Lima, 13 November 2026

S.B.S. RESOLUTION No. 02736-2026

The Superintendent of Banking, Insurance and
Private Pension Fund Administrators

WHEREAS:

That, by means of Law No. 32123, "Law on the modernization of the Peruvian Pension System", it has been provided that the Private Pension System (SPP) is an individual capitalization regime, administered by the Fund Management Companies (EAF), constituted by the Private Pension Fund Administrators (AFP) and by the companies of the financial and insurance systems indicated in literals A, C and D of article 16 of Law No. 26702, General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance, hereinafter the General Law, participating under equal conditions of competition and subject to the provisions and safeguards established in the Private Pension System Law, whose Single Ordered Text (TUO) has been approved by Supreme Decree No. 054-97-EF, hereinafter the SPP Law, as well as in its complementary norms; assuming consequently, all the obligations, responsibilities and rights established by said SPP Law;

That, in article 14 of Law No. 32123 it is established that the Superintendency of Banking, Insurance and AFP has the power to permit the inclusion of the aforementioned companies of the financial and insurance systems in the Private Pension System, for which it must establish the adequate operational procedures that enable said entities to administer one or more funds in accordance with their particular characteristics;

That, furthermore, the aforementioned Law No. 32123 provides that the operational procedures for the implementation of the foregoing must guarantee the patrimonial separation and separate accounting between the pension funds of the affiliates and the entities that administer them, in accordance with the provisions of article 18-C of the SPP Law;

That, in accordance with the provisions of the First Final Complementary Provision of Law No. 32123, the Ministry of Economy and Finance has approved the regulatory provisions necessary for the adequate application and implementation of said Law, by means of Supreme Decree No. 189-2025-EF and its amendments; in that sense, there is a complementary regulatory framework that guides the adoption of specific regulatory measures by the Superintendency;

That, the aforementioned regulation has provided that the Superintendency establishes the operational procedures necessary for the administration of the

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

funds by the EAF that enter the SPP, on the basis of the principle of patrimonial separation, for which purpose, it may establish prudential requirements;

That, by means of SBS Resolution No. 4225-2025 the conditions that the companies indicated in literals A, C and D of article 16 of the General Law had to comply with in order to operate as Fund Management Companies (EAF) in the SPP were regulated;

That, by means of SBS Resolution No. 435-2005 and its amending norms, the Accounting Manual for Managed Portfolios and the Accounting Manual for Pension Fund Administrators were approved;

That, by means of SBS Resolution No. 348-95 and its amending norms, the Chart of Accounts for Companies of the Insurance System was approved;

That, it is necessary to establish prudential provisions applicable to the companies of the financial and insurance systems that are authorized to have an additional line of business for the administration of pension funds;

That, likewise, it is necessary to establish the accounting guidelines for the insurance companies that have authorization to operate an additional line of business (LNA) for the administration of pension funds, on the basis of the principle of patrimonial separation; which will allow consistency to be maintained in what is applicable in the preparation and presentation of financial information of the aforementioned companies and of the pension funds they administer;

That, for said purpose, it is necessary to modify the Accounting Manual for Managed Portfolios, the Accounting Manual for Pension Fund Administrators and the Chart of Accounts for Companies of the Insurance System;

That, in order to gather the opinions of the public regarding the proposed modifications, by means of SBS Resolution No. 2051-2026 the publication of the draft resolution on the matter was ordered on the digital headquarters of the Superintendency, in accordance with the provisions of the Thirty-Second Final and Complementary Provision of the General Law, as well as in Supreme Decree No. 009-2024-JUS;

With the approval of the Deputy Superintendencies of Banking and Microfinance, of Insurance, of Pensions and of Regulation and Legal Affairs; as well as of the Managements of Economic Studies and of Risks; and,

In use of the attributions conferred in numerals 7 and 13 of article 349 of the General Law, as well as in article 57 of the SPP Law and on the basis of the provisions of the Thirty-Second Final and Complementary Provision of the General Law;

RESOLVES:

Article One.– To approve the "Prudential provisions applicable to the companies of the financial and insurance systems authorized to have an additional line of business", in accordance with the following text:

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

"PRUDENTIAL PROVISIONS APPLICABLE TO THE COMPANIES OF THE FINANCIAL AND INSURANCE SYSTEMS AUTHORIZED TO HAVE AN ADDITIONAL LINE OF BUSINESS"

Article 1.- Scope

These provisions are applicable to the companies indicated in literals A, C and D of article 16 of the Ley General del Sistema Financiero y del Sistema de Seguros y Orgánica de la Superintendencia de Banca y Seguros – Ley N° 26702 and its amendments (hereinafter, Ley General), which have authorization to operate with an additional line of business for the administration of pension funds.

Article 2.-Provisions applicable to insurance companies

The companies indicated in literal D of article 16 of the Ley General authorized to operate an additional line of business must comply with the following provisions:

1. The Encaje mantenido, comprised of the “Encaje legal requerido”, the “Superávit del encaje legal”, the “Encaje por exceso de inversión requerido” and the “Superávit de encaje por excesos de inversión”, does not form part of the investments of insurance companies, and therefore is not considered as an eligible investment to back technical obligations, nor as a non-eligible investment, within the framework of the definitions established in literals ad), ae) and ah) of article 2 of the Reglamento de Inversiones de las Empresas de Seguros, approved by Resolución SBS 1041-2016 and its amendments.

2. The Encaje mantenido is not subject to capital requirements applicable to insurance companies.

3. Liabilities corresponding to insurance contracts must not be used to finance the constitution of the Encaje mantenido.

4. The Patrimonio Efectivo is determined according to the provisions established in the Reglamento de Requerimientos Patrimoniales de Empresas de Seguros, approved by Resolución SBS N° 1124-2006 and amendments.

Article 3.-Provisions applicable to companies of the financial system

The companies indicated in literals A and C of article 16 of the Ley General authorized to operate an additional line of business must consider that the Encaje mantenido, comprised of the Encaje legal requerido”, the “Superávit del encaje legal”, the “Encaje por exceso de inversión requerido” and the “Superávit de encaje por excesos de inversión”, is not subject to capital requirements and will not be considered in the determination of other solvency indicators or concentration limits applicable to companies of the financial system.

Article Second.– Amend the accounting regulations issued by the Superintendencia in accordance with the following:

1. Amend the Manual de Contabilidad para las Carteras Administradas and the Manual de Contabilidad para las Administradoras de Fondos de Pensiones, in accordance with the provisions of Annex 1 attached to this Resolution.

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

2. Amend the Plan de Cuentas para las Empresas del Sistema Asegurador, in accordance with the provisions of Annex 2 attached to this Resolution.

The aforementioned Annexes form part of this Resolution and are published on the institutional portal (www.sbs.gob.pe), in accordance with the provisions of Decreto Supremo N° 009-2024- JUS.

Article Third.– Amend the Reglamento de requerimientos patrimoniales de las empresas de seguros y reaseguros, approved by Resolución SBS N° 1124-2006 and amending norms, in accordance with the following:

1. Article 8° is amended in accordance with the following:

“Article 8º.- Indebtedness corresponds to credits that companies obtain from third parties, in the country or abroad, for operations that are not related to obligations with insured parties.

Indebtedness is calculated from the total liabilities of the company, determined on the basis of the Statement of Financial Position of the month of the corresponding period, deducting: i) the technical reserves of the liability, ii) the obligations with insured parties originating from insurance contracts, iii) the receivables from reinsurers and co-insurers when they are not due, iv) the accounts payable to auxiliaries, intermediaries and marketers that are not due; and v) those other concepts that by their nature are not considered part of indebtedness; and adding those contingent credits that, without implying credit risk, had not been recorded as liabilities by the companies. In the case of companies authorized as EAF, liabilities for the administration of pension funds of an operational nature are also excluded from the calculation of indebtedness.”

2. Annex ES-8 “Límite de endeudamiento” is amended, in accordance with Annex 3 attached to this Resolution and which is published on the institutional portal (www.sbs.gob.pe), in accordance with the provisions of Decreto Supremo N° 009-2024-JUS.

Article Fourth.– This resolution enters into force as of the information corresponding to the month of its publication in the Diario Oficial El Peruano.

Register, communicate and publish.

SERGIO JAVIER ESPINOSA CHIROQUE
SUPERINTENDENT OF BANKING, INSURANCE AND AFP