The Superintendency of Insurance Activity (Sudeaseg), informed intermediaries, Insurance and Reinsurance brokerage companies, brokers and insurance agents, that from January 1 to March 31, 2023, the Online Declaration System will be active, through the website of the institution.
On this platform, regulated companies must carry out the Affidavit of Origin of the Funds and the Declaration of being in the exercise of the activity for which they were authorized, indicates a press release.
In this sense, they will be able to enter the Online Declaration System through the button: “Management of Regulated Subjects”located at the beginning of the Sudeaseg website.
This procedure complies with the formal duties established in the current legal regulations:
On the one hand, Article 115 of the Decree with Rank Value and Force of Law of the Insurance Activity published in the Official Gazette of the Bolivarian Republic of Venezuela No. 6,211 Extraordinary dated 12/30/2015, reprinted by mistake in the originals in the Official Gazette of the Bolivarian Republic of Venezuela No. 6,220 dated 03/15/2016, indicates:
“…Intermediaries authorized by the Superintendence of Insurance Activity, must report annually, from the date of entry into force of this Decree with Rank Value and Force of Law through an affidavit, that they are in the exercise of the activity for which they have been authorized, indicating in it their updated address”.
On the other hand, compliance with Administrative Ruling No. 000514 dated February 18, 2011 published in the Official Gazette of the Bolivarian Republic of Venezuela No. 39,621 dated February 22, 2011, amended according to Administrative Ruling No. SAA-001495 dated 27 May 2011 published in the Official Gazette of the Bolivarian Republic of Venezuela No. 39,694 dated June 13, 2011:
Article 24. The persons indicated in group B of this Providence, must submit an Affidavit of the Origin of Funds from their economic activity, within the first fifteen (15) business days following the close of the fiscal year and will be guarantors of compliance with ML/FT Prevention and Control policies and mechanisms.
Group B corresponds to external auditors, insurance agents, insurance brokers, risk inspectors, appraisers and loss adjusters.
It is worth remembering the obligatory nature of compliance with this requirement established in the Law; so failure to do so will have legal consequences, as stated in art. 177 of the Decree with Rank Value and Force of Law of the Insurance Activity, which indicates the grounds for the revocation of the authorization of intermediaries, risk inspectors, expert appraisers or loss adjusters, in its numeral 5.
Once the period indicated to make the declarations has ended, the corresponding reviews and procedures will be carried out through the Directorate of Prevention and Money Laundering and the Legal Directorate of Sudeaseg.
