SUGESE DOCUMENT REGULATIONS FOR UNIQUE REGISTRY OF BENEFICIARIES

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1 THE NATIONAL FINANCIAL SYSTEM SUPERVISORY COUNCIL. SUGESE DOCUMENT REGULATIONS FOR UNIQUE REGISTRY OF BENEFICIARIES Approved by the National Financial System Supervisory Council by Means of Article 9 of the Minutes of Meeting , Held on January 21, PUBLISHED IN LA GACETA NO. 40 ON FEBRUARY 26, Updated on November 12, TO TAKE EFFECT FIVE MONTHS AFTER PUBLICTAITON IN THE OFFICAL JOURNAL "LA GACETA" 1/12.

2 REGULATIONS FOR UNIQUE REGISTRY OF BENEFICIARIES TITLE I Creation of the Unique Registry of Beneficiaries CHAPTER I General Provisions Article 1. Purpose and Sphere of Application The purpose of these regulations is to establish the operating standards for the Unique Registry of Beneficiaries in accordance to the terms in Article 96 of Law 8956, the Insurance Contract Regulatory Law. The following insurance contracts are subject to the application of these Regulations: any contracts with coverage for death, both individual and group policies. Article 2. Nature of the Information The information contained in the Registry is of a personal nature about the insured, hence it is covered by the SUGESE confidentiality guarantee under the terms of Article 29 of the Insurance Market Regulatory Law, No. 8653, and Article 166 of the Stock Market Regulatory Law, No. 7732; in line with the Law on Personal Data Treatment, Law Therefore, said information will be available for look up by the possible beneficiaries after the death of the insured or based on an order by the competent legal authority and under the terms established in Article 9 of these Regulations. Article 3. Definitions For applying these provisions, the following definitions are understood as follows: a. Simple Query: details of the information found in the Registry that will be provided to the applicant. 2/12.

3 b. Certification: a document that attests to the information found in the Registry. c. Customer Account: This is a standardized fund account structure associated with checking and savings accounts, credit cards, or any other on-demand or electronic money fund account belonging to financial entity clients. The structure is used to carry out transactions between banks to issue bills and make payments, constituting the financial domicile used by the client. d. Real Time Debit: a service that makes it possible to send an instruction to a financial entity where the customer account is registered for the funds to be debited so they may be credited to a customer account in real time. e. SINPE Service: Financial and support services that use an Inter-bank Financial Portal called the National Electronic Payment System (SINPE based on its acronym in Spanish) to be able to send transactions from and to financial entities and their customers. f. SUGESE On Line: Name of the business platform or web portal that SUGESE operates on the Internet that can be used for the institution to maintain a direct relationship with the participants that benefit from the services that SUGESE provides through that portal. CHAPTER II Mandatory Enrollment and Information Supply Article 4. Registry Contents. 1 The Registry will contain the following information: I. Information that identifies the insured person: a. Full name. b. Identification number 1 Modified by CONASSIF by means of Article 15 of meeting dated October 20, (Published in La Gaceta number 218 on November 12, /12

4 c. Identification type. II. Information that identifies the insurance entity: a. Business name b. Corporate identification number III. Information related to the insurance contract: a. Policy identification number. b. Policy type (individual or group). c. Policy holder identification number and name. d. Date the contract was signed or the date when the insured was added, as pertinent. e. SUGESE product registration code. f. Date the insurance contract was cancelled, if applicable. IV. Beneficiary identification information under the terms of Article 97 of Law 8956: a. When the designation is specific: i. Beneficiary identification number. ii. Beneficiary identification type. iii. Beneficiary full name. b. When the designation is generic: i. Description of how the beneficiary will be individually identified. When a designation has not been made for some reason or when it is ineffective, the insured's legal heirs will be held to be the beneficiaries as established in the probate proceedings in conformity with the contents of Article 94 of Law /12.

5 Article 5. Mandatory Information Supply In conformity with the contents of Article 96 of Law 8956, the insurance entities will provide updated information about the contracts that have been entered, according to the contracts referenced in Article 1 of these Regulations. The information will use a telematic format as established by the Superintendent by means of a general agreement which must guarantee the information's security and integrity. Article 6. Information Supply. 2 The insurance entities will update the data by sending information about the contracts under the terms established by the Superintendent by means of a general agreement. After the insured dies or after the policy is cancelled for any reason, the Registry will keep the information for a period of five years in order for the beneficiaries to run any queries and proceed with any actions to conserve their rights within the statutory limitations. Likewise, the insurance companies will be directly liable to the stakeholders for any data communication errors or omissions to the Registry without prejudice to any pertinent administrative sanction TITLE II Access to the Registry CHAPTER I 2 Modified by CONASSIF by means of Article 15 of meeting dated October 20, (Published in La Gaceta number 218 on November 12, /12

6 Query System Article 7. Right of Access to the Registry Any party interested in finding out if they are a beneficiary to a registered policy by a deceased person will have access to the Registry. Likewise, at the request of a legally authorized entity, a federal judge or the executor for inheritance proceedings who has been accredited by a power of attorney that is properly registered in the Public Registry as set forth in Article 466 of the Civil Code, and any other party who is able to demonstrate their legitimacy to act for this purpose; information will be provided about whether a deceased person had insurance contracts similar to those set forth in Article 2 of these Regulations. In such cases, to verify the consulting party's credentials, the query must be made in person at the SUGESE offices. Article 8. Query by Insureds and Right to Informational Self-Determination All insureds have the right to query the Registry about information related to their policies to verify the information that the insurance companies report. When the insureds feel that the information being reported by the insurance company does not reflect the actual policy statement, they may ask the insurance company to correct it. The required information must be corrected within a maximum period of thirty calendar days and the insurance company will provide a response to the insureds about the results of the process within that same period of time. Article 9. Query Mode Any party querying the information may access the registration two ways: a. They may visit the Superintendency offices in person. 6/12.

7 b. They may access the information on line using the SUGESE service platform. In either case, the party querying the information may choose to receive the information as a simple query or ask for a certification with the understanding that the contents will be the same. Article 10. Query Requirements a. The party making the query must show their national identification card or use a digital certificate, if the query is made on line. b. Pay the cost for the query. Chapter II Rate Schedule Article 11. Parameters to Determine the Cost of the Service To determine the unit cost of the base rate for the service provided by the Unique Registry of Beneficiaries, the cost will be based on Article 96 of Law 8956, as follows: a. The cost attributable to the services provided to provide this service. b. The cost of using the SINPE platform, according to the rates defined by the Central Bank of Costa Rica. c. The pertinent tax stamps if the information contained in the Registry needs to be certified. These parameters will be reviewed by SUGESE at least once each year and, if necessary, they will be adjusted by a document issued by the Superintendent. The cost of the query and the account used to make the payment will be available to the public on the SUGESE web site, any question may be answered by telephone, the telephone numbers will also be indicated on the web site. 7/12.

8 CHAPTER III Information Request and Delivery Procedure Article 12. Query Made in Person. 3 The party making the query must personally visit the Superintendency's offices during normal business hours and meet the following requirements: a. Pay the pertinent fee using the means defined by the General Insurance Superintendency. b. Present a current identification document. Once the requirements are verified, the information will be immediately provided if the beneficiary was specifically designated. If the policy has a generic designation, the query will be sent to the insurance company to verify the specific case and confirm whether or not the person making the query has been designated as a beneficiary. A response will be provided within a maximum period of five business days and sent to the address or fax number provided by the person making the query. The report will provide details about the policy and specify the insurance company, the insured or policy holder and the policy number. Article 13. Query Using SUGESE on Line. 4 Any citizen who has been properly authenticated by means of a digital certificate may use the SUGESE on Line service platform any time of the day 3 Modified by CONASSIF by Article 15 of meeting dated october 20, (Published in La Gaceta No. 218 on November 12, 2014.) 4 Modified by CONASSIF by Article 15 of meeting dated october 20, (Published in La Gaceta No. 218 on November 12, 2014.) 8/12.

9 to make the query referenced in the preceding article. Therefore, the following requirements must be met: a. Have a current digital certificate. b. Provide a customer account number tied to a bank account in their name. c. Authorize the amount of the fee to be debited from the supplied account using the SINPE platform. Once the requirements are verified and the debit has been made, the information will be immediately provided if the beneficiary was specifically designated. If the policy has a generic designation, the query will be sent to the insurance company to verify the specific case and confirm whether or not the person making the query has been designated as a beneficiary. A response will be provided within a maximum period of five business days and will be made available to the party making the query at SUGESE on Line. The report will provide details about the policy and specify the insurance company, the insured or policy holder, and the policy number. Article 14. Certifications for Information Contained in the Registry. 5 When the information contained in the Registry needs to be certified, it will be provided within a maximum period of ten business days. a. It will be available at the SUGESE offices if it is needed on paper. b. If it is needed electronically, it will be available to the users at SUGESE on Line and will be signed digitally. 5 Modified by CONASSIF by means of Article 15 of meeting dated October 20, (Published in La Gaceta number 218 on November 12, /12

10 TITLE III Final Provisions CHAPTER I Effective Period Article 15. Effective Period To take effect five months after publication in the La Gaceta official journal. CHAPTER II Transitory Rules of Law Standalone Transitory Rule of Law: Initial Information Provision by the Insurance Companies. For the public to have access to the services that the Registry will provide under the terms of Transitory Rule of Law 2 of Law 8956, once these regulations have been published in the La Gaceta official journal, the insurance companies will have a maximum period of four months to send the updated information about the contracts that have been subscribed to in the form defined by means of an order by the Superintendent." 1012.

Frequently Asked Questions about tax matters in Costa Rica

Frequently Asked Questions about tax matters in Costa Rica . in Costa Rica 1. CINDE 2017. All rights reserved. The information presented herein is considered to be correct as of the time of publication. Please note that the contents of this report are based on