Resolution SBS No. 2388-2021: Approval of the Regulation on Life Insurance with Savings and/or Investment Components

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 Lima, August 16, 2021 Resolution S.B.S.
No. 2388-2021
The Superintendent of Banks, Insurance, and Private Pension Fund Administrators

CONSIDERING:

That, in accordance with Articles 345 and 347 of the General Law of the Financial System and the Insurance System and the Organic Law of the Superintendence of Banks and Insurance, Law No. 26702 and its modifying norms, hereinafter the General Law, the Superintendence of Banks, Insurance, and Private Pension Fund Administrators protects and defends the interests of the public within the insurance system, safeguarding the economic and financial solidity of the natural and legal entities that constitute said system;

That, Article 311 of the General Law establishes that insurance and/or reinsurance companies must at all times back the total of their obligations associated with insurance business with assets that comply with the provisions issued by the Superintendence; and numeral 1 of Article 318 of said norm establishes the operations that insurance and/or reinsurance companies may perform, not being permitted that the products they offer are purely financial, without providing coverage of some insurable risk;

That, through Resolution SBS No. 1041-2016 and its modifying norms, the Regulation of Investments of Insurance Companies was approved, which updates the regulations governing the investments of insurance companies and establishes the eligibility requirements that investments backing the technical obligations of these companies must meet;

That, as a result of supervisory activities, it has been identified that it is necessary to define guidelines, standards, and clarifications within the applicable regulatory framework for annuity products and other life insurance products with a savings and/or investment component;

That, in addition to the modifications described above, it has been considered necessary to issue a complementary regulation that integrates and clarifies the standards and guidelines that companies must comply with regarding annuity products and other life insurance products with savings and/or investment components, including various aspects such as the recognition of reserves and associated capital requirements, the management of investments backing them, their accounting treatment, the transparency of information to the insured and the general public, business practices and product management, among others;

That, in this context, it is necessary to modify the Chart of Accounts for Insurance System Companies, approved by Resolution SBS No. 348-95 and its modifying norms, to align the accounting treatment of annuities and other life insurance products with a savings and/or investment component with international standards; likewise, it is necessary to modify the Regulation of Capital Requirements of Insurance and Reinsurance Companies, approved by Resolution SBS No. 1124-2006 and its modifying norms, to clarify the calculation and reporting of capital requirements associated with these insurance products; as well as the Regulation of Market Conduct Management of the Insurance System, approved by Resolution SBS No. 4143-2019, to homogenize the term and content of account statements;

That, in order to collect the opinions of the general public regarding the regulatory proposal, the pre-publication of the draft resolution was ordered on the electronic portal of the Superintendence, under the authority of the Thirty-Second Final and Complementary Provision of the General Law and Decree Law No. 001-2009-JUS;

Counting with the approval of the Adjunct Superintendencies of Insurance, Market Conduct and Financial Inclusion, Risks, Economic Studies, and Legal Advice; and,

In exercise of the powers conferred by numerals 7, 9, and 13 of Article 349 of the General Law;

RESOLVES:

Article First.- Approve the Regulation on Life Insurance with Savings and/or Investment Components, according to the following:

“REGULATION ON LIFE INSURANCE WITH SAVINGS AND/OR INVESTMENT COMPONENTS

CHAPTER I
GENERAL PROVISIONS

Article 1.- Scope of application and reach
This Regulation applies to the companies indicated in literal D of Article 16 of the General Law. This norm establishes provisions for annuities and other life insurance that possess at least one component of savings or investment, separable or non-separable according to the Mathematical Reserves Regulation. The scope excludes retirement annuities and disability or survivorship pensions associated with the Private Pension System (SPP), pensions from the complementary work risk insurance (SCTR), and those products regulated by other specific regulations that issue criteria or requirements incompatible with this norm.

Article 2.- Definitions
For the application of this Regulation, the following definitions are considered:

1. Insured: holder of the insurable interest object of the insurance contract. It may also be the policyholder of the insurance.
2. Discretionary benefits: benefits referred to in the insurance contract that do not have a defined economic value and are subject to the decision of the company.
3. Circular on operational risk loss events: Circular G-191-2017, referring to the criteria for the registration of operational risk loss events.
4. Savings component: is the part of the insurance contract that the company pays to the insured or insurance beneficiary even if the insured event has not occurred. This component has a fixed interest rate that does not vary over time, whether explicitly or implicitly.
5. Investment component: is the part of the insurance contract that the company pays to the insured or insurance beneficiary, even if the insured event has not occurred. This component has a variable return, including (but not limited to) those cases where the return is affected by the volatility of the value of the investments backing this component, where said return could be totally variable or variable with a guaranteed minimum return. Investment components are also those whose value is indexed to the behavior of inflation or another economic or capital market index.
6. Investments of the savings and/or investment components: investments that back exclusively the separable savings or investment components according to the Mathematical Reserves Regulation, taking into account what is established in the Investment Regulation, this Regulation, and other regulations referring to the investments of insurance companies.
7. General Law: General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banks and Insurance, Law No. 26702 and its modifying norms.
8. Technical obligations: As defined in the Investment Regulation.
9. Loans: cash value to which the insured is entitled, which must be returned or restored in the future to the company. The loan may or may not require the payment of interest.
10. Regulation on Classification and Valuation of Investments: Regulation on the Classification and Valuation of Investments of Insurance Companies, approved by Resolution SBS No. 7034-2012 and its modifying norms.
11. Market Conduct Regulation: Regulation on Market Conduct Management of the Insurance System, approved by Resolution SBS No. 4143-2019 and its modifying norms.
12. Mathematical Reserves Regulation: Mathematical Reserves Regulation, approved by Resolution SBS No. 1143-2021.
13. Investment Regulation: Regulation on the Investments of Insurance Companies, approved by Resolution SBS No. 1041-2016 and its modifying norms.
14. Capital Requirements Regulation: Regulation on Capital Requirements of Insurance and Reinsurance Companies, approved by Resolution SBS No. 1124-2006 and its modifying norms.
15. Operational Risk Management Regulation: Regulation on Operational Risk Management, approved by Resolution SBS No. 2116-2009 and modifying norms.
16. Risk fully assumed by the insured: when the investment component obtains a return whose financial risk is fully assumed by the insured or beneficiary. Usually, products with these characteristics are referred to as unit-linked or investment-linked insurance.
17. Superintendence: Superintendence of Banks, Insurance, and Private Pension Fund Administrators.
18. Internal Rate of Return (IRR): rate that equates the amount the insured has provided as a savings or investment component with the net present value of the account, or the amount effectively received at the maturity of the term, considering the time value of money, calculated on a 360-day year.
19. User: policyholders, insured, or insurance beneficiaries, including potential ones.
20. Asset and Liability Management Regulation: Regulation on Asset and Liability Management for Insurance Companies, approved by Resolution SBS No. 1660-2025 and its modifying norms.

Article 3.- Limitation on the offer or promotion of products with savings and/or investment components
1 Numeral incorporated by Resolution SBS No. 1660-2025, published on 05/09/2025, effective from 01/01/2026.

Companies are only authorized to offer or promote products that extend insurance risk coverage, including those containing savings and/or investment components. In the case of products under the scope of this Regulation, they must necessarily provide coverage for mortality, survivorship, morbidity, or longevity risk.

Article 4.- Identification of savings or investment components
4.1 In the offer, promotion, and management of products under the scope of this Regulation, companies must distinctly identify those components corresponding to the insured's savings or investment from those components associated with insurance risk coverage. Likewise, they must differentiate savings components from investment components. This identification must be made without prejudice to the fact that in components corresponding to insurance risk coverage, values may fluctuate based on a certain interest or return rate, among other variables, and/or contain savings and/or investment components that are non-separable according to the Mathematical Reserves Regulation. In components corresponding to insurance risk coverage, charges for covered insurance risks must be identified, and these charges must be updated based on the at-risk capital according to the product's characteristics. In the case of products with non-separable savings or investment components, the insurance component may accumulate values that can vary the at-risk capital. 2
4.2 This identification of components, where those corresponding to the insured's savings or investment are differentiated from those corresponding to insurance risk coverage, must be carried out both in the financial and risk management of companies, as well as in the information they provide to users and the general public.
4.3 For user information purposes, companies must identify and manage individual accounts in favor of each insured, which segregate the separable and non-separable savings or investment components according to the Mathematical Reserves Regulation, from those risk coverage components. Savings or investment components must in turn be divided into more than one individual account, as many times as necessary, when within the same product the insured is given the option to select returns with different characteristics and risk levels.
4.4 For the purposes of investment management, companies may administer investment portfolios that imply a higher level of aggregation, provided they maintain consistency in the application of investment policies and the use of benchmarks, and have formal procedures and controls that allow them to maintain the identification of investments of separable savings or investment components corresponding to the insured, with respect to investments corresponding to insurance risk coverage; as well as apply the matching principle indicated in Article 3 of the Investment Regulation.

Article 5.- Principles applicable to insurance products with savings and/or investment components
5.1 In addition to the principles established in Article 4 of the Market Conduct Regulation and Articles 3 and 4 of the Investment Regulation, companies must apply principles for the disclosure and management of conflicts of interest in investment management, so it must be ensured that company decisions are objective and transparent, both in the selection of assets and in the allocation or transfers of investments between their investment portfolios.
2 Paragraph modified by Resolution SBS No. 3299-2022, published on 11/02/2022, effective from 01/01/2023.

5.2 These decisions must not harm the interests of the insured, for the benefit of the company itself, persons or legal entities linked to it, persons or legal entities of its economic group or conglomerate. Likewise, in investment management, it must also be ensured that the interests of one insured are not affected for the benefit of other insured of the same company.
5.3 Companies must have the technical capacity and necessary resources to implement and ensure compliance with the aforementioned principles.
5.4 In defining the alternatives of products with investment components that companies decide to offer, they must consider the risk aversion profiles of their target customers, in application of the business practices principle established in the Market Conduct Regulation. The names of products with savings and/or investment components, and their corresponding alternatives, must be expressed in simple and clear language for the understanding of users, without generating false expectations regarding their conditions or benefits, nor inducing error regarding their nature or associated risk profile.
5.5 The return of the investment component could be subject to a maximum level or cap for the insured or insurance beneficiary, only if this is stated in the product conditions and its application is carried out based on what has been previously and expressly consented to by the insured.

Article 6.- Operational risk management
6.1 In the case of products under the scope of this Regulation, just like in any insurance product, operational risks must be managed in accordance with the provisions established in the Operational Risk Management Regulation, and losses must be registered in accordance with the provisions established in the Circular on Operational Risk Loss Events.
6.2 In no case can operational risk losses be assumed by the insured when dealing with insurance products with investment components whose financial risk is fully assumed by them.

Article 7.- Identification and recording of administrative, investment, and financial expenses
For internal management and reporting purposes to this Superintendence, companies must define and implement a formal method and procedures to identify and maintain a segregated record of administrative, investment management, acquisition, and claims management expenses arising from the offer and management of products under the scope of this Regulation. This must also include expenses for the management or other services associated with investments corresponding to portfolios backing obligations associated with the savings or investment components of the aforementioned products. The recording of these expenses must allow for analysis by product type, differentiating at least annuities from other products with savings and/or investment components. Likewise, this record must segregate expenses from products with investment components whose financial risk is fully assumed by the insured. All this information and documentation must be available to this Superintendence.

CHAPTER II
RECOGNITION OF RESERVES AND CAPITAL REQUIREMENTS

Article 8. Establishment of mathematical reserves or other liabilities
8.1 The establishment of mathematical reserves for products with savings and/or investment components is carried out in accordance with what is established in the Mathematical Reserves Regulation.
8.2 The separable savings and/or investment components from the insurance component, according to what is established in Article 6 of the Mathematical Reserves Regulation, must be measured as liabilities at fair value with changes in results or at amortized cost, depending on the nature of the obligation, as established in the Chart of Accounts for Insurance System Companies. In the case of investment components whose financial risk is fully assumed by the insured, they must be measured as liabilities at fair value with changes in results.

Article 9. Capital requirements
Liabilities corresponding to non-separable savings and/or investment components, according to the Mathematical Reserves Regulation, of products under the scope of this Regulation, are subject to the calculation of solvency capital requirements and guarantee fund, considering for this purpose the same parameters established for individual life insurance and defined annuities in the Capital Requirements Regulation. Only in the case of separable savings or investment components according to the Mathematical Reserves Regulation, including investment components in which financial risk is fully assumed by the insured, the calculation of solvency capital does not apply, and the calculation of the guarantee fund must be performed as specified in the Capital Requirements Regulation for this case.

CHAPTER III
INVESTMENT AND INVESTMENT RISK MANAGEMENT

Article 10.- Technical obligations and backing
10.1 The savings or investment components of products under the scope of this Regulation are part of mathematical reserves and are considered technical obligations. Separable investment components whose financial risk is fully assumed by the insured must maintain both an accounting record and a segregated report of the rest of reserves and technical obligations. 3
10.2 4

Article 11. Asset and liability management
11.1 Asset and liability management must be carried out in accordance with what is established in Chapter V of the Asset and Liability Management Regulation. 5
11.2 6
11.3 7

3 Paragraph modified by Resolution SBS No. 3299-2022, published on 11/02/2022, effective from 01/01/2023.
4 Paragraph repealed by Resolution SBS No. 3299-2022, published on 11/02/2022, effective from 01/01/2023.
5 Paragraph modified by Resolution SBS No. 1660-2025, published on 05/09/2025, effective from 01/01/2026.
6 Paragraph repealed by Resolution SBS No. 1660-2025, published on 05/09/2025, effective from 01/01/2026.
7 Paragraph repealed by Resolution SBS No. 1660-2025, published on 05/09/2025, effective from 01/01/2026.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239
11.4 8
Article 12. Selection of assets for investment portfolios
12.1 Portfolios backing the obligations of separable investment components under the Mathematical Reserves Regulation, whose financial risk is fully assumed by the insured, must be composed exclusively of eligible assets under the Investments Regulation, which have a quoted market price in a public and active market, with a value update frequency of at least monthly, allowing their fair value to be determined transparently and reliably (hereinafter, the requirement for public and active quotation), according to the considerations indicated in the Regulation on Classification and Valuation of Investments.
12.2 The requirement for public and active quotation is exempted for assets that are eligible under the Investments Regulation and whose investment is carried out following the policies, portfolio participation limits, procedures, and strategies defined by the companies in a formal manner, based on what has been previously and expressly consented to by the insured. The assets subject to the exception are the following:

1. Temporary deposits in financial system companies.
2. Mutual funds that have daily quota values, including those that do not trade in any centralized mechanism.
3. Other assets that have a quota value or market price, provided by an authorized and independent entity, with a frequency of at least monthly. The following additional conditions must be met:
   a) These assets must have a minority participation (no greater than 20%) in the portfolio corresponding to this investment component. b) The company must have a formal methodology, procedures, and controls to ensure that the portfolio's quota value reflects its economic value daily, so that profitability and financial risk are effectively and timely transferred to the insured; c) The insured must be informed and consent, in a prior and express manner, regarding the methodology by which the daily quota value of the portfolio will be determined, as well as the greater limitations that generate this type of assets due to not having a public and active quotation, in addition to the main risks to which they are exposed; and d) The company must expressly accept that it will assume at its own expense any deficit that arises from applying the portfolio's daily quota value in the allocation of values or benefits in favor of the insured, and the resources that it effectively obtains when liquidating portfolio assets.
   12.3 Companies may back the obligations of separable investment components with eligible assets that do not meet the requirement for public and active quotation, in cases where a guaranteed minimum return is offered to the insured, or other modalities where the financial risk is not fully assumed by the insured.
   12.4 For the case of portfolios backing investment components, when indices or references (benchmarks) are considered, only those that have a transparent methodology and are prepared, distributed, and calculated by specialized entities with recognized prestige in the preparation of this type of indicators, which are independent of the company, or that maintain conflict of interest management policies, in case they form part of its same economic group and/or have linkage to it. These benchmarks must have a dissemination and disclosure frequency of daily and mass character. In case a benchmark that does not have mass dissemination is chosen, the company and this Superintendence must have access to the detailed calculation of the indicator on a daily basis.
   Article 13. Valuation of investments
   The investments of the investment components whose financial risk is fully assumed by the insured must be classified accounting-wise and valued as investments at fair value with changes in results according to what is established in the Chart of Accounts. The investments of the savings and/or investment components of the rest of the products must be classified accounting-wise and valued following the formal policies and procedures of the companies, based on the nature of the technical obligation to which the investment is associated, following what is established in the Regulation on Classification and Valuation of Investments.
   CHAPTER IV
   INFORMATION TRANSPARENCY
   Article 14. Information in the pre-contractual stage
   14.1 Companies must obtain sufficient and relevant information about the policyholder. To this end, they must consider the following aspects: (i) information on their needs and interests; (ii) their levels of knowledge of the products and instruments of the financial system and the capital market; and, (iii) their levels of risk tolerance, for the case of products with investment components. The information and documents supporting compliance with this obligation must be available to this Superintendence.
   14.2 Companies, under any contracting modality, must offer products according to the evaluation they carry out of the policyholder's profile. Likewise, they must provide clear, sufficient, concrete, and timely information on annuities and other life insurance with savings and/or investment components, mainly regarding what corresponds to the covered risks, insured amount, commercial premium, and exclusions; as well as on the characteristics of the savings and/or investment components, including information on projections and expected return of the values invested in each component, as well as additional charges not related to the coverage matter of the insurance, the surrender value, and the limitations or penalties that apply.
   14.3 For the case of insurance with investment component, the projections that companies disseminate about the products must consider estimates under reasonable assumptions, for example considering long-term periods and conjunctural or emergency situations that could affect returns. Likewise, for each investment component, at least one pessimistic scenario must be informed, indicating in prominent characters that said scenario does not reflect a guaranteed minimum return.
   14.4 What is stated in paragraph 14.3 of this article will not be mandatory for insurance with investment component with guaranteed minimum return or with savings component, including annuities.
   Article 15. Information for contracting and content of insurance policies
   15.1 Companies must provide the insured, regardless of the marketing modality used, and in addition to the information established in the Market Conduct Regulation, the following information:

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239

1. The concepts that are charged and credited in each of the accounts corresponding to the insured or beneficiary, including contributions made voluntarily.
2. The frequency of charge or credit to be considered on each of these concepts.
3. The conditions and variables that are considered to determine the value of said charges and credits.
4. In case they have them, the precision on the values of guaranteed minimum return rates, maximum return rates, discretionary benefit and/or minimum percentage charges, which are calculated based on the account value. Likewise, the nominal values and conditions of those charges or credits that are fixed must be specified.
5. Projections of the values of each account over the product's horizon, according to the product chosen by the policyholder. Regarding this, the assumptions of these projections must be specified.
6. The description of the main risks to which the values are subject over time in each of these accounts.
7. For the case of portfolios backing investment components, the policies to be followed in the management of each of the investment portfolios backing the different components of the product. On this matter, at least the policies regarding asset selection and portfolio distribution by country, economic sectors, asset classes, currencies, and risk classifications must be described. The details of these policies must be included on the companies' website and be easily accessible to users.
8. For the case of portfolios backing investment components when indices or references (benchmarks) are considered, the details regarding the description and composition of these benchmarks must be disseminated prominently on the company's website.
9. The conditions and procedures applicable to request the surrender value, make partial withdrawals and/or take loans on an account, indicating minimum and/or maximum values, charges and/or associated interest, frequencies, limitations, penalties, among others.
   15.2 Insurance policies must include in addition to what is provided in the Market Conduct Regulation, the information contained in paragraph 15.1.
   Article 16. Information to the user in case of loans
   In those cases where the user requests a loan, companies must deliver or make available to them a schedule containing the number of installments or payments to be made, their periodicity, payment date, and the effective annual rate associated with the loan, if applicable. Likewise, they must inform the user about the conditions and effects applicable to the reduction of indemnity or surrender, when there is an outstanding loan balance at the time of requesting said payment.
   Article 17. Minimum content of account statements and information available to the insured
   17.1 Companies must send or make available to the insured an updated account statement on the values and movements, by concept, of each of the accounts belonging to them, starting from the components inherent to the insurance risk coverage and the savings or investment components associated. The account statement must consider what is described in article 31 of the Market Conduct Regulation and additionally, at minimum, the following:
10. For investment components:
    a. The value and variations in the number of quotas in favor of the insured, as well as the quota values corresponding to the account value at the statement cutoff date. Regarding this, companies must calculate, at the end of each day, the quota value of each portfolio associated with the investment components of the products they offer. Said quota value equals the final value of the portfolio divided by the number of quotas issued, at the date of cutoff given. The quota value calculation methodology must follow the usages and customs applicable to investor participations in investment funds in securities. Likewise, the Superintendence may issue additional guidelines in a rule of general character. b. The detail of the portfolio distribution by country of origin and asset class, following market practice and usages, at the statement cutoff date; except when the portfolio replicates some reference market index (benchmark) or is composed by an Exchange - Traded Fund (ETF), in which case only the most recent value (market price) at the close of the information sending period must be reported. In the case that the portfolio replicates some market index, the comparison between the evolution of the index value with the evolution of the value of the portfolio replicating it must be shown. Likewise, it must include the disaggregation of the portfolio's average profitability, with the same level of detail and considering the same cutoff date.
11. For accounts corresponding to savings or investment components, the effective annualized interest or return rate (IRR) obtained, from the origin date of the respective insured's account until the statement cutoff date, which considers, in addition to credits and/or surrenders made, the net effect of charges historically applied in each account.
12. For all components, the brief description and nominal and percentage values (indicating also the calculation base) of each of the concepts that are charged at minimum in each account and of those charges that would be applied if exercising each of the options of each product.
    17.2 Likewise, for the case of products with investment components, information on the investment portfolios backing these components must be sent or made available to the insured, as indicated in paragraph 31.4 of article 31 of the Market Conduct Regulation and at the same time, considering levels of aggregation and detail that allow the insured to clearly and effectively monitor the evolution of the values associated with said components. Thus, for each portfolio, at least information on the following must be provided:
13. The risk level associated with the portfolio, as defined in paragraph 5.4 of article 5 of this Regulation.
14. List and participation of the ten (10) main counterparties and types of investment instruments of the portfolio's values, or all those that equal or exceed 5% of the total value of the portfolio, whichever implies the greater level of detail, with an age not greater than four (4) months with respect to the cutoff date, except when the portfolio replicates some reference market index (benchmark) or is composed by an ETF. If applicable, the company must alert the insured about the lag that exists between the date of this information and the cutoff date.
15. For the case of products with investment components whose financial risk is fully assumed by the insured, instead of the lists indicated in the previous numeral, the complete detail of the portfolio must be provided, with a maximum aggregation level by counterparty and type of instrument, with an age not greater than four (4) months with respect to the cutoff date, except when the portfolio replicates some reference market index (benchmark) or is composed by an ETF. If applicable, the company must alert the insured about the lag that exists between the date of this information and the cutoff date.
16. The values of the portfolio's average profitability, accumulated in the last period, in the last 12 months, and in the last 3, 5, and 10 years (always that these are available), at the cutoff date.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239
5. As a comparison, the values of the benchmark index profitability defined on the product, accumulated in the same periods indicated in the previous letter, if applicable.
6. The explanation of what have been the main factors that have determined the behavior of the obtained profitability, in the last quarter and the last 12 months.
17.3 Companies and users may agree that the account statement will not be sent or made available, in case of non-compliance in the payment of the premium that causes the suspension of coverage, and there are no balances in favor of users in the accounts corresponding to the savings and/or investment components.
Article 18. Payment of the investment and/or savings component in case of claims coverage requests
18.1 Upon the request for coverage due to the occurrence of a claim in the case of life insurance with savings and/or investment components described in this Regulation, regardless of the evaluation of the claim coverage, companies must pay the savings and/or investment components of said insurance, within a period not exceeding ten (10) calendar days after the request for its payment and presentation of the supporting documentation and accreditation of the beneficiaries, unless there is a delay in payment attributable to the insured and/or beneficiary.
18.2 This provision is not applicable to those savings and/or investment components that are not separable and have some effect on the settlement of the claim payment, as established in the Mathematical Reserves Regulation.
TRANSITIONAL COMPLEMENTARY PROVISIONS
FIRST. Treatment on products recently incorporated into the market Until the deadline determined by this Superintendence through a multiple letter, what is established in article 11 of this Regulation is exempted for products whose obligations associated with the savings or investment components do not exceed ten million soles (S/ 10 000 000); for which, said obligations may be grouped with homogeneous groups of obligations with similar characteristics. SECOND. Accounting reclassification of investments backing investment components in insurance products with investment component whose risk is fully assumed by the insured In the adaptation to what is established in this Regulation, assets classified as investments available for sale or at maturity and backing investment components in insurance products with investment component whose risk is fully assumed by the insured, must be reclassified to investments at fair value with changes in profit or loss. The reclassifications for the adaptation to the rule will not be subject to the consequences indicated in article 17 of the Regulation on Classification and Valuation of Investments. Any unrealized result will be reclassified to (or registered in) accumulated profit accounts.”
Article Second.- Modify the Regulation on Investments of Insurance Companies, approved by Resolution SBS No. 1041-2016 and its modifying norms, according to the following:

1. Incorporate the following paragraphs in article 6°, according to the following:

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 “(...)
In the determination of investment portfolios, in backing of homogeneous groups of obligations, the company cannot define an asset and liability management model where there are cross-overs that prevent or hinder the efficient identification of which are each of the investments backing a specific homogeneous group of obligations.
It is allowed for a company to define a homogeneous group of obligations that integrates the equity requirements derived from different products, provided that this group of obligations does not include the technical reserves of any product.”
2. Modify letter d) of article 23°, according to the following:
“d) Eligible investments are assigned in the following order:
d.1) Technical reserves and financial obligations related to insurance with investment component where the financial risk is fully assumed by the insured. d.2) Deferred premiums and unsafe practice. d.3) Solvency equity. d.4) Guarantee fund. d.5) Effective equity destined to cover credit risk. d.6) Additional effective equity by economic cycle.”
3. Incorporate the tenth final and transitional provision, according to the following:
“TENTH.- Adaptation period in asset and liability management Companies must comply with the provisions established in the last two paragraphs of article 6° of this Regulation within a period not exceeding one hundred twenty (120) days, counted from the entry into force of Resolution SBS No. 2388-2021. This adaptation period does not apply to the case of asset and liability management of new products, where compliance with said provisions must occur from their start of validity.”
Article Third.- Modify the Regulation on Equity Requirements of Insurance and Reinsurance Companies, approved by Resolution SBS No. 1124-2006 and its modifying norms, according to the following:

1. Modify numeral 3.2 of article 3°, according to the following:
   “(...)
   3.2 Guarantee Fund
   It represents the additional equity backing that companies must possess to face other risks that can affect them and that are not covered by solvency equity, such as financial risks, operational risks, and/or other risks not contemplated in the previous numeral. The monthly amount of said fund must be equivalent to 35% of solvency equity. Additionally, for the case of insurance with separable savings or investment components according to the Mathematical Reserves Regulation, the calculation of solvency equity does not apply to said components, and the monthly amount of the guarantee fund must be equivalent to 1% of the financial obligations arising from investment components where the financial risk is fully assumed by the insured, and to 6.75% of the obligations arising from savings or investment components where the company assumes completely or partially the financial risk.”
2. Modify letter a) of numeral 6.5 of article 6°, according to the following:
   “(...)

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239

a) The amount of individual life and annuity mathematical reserves shall be calculated, excluding the margin on the best estimate of the mathematical reserve (MOCE) in the corresponding cases. To this amount, the value of liabilities arising from separable savings and/or investment components according to the Mathematical Reserves Regulation must not be added.”

9

3. Modify the second paragraph of Article 8°, as follows:

“(…)

The indebtedness is calculated from the company’s total liability, determined based on the Financial Statement of the month of the corresponding period, deducting: i) technical reserves, ii) obligations with insured parties originating from insurance contracts, including financial obligations related to life insurance with separable investment components according to the Mathematical Reserves Regulation where the financial risk is fully assumed by the insured, iii) claims with reinsurers when they are not due, and iv) any other concepts that by their nature are not considered part of the indebtedness; and adding any contingent credits, which without implying credit risk, had not been registered as liabilities by the companies.”

4. Modify the comments/observations associated with the Concept “C. Guarantee Fund” of Annex ES-7A, as follows:

“(…)

35% of Solvency Equity / 1% of financial obligations of insurance where the financial risk is fully assumed by the insured / 6.75% of obligations for separable savings or investment components according to the Mathematical Reserves Regulation where the company assumes the financial risk completely or partially.”

5. Modify note 1/ of Table No. 9 of Annex ES-7C, as follows:

“(…)

Risk codes 71, 79, and 82 of the Chart of Accounts are considered. The value of liabilities arising from separable savings and/or investment components of individual life insurance, according to the Mathematical Reserves Regulation, is not added.”

6. Modify note 2/ of Table No. 9 of Annex ES-7C, as follows:

“(…)

Risk codes 75 and 78 of the Chart of Accounts are considered. Regarding risk code 75, the value of liabilities arising from separable savings and/or investment components of individual life insurance, according to the Mathematical Reserves Regulation, is not added.”

Article Fourth.- Modify the Market Conduct Management Regulation of the Insurance System, approved by SBS Resolution No. 4143-2019, as follows:

1. Substitute numeral 4 of paragraph 16.1 of Article 16, as follows:

“4. The aspects related to the minimum information and documentation to be submitted to proceed with the settlement of the claim, considering for this purpose what is stated in special norms applicable to certain insurance and in Article 74 of the Insurance Law. Additionally, in the case of life insurance with a savings and/or investment component, the documentation of support and accreditation of beneficiaries to be submitted in the event of the occurrence of the claim, to request the payment of the savings and/or investment component. Likewise, in those cases where the savings and/or investment component is separable, the indication that the request may be submitted independently from the documentation corresponding to the evaluation of the claim.”

9 Errata of SBS Resolution No. 2388-2021, published in the newspaper El Peruano on date 20/08/2021.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239

2. Substitute numeral 8 of paragraph 21.2 of Article 21, as follows:

“8. Modalities of submission and periodicity for the sending of account statements in life insurance products with a savings and/or investment component, in accordance with Article 31 of the Regulation. These modalities of submission and periodicity must comply with the requirements established by this Superintendency through a norm of a general nature, regarding life insurance with savings and/or investment components.”

3. Substitute paragraphs 31.1 and 31.2 of Article 31, as follows:

“Article 31. Account Statements

31.1 In cases where the fragmentation of the commercial premium is applicable or a life insurance with a savings and/or investment component is contracted, companies must offer users the possibility of requesting the submission or making available information on their obligations, considering as a minimum the following:

1. In the case of fragmentation of the commercial premium, at the request of users, information related to payments made and those that are pending must be delivered or made available. The information must include the payment dates of the periodic installments, according to the terms agreed in the payment agreement; and if applicable, the amount for interest, detailed in a disaggregated manner.

2. For life insurance with a savings and/or investment component, companies must deliver and/or make available information containing the initial and final value of said components, the accumulated savings and/or investment balance, including the detail of the rate of return obtained in the period, considering the fixed or variable rate of the product and the minimum guaranteed rate of return and/or maximum rate of return that correspond; as well as the details of the values charged and credited in the period, including information on loans taken by the insured. In the latter case, the information must contemplate payments made and those that are pending, as well as the amount for applicable charges, detailed in a disaggregated manner.

The minimum periodicity of this information, as well as any additional information required by this Superintendency, must comply with the norms of a general nature that apply to life insurance with savings and/or investment components.

31.2 Regarding those life insurance with a component that corresponds exclusively to savings, the submission or making available of the account statement applies at the user's request.”

4. Incorporate numeral 17A. of Annex No. 2, as follows:

10

“ANNEX No. 2

EXAMPLES OF ABUSIVE PRACTICES IN THE INSURANCE SYSTEM

(…)

10 Errata of SBS Resolution No. 2388-2021, published in the newspaper El Peruano on date 20/08/2021.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239

17A. “In the case of credit life insurance that is a condition for contracting a credit product, the inclusion of main coverages other than death, total and permanent disability, and survival risks, as established in the current regulations.”11

Article Fifth.- The Chart of Accounts for companies in the insurance system is modified according to the Annex attached to this Resolution, which is published on the Institutional Portal (www.sbs.gob.pe), in accordance with what is provided in Supreme Decree No. 001-2009-JUS.

Article Sixth.- Modify numeral 8 of Article 2 of the Mathematical Reserves Regulation, approved by SBS Resolution No. 1143-2021, as follows:

“2. Investment component: is the part of the insurance contract that the company pays to the insured or beneficiary of the insurance, even if the insured event has not occurred. This component has a variable return, including (but not limited to) those cases where the return is affected by the volatility of the value of the investments backing this component, where said return could be totally variable or variable with a minimum guaranteed return. Investment components are also those whose value is indexed to the behavior of inflation or another economic or capital market index.”

Article Seventh.- This resolution enters into force the day after its publication in the Official Diary El Peruano. Companies have a maximum adaptation period until December 31, 2022. 12

Register, communicate, and publish.

MARIA DEL SOCORRO HEYSEN ZEGARRA
SUPERINTENDENT OF BANKING, INSURANCE, AND AFP

11 Errata of SBS Resolution No. 2388-2021, published in the newspaper El Peruano on date 20/08/2021.
12 Article modified by SBS Resolution No. 3299-2022, published on 02/11/2022, effective from 03/11/2022.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239

ANNEX

MODIFICATIONS TO THE CHART OF ACCOUNTS FOR COMPANIES IN THE INSURANCE SYSTEM

I. Modify literal b) “Dissociation of the deposit component” of the section “Specific Accounting Provisions” of the Conceptual Accounting Framework, as follows:

“b) Life insurance with a savings and/or investment component

• The investment or savings component, defined in the Regulation on Life Insurance with Savings and/or Investment, is separated from life insurance (host contract) if, and only if, that component is distinct, and meets the two conditions established in paragraphs 6.2 and 6.2 of the Mathematical Reserves Regulation.

The separable savings and/or investment component of life insurance is recorded in account 2708 “Liability arising from savings and/or investment component”, where the financial risk is assumed completely or partially by the company. This liability is measured as a liability at fair value with changes in profit or loss or amortized cost, depending on the nature of the obligation. In the case of life insurance with a separable investment component whose financial risk is fully assumed by the insured, the classification and measurement of the liability is at fair value with changes in profit or loss, and it is recorded in account 2106 “Liabilities Arising from Contracts in which the Financial Risk is Assumed Completely by the Insured”.

Investments associated with private annuities and life insurance with a savings and/or investment component are measured at fair value with changes in profit or loss, available for sale, or amortized cost, depending on the nature of the obligation backing the savings or investment. In the case of investments related to life insurance with a separable investment component where the financial risk is fully assumed by the insured, these are measured as an investment at fair value with changes in profit or loss and are recorded in account 170701.01 “Investments of contracts in which the financial risk is assumed completely by the insured”.”

II. Chapter III “Accounting Table and Chart of Accounts” is modified, in the terms indicated below:

1. The denomination of account 1707 is modified as indicated below:

1707 Investments of Life Insurance with separable savings and/or investment components

2. The following sub-accounts and analytical accounts are incorporated into item 17 “Investments”:

1707.01 Investment at fair value with changes in profit or loss

170701.01 Investments of contracts in which the financial risk is assumed completely by the insured.

170701.09 Others

1707.02 Investment at maturity

1707.03 Available for sale investment

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239

3. The denomination of account 2106 is modified to:

“Liabilities arising from contracts with separable components according to the Mathematical Reserves Regulation in which the financial risk is assumed completely by the insured”.

4. The following account is incorporated into item 27 “Technical Reserves for Premiums”:

2708 Liability arising from separable savings and/or investment components according to the Mathematical Reserves Regulation, where the financial risk is assumed totally or partially by the company

2708.01 Liability at fair value with changes in profit or loss

2708.02 Amortized cost

III. Chapter IV “Description and Dynamics” is modified, in the terms indicated below:

1. The structure, description, and dynamics of account 1707 “Investments of Life Insurance with savings and/or investment component” are modified, in accordance with the following text:

Account : 1707 INVESTMENTS OF LIFE INSURANCE WITH SEPARABLE SAVINGS AND/OR INVESTMENT COMPONENTS

1707.01 Investment at fair value with changes in profit or loss

170701.01 Investments of contracts in which the financial risk is assumed completely by the insured.

170701.09 Others

1707.02 Investment at maturity

1707.03 Available for sale investment

DESCRIPTION : It comprises the identification of investments corresponding to private annuities and life insurance with separable savings and/or investment components.

DYNAMICS

DEBITS :

• For investment made.
• Investment gains
• For changes in investment allocation

CREDITS: - For charges and commissions.

• For withdrawals or transfers of accounts in the financial system
• Investment losses
• For sales or assignments of investments
• For changes in investment allocation
• Surrenders or prepayments by the issuer

2. The description of account 2708 “Liability arising from separable savings and/or investment component, where the financial risk is assumed totally or partially by the company” is incorporated, as well as the corresponding dynamics as indicated:

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239

Account : 2708 LIABILITIES ARISING FROM SEPARABLE SAVINGS AND/OR INVESTMENT COMPONENTS ACCORDING TO THE MATHEMATICAL RESERVES REGULATION, WHERE THE FINANCIAL RISK IS ASSUMED TOTALLY OR PARTIALLY BY THE COMPANY

2708.01 Liability at fair value with changes in profit or loss

2708.02 Amortized cost

DESCRIPTION : It comprises the identification of the separable savings and/or investment component of a life insurance, including private annuities, distinct from insurance where the insured assumes the financial risk completely.

DYNAMICS

DEBITS :

• For partial withdrawals
• Surrenders

CREDITS:

• For investment made.
• Investment gains

3. The denomination of account 2106 is modified, as indicated below:

Account : 2106 Liabilities Arising from Contracts with separable components according to the Mathematical Reserves Regulation in which the financial risk is assumed completely by the Insured

4. The following paragraph of the description of item 21 “Financial Obligations” is modified:

“Additionally, it comprises the separable investment component of life insurance whose financial risk is fully assumed by the insured, which is measured at fair value with changes in profit or loss”.

5. The denomination of the following dynamics of item 21 “Financial Obligations” is modified:

DEBIT

• For the revaluation of the separable investment component of life insurance whose financial risk is fully assumed by the insured”

CREDIT

• For the revaluation of the separable investment component of life insurance whose financial risk is fully assumed by the insured”

IV. Chapter V “Financial Statements” is modified, as indicated below:

1. Modify Form “A” as follows:

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239

ASSET National Currency
(1)
Foreign Currency
(2)
TOTAL
(1 + 2)
(…)
Investments (net)
Investments of life insurance with separable savings and/or investment components Available for sale At maturity Investments in subsidiaries and associates (…)

2. Modify the grouping norms of Form “A”, as indicated below:

ASSET
LEVELS IT INCLUDES
ITEMS ACCOUNTS SUB-ACCOUNTS ANALYTICAL SUB-ACCOUNTS (…) Investments in securities (net) 17 Except: 1703, 1704, 1705 and 1706 Except: 1708.04, 1708.05,
1708.06 and 1709.02
Except: 1709.01.02, 1709.01.03,
1709.01.04 and 1709.01.06
Investments of life insurance with separable savings and/or investment components 1707 Available for sale 1701.01, 1702.01 and 1708.01, 1708.09 At maturity 1701.02, 1702.02 and 1708.02 Investments in subsidiaries and associates 1708.03 Less: Provisions, amortizations and impairment 1709.03, 1709.06 and 1709.07 1709.01.01, 1709.01.07, 1709.01.08 and 170905.01 Investments in real estate (net) 17 1703, 1704, 1705 and 1706 1708.04, 1708.05, 1708.06 and 1709.02 1709.01.02, 1709.01.03, 1709.01.04

• 1709.01.06 + 1709.05.02
  (…)