Lima, 02 April 2009

S.B.S. Resolution S.B.S. Resolution No. 2084 No. 2084-2009

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

WHEREAS:

That numeral 13 of article 349° of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance, Law No. 26702 and its amendments, hereinafter the General Law, states that the Superintendency has the power to issue general rules to specify the preparation, presentation and publicity of financial statements, and any other complementary information, ensuring that the real economic-financial situation of the companies under its supervision is reflected;

That, by means of SBS Resolutions No. 513-2009 and SBS No. 514-2009, the Regulation for the Classification and Valuation of Investments of Insurance Companies and the Regulation for the Negotiation and Accounting of Derivative Financial Products in Insurance Companies were approved, respectively;

That, in order to guarantee an effective implementation of the measures adopted in the regulations described in the preceding recital, it is deemed convenient to grant a longer period for the adaptation of the corresponding insurance companies;

In accordance with the opinion of the Deputy Superintendencies of Insurance, of Risks and of Legal Advisory, as well as of the Economic Studies Management and the Information Technologies Management; and,

In use of the powers conferred by numerals 7, 9 and 13 of article 349° of the General Law, and on the basis of the exceptional conditions provided in numeral 3.2 of article 14° of Supreme Decree No. 001-2009-JUS;

RESOLVES:

Article One.- The insurance and/or reinsurance companies included in literal D of article 16° of the General Law may adapt until June 2009 to the provisions established in the Regulation for the Classification and Valuation of Investments of Insurance Companies approved via SBS Resolution No. 513-2009 and in the Regulation for the Negotiation and Accounting of Derivative Financial Products in Insurance Companies approved by SBS Resolution No. 514-2009. As of the presentation of the financial information corresponding to the month of June 2009, it must contemplate the provisions approved by the aforementioned Regulations.

At the end of the adaptation period described in the preceding paragraph, the previous Regulation for the Classification, Valuation and Provisions of Financial Investments of Insurance Companies approved by SBS Resolution No. 1047-99 of 29 November 1999 is repealed, as well as SBS Resolutions No. 778-2000 and No. 1149-2002, Circular S-560-95 and any other provision that opposes what is established in the regulations indicated in the preceding paragraph.

Article Two.- This resolution will enter into force as of the day following its publication in the Official Gazette El Peruano.

Register, communicate and publish,

FELIPE TAM FOX
Superintendent of Banking, Insurance and
Private Pension Fund Administrators