, evaluating whether their operations correspond to the information provided at the beginning of the relationship, the origin of their funds, as well as the risk profile of such client;

• j)

  Supervised institutions and other non-supervised obligated parties that originate insurance operations shall send to the corresponding insurance institution the application or form that they use for such operations; and,

• k)

  In cases where client identification is delegated to an insurance intermediary, this party, at the request of the insurance institution with which a relationship has been established, shall make available the client identification information as well as copies of the required data. However, the final responsibility for client identification and verification rests with the insurance institution that delegated the identification, and it shall conduct its own verification if there is any doubt about the information provided.

RELATIONS WITH LEGAL ENTITIES: Insurance and reinsurance institutions, as well as insurance and reinsurance intermediaries, at the time of establishing a relationship with national and foreign legal entities, shall prepare the file and shall require the following:

• a)

  Photocopy of the articles of incorporation and bylaws and their amendments duly registered, as well as the National Tax Registry (RTN);

• b)

  Present the original and photocopy of the authorization granted by the corresponding State Department to conduct business in the Republic of Honduras and its respective registration in the Mercantile Registry;

• c)

  Full identification of the natural person who holds the administration and representation of the legal entity;

• d)

  Photocopy of the Board of Directors certification or containing the full name and photocopy of the identity card of: The partners or shareholders and The executives authorized to contract on behalf of the company;

IDENTIFICATION REQUIREMENTS: Insurance institutions and/or intermediaries, in order to comply with the provisions of this regulation, shall identify their clients by requiring at a minimum the following information: NATURAL PERSON a. Full name (as it appears in the identity document); b. Date of birth; c. Place of birth; d. Profession, occupation, or trade; e. Nationality; f. Gender; g. Number of the Personal Identification document; h. Type of identification (identity card, RTN, passport, or resident card); i. Complete address of residence; j. Marital status and name of spouse, if applicable; k. Fixed and/or mobile telephone number, fax number, and email address; l. Name of the business (if applicable); m. Line or activity of the business; n. Name of the company where employed; o. Complete address of the company; p. Work telephone number; q. Length of employment in the company. LEGAL ENTITY a. Trade name; b. Corporate name or designation; c. Economic activity; d. Photocopy of RTN or RUC; e. Photocopy of the Articles of Incorporation and amendments duly registered; f. Detail and identification of persons authorized to contract in representation of the company (applying all requirements required for natural persons); g. Address; h. Telephone, fax, email, website, or other applicable information; i. Policies underwritten with this or other insurers. If during the insurance policy underwriting process there are doubts about the existence of the subscribers, the insurance institution shall conduct an on-site verification to confirm their existence, leaving documentary evidence of this action in the client's file. In case the information gathered is inconsistent with that provided by the client, or does not satisfy the insurance institution, it shall terminate the commercial relationship. Insurance institutions shall also consider the preparation of a suspicious transaction report to the UIF. Insurance institutions shall implement a program that allows them to obtain consolidated information of the policies of each insured and, if applicable, other insureds in the institution.

POLICIES FOR INDIVIDUAL MERCHANTS AND OTHER CIVIL ORGANIZATIONS: For the underwriting of policies by individual merchants and businesses that are owned by a natural person, the following documents shall be required:

• a)

  Photocopy of the declaration of individual merchant, registered in the Mercantile Registry;

• b)

  Identification of the natural persons authorized to contract on behalf of the company, leaving photocopies in the respective file. Policies for individual merchants shall be issued in the name of the owner, indicating the trade name used. In the issuance of policies in the name of non-profit associations such as clubs, patronages, churches, and other associations, an authenticated photocopy of the articles of incorporation and the registration certificate issued by the corresponding State Department shall be requested, which shall be preserved in the file.

DUE DILIGENCE.- At the moment of establishing a contractual relationship with a contractor or insurance policyholder, pre-existing insured parties or other clients, insurance and reinsurance institutions shall proceed to:

• a)

  Full identification.

• b)

  Verify the identity of the contractor or insurance policyholder and another client, through documents, data and information from an independent and reliable source.

• c)

  Determine whether the contractor or insurance policyholder and another client acts on behalf of another person. Additionally, take reasonable measures to obtain sufficient identification data in order to verify the identity of that other person.

• d)

  Identify the beneficiary of the policy before making the indemnification effective, and take measures to verify their identity until the insurer is convinced of e) In the case of legal entities, insurance and reinsurance institutions and/or intermediaries shall, furthermore, take reasonable measures to know the ownership and control structure of the client. f) Obtain information about the purpose and intended nature of the business relationship. g) Conduct a continuous due diligence process with respect to the business relationship, as well as a detailed examination of the transactions carried out during the course of that relationship, in order to ensure that the operations being conducted are compatible with what the insurance institution and/or intermediary knows about the contractor or insurance policyholder and other clients, their businesses and risk profile, including the origin of funds, if necessary. h) When group or collective insurance is contracted, the profile of the insurance contractor must be obtained in the same terms as described in the preceding subsection, excepting from this requirement the persons who are part of the insured group. i) When insurance and reinsurance institutions underwrite or maintain insurance and reinsurance contracts with supervised institutions or other non-supervised obligated parties, they shall require and maintain in the respective files (of the contractor) at a minimum the following: Communication from the Compliance Officer appointed Copy of the letter of submission of the Compliance Program to the UIF Name of the regulatory or supervisory body or entity; and, Name of the External Audit firm, registered in the registry for this purpose administered by the Commission. This information shall be presented and evaluated by the Compliance Committee of the insurance and reinsurance institution, to determine the acceptance or expansion of the information, attaching a copy of the minutes in the insured party's file. j) Insurance and reinsurance institutions, at the moment of establishing a relationship with insurance and reinsurance intermediaries, shall leave evidence in the respective files that they have received the necessary training regarding money laundering and terrorist financing. k) Insurance and reinsurance institutions, when delegating client identification to insurance and reinsurance intermediaries, shall require them to provide copies of the documents related to identification, for which intermediaries shall provide them without any delay. In cases where there is doubt about the veracity of the information provided by intermediaries to conduct due diligence, they shall perform it and complete their own verification of the client.

MONITORING.- Once the relationship is established, insurance and reinsurance institutions shall review the parameters and/or guidelines under which their analysis shall be conducted in accordance with the type of transaction or activity they perform, to determine whether the operations they execute correspond or not to the documented knowledge that is had of them. The monitoring of transactions shall be applied individually among insurance contractors, insured parties, and other clients of the insurance institution, to allow for timely detection of atypical transactions, adapting to new circumstances that arise in the course of the relationship, leaving evidence of this management in the respective file. Insurance and reinsurance institutions shall develop or have adequate information technology that allows them to detect all those operations that deviate from previously determined parameters; in order for these to be analyzed to determine whether or not they can be considered atypical transactions. Monitoring should focus mainly on the record of transactions carried out in cash, or any other monetary instrument. In this sense, insurance and reinsurance institutions shall maintain a daily record of transactions carried out by clients that exceed the amount limit established by the BCH, for each product or service, including a record of multiple transactions carried out. Chapter V NORMS RELATED TO THE PERSONNEL OF THE INSTITUTION

KNOWLEDGE.- Insurance or reinsurance institutions shall take the following into consideration:

• a)

  In the selection process they shall establish procedures to evaluate and verify the personal and work history of their future officials, employees and advisors;

• b)

  Monitor the conduct of personnel, especially those whose standard of living does not correspond to their income, refrain from taking vacations or may be directly or indirectly associated with the disappearance of funds from the institution. c. Exercise special care with personnel whose standard of living does not correspond to their income, refrain from taking vacations or may be directly or indirectly associated with the disappearance of funds from the institution.

TRAINING.- Insurance or reinsurance institutions shall permanently provide training in legal and technical aspects, as well as in policies and procedures that they adopt for the prevention and detection of money laundering and terrorist financing to all their personnel. In this sense, each Institution shall structure an annual training plan directed at its officials and employees, duly approved by the Board of Directors or Board of Administration. In the file of each employee, documented evidence shall be filed of having been trained in the subject matter of Money Laundering and Terrorist Financing. Likewise, the administration of the supervised institution shall verify through periodic evaluations that its officials and employees know the obligations and responsibilities contained in the Law. Insurance institutions, at the moment of establishing a relationship with insurance intermediaries, shall leave evidence in the respective files that they have received the necessary training in the matter of Money Laundering and Terrorist Financing.

RESERVE AND CONFIDENTIALITY.- It is prohibited for personnel of insurance and reinsurance institutions to inform any person of the fact that information has been requested by the competent authority or was provided to it. Likewise, they shall maintain the strictest reserve and confidentiality regarding the reports referred to in this Regulation, refraining from providing any information or news in this regard, except to the Public Ministry or to the competent Judicial body. Chapter VI REPORT, REGISTRATION AND DOCUMENTATION OF CASH TRANSACTIONS, MULTIPLE CASH TRANSACTIONS, FINANCIAL TRANSACTIONS AND ATYPICAL TRANSACTIONS.

CASH TRANSACTIONS.- Individual operations related to the services provided to clients and carried out in cash, which equal or exceed the amount established by the BCH, shall be registered in the form "Cash Transaction Record" (RTE), which shall be provided for this purpose, and must be sent to the UIF, through the UIF Transaction Capture System, within the first ten (10) business days of the month following the transaction.

MULTIPLE CASH TRANSACTIONS.- Operations that together exceed the limit amount established by the BCH, shall be considered as a single transaction if they are carried out by or for the benefit of a determined natural or legal person during the same day, with being sent to the UIF, through the UIF Transaction Capture System in accordance with its parameters, within the first ten (10) business days of the month following the transaction.

FINANCIAL TRANSACTIONS (NON-CASH).- Those non-cash financial transactions, related to the client that equal or exceed the amount established by the BCH within the first ten (10) business days of the following month of the transaction, through the UIF Transaction Capture System.

ATYPICAL TRANSACTIONS.- Insurance institutions shall immediately inform the UIF of those operations carried out by natural or legal persons that are considered atypical, through the "Report of Atypical Transactions" (RTA). The UIF, upon receiving the RTA, shall assign the respective code, acknowledging receipt of it. The UIF shall inform the insurance system about new technologies related to money laundering and terrorist financing.

CONSERVATION.- The forms referred to in this chapter, as well as the documents that support these transactions, must be preserved under the strictest security measures, for a term of five (5) years. The UIF may request them when it deems it appropriate. Chapter VII PREVENTION OF TERRORIST FINANCING

REPORT OF TRANSACTIONS.- Insurance and reinsurance institutions, suspect or have reasonable indications that there exist funds linked or related to or that may be used for terrorism, terrorist acts or by terrorist organizations or those that finance terrorism, shall immediately inform the UIF using the RTA form. Insurance and reinsurance institutions shall comply with the provisions of the Law Against Terrorist Financing and its regulations. Chapter VIII COMPLIANCE PROGRAM

COMPLIANCE PROGRAM.- Supervised insurance and reinsurance institutions shall have a Compliance Program appropriate to the organization, structure, resources and complexity of their operations. In the case of insurance and reinsurance intermediaries, they shall submit to the Compliance Program of the institution with which they maintain a contractual relationship. A copy of the Compliance Program and the point of the minutes of the Board of Directors or Board of Administration in which said program is approved shall be sent to the UIF, who shall acknowledge receipt of them and may make such observations as it deems pertinent. Institutions shall periodically review the effectiveness of their Compliance Programs, in order to verify their execution and identify deficiencies or needs for updating and/or modification derived from changes in Honduran legislation or by issuance of regulations, policies and international best practices. Any update and/or modification shall be communicated in writing to the UIF. The Compliance Program shall contain at a minimum the following: a. Code of Ethics; guidelines of conduct that demonstrate the institution's commitment to preventing the misuse of its products and services. Shareholders, directors, legal representatives, administrators, officials and employees are subject to compliance with this Code for which the institution's services are used to legitimize or conceal displaced funds, from money laundering and terrorist financing. Likewise, the obligation to provide all collaboration to the national authorities to combat the aforementioned crimes shall be established. b. Sanctions Regime; shall encompass persons who have failed to comply with the policies or procedures established for the prevention and detection of money laundering and terrorist financing. This sanctions regime shall be applied without prejudice to the sanctions established in the Law. c. Audit System; in order to support the work of the Compliance Officer, each insurance and reinsurance institution shall incorporate in the annual internal audit program the verification of the effectiveness, efficiency, compliance and results obtained in the implementation of the Compliance Program. Likewise, in the contract that the institution enters into with the external audit firm, a clause shall be included requiring an opinion on compliance with the provisions of the Law and this Regulation. d. Client Knowledge Policies; institutions must determine the policies and procedures for knowing the contractors or insurance or reinsurance policyholders, insured parties and other clients. In the case of beneficiaries, they shall be fully identified at the time of filing the claim. e. Identify files of greater risk that could improperly use the services and products; and, e.5. Such others as the institution deems necessary. Chapter IX SANCTIONS

SANCTIONS.- Insurance or reinsurance institutions that fail to comply with the provisions contained in this Regulation shall be sanctioned by the Commission in accordance with the provisions of the Law. Chapter X FINAL PROVISIONS

UNFORESEEN SITUATIONS.- What is not provided for in this Regulation shall be resolved by the Commission or the corresponding body, in accordance with the provisions of applicable legislation on the matter.

REPEAL.- This Regulation repeals Resolution No. 1230/31-2004 dated November 30, 2004 issued by this Commission, contained in the Regulation for the Prevention and Detection of the Improper Use of Services and Products Marketed by Insurance and Reinsurance Institutions in Money Laundering.

EFFECTIVE DATE.- This Regulation shall enter into force as of the date of its publication in the Official Gazette "LA GACETA". 2. Communicate this Resolution to the Institutions of the Insurance System. 3. Authorize the Secretariat to submit this Resolution to the Official Gazette La Gaceta for its publication. 4. This Resolution shall take immediate effect. F) VILMA C. MORALES M., President, FRANCISCO ERNESTO REYES, Secretary". FRANCISCO ERNESTO REYES Secretary 22 A. 2011.