SBS Resolution No. 488-2026: Amendments to the Regulation on Authorization of Companies and Representatives of the Financial and Insurance Systems

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511) 6309000 1/3 Lima, February 18, 2026 SBS RESOLUTION No. 00488-2026

The Superintendent of Banking, Insurance and Private Pension Fund Administrators, CONSIDERING:

That, in accordance with Article 347 and Section 1 of Article 349 of Law No. 26702, General Law of the Financial and Insurance Systems and Organic Law of the Superintendency of Banking and Securities (hereinafter, General Law), it is the Superintendent's responsibility to authorize the organization and operation of supervised companies, as well as to issue the necessary regulations for the proper exercise of this function;

That, through SBS Resolution No. 211-2021 and its amendments, the Regulation on Authorization of Companies and Representatives of the Financial and Insurance Systems (hereinafter, Authorization Regulation) was approved, which regulates the requirements, procedures, and deadlines applicable to authorization requests for the organization of companies in the financial and insurance systems;

That, Section vii of Subsection d) of Paragraph 6.2 of Article 6 of the Authorization Regulation establishes that, when shareholders or ultimate beneficiaries are controlling entities belonging to an external financial or insurance system, applicants must submit a certificate issued by the supervisory body similar to the Superintendent in charge of overseeing said entities, indicating that it finds no objection to the organization request;

That, within the framework of international cooperation, and considering that experience from applying the aforementioned section has shown that the requirement for a formal non-objection certificate issued by the foreign supervisor may vary according to each jurisdiction's regulatory framework, without it being indispensable for prudential evaluation purposes under the Superintendent's oversight to adhere to a strictly formal or specific criterion, this Superintendency considers it sufficient that, based on its analysis, it may alternatively request information directly from foreign supervisors; accordingly, requiring such certificate from the applicant is not necessary;

That, likewise, Paragraph 10.3 of Article 10 of the Authorization Regulation provides for the suspension of the licensing procedure deadline while the information requested from the foreign supervisor, including responses to questionnaires sent by the Superintendency, remains pending;

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511) 6309000 2/3

That, considering that the authorization procedure must be conducted in accordance with the principles of efficiency, reasonableness, and predictability set forth in Sections 1.1, 1.6, and 1.13 of Article IV of the Preliminary Title of Law No. 27444, General Administrative Procedure Law, it is necessary to eliminate the licensing deadline suspension provided in Paragraph 10.3 of Article 10 of the Authorization Regulation, without prejudice to the Superintendency's authority to request information it deems relevant for the adequate evaluation of the organization authorization request;

That, likewise, it is advisable to adapt Article 19 of the Authorization Regulation to the aforementioned changes;

That, the publication of the corresponding regulatory project has been exempted, in accordance with the Thirty-Second Final and Complementary Provision of the General Law;

In view of the opinions from the Deputy Superintendencies for Banking and Microfinance, Insurance, and Regulation and Legal Affairs, as well as the Departments of Market Conduct and Financial Inclusion, Risk, and Economic Studies; and,

In exercise of the powers conferred by Sections 7 and 9 of Article 349 of the General Law of the Financial and Insurance Systems and Organic Law of the Superintendency of Banking and Securities, Law No. 26702 and its amendments.

RESOLVES:

Article One.- Section vii of Subsection d) of Paragraph 6.2 of Article 6, and Paragraph 10.3 of Article 10 of the Regulation on Authorization of Companies and Representatives of the Financial and Insurance Systems, approved by SBS Resolution No. 211-2021, are eliminated.

Article Two.- Paragraph 6.3 of Article 6 of the Regulation on Authorization of Companies and Representatives of the Financial and Insurance Systems, approved by SBS Resolution No. 211-2021, is incorporated with the following text:

“6.3 In the event that shareholders or ultimate beneficiaries are controlling entities belonging to an external financial or insurance system, the Superintendency may request relevant information from the supervisory body in charge of overseeing said entities for the purpose of granting organization authorization.”

Article Three.- Article 19 of the Regulation on Authorization of Companies and Representatives of the Financial and Insurance Systems, approved by SBS Resolution No. 211-2011, is modified with the following text:

“Article 19.- Communication to the Central Reserve Bank Upon completion of the comprehensive evaluation of the organization request referred to in Article 12 of this Regulation, the Superintendency notifies the submitted application to the Central Bank, so that said entity may issue its opinion within a period not exceeding thirty (30) days from receipt of

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511) 6309000 3/3

the corresponding communication, in the case of organization of companies covered by subsections A, B, and C of Article 16 and Section 6 of Article 17 of the General Law”.

Article Four.- This resolution takes effect the day following its publication, and its provisions apply to procedures currently in progress.

Register, communicate, and publish. SERGIO JAVIER ESPINOSA CHIROQUE SUPERINTENDENT OF BANKING, INSURANCE AND PENSION FUND ADMINISTRATORS