Resolution SBS No. 1121-2017: Regulation on the Marketing of Insurance Products (effective from 30.04.2017)

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 1 Lima, March 15, 2017 S.B.S. Resolution No. 1121-2017

The Superintendent of Banking, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, Article 345 of the General Law of the Financial System and of the Insurance System and the Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its modifying norms, hereinafter the General Law, establishes that the object of the Superintendence is to protect the interests of the public in the scope of the financial and insurance systems;

That, through SBS Resolution No. 2996-2010 and its modifying norm, the Framework Regulation for the Marketing of Insurance Products was approved, hereinafter the Framework Regulation;

That, Law No. 29946, Insurance Contract Law, as well as the Regulation on Transparency of Information and Insurance Contracting, approved by SBS Resolution No. 3199-2013 and its modifying norms, establish provisions regarding the marketing of insurance products, making it necessary to update the current regulatory framework, in order to align the provisions issued on this matter;

That, likewise, the convenience of updating the Framework Regulation has been determined and introducing modifications and clarifications regarding the marketing modalities of insurance products for better management by insurance companies, as well as to promote financial inclusion;

That, having complied with the dissemination period for draft legal norms of a general nature referred to in Article 14 of the Regulation establishing provisions relative to publicity, publication of draft regulations and dissemination of legal norms of a general nature, approved by Supreme Decree No. 001-2009-JUS and its modifying norms;

Having the approval of the Adjunct Superintendencies of Banking and Microfinance, Insurance, Legal Advisory, Risks 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;

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 2

RESOLVES:

Article First.- Approve the Regulation on the Marketing of Insurance Products, as indicated below:

“REGULATION ON THE MARKETING
OF INSURANCE PRODUCTS

CHAPTER I
GENERAL PROVISIONS

Article 1. Scope
The provisions of this Regulation are applicable to the insurance companies referred to in item D of Article 16 of the General Law, hereinafter the companies. Likewise, they are applicable to multiple-operation companies referred to in item A of Article 16 of the General Law and to electronic money issuing companies referred to in item 6 of Article 17 of the General Law, insofar as it is pertinent.

Pension insurance promoters, that is, those who on behalf of companies market pension products framed within the scope of the Private Pension System, will carry out their activities according to the provisions established by the Superintendence on this matter, and this Regulation shall not apply to them.

Article 2. Definitions
For the purposes of what is provided in this Regulation, the following definitions must be considered:

a) Insurance certificate: document issued in the case of group or collective insurance, linked to a specific insurance policy. b) Marketer: natural or legal person with whom the company enters into a marketing contract, with the object that this person is in charge of facilitating the contracting of an insurance product. Multiple-operation companies ( bancassurance) and electronic money issuing companies are also considered marketers. c) Policyholder: natural or legal person who enters into the insurance contract. In the case of an individual insurance, they may also have the status of insured. d) Potential policyholder and/or potential insured: person to whom the company, through the marketing modalities referred to in this Regulation, offers an insurance. e) Days: calendar days. f) Financial system company: multiple-operation company referred to in item A of Article 16 of the General Law, which has signed a marketing contract with a company. g) Electronic money issuing company: complementary and related services company referred to in item 6 of Article 17 of the General Law, which has signed a marketing contract with a company. h) Application-Certificate: document that collects the information of the insurance application and insurance certificate, and that is used in group or collective insurances whenever they are mass.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 3

i) Insurance promotion: mechanism by which insurance products are made known to the public, showing the benefits and advantages of their contracting directly, through informational brochures, advertisements published in media or through the use of remote systems. j) Insurance promoter: natural person who maintains a contract with the company that authorizes them to promote, offer and market insurance products on behalf of the company exclusively, inside or outside the company offices 1. k) Registration Regulation: Regulation on the Registration of Insurance Policy Models and Technical Notes, approved by SBS Resolution No. 7044-2013 and its modifying norms. l) Market Conduct Management Regulation: Regulation on Market Conduct Management of the Insurance System, approved by SBS Resolution No. 4143-2013 and its modifying or substituting norms. It replaces all references to the Transparency Regulation in this Regulation. 2 m) Group or collective insurance: insurance modality characterized by covering, through a single contract, multiple insured persons who integrate a homogeneous community. n) Individual insurance: insurance modality by which the insured is a single person. In the case of life insurance, it may include the spouse or cohabitant, dependents or others as insured and/or beneficiaries of the insurance, according to the terms of the insurance contract. o) Mass insurances: standardized insurances that do not require special underwriting requirements, that is, they do not require prior verifications regarding the insurable persons and/or goods, being sufficient the simple acceptance of the policyholder or the insured for the consent of the individual insurance or group or collective insurance, as applicable. p) Coverage request: request made by the insured or the beneficiary to the company or the marketer regarding the occurrence of a claim regarding the contracted insurance coverage. q) Insurance application: record of the will of the policyholder and/or insured, as applicable, to contract the insurance. r) Superintendence: Superintendence of Banking, Insurance and Private Pension Fund Administrators. s) Parametric Insurance: according to the definition of Article 3 of the Regulation on Parametric Insurance, approved by SBS Resolution No. 02260 -2026.

Article 3. Marketing Modalities 3
Companies may market their products directly, using the following marketing modalities:

a) Marketing through the company:
i. Company personnel.
ii. Insurance promoters.
iii. Sales points.
b) Marketing through marketers:
i. Marketers
ii. Bancassurance

1 Modified by SBS Resolution No. 2880-2019 effective from 29.06.2019 2 Modified by SBS Resolution No. 277-2021 published on 01.02.2021 3 Modified by SBS Resolution No. 277-2021 effective from 02.02.2021

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 4

In the marketing through the modalities indicated in items a) and b), the use of remote systems may be made, in accordance with what is provided in Chapter IV of this Regulation.

Additionally, these direct marketing modalities are subject to market conduct management provisions, guaranteeing as part of information transparency that it is truthful, understandable, complete and transparent.

Companies, in any marketing modality, with or without the use of remote systems, may issue electronic policies, in accordance with current regulations, considering additionally that if the policyholder and/or insured requests the delivery of physical information, the companies must comply.

Article 4. Responsibility towards the policyholder, insured and/or beneficiary
Companies that use any of the marketing modalities regulated by this Regulation are directly responsible for all marketing acts carried out on their behalf during the exercise of their functions, especially for infringements of the norms issued by the Superintendence and for the damages caused to policyholders, insured and/or beneficiaries, as a consequence of errors or omissions, incompetence or negligence.

In this sense, companies maintain responsibility towards policyholders, insured and/or beneficiaries, as well as before the Superintendence for the provision of services, risk management and regulatory compliance related to the marketing of insurance products referred to in this Regulation, without prejudice to contractual incentives or penalties applicable to the marketing modalities indicated in Article 3, if applicable.

Likewise, companies are responsible for ensuring that, through the different marketing modalities, potential policyholders and/or potential insured are adequately explained about the scope of the product coverage and its characteristics. Likewise, they are responsible for ensuring that during the insurance contracting process, it is verified that the policyholder or the insured complete the insurance application or the application-certificate, as applicable, and that information is provided for the issuance of the policy.

In the case of Bancassurance, financial system companies assume the responsibilities that pertain to them, in accordance with the corresponding provisions of this Regulation and those resulting from the Supplementary Law to the Consumer Protection Law in Financial Services - Law No. 28587 and its modifying norms, as well as from the Regulation on Transparency of Information and Provisions Applicable to Contracting with Users of the Financial System, approved by SBS Resolution No. 8181-2012 and its modifying norms.

Insurance companies are responsible for ensuring that the documentation generated by the marketing of insurance, carried out by themselves and/or by marketers, is subject to the provisions issued through SBS Resolution No. 5860-2009, which includes provisions on the conservation and substitution of files through microform technology, as well as on the time limits for the conservation of books and documents.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 5

Article 5. Training 4
Companies must provide adequate training in the different marketing modalities they establish on the applicable regulatory framework in terms of market conduct and consumer protection, as well as on the general aspects of the products, in order to carry out an adequate and effective disclosure of information to potential policyholders and/or insured regarding the characteristics and conditions of the products they are promoting or offering.

In this sense, companies must implement training programs appropriate to the nature of each marketing modality, taking as reference regarding the products, at least, the following aspects:

a) Main coverages, benefits and exclusions of the products marketed through the marketing modalities. b) Procedures on the right of withdrawal, its execution and consequences. c) Procedures on the payment of the premium and the effects of non-compliance (suspension of coverage, contract resolution and contract extinction). d) Procedures to request coverage of the policy upon the occurrence of the claim. e) Procedures and time limit for the payment of the indemnity or benefit established in the policy. f) Procedure for the attention of requests and complaints; as well as programs for adequate attention to users.

For the case of parametric insurance, companies must include in their training programs, at least, the following topics:

a) Definition of parametric insurance and its main differences with traditional indemnity insurance. b) Explanation of the underlying risk, including possible discrepancies between actual losses and automatic payments derived from the activation of the parametric insurance. c) Description of the functioning of the parameters used and the thresholds that trigger and determine payment. d) Detail of the automatic payment mechanism, activation conditions and notice and claim payment times. e) Other aspects that impact the understanding of the product by potential policyholders and/or insured; such as limitations of parametric insurance, critical assumptions used in its design, excluded events and possible sources of controversy or misunderstandings in the activation of payment.

The programming of training is annual and must consider all marketing modalities. Companies must implement the necessary mechanisms to guarantee that training is effective, measurable and permanently available, contemplating the possibilities of rotation of own personnel and/or their marketers. For this purpose, training may be carried out in person or using virtual platforms, and the corresponding record of its execution must remain.

4 Article modified by SBS Resolution No. 4143-2019 dated 11.9.2019 and effective from 13.9.2019.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 6

Additionally, according to the characteristics of the products offered through any of the marketing modalities, the company must provide them with informational materials detailing the operational procedures of the products.

For the best compliance with what is stated in this article, in the case of marketing through marketers, companies, in coordination with marketers or third parties specialized in insurance training, must provide such training in accordance with the nature and complexity of the products they market.

The training programs developed by companies, as well as the documentation accrediting compliance with what is stated in this article, must be kept available to the Superintendence.

Article 6. Characteristics of Products
Under the marketing modalities referred to in Article 3 of this Regulation, the following may be offered:

a) Mass insurances, in which, for their contracting, only the signing of the individual insurance application by the policyholder or the signing of the application-certificate by the insured of the group or collective insurance is required. In case the form of insurance contracting does not allow the formal signing of the application, companies must implement mechanisms that allow proving that there was an application for the individual insurance policy or the application-certificate of the group or collective insurance to be issued, as applicable.

In the case of mass insurances marketed under the individual insurance modality, the company may incorporate the policy conditions into the insurance application so that it is delivered to the policyholder at the time of contracting. In the case of group or collective insurances, the company or the marketer must deliver the application-certificate to the insured at the time of insurance contracting. Likewise, the application-certificate must expressly indicate that the insured has the right to access the corresponding insurance policy or to request a copy thereof. If requested, the copy of the policy must be delivered within a maximum period of fifteen (15) days, counted from the date the company or the marketer receive the insured's request.

b) Other insurance products that are subject to evaluation or verification of minimum underwriting conditions, such as medical exams or risk inspections, prior to contracting, in accordance with the insurance conditions. In that case, the form and time limits in which such verifications will be carried out must be informed in advance, possibly specifying them in the insurance application.

For this latter case, the requirements specifically stated in this Regulation for each type of marketing must be met.

The insurance products referred to in this regulation may be contracted individually or collectively, with the exceptions established specifically and must comply with what is established by the Transparency Regulation and the Registration Regulation.

Correspondent cashiers can only market microinsurance and mass insurances.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 7

In the case of marketing through the use of remote systems, what is established in Chapter IV of this Regulation applies.

Article 7. Right of Withdrawal
The marketing of insurance carried out through marketers, including bancassurance, is subject to what is stated in Article 41 of the Insurance Contract Law, regarding the right of withdrawal.

The right of withdrawal is not applicable to the marketing of insurance developed in Chapter II of this regulation, except in the marketing through the use of remote systems by companies.

For the purposes of the above, the company or the marketer must inform the policyholder or insured, as applicable, at the time of contracting, that they have a period to exercise their right of withdrawal to resolve the contract, without expression of cause or penalty whatsoever, provided that it is not a condition for contracting credit operations, considering at least the following information:

a) The period to exercise the right of withdrawal, in no case can it be fixed in periods less than fifteen (15) days, counted from the date the policyholder or insured receives or has at their disposal the corresponding insurance policy, provisional coverage note or insurance certificate. b) The channels and procedures available to exercise the right of withdrawal before the company or before the marketing modality through which the policy was contracted, which must not be different from those through which the insurance was contracted. c) In case the policyholder or insured exercises their right of withdrawal after having paid the total or part of the premium, the company proceeds to the return of the paid premium within thirty (30) days following.

The policyholder or insured, depending on whether it is an individual or group insurance, may use the right of withdrawal as long as they have not used any of the coverages and/or benefits granted by the insurance contract.

Article 8. Group or Collective Insurance
Group or collective insurances marketed through the marketing modalities referred to in this Regulation are subject to the specific provisions established by the Superintendence.

Without prejudice to this, when it comes to group or collective insurance policies, the delivery of the insurance certificate and/or copy of the policy will be carried out in accordance with what is indicated in the Transparency Regulation, except when the delivery of an application-certificate applies, which is regulated by what is provided in Article 6.

Article 9. Risk Management 5
Insurance companies, regardless of the marketing modality they use, are subject to what is provided in the Regulation on Corporate Governance and Integrated Risk Management

5 Modified by SBS Resolution No. 277-2021 effective from 02.02.2021

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 8 and the Regulation for the Management of Operational Risk, approved by SBS Resolution No. 272-2017 and No. 2116-2009, respectively, as well as the specific current regulations on information security issued by this Superintendency, insofar as applicable. Companies must comply with what is established in Circular No. G-165-2012 regarding the submission of the Risk Report for new products or significant changes when they opt for any of the marketing modalities referred to in Article 3. The marketing through the use of remote systems, carried out in any marketing modality, is considered a significant change for companies, so the provisions of the aforementioned Circular also apply at the time of its implementation.

CHAPTER II
MARKETING THROUGH THE COMPANY

Article 10. Company Personnel
Companies may directly market insurance policies through the personnel of their commercial management, underwriting, marketing, and other similar units, with labor contracts.
However, under the responsibility of the company, the personnel must comply with the provisions of the Transparency Regulation, as well as the regulations related to the contracting of insurance, payment of premiums, claims management, among other current provisions. For these purposes, companies are responsible for their training, which must contain at least what is indicated in Article 5 of this regulation. Such personnel are not considered as insurance promoters, for the purposes of the provisions of this regulation.

Article 11. Insurance Promoters
Insurance promoters are natural persons who provide services to companies, authorizing them exclusively to promote, offer, and market their products, inside or outside their offices.
Companies are responsible for ensuring that their insurance promoters meet the moral and technical suitability conditions required for the work to be performed.
Companies must assign a code and issue an identification document to their insurance promoters. Likewise, they must implement a registry, in which the general data, the start date of their activities, the types of insurance they offer, and the training received are recorded.
Additionally, they must keep the corresponding physical or electronic personal files updated.
While the contract linking an insurance promoter with a company remains in effect, said promoter cannot provide the same services for another company, unless it is part of the same economic group.

Article 12. Sales Points
Sales points are centers of information and/or marketing that are not included within the description of offices referred to in Article 2 of the Regulation on

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 9 opening, conversion, relocation, or closure of offices and use of shared premises, approved by SBS Resolution No. 4797-2015.
Through sales points, companies, through their personnel or their insurance promoters, may provide information, promote, market insurance products, and pay indemnities (when such payment is not made in cash), provided they meet the requirements set forth in the following articles.

Article 13. Requirements to Operate Through Sales Points
Companies wishing to operate through sales points must keep the following information available to the Superintendency:
a) Certified copy of the board of directors' minutes stating the decision to operate through sales points. b) Description of the general policies to be applied for the operation of this marketing channel. c) List of products to be marketed through sales points. d) Location of each sales point. e) Company personnel or insurance promoter in charge. The information referred to in letters a), b), and c) is not required when the sales points have the exclusive function of providing promotion and information services on the insurance products offered by the companies.

CHAPTER III
MARKETING THROUGH MARKETERS

Article 14. Marketers
Marketers are natural or legal persons with whom the company enters into a marketing contract, with the objective that they facilitate the contracting of an insurance product.
Companies wishing to operate with marketers must sign a marketing contract with them. Through this contract, marketers acquire the status of representatives of the companies to promote, offer, and market the insurance products indicated in Article 6 of this Regulation, as well as to carry out other actions linked to the marketing contract signed, during its validity and comply with the obligations established in this Regulation. Through bancassurance, companies may promote, offer, and market insurance products of the following risks included in letter b) of Article 6 of this Regulation: credit life, home, fire and allied lines, earthquake, theft and/or robbery, agricultural, livestock, miscellaneous, multi-insurance, vehicle, SOAT, funeral, life insurance, as well as personal accident and medical assistance. Likewise, all-risk contractor insurance, machinery breakdown, erection all-risk, contractor all-risk equipment, electronic equipment may be marketed, only when these are related to financial products. The marketing of parametric insurance is also permitted in accordance with the provisions of the Parametric Insurance Regulation, approved by SBS Resolution No. 02260-2026. Companies, through marketers, are prohibited from promoting, offering, and marketing insurance products corresponding to the following risks included in letter b) of Article 6 of this Regulation: fire and allied lines, earthquake, transport, marine-hulls, aviation, all-risk contractor, machinery breakdown, erection all-risk, contractor all-risk equipment, electronic equipment, theft and/or robbery, dishonesty towards the company, comprehensive against dishonesty (3D), bank insurance, civil liability, sureties and bonds, domestic credit, export credit, and others that the Superintendency determines by general norm. This prohibition does not apply to bancassurance, which is governed by the provisions in the preceding paragraph. The Superintendency may evaluate insurance products of the aforementioned risks that are feasible to be marketed, according to their conditions and characteristics. The marketing contract that companies sign with marketers must include the obligations indicated in Article 16 of this Regulation, insofar as applicable, to guarantee their compliance. The promotion, offer, and marketing of insurance does not involve an advisory function for potential policyholders or insured persons. Without prejudice to this, marketers must inform about the aspects contemplated in the training programs indicated in Article 5 of this Regulation, under the responsibility of the companies, which in turn must guarantee adequate market conduct management, before and during the validity of the insurance contract, in the renewal, processing of the coverage request, claims settlement, as well as the resolution or extinction of the insurance, if applicable, in accordance with the principles established in Article 4 of the Market Conduct Management Regulation. Financial system
companies and electronic money issuing companies are responsible for ensuring that their correspondent ATMs market the products authorized for them, in accordance with the information provided by the companies and compliance with the conditions set forth in the marketing contract. Companies are responsible for maintaining the documentation corresponding to insurance contracts concluded under this modality, according to the norms issued by the Superintendency. For these purposes, they may include the custody service of such documentation in the marketing contracts they conclude with their marketers, provided they comply with the provisions referred to in Article 9 of this Regulation. The marketing through bancassurance and electronic money issuing companies is subject to the provisions of this chapter, except for letter a) of Article 15 and Article 17 of this Regulation.

Article 15. Conditions to Operate with Marketers
Companies operating with marketers are responsible for:

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 11 a) 7Developing and implementing policies and procedures to select the marketers with whom they sign marketing contracts, establishing evaluation criteria for marketers that consider, at a minimum, the following aspects:
i. Financial situation, which includes at least not having been classified in the categories of Substandard, Doubtful, or Loss in the financial system.
ii. Reputation.
iii. Physical infrastructure, human resources, and security of the establishments where services are provided.
For marketing carried out remotely, companies must comply with the provisions set forth in Chapter IV on marketing through remote systems.
The compliance with the requirements defined by the company for the selection of marketers must be monitored periodically. b) Keeping the following information available to the Superintendency for each marketer:
i. Name, trade name, or corporate name, detailing the activities developed.
ii. List of insurance products that are the subject of the contract, indicating the Superintendency's registration code.
iii. Location of the commercial establishments where insurance products are marketed.
iv. Contract conditions, which must include clauses allowing adequate review of the respective service by the companies, the External Audit Firm, as well as by the Superintendency or the person it designates.

Article 16. Obligations Applicable to Sales Through Marketers
Companies operating through marketers must comply with the following obligations, which must be incorporated into the respective marketing contract:
a) Communications sent by policyholders, insured persons, or beneficiaries to the marketer, regarding aspects related to the contracted insurance, have the same effects as if they had been presented to the company. In this sense, it is understood that such communications are received by the company on the same date. b) The elaboration of a procedure for sending communications sent by policyholders, insured persons, or beneficiaries to the company, and additionally, in the case that the marketer is a supervised company, a procedure for sending complaints regarding insurance coverage and aspects related to it, where the insurance company is responsible for their registration and attention so that the provisions developed in the User Attention Circular issued by the Superintendency are complied with. 7 Letter a) modified by SBS Resolution No. 277-2021 effective from 02.02.2021

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 12 c) Payments made to marketers by insurance policyholders, or third parties in charge of payment, are considered paid to the company on the date the payment is made. Likewise, the company must ensure that the marketer keeps control of such payments. d) The elaboration of a procedure for handling coverage requests in which the functions of the company and the marketer are defined, as well as the timeframes for their attention applicable to each of the parties to the marketing contract. In the case of insurance with death coverage, the marketer must send immediate notice to the company in cases where they become aware of the death of the insured. e) The elaboration of a procedure for the collection of insurance premiums, in which the functions and responsibilities of the marketer are defined, as well as the timeframes applicable for providing information on sales and collection to the company. f) The elaboration of a procedure for handling requests for the return of unearned premiums, which incorporates the marketer's obligation to inform users about said procedure; as well as the obligation to send the indicated requests to the company, when applicable. g) Marketers must offer insurance products in strict compliance with the instructions indicated by the companies, which must provide them with the relevant procedure manuals with the detailed explanation of the product's operability. h) The timeframes for handling coverage requests, as well as complaints presented, will not be extended with respect to those contemplated in the relevant regulations, having been presented through the marketer, considering the indication in letter a) of this article. i) Marketers must keep panels visible to the public in their premises, clearly showing their status as marketers with the indication of the corresponding company. j) In the case of insurance subject to the evaluation or verification of insurable risks, prior to contracting, as indicated in Article 6, if the company decides not to sign the insurance contract based on the evaluation performed, it must inform the applicant, directly or through the marketer, within fifteen (15) days of receiving the request. k) Marketers must deliver to the insured a simple copy of the policy and the summary received from the companies, upon request. l) In the case that insurance marketing is carried out through the correspondent ATMs of financial system companies (bancassurance) or electronic money issuing companies, the marketing contract must explicitly indicate this, as well as the mechanism used by the parties to have updated information on such correspondent ATMs, such as their corporate name and location. m) The responsibilities and procedures applicable to the custody of documentation and/or information generated and/or received as part of the insurance marketing process, specifying that which each of the parties, companies and marketers,
must keep available to the Superintendency. n) Parametric insurance marketers must have product guides, in accordance with Article 19 of the Parametric Insurance Regulation, which allow sufficient explanation of the functioning of the parametric insurance, its activation, and its limitations. The marketing conditions indicated in letters a) and c) must be incorporated into the individual policy documentation; likewise, this information must be considered in insurance certificates, when dealing with group or collective insurance.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 13 In the case of bancassurance, the communications and information referred to the sale of insurance products and premium collection, referred to in letter e), must be sent to the companies within a maximum period of thirty (30) days.

Article 17. Requirements to Operate Through Marketers
To operate through marketers, companies must keep the following information available to the Superintendency:
a) Certified copy of the Board of Directors' Minutes stating the decision to use this marketing modality. b) Description of the general policies to be applied for the operation of this marketing modality. c) Business plan for this contracting modality, in which the implementation strategy, services to be provided, initial and projected geographic coverage, technological scheme to be used, among other aspects, must be indicated. d) List of products to be marketed through marketers by service channel, including the use of remote systems, if applicable. e) Description of the natural or legal persons in charge of carrying out the marketing. f) Information regarding the support implemented to obtain, conserve, and safeguard the information provided by the potential insured, according to the characteristics of the channels used.

Article 18. Marketing Through Bancassurance
Through bancassurance, companies may promote, offer, and market their products through financial system companies, using their office network for customer contact and for the distribution of their products, provided that a marketing contract has been concluded that contemplates what is indicated in Article 16 of this Regulation. The following forms of marketing are considered bancassurance operations:
a) The contracting of insurance associated with financial products, under any of the forms established in letters b) and c), in which the financial system company is designated as the beneficiary of the insurance. b) Those in which the financial system company signs an insurance contract with the company as the policyholder, thereby being authorized to market the contracted coverage with its clients, on the same terms and conditions as stated in the group or collective insurance policy. c) Those through which the financial system company, prior to concluding a marketing contract, acts as a representative of the company, to market individual insurance products agreed upon with the company among its clients. Companies and financial system companies are responsible for the custody of the information and/or documentation corresponding to the marketing of insurance through bancassurance, in accordance with what is established in the marketing contract referred to in Article 16 of this Regulation.

Article 19. Bancassurance Manager
The company must ensure that in the marketing contract with a financial system company, the latter designates a person responsible for the comprehensive marketing of insurance, including marketing through correspondent ATMs, which for the purposes of this regulation is called "Bancassurance Manager" and is the link between the financial system company and all those companies with which it maintains a marketing contract. The Bancassurance Manager must receive the training referred to in Article 5 of this Regulation. The Bancassurance Manager has the following functions:
a) Supervision of compliance with current regulations in the processes of sale, modification, and renewal of insurance policies, resolution of contracts, return of premiums for the unexpired period, handling of coverage requests, payment of claims, among others. b) Coordination with the company regarding the training of the personnel of the financial system company in charge of insurance marketing, and of their correspondent ATMs, as applicable. c) Coordination with the company for the handling, management, and payment of claims, which also includes the due and timely attention of complaints, in accordance with the obligations of the company and the marketer that must be indicated in the marketing contract, as provided in Article 16 of this Regulation. d) Coordination with the company for the timely attention of communications received from policyholders, insured persons, or beneficiaries. The functions of "Bancassurance Manager" may be assumed by the insurance broker that the financial system company has.

Article 20. Conditions Applicable to Marketing Through Bancassurance
Without prejudice to what is provided in Article 16, companies wishing to use bancassurance must comply with the following conditions:
a) In the case of insurance associated with credit operations carried out with financial system companies, the products referred to in letter b) of Article 6 of this regulation may be offered, as appropriate to the nature of the goods subject to coverage that are linked to the credit operations. b) In the case that products are marketed through the use of remote systems, both companies and financial system companies are responsible for compliance with the provisions established in Chapter IV of this Regulation, insofar as applicable. c) In the case of credit life insurance, companies must communicate to those persons with an interest in the payment of the indemnity (even if they do not have the status of insured or beneficiary of the insurance), if required, about the indemnity payments made in favor of financial system companies, or in their absence, the rejection of claims. Likewise, claim rejections must be communicated to the financial system companies. d) In the case of early termination of the validity of the insurance considered as a condition for contracting a credit, due to the total early payment of the credit or other reason, the financial system company, in its capacity as marketer, must inform users about the procedure to request the return of the unearned premium and send the requests for the return of the unearned premium to the company, in accordance with the procedure and timeframe established in the marketing contract.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 15 e) In the event that correspondent cashiers are used for the marketing of mass insurance, both the companies and the companies in the financial system are responsible for coordinating the most efficient way to:

• Provide and facilitate to the correspondent cashier the training indicated in Article 5 of this regulation, adequate to the insurance products they market. The training will be carried out in person or using virtual platforms, in order to provide sufficient and periodic information to the personnel in charge of marketing insurance at the correspondent cashier.
• That the correspondent cashier provides adequate information about the insurance products, during the marketing process.
  f) In the event that correspondent cashiers are operated for the marketing of microinsurance, the provisions of the Microinsurance Policy Regulation apply.

Article 20-A.- Information to be provided by financial system companies on the marketing of insurance incorporating earthquake and/or tsunami risks 8
20-A.1 Financial system companies that market insurance incorporating earthquake and/or tsunami risks must provide information about the insured assets, in accordance with the instructions provided by the companies in application of the regulations on the constitution of the catastrophic risk reserve. Among the basic information that must be sent to the companies is the commercial value or the reconstruction value of the insured assets, as established in the conditions of the current insurance policy. 20-A.2 During the promotion, sale, and/or marketing of insurance linked to credit operations, financial system companies must inform policyholders about the options to contract the insurance for the commercial value or the reconstruction value of the insured property, as well as the consequences of contracting the insurance for an amount lower than the aforementioned value, the amount of the premium to be paid, among other relevant information for the contracting of these types of insurance, in accordance with Article 14, insofar as applicable, and letter g) of Article 16 of this Regulation.

CHAPTER IV
MARKETING THROUGH THE USE OF REMOTE SYSTEMS

Article 21. Remote systems
This marketing corresponds to the use of telephone, internet, or other analogous systems that allow companies to access potential policyholders and/or insured persons in a non-presential manner, to promote, offer, and/or market their products. It includes digital marketing through social networks and price comparison systems. The use of remote systems must guarantee that the information that companies provide to potential policyholders and/or insured persons is truthful, understandable, complete, and transparent. Likewise, the information provided by potential policyholders and/or insured persons through these marketing mechanisms must be preserved by the companies in the necessary supports that allow for subsequent verification, as well as the proper identification of the potential policyholder and/or insured person.

8 Article incorporated by Resolution SBS No. 3661-2021 published on 03.12.2021, effective from 01.07.2023.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 16
Article 22. Conditions applicable to marketing through the use of remote systems 9
For marketing carried out through remote systems, in any operation or management linked to it, even to exercise the right of withdrawal, the identification requirements or others established in the Market Conduct Management Regulation and the specific norms issued by the Superintendency on the matter apply. In compliance with the aforementioned provisions, adequate market conduct must be considered before and during the validity of the insurance contract, upon its renewal, the processing of the coverage request, the settlement of the claim, if applicable, as well as the resolution or extinction of the insurance, in accordance with the principles established in Article 4 of the Market Conduct Management Regulation. Companies, in addition to using their own infrastructure to carry out the activities referred to in this chapter, may subcontract third parties specialized in remote services, in accordance with the provisions indicated in Article 9 of this Regulation. For all cases of remote marketing, companies must implement adequate support to obtain, preserve, and safeguard the information provided to the potential insured and their acceptance for the contracting of the insurance, according to the characteristics of the channels used, whether their own or those of their marketers, which includes video and/or voice recordings or other mechanisms.

Article 23. Minimum information of the insurance promotion 10
Without prejudice to the obligations established in the Market Conduct Management Regulation, companies that offer their insurance products through remote systems must expressly indicate that it is an insurance promotion and provide the potential policyholder and/or insured person, as a minimum and depending on the type of insurance, the following information:
a) Identification of the company. b) Date of the insurance promotion and validity period, if the latter is applicable. c) Characteristics of the insurance, indicating the main coverages offered, insurance requirements, and main exclusions. d) Total cost borne by the insured and payment method of the premium of each insurance product. e) Channels available for guidance regarding inquiries, complaints, and claim notices. f) Method of acceptance of the insurance. g) Term and method to exercise the right of withdrawal referred to in Article 7 of this Regulation. h) Term and method of delivery of the insurance policy or insurance certificate, chosen by the policyholder and/or insured. i) In the case of parametric insurance, the insured event, coverage zone, parameter, data provider agencies, threshold or trigger, and illustrative examples on the functioning and activation of the insurance coverage.

9 Modified by Resolution SBS No. 277-2021 effective from 02.02.2021 10 Modified by Resolution SBS No. 277-2021 effective from 02.02.2021

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 17
Article 24. Acceptance of the insurance promotion 11
In the case of mass insurance, once the offer or promotion has been made through remote systems, and always that it is accepted by the policyholder and/or insured, as applicable, the contract is consensual and the companies are obligated under the terms and conditions under which the offer was made. Regarding insurance subject to prior evaluation or verification, referred to in letter b) of Article 6, companies must inform the policyholder or the insured, as applicable, of the method and term in which such procedure will be carried out, as well as the term in which the result and its effects on the insurance contracting conditions will be communicated, leaving a record of this in the information provided at the time of making the offer or promotion of the insurance through the use of remote systems. Companies must comply with what is established in Article 24 of the Market Conduct Management Regulation, for the contracting, delivery, and/or making available of the policy or certificate, among other aspects.

Article 25. Registration and filing of data related to the insurance promotion
The insurance promotion referred to in the previous article must be registered in its entirety, and this circumstance must be communicated to the potential policyholder and/or insured person. The information contained in the technological supports used must be available to the policyholder, in case they finally accept the promotion, and to the Superintendency, when so required.

CHAPTER V
INFORMATION TO THE SUPERINTENDENCY

Article 26. Information to the Superintendency
Companies must send the following information to this Superintendency on a quarterly basis, within the deadlines for presenting the corresponding financial statements:

• Annex ES-21B: “Information on marketing through Marketers.”
• Annex ES-21E: “Information on marketing through Bancassurance.”
• Annex ES-21F: “Information on marketing through Sales Points.”
• Annex ES-21G: “Information on marketing through the use of Remote Systems.”
• Annex ES-21H: “Information on marketing through Company Personnel and Insurance Promoters.”

Companies must send the following information to this Superintendency on a semi-annual basis, within the deadlines for presenting the corresponding financial statements:

• Annex ES-21A: “Information on Insurance Promoters.”

11 Modified by Resolution SBS No. 277-2021 effective from 02.02.2021

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 18 Companies must send the following information to this Superintendency on an annual basis, within the deadlines for presenting the corresponding financial statements:

• Annex ES-21I: “Information on premiums by marketing modality and marketing through the use of remote systems by companies”

FINAL PROVISION
Sole. Marketing of SOAT
For the marketing of the mandatory traffic accident insurance - SOAT, companies may use any of the marketing modalities referred to in the Regulation.
Once the transaction is carried out, the policyholder must receive the SOAT certificate issued in the current Unique Format authorized by the Ministry of Transport and Communications, either physically or virtually; in the latter case, as long as the regulations allow it.
For the virtual issuance of the SOAT certificate, companies must have the acceptance of the sending method and the prior consent of the policyholder, which may be manifested in writing, by telephone, electronically, or through any other means that allows leaving a record of it. Likewise, they must have mechanisms that allow verifying the authenticity and integrity of the certificate. For the purposes of the right of withdrawal referred to in Article 7 of this Regulation, the insured must return the physical insurance certificate to the company, when applicable.”

Article Two.- Eliminate from the Single Text of Administrative Procedures of the Superintendency of Banks, Insurance and Private Pension Fund Administrators, approved by Resolution SBS No. 3082-2011, the following procedures: Procedure No. 144 “Authorization to market insurance products through Marketers”, Procedure No. 145 “Authorization to market insurance products through Sales Points” and Procedure No. 146 “Authorization to market insurance products through the use of remote systems”.

Article Three.- Modify letter aa) of Article 2, the second paragraph of Article 13, letter b) of Article 14, letter d) of Article 15 and Annex No. 1 “Content of the Insurance Certificate” of the Regulation on Transparency of Information and Insurance Contracting, approved by Resolution SBS No. 3199-2013 and its modifying norms, according to the following text:

“Article 2.- Definitions
(...) aa) Mass insurance: standardized insurance that does not require special insurance requirements, that is, it does not require prior verifications, regarding the persons and/or insurable assets, being sufficient the simple acceptance of the policyholder or the insured for the consent of the individual insurance or the group or collective insurance, as applicable.” (...)

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 19
Article 13.- The insurance application and its minimum content
(...)
The aforementioned application will be provided by the companies and must contain information that allows the identification of the policyholder, insured, and beneficiaries, as applicable. The application must indicate that the company will communicate to the policyholder, within fifteen (15) days of the application being submitted, if it has been rejected, unless additional information has been requested within said term. In the case of mass insurance marketed under the individual insurance modality, companies may incorporate the conditions of the insurance policy into the application in order to deliver the corresponding policy to the policyholder at the time of contracting. (...)

Article 14.- Delivery of insurance policies or certificates.
(...) b) Regarding group or collective insurance, deliver the insurance certificate to the insured, considering for this purpose the content indicated in Annex No. 1. Likewise, the company may, through the policyholder, deliver said certificate to the insured, without prejudice to the responsibility that corresponds to it. (...)

Article 15.- Content of insurance policies.
(...) d. The commercial premium will be presented as follows:
COMMERCIAL PREMIUM
COMMERCIAL PREMIUM + IGV
Likewise, it must be informed that the commercial premium includes, as applicable, the following:
DESCRIPTION GENERAL AMOUNT / PERCENTAGE
Charges for the intermediation of insurance brokers and the broker's registration number.
Charges for the marketing of insurance through insurance promoters.
Charges for the marketing of insurance through bancassurance or another marketer.

Annex No. 1
CONTENT OF THE INSURANCE CERTIFICATE
(...)

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 20 INSURANCE COVERAGE Validity of the insurance: Premium Amount Charges for the intermediation of insurance brokers or the marketing of insurance promoters, bancassurance or another marketer (...)
Covered risks Place and method of payment of the premium, if it is at the expense of the insured, and responsible for the payment, when it is a third party”

Article Four.- Modify letter p) of Article 5 of the Regulation on Complementary Channels for Public Attention of Financial System Companies and Electronic Money Issuers approved by Resolution SBS No. 4798-2015, with the following text:
“p) Marketing of microinsurance and mass insurance.”

Article Five.- Modify the Regulation for the use of electronic policies, approved by Resolution SBS No. 3201-2013, as indicated below:

1. Modify the denomination of the Regulation to “Regulation for the use of electronic insurance certificates and policies”.
2. Modify letter b) of Article 2 and Article 3, as indicated below:

“Article 2°.- Definitions.
For the purposes of this Regulation, the following definitions must be considered:
(...) b) Electronic insurance policy: It is the digital version of the insurance policy, regulated by the Insurance Contract Law and the regulations on transparency and insurance contracting issued by the Superintendency, and which is transmitted and stored in electronic media. It is understood that any reference to the electronic insurance policy in this Regulation includes the electronic insurance certificate in the case of group or collective insurance. c) Electronic insurance certificate: It is the digital version of the insurance certificate, regulated by the Insurance Contract Law, and the regulations on transparency and insurance contracting issued by the Superintendency, and which is transmitted and stored in electronic media.

Article 3°.- Policyholder consent for the sending of electronic insurance policies.
Companies may send electronic insurance policies to policyholders, prior to their express consent. Such consent may be manifested in writing, by telephone, electronically, or through any other means that allows leaving a record of it.
The policyholder's consent must include the following:

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 21 a) A declaration by the policyholder that they have been informed of the method of sending the insurance policy by electronic means and the corresponding procedure, which includes the advantages and possible associated risks and that they have taken knowledge of the security measures they are required to apply. b) The method of sending the insurance policy, which may be via email, website, or by some other electronic means that has been agreed upon. c) The method by which the receipt of the insurance policy will be confirmed. d) The method by which the authenticity and integrity of the electronic insurance policy will be accredited, through electronic signature or another means that ensures equal or greater security. In case the insured is a person different from the policyholder of an individual insurance, the electronic insurance policy must also be sent to the insured. In group or collective insurance, regardless of the sending of the electronic insurance certificate, the electronic insurance policy must be sent to the policyholder, prior to the consent indicated in the first paragraph. Electronic insurance policies sent through electronic media to policyholders must be sent with a copy to the email addresses of insurance brokers who have the corresponding letter of appointment.”

Article Six.- The Annexes ES-21A, ES-21B, ES-21E, ES21F, ES-21G, ES-21H and ES-21I of the “Regulation on the Marketing of Insurance Products” which are approved by this resolution, are published on the electronic portal of the Superintendency (www.sbs.gob.pe), in accordance with what is established by Supreme Decree No. 001-2009-JUS and its modifying norms.

Article Seven.- Modify Annex ES-10 “Information on current insurance policies” of the Regulation on the Registration of Insurance Policy Models and Technical Notes, approved by Resolution SBS No. 7044-2013, eliminating the column of “Net Insurance Premiums”. The format of Annex ES-10 is published on the Institutional Portal (www.sbs.gob.pe), in accordance with what is established by Supreme Decree No. 001-2009-JUS and its modifying norms.

Article Eight.- This Resolution will enter into force on April 30, 2017. From that date, the Marketing Framework Regulation for Insurance Products, approved by Resolution SBS No. 2996-2010 and its modifying norm, is repealed.
Regarding marketing contracts in force upon the entry into force of this resolution, drafted in accordance with the Marketing Framework Regulation for Insurance Products, approved by Resolution SBS No. 2996-2010 and its modifying norm, companies have a maximum adaptation period for these to the new Marketing Regulation for Insurance Products, which expires on December 31, 2017. The first submission of the annexes indicated in Article 26 of the Regulation will be carried out in accordance with the following:

• The annexes with quarterly frequency will be sent starting from the information corresponding to the second quarter of the year 2017.

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• The annex with semi-annual frequency will be sent starting from the information corresponding to the first semester of the year 2017.
• The annex with annual frequency will be sent starting from the information corresponding to the year 2017.

Register, communicate and publish.
SOCORRO HEYSEN ZEGARRA
Superintendent of Banks, Insurance and Private Pension Fund Administrators