Efectos de la aplicación del artículo 14 sección II del capital y reserva legal a través del Código Orgánico Monetario Financiero para la constitución de las compañías que conforman el sistema de seguros en el sector norte en la ciudad de Quito periodo 2014-2018.

Abstract

The objective of this research project is to identify the effect of Art. 14 of the Codification of the General Insurance Law, contemplated in Book III of the Monetary and Financial Organic Code, published in the Second Supplement of Official Registry No. 332, published on September 12, 2014, which requires a minimum legal capital for the constitution of insurance companies of USD 8 million and for reinsurance companies of USD 13 million. The study includes a bibliographic and field research with a qualitative and quantitative approach of theoretical and explanatory type to a sample of 18 representatives of insurance companies and reinsurance companies established in the Northern Sector in the city of Quito. The result showed that 94.4% of the representatives surveyed affirmed that the current regulations have been positive since the insurance sector has greater solvency and solidity while only 5.6% of the respondents disagree. It could be concluded that the aforementioned article 14 forced the insurance sector to a minimum capital adequacy causing the sector to decrease from 43 to 30 companies due to this some opted for merger processes, absorption and others had to be liquidated, currently the 96.66% of insurance and reinsurance companies comply with current regulations having a positive impact on the economic growth of the sector representing 1.6% of GDP in Ecuador.