SBS Resolution No. 111-2026: Amending Circular No. S-668-2018, AFP-166-2018, the Regulation on Equity Requirements for Insurance and Reinsurance Companies, and the Regulation on Technical Reserve for Claims

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511)6309000 Lima, January 15, 2026

SBS RESOLUTION
No. 00111-2026

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

That, in accordance with Articles 345 and 347 of the General Law of the Financial System and Insurance System and Organic Law of the Superintendence of Banking and Securities (Ley N° 26702) and its amending regulations, hereinafter the General Law, the Superintendence protects and defends public interests within the insurance system, safeguarding the economic and financial soundness of natural and legal entities comprising said system;

That, through SBS Resolution No. 1124-2006 and its amendments, the Regulation on Equity Requirements for Insurance and Reinsurance Companies was approved, which establishes provisions for calculating effective equity, solvency margin, debt level, among others;

That, through Supreme Decree No. 044-2020-PCM, a National State of Emergency was declared due to the COVID-19 outbreak, which was extended and modified by various legal instruments;

That, the pandemic originating from the COVID-19 outbreak increased the number of claims for those insurances covering mortality risk;

That, through SBS Resolution No. 1761-2021, in order to mitigate the impact of excess mortality caused by the COVID-19 pandemic on insurance and/or reinsurance companies, a modification to the calculation methodology for the solvency margin of pension insurance was approved, specifically the claims-based methodology for the in-force portfolio, so that it considers claim amounts from the last forty-two (42) months and excludes the six (6) months with the highest claim amounts;

That, through Supreme Decree No. 130-2022-PCM, the National State of Emergency declaration was lifted;

That, considering that a reasonable time has passed since the end of the COVID-19 pandemic, it is necessary to modify the Regulation on Equity Requirements for Insurance and Reinsurance Companies to clarify the calculation of the solvency margin for pension insurance and lift the modification to the calculation methodology implemented in a context of excess mortality;

That, likewise, it is required to adjust the solvency margin methodology to eliminate the pro-rata allocation that allows for the gradual establishment of the SISCO solvency margin for the in-force portfolio during the first year of the contract, as it does not align with the risk exposure of said portfolio;

That, through Circular No. S-668-2018, AFP-166-2018, provisions on the methodology for discount rates applicable to calculating the required capital for final disability and survivorship pensions under the risk administration policy model (SISCO) were approved;

That, within the framework of adopting mortality tables for the Private Pension System (SPP) approved through SBS Resolution No. 886-2018, adding spreads to discount rates for calculating required capital was approved as a transitional measure;

That, subsequently, this measure was maintained during 2020 and 2021 due to the exceptional situation caused by the COVID-19 pandemic; however, taking into account the elapsed time and the conclusion of the pandemic, and with the objective of obtaining adequate measurement of required capital for pensions and risk exposure for insurance companies, it is necessary to eliminate the spread on the discount rate for SISCO IX claims onwards;

That, through SBS Resolution No. 1856-2020 and its amendments, the Regulation on Technical Reserve for Claims was approved, which establishes guidelines and calculation procedures for the best estimate of the technical reserve for claims, including the Incurred But Not Reported (IBNR) claim reserve;

That, based on supervisory experience, it is necessary to incorporate clarifications regarding the calculation frequency of the IBNR reserve and the treatment considered for SCTR risk.

That, in order to collect public opinions regarding the modification proposals, the publication of the draft resolution on the matter was arranged through SBS Resolution No. 03810-2025 in the official newspaper El Peruano and on the Superintendence's digital platform, under the Thirty-Second Final and Complementary Provision of the General Law and Supreme Decree No. 009-2024-JUS;

Having obtained the approval of the Adjunct Superintendencies for Insurance, Pensions and Regulation and Legal Affairs, as well as the Economic Studies Department; and,

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

RESOLVES:

First Article. - Modify Circular No. S-668-2018, AFP-166-2018, regarding the “Methodology for discount rates applicable to calculating the required capital for final disability and survivorship pensions within the risk administration policy model (SISCO)”, as follows:

1. Modify numeral 1 “Scope”, as follows:
   “1. Scope
   This Circular applies to insurance companies referred to in letter D of Article 16 of the General Law, and to Private Pension Fund Administrators as applicable, for claims covered by disability-survivorship insurance and burial expenses under the risk administration policy model (SISCO).”

2. Modify the third paragraph of numeral 4 “Methodology”, as follows:
   “For SISCO IV to SISCO VIII purposes, an adjustment spread is added to the discount rate. The following adjustment spreads apply for settling claims corresponding to SISCO IV to SISCO VIII:
   a) Partial disability: 0.00% b) Total disability: 0.59% c) Survivorship: 0.44% For SISCO IX onwards, no adjustment spread shall be considered.”

Second Article. Modify the Regulation on Equity Requirements for Insurance and Reinsurance Companies, approved through SBS Resolution No. 1124-2006 and its amending regulations, as follows:

1. Regarding the solvency margin based on premiums for the in-force portfolio of pension insurance referred to in letter a) of numeral 6.4.1 of Article 6, eliminate the following provision:
   “An adjustment for time elapsed from the contract start date until one year is completed shall be made. For this purpose, the total premiums obtained over twelve (12) months shall be multiplied by the number of months elapsed from the contract start date, and this result divided by twelve (12).”

2. Modify the calculation methodology for the solvency margin based on claims for the in-force portfolio of pension insurance referred to in letter b) of numeral 6.4.1 of Article 6, as follows:
   “6.4.1 Pension Insurance
   (…)
   In-Force Portfolio
   (…) b) Based on claims from the last thirty-six (36) months (Table No. 8.1):
   b.1) The amount of claims for accepted insurance and reinsurance from the last thirty-six (36) months shall be calculated, net of cancellations and recoveries. b.2) The annual average shall be obtained by dividing the sum resulting in b.1) by three (3). b.3) 29% of b.2) shall be obtained. b.4) The amount obtained in b.3) shall be multiplied by the retention ratio calculated in a.4) of this numeral. (…)”

3. Regarding the solvency margin based on claims for the in-force portfolio of pension insurance referred to in letter b) of numeral 6.4.1 of Article 6, modify the following provision:
   “Monthly own information for accepted net insurance and reinsurance claims shall be used. If it is necessary to complete the thirty-six (36) months required in letter b.1), monthly market information for accepted net claims of pension insurance shall be added, which will be sent by this Superintendence via official letter.”

4. Regarding the solvency margin based on claims for the in-force portfolio of pension insurance referred to in letter b) of numeral 6.4.1 of Article 6, eliminate the following provision:
   “Once the annual average referred to in letter b.3) is obtained, an adjustment for time elapsed from the contract start date until one year is completed shall be made. For this purpose, the annual average of claims shall be multiplied by the number of months elapsed from the contract start date, and this result divided by twelve (12).”

5. Modify the format of Table No. 8.1, from Annex ES-7C “Solvency Margin Information”, according to the annex attached to this Resolution, which is published on the Institutional Portal (www.sbs.gob.pe) in accordance with Supreme Decree No. 009-2024-JUS.

Third Article. - Modify the Regulation on Technical Reserve for Claims, approved through SBS Resolution No. 1856-2020 and its amending regulations, as follows:

1. Incorporate numeral 6 in paragraph 4.3 of Article 4 “Guidelines for estimating the claim reserve”, according to the following text:
   “(…)

2. The IBNR reserve estimation shall be performed on a monthly basis.”

3. Incorporate at the end of paragraph 7.1 of Article 7, the following text:
   “7.1 (…) In the case of SCTR, for establishing the IBNR reserve, only short-term SCTR risk (risk 77 of the “Concordant Risk Table” in Chapter II “Risks” of the Chart of Accounts) shall be considered.”

Fourth Article. - This Resolution takes effect from March 1, 2026.
Registered, communicated, and published.

SERGIO JAVIER ESPINOSA CHIROQUE
SUPERINTENDENT OF BANKING, INSURANCE AND AFP