Resolution SBS No. 00890-2025: Amending the Market Conduct Management Regulations for the Financial and Insurance Systems, the Commission and Major Expenses Report, and the Commission and Expenses Regulation

Lima, March 07, 2025

Resolution S.B.S.
No. 00890-2025

The Superintendent of Banks, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, pursuant to Article 345 of the General Law of the Financial System and the Insurance System and the Organic Law of the Superintendency of Banks and Insurance, Law No. 26702 and its modifying norms (hereinafter, the General Law), the Superintendency protects the interests of the public within the scope of the financial and insurance systems; and in accordance with Article 27 of the Insurance Contract Law, Law No. 29946 and its modifying norms, it regulates provisions related to the contracting of insurance, coverage of insured risks, identification of abusive clauses and practices, among others;

That, by means of Resolution SBS No. 3274-2017 and Resolution SBS No. 4143-2019, the Market Conduct Management Regulations for the Financial System and the Insurance System were approved, respectively, with the aim that companies have adequate market conduct management reflected in the practices they adopt in their relationship with users, in the offer and contracting of products and services, as well as in the transparency of their information, and in the management of their complaints;

That, on the other hand, it has been identified that internationally, credit life insurance is a condition for contracting mortgage loans for housing, and that it is possible to offer the user any other financial product without contracting credit life insurance;

That, in accordance with the regulation issued by this Superintendency, mortgage loans for housing are those loans granted to natural persons for the acquisition, construction, renovation, remodeling, expansion, improvement, and subdivision of their own housing, provided that such loans are granted backed by mortgages duly registered;

That, in the mortgage loan for housing, due to its purpose and because it is a long-term operation with high debt amounts, a higher level of protection is required for the release of liability of the debtor's heirs regarding the mortgage debt and consequently the release of the mortgaged property that guarantees the credit operation, which is achieved with credit life insurance, which provides greater peace of mind for the credit holder's family, in the event that the property backing the debt is foreclosed; likewise, by its nature, term, and size of debt, it contributes to the mitigation of the credit risk exposure of the company;

That, for the foregoing reasons, it is necessary to modify the Market Conduct Management Regulations for the Financial System and the Insurance System, in order to determine that credit life insurance may be a condition for contracting only in mortgage loans for housing, and that users must be offered the option to contract credit life insurance in any other active product, with the express consent of the user;

That, additionally, it is important to clarify in the Market Conduct Management Regulations for the Financial System and the Insurance System, respectively, that entities must adequately inform users of all charges associated with the marketing of credit life insurance, including, where applicable, the existence of bonuses, premiums, profits, or other benefits in favor of insurance brokers and/or marketers;

That, likewise, in accordance with the Market Conduct Management Regulation for the Financial System, companies must involve in the design of their products and services respect for the rights recognized to users, so it is pertinent to require companies to develop policies and procedures for the attention of persons with disabilities in order to ensure that they can access and use all channels made available by the companies;

That, for the purpose of collecting opinions from the general public, the draft regulation was published by means of Resolution SBS No. 3602-2024, in the official newspaper El Peruano and on the Superintendency's digital site, in accordance with what is established in the Thirty-Second Final and Complementary Provision of the General Law and in Supreme Decree No. 009-2024-JUS;

Having the approval of the Deputy Superintendencies of Banking and Microfinance, Insurance, Legal Advisory, and Market Conduct and Financial Inclusion; and,

In exercise of the powers conferred by items 7 and 9 of Article 349 of the General Law and in concordance with what is established in Article 27 of the Insurance Contract Law;

RESOLVES:

Article First. - Modify the Market Conduct Management Regulation for the Financial System, approved by Resolution SBS No. 3274-2017 and its modifying norms, as indicated below:

1. Incorporate item 9 and a second paragraph in the Eighth Supplementary Final Provision, the Ninth Supplementary Final Provision, item 26 in Annex No. 3, and item 7 in Annex No. 5, according to the following text:

Eighth. - Credit Life Insurance
(...)
9. The collection of the commercial premium of a credit life insurance on a credit product can only be demanded in a single sum in the currency in which said credit product was agreed, regardless of its conditions.
Companies must publish on their website the information on the commercial premium of the credit life insurance they market, indicating the charge for marketing and/or intermediation of insurance brokers, if applicable. This information must be sent through the Commission and Major Expenses Report applied by companies of the Financial System, approved by Resolution SBS No. 2998-2024.

Ninth. - Development of internal policies and procedures for the attention of persons with disabilities Companies must develop internal policies and procedures for the attention of persons with disabilities in order to ensure that they can access and use all channels made available by the companies. Such policies and procedures must consider, among others, the exemption from charges for carrying out operations at the counter if this is the only accessible alternative that the person with disabilities has to carry out their financial operations.

ANNEX No. 3
EXAMPLES OF CHARGES THAT DO NOT ADHERE TO THE CRITERIA OF THE REGULATION TO HAVE THE QUALITY OF COMMISSIONS OR EXPENSES (...)
26. Charges for carrying out operations at the counters of the companies of the financial system when such operations are carried out by persons with disabilities and who, due to this condition, are prevented from using a different channel.

ANNEX No. 5
ABUSIVE PRACTICES IN THE FINANCIAL SYSTEM
(...)
7. Conditioning the endorsement of a life insurance in replacement of a credit life insurance, regardless of whether it is or is not a condition for contracting, to the payment of premiums of the life policy in advance, to demanding as the sole beneficiary the company granting the credit, as well as delaying the attention of endorsement requests.

2. Modify the title and the first paragraph of the Eighth Supplementary Final Provision and item 23 of Annex No. 3, according to the following texts:

"Eighth. - Credit Life Insurance
In the case of the marketing of credit life insurance, regardless of whether they are or are not a condition for contracting, companies must observe the following:

(...)

ANNEX No. 3
EXAMPLES OF CHARGES THAT DO NOT ADHERE TO THE CRITERIA OF THE REGULATION TO HAVE THE QUALITY OF COMMISSIONS OR EXPENSES (...)
23. Charges for evaluation, administration, and/or management of an endorsed policy, in the case of credit life insurance, regardless of whether it is or is not a condition for contracting."

3. Substitute Article 27 and item 6 of Annex No. 5, according to the following texts:

"Article 27. Responsibility of companies in the contracting of associated insurance
27.1 Companies are subject to the requirements established in the Regulation on Marketing of Insurance Products, the norms that modify or replace it.
27.2 Additionally, companies that offer insurance considered as a condition for contracting, such as credit life insurance to cover mortgage loans for housing and insurance for the protection of the property given as collateral, must observe the following:

1. They must inform users that they have the right to choose between contracting the insurance offered by the companies, or an insurance contracted directly by the user or through the designation of an insurance broker; provided that it meets, to the satisfaction of the companies, the previously informed conditions. The dissemination of said information must be carried out in the offer of products that consider insurance as a condition for contracting, through the mechanisms used by companies for such effect:
   a) In the case that the user proves the contracting, on their own account, of an insurance that meets the conditions established by the company, they are not obliged to take the offered insurance and can substitute it with the one they had contracted. In this case, the insurance must be endorsed in favor of the company up to the amount of the outstanding balance. b) The endorsed insurance does not generate an additional commission or expense for the user, provided that it is a life insurance that replaces the credit life insurance offered by the company. By virtue of the endorsement, the company may agree with the user that the payment of the insurance premium is added to the payment of the periodic installments previously agreed for the credit or is debited from a passive product. The endorsement and form of payment, by agreement of the parties, can be processed by the user before the insurance system company that issues the policy and delivered to the companies, or by the companies. c) If the user contracts the insurance marketed by the company, it must deliver to the insured the individual insurance policies or, where applicable, the insurance certificates referred to in the Market Conduct Management Regulation for the Insurance System approved by the Superintendency, issued by the companies of the insurance system.

2. The payment date of indemnities to the companies is the one that must be considered to carry out the settlement of the active operation. Companies have a maximum term referred to in the Regulation for the Management and Payment of Claims, approved by Resolution SBS No. 3202-2013, to carry out the settlement.

3. The additional clauses to the contracted credit life insurance policies, regardless of whether they are or are not a condition for contracting, must be optional. Companies must request the express consent of users for each additional coverage; for which, companies must safeguard the corresponding support of said express consent.
   27.3 Credit life insurance in products other than mortgage loans for housing is optional. In such case, if the user decides to contract the optional credit life insurance, companies must request the express consent of users for each insurance product contracted optionally and safeguard the corresponding support of said express consent.
   27.4 What is established in paragraph 27.3 regarding the optional nature of credit life insurance in credits other than mortgage loans for housing is understood to be fulfilled when companies offer within the portfolio of each of their credit products, at least one that does not require the contracting of a credit life insurance, informing users about its existence prior to the contracting of any product, and conserving the support of compliance with this obligation.

ANNEX No. 5
ABUSIVE PRACTICES IN THE FINANCIAL SYSTEM
(...)
6. In the case of credit life insurance, regardless of whether it is or is not a condition for contracting a credit product:
6.1 Those practices that condition the granting of the credit to the contracting of said insurance, except in mortgage loans for housing.
6.2 Those practices that condition the contracting of said insurance to the signing of any coverage other than the main ones.
6.3 The collection of the commercial premium without considering a single sum and in the currency in which the credit was agreed.
6.4. Not informing the user of the total charges associated with marketing, that is, those generated from the celebration of the contract, related to the evaluation, placement, administration of insurance, the collection of the amount of premiums, and any other related to the sale and maintenance of insurance; as well as the existence of bonuses, premiums, profits, or other benefits in favor of insurance brokers and/or marketers, mentioning the variables that influence their determination.

Article Second. - Modify the Market Conduct Management Regulation for the Insurance System, approved by Resolution SBS No. 4143-2019 and its modifying norms, as indicated below:

1. Modify item 23 of Article 2, title and the first paragraph of the Fifth Supplementary Final Provision, and the header and item 17A of Annex No. 2, according to the following text:

"Article 2. Definitions
(...)
23. Commercial Premium: It is the pure or risk premium increased by administration expenses, investment management expenses, acquisition expenses, claims management expenses, and required profit margin, which does not consider taxes.

Fifth. - Credit Life Insurance
Credit life insurance, regardless of whether it is or is not a condition for contracting, must consider coverage for death and total and permanent disability. Likewise, when the offer includes as an alternative a credit life insurance with surrender or return, it must only consider the previously mentioned coverages and the survival coverage, and must also comply with the applicable provisions of the Insurance Law. (...)

ANNEX No. 2
EXAMPLES OF ABUSIVE PRACTICES IN THE INSURANCE SYSTEM The cases indicated below, by way of example, do not adhere to the criteria established in the Insurance Contract Law and in the Market Conduct Management Regulation for the Insurance System, and cannot be applied by companies, without prejudice to others that may be identified by the Superintendency by means of a norm of a general nature:
(...)
17.A. In the case of credit life insurance, regardless of whether it is or is not a condition for contracting a credit product, the inclusion of main coverages other than the risks of death and total and permanent disability, and survival, as established in the current regulation.
(...)

2. Substitute item 6 of paragraph 21.2 of Article 21, the header and item 19 of Annex No. 2 on Examples of Abusive Practices in the Insurance System, according to the following texts:

"Article 21. Content of insurance policies
(...)
21.2 Without prejudice to what is stated, to comply with what is established by the Insurance Law and the General Law, companies must consider the following:
(...)
6. Inform, where applicable, the existence of bonuses, premiums, profits, or other benefits in favor of insurance brokers and/or marketers, mentioning the variables that influence their determination. Regarding credit life insurance, what is established in item 19 of Annex 2 of this Regulation is applicable.

ANNEX No. 2
EXAMPLES OF ABUSIVE PRACTICES IN THE INSURANCE SYSTEM The cases indicated below, by way of example, do not adhere to the criteria established in the Insurance Contract Law and in the Market Conduct Management Regulation for the Insurance System, and cannot be applied by companies, except for others identified by the Superintendency:
(...)
19. In the case of credit life insurance, regardless of whether it is or is not a condition for contracting a credit product, not informing the user of the total charges associated with marketing, that is, those generated from the celebration of the contract, related to the evaluation, placement, administration of insurance, the collection of the amount of premiums, and any other related to the sale and maintenance of insurance; as well as the existence of bonuses, premiums, profits, or other benefits in favor of insurance brokers and/or marketers, mentioning the variables that influence their determination.

Article Third. - Modify the Commission and Major Expenses Report applied by companies of the Financial System, approved by Resolution SBS No. 2998-2024, as indicated below:

1. Incorporate Annex No. 6 in the Commission and Major Expenses Report applied by companies of the Financial System, according to the following text:

"Annex No. 6: Expenses for credit life insurance for mortgage loans for housing, consumer loans, and credit cards

No. Concept Detail
1 Type of financial product Financial product types are reported according to Annex No. 1 of Resolution No. 3748-2021 and modifying norms, using the corresponding codes from the Table of Codes by Product Type, Category/Concept, and Denomination (attached to this report).
2 Brand Only applies to credit cards. The Brand must be specified according to the following typification: 1: Visa 2: Mastercard 3: Diners 4: American Express 5: No associated brand 3 Commercial name of the financial product Commercial name of each financial product per entity. Additionally, products that, although no longer marketed, still maintain a stock of customers must be included. 4 Commercialization status of the financial product The code of the commercialization status must be indicated according to the following typification:
1: Active, when the product is offered on the cutoff date 2: Inactive, when the product is not offered on the cutoff date, but still maintains a stock of customers 5 Commercial name of the insurance Commercial name of the insurance product marketed according to each financial product. Additionally, products that, although no longer marketed, still maintain a stock of customers must be included in separate rows. 6 Commercialization status of the insurance The code of the commercialization status must be indicated according to the following typification:
1: Active, when the product is offered on the cutoff date 2: Inactive, when the product is not offered on the cutoff date, but still maintains a stock of customers 7 Type of expense Only applies to credit cards. It must indicate the type of expense according to the following definitions:
1. Percentage: when the amount charged is based on the operation amount
2. Mixed: when a percentage is charged based on the operation and at the same time there is a minimum and/or maximum amount applicable
8 Currency Specify the currency in which the expense is charged according to the following typification:
PEN: If the expense currency is charged in soles.
USD: If the expense currency is charged in US dollars.
9 Amount of commercial premium Indicate the commercial premium charged for each financial product (excluding IGV). Example: a percentage of 0.456% must be reported as 0.004560. Does not apply to credit cards.
10 Minimum percentage Only applies to credit cards. Indicate the minimum gross premium charged for the operation. If the percentage is unique, register it in this field (including IGV). Example: a percentage of 0.456% must be reported as 0.004560.
11 Maximum percentage Only applies to credit cards. Indicate the maximum gross premium charged for the operation (including IGV). Example: a percentage of 0.456% must be reported as 0.004560.
12 Minimum amount Only applies to credit cards. Indicate the minimum amount charged for the operation (including IGV). The amount must be reported with two decimals. Example: 4.50.
13 Maximum amount Only applies to credit cards. Indicate the maximum amount charged for the operation (including IGV). The amount must be reported with two decimals. Example: 4.50.
14 Marketing charge Indicate the amount or percentage for marketing activities included in the commercial premium. Example: a percentage of 0.234% must be reported as 0.002340.
15 IGV Indicate (YES) when IGV charges apply and indicate (NO) when it does not include IGV charges.
16 Insurance company Indicate the SBS code of the insurance company providing the coverage, using the corresponding codes from the Table of Insurance Company Codes (attached to this report).

2. Modify the section Scope of the Annexes corresponding to the instructions of the Commission and Major Expenses Report applied by companies of the Financial System, according to the following text:
f) Annex No. 6, Expenses for credit life insurance for mortgage loans for housing, consumer loans, and credit cards: the expenses to be reported correspond to the credit life insurance marketed by each company. g) Not included in the scope of the Annexes:

• Denomination: Transfer to another company (national scope).
• Expenses other than insurance."

3. Repeal Annex No. 4 of the Commission and Major Expenses Report applied by companies of the Financial System.

Article Fourth. - Modify Annex No. 2 of the Commission and Expenses Regulation for the Financial System, approved by Resolution SBS No. 3748-2021, as indicated below:

"ANNEX No. 2
EXPENSE CONCEPTS BY TYPE OF OPERATION

ACTIVE OPERATIONS DESCRIPTION OF INCLUDED SERVICES Insurance Insurance associated with credit operations considered as a condition for contracting. In the case of credit life insurance, it includes regardless of whether it is or is not a condition for contracting. It does not include other insurance that can be marketed without being associated with a credit.

Article Fifth. - Include items 84) 1 and 85) 2 in Section II on Serious Infractions of Annex 2 of the Regulation on Infractions and Sanctions, approved by Resolution SBS No. 2755-2018, as indicated below:

1 Numbering modified by means of Errata of 03/14/2025.
2 Numbering modified by means of Errata of 03/14/2025.

84) 3
Not to include in the portfolio of each of its credit products, other than housing mortgage loans, at least one that is not subject to the contracting of credit life insurance.
85) 4
Not to include in the credit card portfolio with, at least, one card without membership fees.
Article Sixth.- Validity and adaptation period:
a) The modifications established in this resolution have an adaptation period of one hundred eighty (180) days from the effective date of this resolution. b) Upon completion of the adaptation period indicated in paragraph a) of this article, these provisions are applicable to existing contracts, with the exception of those contained in paragraphs 27.3 and 27.4 of Article 27 and numeral 6.1 of Annex No. 5 of the Market Conduct Management Regulation of the Financial System, which apply to new contracts from the end of the adaptation date indicated in paragraph a) of this article. c) Financial system companies must inform users of the adaptation to the new conditions of the aforementioned credit life insurance once effective, as stated in paragraph 51.4 of Article 51 of the Market Conduct Management Regulation of the Financial System.
Article Seventh.- This resolution enters into force the day following its publication in the Official Gazette El Peruano, on which date Annex No. 4 of the Report of Commissions and Main Expenses applied by Financial System companies is repealed.
Register, communicate, and publish.
SERGIO JAVIER ESPINOSA CHIROQUE
SUPERINTENDENT OF BANKING, INSURANCE, AND AFP
3 Numbering modified by Errata of 03/14/2025.
4 Numbering modified by Errata of 03/14/2025.