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• ensure that at least fifty-one percent of the Company capital is
held by legal persons with the adequate knowledge and experi-
ence about financial markets. The amount of capital required
for the incorporation can be increased by the Undersecretariat,
provided that it does not exceed an amount equal to twice the
Wholesale Price Index established by the State Statistics Institute.
Company Organization and Bodies
There are also certain requirements which need to be fulfilled by
the members of the Board of Directors of the Company. In this context,
the Board of Directors must consist of at least five persons. The sim-
ple majority of the Board of Directors must have obtained at least an
undergraduate degree and must have working experience in the areas
of insurance and business management and administration.
The general manager, the deputy general manager and others exec-
utives who are authorized signatories are also required to have at least
an undergraduate degree. General managers must have at least ten
years work experience. Deputy general managers and other executives
who are authorized signatories and hold offices equal to or higher than
that of the deputy general manager must have at least seven years work
experience.
Operation License
The Company must obtain an operation license (“License”) in the
pension branch in order to start its activities after incorporation. The
License is granted by the Undersecretariat. The application criteria are
as follows:
• the Company must have devised its operation in a manner that
will allow it to serve at least one hundred thousand contributors
within two years;
• the arrangements foreseen in the system design and business
plan shall have been made;
• human resources, the physical site, and the technical and
administrative infrastructure shall be compatible and function
in complete harmony.
MISCELLANEOUS
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