Lima, 20 May 2016

S.B.S. Resolution No. 2829-2016

The Superintendent of Banking, Insurance and Private Pension Fund Administrators

WHEREAS:

That, in accordance with article 345 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 General Law, it is the purpose of the Superintendency to protect the interests of the public in the field of the financial and insurance systems;

That microinsurance are insurance products that can be accessible to low-income individuals and microentrepreneurs, which must respond to their protection needs to enable them to improve the management of personal and property risks that may affect this sector of the population;

That, by SBS Resolution No. 14283-2009, the Microinsurance Regulation was approved, establishing the definition of these products, their requirements and characteristics, as well as the forms of marketing;

That, in accordance with the Twelfth Complementary, Final and Amending Provision of the Insurance Contract Law, Law No. 29946, microinsurance, due to their special characteristics, are subject to the regulations on the matter issued by this Superintendency, to the extent applicable; without prejudice to the principles contained in the aforementioned Law;

That this Superintendency considers it necessary to update the provisions applicable to microinsurance, taking into account the regulatory framework governing the insurance contract; as well as to establish the rules that allow improving the identification of such products; for which, the definition of microinsurance is amended and its characteristics are specified, the marketing conditions and the registration procedure for microinsurance policy models are established, among others;

That, in order to gather the opinions of the general public regarding the proposed regulation, the pre-publication of the draft resolution was ordered on the electronic portal of this Superintendency, under the provisions of Supreme Decree No. 001-2009-JUS and its amending norms;

With the approval of the Deputy Superintendencies of Insurance, Economic Studies, Legal Advisory, Risks and Market Conduct and Financial Inclusion;

In use of the powers conferred by numerals 7 and 19 of article 349 of the General Law;

RESOLVES:

Article One.- To approve the Microinsurance Policy Regulation, as indicated below:

MICROINSURANCE POLICY REGULATION

CHAPTER I GENERAL PROVISIONS

Article 1.- Scope

The provisions of the Regulation are applicable to the insurance companies referred to in literal D of article 16 of the General Law, hereinafter the companies.

Article 2.- Definitions

For the purposes of the provisions of this norm, the following definitions are considered:

a) Insured: holder of the insurable interest object of the insurance contract, may also be the policyholder of the insurance.

b) Beneficiary: holder of the indemnity rights established in the policy.

c) Marketer: natural or legal person with whom the company enters into a marketing contract, for the purpose that the person is responsible for facilitating the contracting of an insurance product. Also considered marketers are multiple-operation companies (bancassurance) and electronic money issuing companies, indicated in the Insurance Product Marketing Regulation, approved by SBS Resolution No. 1121-2017 and its amendments.1

d) Policyholder: natural or legal person who enters into the insurance contract. In the case of an individual insurance, may also have the status of insured.

e) Potential policyholder and/or insured: person to whom the company, through insurance promoters or marketers, and/or insurance brokers, offers the insurance.

f) Days: calendar days.

g) General Law: 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 amending norms.

h) Microentrepreneur: as defined in Law No. 28015, Law for the Promotion and Formalization of Micro and Small Enterprise and its amending norms.

i) Simplified policy: microinsurance policy that has been contracted under the individual insurance modality. It may incorporate into the insurance application.

j) Commercial premium: that which includes the pure risk premium, administration, issuance, production and risk redistribution charges (coinsurance and reinsurance), agency charges for the intermediation of insurance brokers, contracting of marketers or insurance promoters, the company's commercial profit, among other concepts related to the coverage subject of the microinsurance.

k) Claim: in accordance with the provisions of article 4 of the Claims and Requests Regulation approved by SBS Resolution No. 4036-2022 and its amendments. 2

[1] Literal amended by SBS Resolution No. 01438-2024 published on 22/04/2024, effective from 23/04/2024.

[2] Literal amended by SBS Resolution No. 01438-2024 published on 22/04/2024, effective from 23/04/2024.

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l) Individual insurance: insurance modality in which the insured is a single person. In the case of personal insurances, it may include the spouse, dependents or others as insureds and/or beneficiaries of the insurance, according to the terms of the insurance contract.

m) Group or collective insurance: insurance modality characterized by covering, through a single contract, multiple insureds who make up a homogeneous collective.

n) Microinsurance application-certificate: document that accredits the contracting of the microinsurance under the group or collective insurance modality.

o) Coverage request: request made by the insured or the beneficiary to the company for the occurrence of a loss with respect to the contracted insurance coverage.

p) Insurance request: record of the will of the policyholder and/or insured, as applicable, to contract the insurance.

q) Superintendency: Superintendency of Banking, Insurance and Private Pension Fund Administrators.

Article 3.- Definition of microinsurance 3

Microinsurance is the insurance to which low-income individuals and/or microentrepreneurs may have access to cover personal and/or property risks, through proportional premium payments in accordance with the risks covered by the policy, under the individual insurance or group or collective insurance modality, and which complies with the following characteristics:

a) It is designed to respond to the protection needs of low-income individuals and/or microentrepreneurs;

b) It is marketed by the company itself, through the intermediation of insurance brokers and/or through the participation of marketers whose target audience includes low-income individuals and/or microentrepreneurs.

c) The monthly premium does not exceed 0.60% of the Tax Unit (UIT).

Article 4.- Payment of the premium

The payment of the premium is made in the form and term established in the simplified policy or in the microinsurance request-certificate, as applicable. In no case may the companies charge the policyholders additional charges to the amount of the commercial premium that are related to the coverage subject matter of the contract, as informed and agreed with the policyholder and/or the insured.

Article 5.- Non-payment of the premium

Non-payment of the premium determines the automatic suspension of coverage, without the need for prior communication, from the due date of the obligation, provided that an additional term for payment has not been agreed, a situation that must be clearly established in the simplified policy or in the microinsurance request-certificate delivered to the policyholder or the insured, as the case may be for an individual insurance or a group or collective insurance, respectively. The companies are not responsible for losses occurring during the period in which the coverage is suspended.

Likewise, the conditions for the reinstatement of coverage in the event of automatic suspension must be indicated in the simplified policy or in the microinsurance request-certificate, which proceeds upon payment of the premium agreed to reinstate the microinsurance coverage. It is possible to agree with the policyholder the reinstatement of the microinsurance coverage, without requiring the payment of the outstanding premium corresponding to the period in which the policy remained suspended.

[3] Article modified by Resolution SBS N° 01438-2024 published on 22/04/2024, effective as of 23/04/2024.

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If the microinsurance coverage is suspended due to non-payment of the premium, the companies may opt for the termination of the simplified policy contract or of the microinsurance request-certificate, as applicable. The termination shall proceed from the day on which the policyholder or the insured receives a communication from the company informing them of its decision to terminate the contract, unless the policy includes a clause of automatic termination for non-payment of the premium, in which case the simplified policy contract or the microinsurance request-certificate, as applicable, shall be terminated as of the date on which the non-payment occurred.

Article 6.- Accounting record

The accounting record of microinsurance premiums must be consistent with the term of the coverage granted.

Non-payments of the premium that extend for ninety (90) days or more require the constitution of impairment provisions generally established in the pertinent accounting rules, when the company does not opt for the termination of the simplified policy contract or of the microinsurance request-certificate, as applicable, in accordance with the provisions of the preceding article.

The percentages to be applied for the purposes of the provision are:

1) For unpaid premiums with an age greater than ninety (90) days and less than one hundred twenty (120) days: fifty percent (50%).

2) For unpaid premiums with an age equal to or greater than one hundred twenty (120) days: one hundred percent (100%).

Such provisions are not required in the cases of those contracts in which, for the purposes of reinstatement of coverage suspended due to non-payment, payment of the outstanding premium is not required, as indicated in article 5 of this regulation.

Likewise, in the case of premiums receivable that remain in collection after the term of the policy has ended, the companies must provision one hundred percent (100%) of the corresponding amounts.

CHAPTER II

MICROINSURANCE POLICY

Article 7.- Conditions of microinsurance policies

The conditions of microinsurance policies must be drafted in simple language, and must clearly establish the risks covered, exclusions and other conditions that generate rights and obligations for the policyholders, insured and/or beneficiaries; in a manner that allows their understanding, without containing referrals to clauses and/or agreements not contained in the policies.

Microinsurance policies must not include special insurance requirements and/or prior verifications in relation to the insurable persons or property, it being sufficient, for the execution of the insurance contract, the subscription by the policyholder or the insured of the insurance request of the simplified policy or of the microinsurance request-certificate in the case of a group or collective insurance, as applicable. In the event that the form of contracting the microinsurance does not allow the formal signing of the application, the companies must provide mechanisms that

SUPERINTENDENCY OF BANKING, INSURANCE AND AFP

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allow verifying that there was an insurance application in between so that the company has issued the respective policy or the microinsurance application-certificate, as applicable.

Companies may contemplate as part of the conditions of the microinsurance policy that the insured presents a health declaration, for insurance with health or medical assistance coverages and for life insurance with coverage of death by natural cause. The health declaration must precisely state the information that the company requires to know about the insurable risk, therefore aspects about which the insured was not asked to inform may not be considered as grounds for rejection of the claim.

Article 8.- Microinsurance as individual insurance

Microinsurance may be contracted under the individual insurance modality through the simplified policy that must contain, at a minimum, the following information:

a) Identification and address of the company (including telephone and email or web contact means if one has been enabled).

b) Identification and address of the marketer (including bancassurance and electronic money issuing companies), if applicable, and the commission it receives.

c) Identification and address of the insurance broker, if applicable, indicating the official registration number of the insurance broker and the commission it receives.

d) Identification and address of the policyholder.

e) Identification of the insured and date of birth, when applicable.

f) Identification of the beneficiaries of the insurance, when applicable.

g) Date of issuance and validity of the policy.

h) Detail of the coverages and benefits included in the policy.

i) Minimum exclusions consistent with the coverages provided by the microinsurance.

j) Deductible, franchise, coinsurance or copayment, when applicable according to the characteristics of the risks covered by the microinsurance.

k) Procedure to follow and information that the insured or the beneficiary must present to make the coverage request in case of claim.

l) Insurance premium, which includes the commercial premium and taxes.

m) Form and term for payment of the premium.

n) Mechanisms enabled to submit queries or claims.

o) Any other determined by this Superintendencia.

The simplified policies must be delivered to the policyholders within a maximum term of ten (10) days counted from the date on which the company or the marketer receives the insurance application. For these purposes, companies may apply the provisions regulating the use of electronic insurance policies, in accordance with the Market Conduct Management Regulation of the Insurance System, approved by Resolution SBS N° 4143-2019, to the extent applicable.4

The marketer and the company are responsible for verifying that the insurance application contains the minimum information required for contracting the microinsurance. The insurance application may form part of the simplified policy and, in this case, the policy must be delivered to the policyholder at the time of contracting the microinsurance.

Article 9.- Microinsurance as group or collective insurance

[4] Paragraph modified by Resolution SBS N° 01438-2024 published on 22/04/2024, effective as of 23/04/2024.

Microinsurance policies contracted under the group or collective insurance modality must consider the minimum information and conditions indicated in the previous article. The companies must keep at the disposal of the insured the complete texts of the group or collective insurance policies, directly or through the policyholders, so that the insured may become aware of the insurance conditions, whose summary is included in the microinsurance application-certificate.

The company or the marketer must deliver to the insured the microinsurance application-certificate, which accredits the contracting of the insurance, at the time of their incorporation into the insured group, which must contain the minimum information indicated in Annex N° 1 “Model Format of Microinsurance Application-Certificate” of this Regulation. The microinsurance application-certificate must expressly indicate that the insured has the right to access the group or collective insurance policy or to request a copy of it. If required, the copy of the policy must be delivered within a maximum term of fifteen (15) days counted from the date on which the company or the marketer receives the insured's request.

Article 10.- Proof of the microinsurance contract

The contracting of a microinsurance product may be proven by exhibiting the simplified policy or the microinsurance application-certificate signed by the company, or the proof of payment showing information about the microinsurance contracted and the payment of the corresponding premium. To prove the conditions under which a microinsurance is contracted, other means of proof may be admitted.

Article 11.- Communications for policyholders

Companies may agree with the policyholder on the use of direct communication mechanisms, such as communications sent to the physical address, email or by telephone; which must be expressly indicated in the policy. Likewise, companies must keep records of the delivery or making of these communications or of the shipments made by electronic means.

In case of intermediation through an insurance broker, all communications sent to the policyholder and/or the insured must be sent in copy to the insurance broker at the email indicated for such purpose.

Article 12.- Modification in the conditions of the contract

During the term of the microinsurance, the terms of the contracted policy cannot be modified without the prior written approval of the policyholder, who shall have a period of thirty (30) days to make a decision regarding the proposed modifications, counted from the date on which they receive a communication from the company at their physical address, informing in highlighted characters of the modifications proposed to be incorporated into the microinsurance contract. In the event that the insurance company has agreed with the policyholder and/or insured on the use of another means of communication, in accordance with the provisions of Article 11 of this regulation, the insurance company must have mechanisms that record that the policyholder and/or insured has become aware of the proposed modifications and the decision adopted.

In group or collective insurance, the company must provide sufficient documentation to the policyholder so that the latter makes known to the insured the modifications that have been incorporated into the contract, in accordance with the provisions of the preceding paragraph.

The lack of express acceptance of the proposed modifications does not result in the termination of the contract, in which case the terms under which the contract was initially agreed must be respected.

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Article 13.- Renewal of the microinsurance policy

The microinsurance policy is automatically renewed under the same conditions in force in the previous period, provided that the microinsurance policy contains an automatic renewal clause.

In the event that the company considers it necessary to incorporate modifications in the renewal of the microinsurance, it must send a communication to the physical address of the policyholder, no less than forty-five (45) days prior to the expiration of the contract, detailing the modifications in highlighted characters, which may be included as part of the documentation sent with the renewal. In the event that the insurance company has agreed with the policyholder and/or insured on the use of another means of communication, in accordance with the provisions of Article 11 of this regulation, the insurance company must have mechanisms that record that the policyholder and/or insured has become aware of the proposed modifications and the manifestation of rejection, if applicable.

The policyholder has a period of no less than thirty (30) days, prior to the expiration of the contract, to express their rejection of the proposal. In the event of the policyholder's silence, the new renewal conditions shall be deemed accepted.

In the event of the policyholder's rejection of the proposed modifications for renewal, the company may choose not to renew the simplified policy or the microinsurance application-certificate, as applicable, at the end of the corresponding term.

Article 14.- Registration of policy models

For the incorporation of microinsurance policy models into the Registry, companies must submit the following information, through the electronic means determined by the Superintendency5 :

a) Model of the simplified policy, in the case of individual insurance, including any additional clauses that form part of it, if applicable, and the model of the insurance application, in case the simplified policy does not include said document.

b) Model of the group or collective insurance policy, including any additional clauses that form part of it, if applicable, and the model of the microinsurance application-certificate.

c) 6

The Superintendency shall assign the corresponding registration code within fifteen (15) business days of receiving the complete documentation, and must communicate this to the company.

The microinsurance may be marketed from the day following the date on which the company receives the aforementioned communication, being subject to subsequent review after its registration in the Registry.

Article 15.- Information to be submitted to the Superintendency 7

Companies must submit the information required in Annex No. ES–16 “Information on current microinsurance policies” on a semi-annual basis. In the aforementioned Annex, the following must be reported

[5] Paragraph modified by Resolution SBS No. 1825-2019 published on 03/05/2019.

[6] Subsection repealed by Resolution SBS No. 1825-2019 published on 03/05/2019.

[7] Article modified by Resolution SBS No. 01438-2024 published on 22/04/2024, effective as of 23/04/2024.

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the microinsurance products registered with the Superintendency and other insurance products registered before the entry into force of this Regulation, which comply with the characteristics indicated in Article 3. Annex No. ES–16 must be submitted within thirty (30) calendar days following the expiration of the respective reporting semester.

CHAPTER III MARKETING OF MICROINSURANCE

Article 16.- Marketing of microinsurance

The marketing of microinsurance may be carried out directly by the companies, through the intermediation of insurance brokers in accordance with the relevant regulations, through the participation of marketers with whom a marketing contract has been signed with the minimum content indicated in Article 18 of this Regulation; as well as using distance marketing systems, subject, as applicable, to the current regulations.

For the marketing of microinsurance through companies of the financial system (bancassurance) and electronic money issuing companies, the provisions of the Framework Regulation for the Marketing of Insurance Products approved by Resolution SBS No. 2996-2010 and its amending or substituting norms shall apply, as applicable.

If the marketing of microinsurance is carried out through correspondent tellers of financial system companies (bancassurance) or electronic money issuing companies, the marketing contract must expressly state this, as well as the mechanism used by the parties to have updated information on said tellers, such as their company name and location.

In microinsurance contracted under the group or collective insurance modality, the policyholders may assume the functions of marketers, provided that a marketing contract is signed in accordance with the requirements indicated by the Superintendency. Otherwise, they will be considered as policyholders of the insurance.

The companies are responsible for the errors or omissions derived from the marketing of microinsurance incurred by their marketers, and for the damages that may be caused to the policyholders and/or insured and/or beneficiaries. This, without prejudice to the liability that the marketers may have towards the companies.

Article 17.- Conditions for contracting marketers

Companies that use marketers must comply with the following:

a) Develop and implement policies and procedures to select their microinsurance marketers, and must establish evaluation criteria that consider, among others, the following aspects, whenever applicable:

i. Financial situation, which includes at a minimum not having been classified as a debtor in the deficient, doubtful or loss categories in the financial system.

ii. Reputation.

iii. Physical infrastructure, human resources and security of the establishments where the services are provided.

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Compliance with the requirements defined by the company for the selection of marketers must be monitored periodically. The provision set forth in this literal is not applicable to bancassurance and electronic money issuing companies.

b) Keep at the disposal of the Superintendency the following information regarding each microinsurance marketer:

i. Name, denomination or company name, and activities carried out.

ii. List of microinsurance and other insurance marketed, indicating the registration code of the Superintendency.

iii. Location of the establishments used in the marketing.

iv. Marketing contract with the information required by the Superintendency.

Article 18.- Obligations for sale through microinsurance marketers

Companies must comply with the following obligations for the sale of microinsurance through marketers, and incorporate them into the corresponding marketing contract:

a) Marketers must offer the microinsurances in strict compliance with the instructions indicated by the companies.

b) Communications sent by the policyholders, insured or beneficiaries to the marketer, regarding aspects related to the contracted microinsurance, have the same effects as if they had been presented to the companies. In this sense, it is understood that such communications are received on the same date by the companies.

c) Prepare a procedure for handling coverage requests in the event of claims, in which the functions of the company and the marketer are defined, as well as the deadlines applicable to each of the parties to the marketing contract for their handling.

d) Payments made by the policyholders, or third parties in charge of payment, to the marketers are considered credited to the company, on the same date the payment is made. Likewise, the company must ensure that the marketer keeps control of said payments.

e) Prepare a procedure for the collection of premiums, in which the functions and responsibilities of the marketer are defined, as well as the deadlines applicable for providing the company with the information on the sale and collection.

f) In cases of insurance with death or accidental death coverage, the marketer must immediately notify the company, in cases where it becomes aware of the death of any of the insured.

g) The deadlines for handling coverage requests, as well as claims submitted, will not be extended with respect to those contemplated in this Regulation, for having been submitted through the marketer, in accordance with the provisions of literal b) of this article.

h) Marketers must keep in their commercial premises information that, visibly to the public, clearly shows their status as marketer with an indication of the corresponding company.

The marketing conditions indicated in literals b) and d) must be incorporated into the simplified policy and the microinsurance application-certificate.

Article 19.- Training of marketers

Companies must train their marketers on the conditions and characteristics of the microinsurances they are going to market, so that they can adequately inform potential policyholders and/or insured about the following aspects:

a) Coverages, benefits and exclusions of the microinsurance products.

b) Procedure for contracting microinsurances.

c) Payment of the premium and effects of non-compliance. d) Procedure and requirements to submit the coverage request in the event of a claim. e) Deadline and procedure for the payment of the indemnity. f) Procedure for handling inquiries and claims.

For such purposes, at least one annual training session must be considered, as well as training sessions each time a new microinsurance product is marketed. Likewise, companies must provide their marketers, by physical or electronic means, with documentation or informational brochures that allow potential policyholders and/or insured parties to have clear and complete information on the coverages and main conditions of each microinsurance product offered to them, as well as contact information (website and/or email and/or telephone) or authorized places to submit the claim notice, coverage request, inquiries and complaints.

Companies in the financial system and electronic money issuing companies are responsible for ensuring that their correspondent agents market microinsurance products in accordance with the information provided by the companies and in compliance with the conditions set forth in the marketing contract.

Companies are responsible for verifying that their marketers provide potential policyholders and/or insured parties with the information and/or documentation on the microinsurances they market.

Article 20.- Distance marketing system and the right of withdrawal 8

Companies may also use distance marketing systems to promote, offer or market their microinsurance products, subject to the provisions of current regulations, insofar as applicable.

Provided that the microinsurances are not a condition for contracting credit operations, the company using the distance marketing system must inform the policyholder or insured party, as applicable, regarding the right of withdrawal to terminate the contract, without stating a cause or any penalty, considering at least the following information:

a) The policyholder and/or insured party may exercise the right of withdrawal, as long as the coverages and/or benefits have not accrued before the expiration of the term to exercise this right.

b) The term to exercise the right of withdrawal, for microinsurances contracted under the individual insurance modality, may in no case be set at periods less than fifteen (15) days, counted from the date on which the policyholder receives the corresponding simplified policy.

c) The term to exercise the right of withdrawal in the case of microinsurances contracted under the group or collective insurance modality, may in no case be set at periods less than fifteen (15) days, counted from the date on which the insured party receives the corresponding microinsurance application-certificate.

d) The channels and procedures available to exercise the right of withdrawal before the company.

e) If the policyholder or the insured party exercises their right of withdrawal after having paid all or part of the premium, the company shall proceed to refund the premium paid within the following thirty (30) days

[8] Article amended by Resolution SBS N° 01438-2024 published on 22/04/2024, effective as of 23/04/2024.

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Article 21.- Minimum information that must be disseminated through the website

Companies must disseminate through their website updated information on the microinsurance products they offer, ordered by risk or by product, indicating the covered risks and applicable exclusions, in addition to attaching the corresponding policy model with its respective identification code in the Registry of Insurance Policy Models and Technical Notes of this Superintendency.

CHAPTER IV CLAIMS MANAGEMENT AND PAYMENT

Article 22.- Claim notice

In microinsurances for property damages, the policyholder or the insured party shall notify the company of the claim as soon as they become aware of its occurrence and within a term no greater than three (3) days, unless the corresponding policy provides for a longer term.

In the case of personal microinsurances, the insured party or the beneficiary, as applicable, must notify the company of the claim within seven (7) days following the date on which they become aware of the occurrence of the claim or of the existence of the benefit, as applicable, unless the policy provides for a longer term.

Failure to comply with the aforementioned terms does not constitute grounds for rejection of the claim, if the insured party or the beneficiary proves their lack of fault or that the non-compliance was due to fortuitous event, force majeure or impossibility of fact.

Article 23.- Payment of the indemnity

To proceed with the payment of the indemnity, the insured party or the beneficiary must submit a coverage request, attaching the corresponding documentation, directly to the company, the insurance broker or the marketer, if so established in the marketing contract, so that the payment of the corresponding indemnity is processed. In such cases, the insurance broker or the marketer, as applicable, is obligated to forward the coverage request in the event of a claim to the company.

The company is obligated to make the payment of the indemnity within a maximum term of twenty (20) days, counted from the date on which it has received the complete information and/or documentation, directly or through a marketer or insurance broker, indicated in the microinsurance application-certificate or in the simplified policy, which must refer solely to the verification of the occurrence of the claim. In the event of delay in the payment of the indemnity, the company must pay the insured party or beneficiary an annual default interest equivalent to one point five (1.5) times the average rate for active operations in Peru, of the currency in which the insurance contract is expressed, for the entire time of the delay.

In microinsurance with death coverage, the indemnity must be paid to the beneficiaries of the insured designated in the microinsurance application-certificate or in the simplified policy; and failing that, in accordance with the provisions of the current legal framework.

The payment of indemnities charged to the companies may be made through the marketer or directly to the insured or beneficiary, it being understood in the latter case that the indemnity is considered paid when it is made available to them, communicating the form and/or place

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where the payment will be made effective; such communication may be made in accordance with the provisions of article 11 of this Regulation.

Article 24.- Submission of claims

The companies must address claims regarding microinsurance within a maximum period of fifteen (15) days from the submission of the claim by the policyholder and/or the insured and/or the beneficiary, as applicable, with the provisions of the User Service Circular, Circular No. G-184-2015 and its amending norms being applicable.

Article 25.- Termination without expression of cause 9

In microinsurance contracts, with the exception of life and health insurance, it may be agreed that either party has the right to terminate the contract without expression of cause. If the company exercises the power to terminate the contract, it must previously notify the insured and/or policyholder, with no less than thirty (30) days' notice.

If the insured and/or policyholder requests the termination of a microinsurance contract, they must be informed of their right to request the refund of the premium based on the untranscurred term, when applicable, considering the provisions of the Marketing Regulation

TRANSITORY PROVISION

Sole.- For the purposes of registering microinsurance policy models, the companies must continue submitting to the Superintendency the registration application form, whose content has been indicated by multiple official letter, duly filled out and signed by the officer responsible for the insurance policies, as well as the information referred to in article 14 of this norm; in the meantime, the Superintendency implements the respective electronic mechanisms.

Article Second.- Amend literal x) of article 2 of the Regulation on Transparency of Information and Contracting of Insurance approved by SBS Resolution No. 3199-2013 and its amending norms, with the following text:

Article 2.- Definitions

(…)

“x) Claim: communication submitted by the policyholder, insured or beneficiary through the different service channels available at the company, expressing their dissatisfaction with the operation, product or service or for the breach of obligations contemplated in the contracts or current regulatory framework, or manifesting the alleged impairment of their legitimate interest. Additionally, any reiteration arising as a consequence of the disagreement of the policyholder, insured or beneficiary regarding the response issued by the company, or due to the delay or lack of attention to a request, inquiry, claim or information requirement, must also be considered a claim.”

(…)

Article Third.- Amend article 17 Provisions for impairment, of the Regulation on Payment of Premiums of Insurance Policies, approved by SBS Resolution No. 3198-2013, adding the following literal:

[9] Article incorporated by SBS Resolution No. 01438-2024 published on 22/04/2024, effective as of 23/04/2024.

“e) In the case of microinsurance, the constitution of provisions for impairment due to non-compliance with the payment of the premium shall be governed by their respective norm.”

Article Fourth.- This Resolution enters into force on the day following its publication in the Official Gazette El Peruano, and repeals the Microinsurance Regulation approved by SBS Resolution No. 14283-2009.

The companies shall have a period of one hundred twenty (120) days, counted from the entry into force of this Regulation, to adapt the microinsurance policy models registered in the Registry of Insurance Policies and Technical Notes to the provisions of the Microinsurance Policy Regulation, if applicable.

Register, communicate and publish.

JAVIER MARTIN POGGI CAMPODÓNICO
Superintendent of Banking, Insurance and
Private Pension Fund Administrators (e)