SBS Resolution No. 2573-2025: Amendments to the Regulation of the Cooperative Deposit Insurance Fund (SBS Resolution No. 5061-2018)

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511)6309000 Lima, July 21, 2025 SBS Resolution No. 02573-2025 The Superintendent of Banking, Insurance and Private Pension Fund Administrators CONSIDERING:
That, Law No. 30822 (Coopac Law) amended the General Law of the Financial and Insurance Systems and the Organic Law of the Superintendency of Banking and Insurance, Law No. 26702, and its amending regulations (General Law), by replacing the Twenty-Fourth Final and Complementary Provision, regarding Savings and Credit Cooperatives Not Authorized to Capture Public Funds (Coopac); That, pursuant to item 8 of the aforementioned Final and Complementary Provision, the establishment of the Cooperative Deposit Insurance Fund (FSDC), exclusive to Coopac, is mandated, and its sub-item 8.6 authorizes the Superintendency of Banking, Insurance and Private Pension Fund Administrators to issue the Regulation of the Cooperative Deposit Insurance Fund (FSDC Regulation); That, through SBS Resolution No. 5061-2018 and its amendments, the FSDC Regulation was approved, and through SBS Resolution No. 0158-2020, in accordance with item 8.1 of the Twenty-Fourth Final and Complementary Provision of the General Law, the FSDC was registered as a private law legal entity whose main purpose is to protect those who make deposits in Coopac within the scope established by the Coopac Law, General Law and FSDC Regulation; That, item 8.2 of the Twenty-Fourth Final and Complementary Provision of the General Law establishes that all Coopac capturing deposits from their members and registered in the National Registry of Savings and Credit Cooperatives Not Authorized to Capture Public Funds are members of the FSDC; additionally, it indicates that Coopac joining the FSDC, meeting the aforementioned requirements, must make contributions to it for a minimum of twenty-four months so that their members' deposits are backed; That, in order to clarify the point until which interest accrues on FSDC-backed deposits, considering the nature and operational characteristics of Coopac, it is necessary to amend the FSDC Regulation to ensure a timely, objective and verifiable determination of the coverage amount; That, likewise, to guarantee adequate treatment of covered Compensation for Length of Service (CTS) deposits, it is necessary to clarify the FSDC's authority regarding these accounts, allowing a more efficient and coordinated implementation of the deposit return process, in accordance with the current regulatory framework and to effectively protect depositors' rights; That, given the operational complexity involved in preparing, verifying and submitting the list of insured covered by the FSDC, it is necessary to extend the deadline for this purpose, as well as clarify the channels to be used for publishing said list; That, consequently, it is necessary to amend item 12.1 of Article 12, Article 15, Article 16 and item 18.1 of Article 18 of the FSDC Regulation, to ensure that the FSDC acts in accordance with its main purpose of protecting members' deposits, established in item 8.1 of the Twenty-Fourth Final and Complementary Provision of the General Law; Having received the prior positive
technical feasibility report from the Adjunct Superintendency of Cooperatives and with the approval of the Adjunct Superintendencies of Cooperatives, Regulation and Legal Affairs; and In exercise of the powers conferred by items 7 and 9 of Article 349 and items 4-A and 8 of the Twenty-Fourth Final and Complementary Provision of the General Law, and based on what is stated in the Thirty-Second Final and Complementary Provision of the General Law; RESOLVES:
First Article.- Amend item 12.1 of Article 12, Article 15, Article 16 and item 18.1 of Article 18 of the Regulation of the Cooperative Deposit Insurance Fund, approved by SBS Resolution No. 5061-2018 and its amendments, as follows:

“Article 12 - FSDC-Backed Deposits
12.1 The FSDC backs only the following deposits, according to the maximum coverage amount established:
a. Nominal deposits, under any modality, of natural persons or private non-profit legal entity members of the Coopac; b. Interest accrued on the deposits referred to in the preceding letter, from their respective dates of establishment or last renewal. These interests will accrue until the date of the Coopac's dissolution or the submission of the list of insured covered by this Superintendency to the FSDC, considering whichever event occurs first; and,
c. Demand deposits of other legal entity members of the Coopac”

“Article 15 - Deposits Without Full Disposition Regarding deposits for Compensation for Length of Service (CTS), guaranteed or judicially retained deposits, and others over which the holder does not have full disposition, the payment of FSDC-covered deposits is made by opening deposits with characteristics similar to the originals, in the name of the respective holders, in other Coopac authorized to perform the same operations where they are members, or in multiple-operation companies, or at the National Bank, when feasible, according to the FSDC's choice. In the case of CTS deposits and minor accounts, and when the National Bank is the entity responsible for paying the coverage, each member must inform the Coopac representatives of their choice of the institution where the definitive transfer of their funds will occur; without prejudice to what is previously stated.”

“Article 16 - Foreign Currency Coverage
In the case of insured deposits in foreign currency, the coverage amount assumed by the FSDC is the equivalent in national currency. The conversion is made at the selling exchange rate of the supply and demand quotation published by the Superintendency on the date of the Coopac's dissolution or the submission of the list of insured covered by this Superintendency to the FSDC, considering whichever event occurs first.”

“Article 18 - List of Insured Covered
18.1 Upon declaration that the cause determining the intervention has not been lifted, or upon declaration of dissolution and liquidation of a level 1 or 2 member Coopac, or the dissolution and liquidation of a level 3 member Coopac, the Superintendency will ensure that, within a maximum period of ninety (90) calendar days, a list of the insured covered is prepared and submitted to the FSDC, indicating the amount of their rights, discriminating capital and interest. Said list will be published on the institutional websites of the FSDC and the Superintendency, and at the legal domicile of the member Coopac.”

Second Article.- This Resolution enters into force the day following its publication in the Official Gazette El Peruano.
Register, communicate and publish.
JORGE DAMASO MOGROVEJO GONZALEZ
Superintendent of Banking, Insurance and AFP (acting)