Resolution No. 937-2001: Establishes Provisions for Life Insurance Companies to Offer Accident and Health Insurance

Lima, November 30, 2001
Superintendent Resolution
No. 937-2001

The Superintendent of Banking and Insurance

CONSIDERING:

That, item 6 of Article 349 of the General Law of the Financial System and of the Insurance System and the Organic Law of the Superintendent of Banking and Insurance, Law No. 26702 and its modifying laws, hereinafter General Law, establishes that it is an attribute of the Superintendent of Banking and Insurance to interpret, in the administrative channel, subject to the provisions contained in the General Law, the scope of the legal norms governing the companies of the financial system and the insurance system, and that its decisions constitute administrative precedents of mandatory observance;

That, item D of Article 16 of the General Law refers to the minimum capital required for insurance companies for their operation in the national market, and establishes that said companies, in accordance with the corresponding authorization, may operate in a single line of business, which may be life or general risks, or in both lines;

That, the Glossary of the General Law indicates the risks included in the life insurance lines and in the general insurance lines;

That, with respect to life insurance lines, the Glossary establishes that they include insurance that has as its main coverage the risks that may affect the person of the insured in their existence, including additional benefits based on health or personal accidents that form part of regular life insurance policies, establishing, likewise, that this definition does not include insurance whose main coverage is accident and health risks that do not include coverage of the insured's existence;

That, personal accident and health insurance, in its different modalities, aims to insure people against risks that may affect their personal integrity, health, and existence;

That, insurance that has as its main coverage accident and health risks corresponds to the general insurance lines established by the Glossary of the General Law, even when they include additional benefits referring to the existence of the insured persons, due to characteristics related to their annual validity, methodology for calculating the solvency margin, and scheme of technical reserves;

Being in accordance with the opinion of the Adjunct Superintendencies of Insurance and of Legal Advice; and,

In exercise of the authority conferred by item 6 of Article 349 of the General Law;

RESOLVES:

Article First.- Companies that operate in the life insurance lines may offer accident and health insurance, provided they comply with the prudential norms established by this Superintendency, referred to mainly to the capital requirements, constitution of technical reserves, and investment regime.

Article Second.- For the purposes of the aforementioned article, companies that operate in the life insurance lines must carry out the accounting registration of their operations, using the risk codes established in the Concordant Risk Chart of the Chart of Accounts for companies of the insurance system, in accordance with the risks insured in the insurance policies they issue. If this is not possible, they must use the risk code of the main coverage insured, considering as such the portion of the risk that implies a premium greater than those corresponding to the additional or complementary coverages insured in the same insurance policy.

Article Third.- This Resolution shall enter into force the day following its publication in the Official Gazette "El Peruano".

Register, communicate, and publish.

LUIS CORTAVARRIA CHECKLEY
Superintendent of Banking and Insurance