Resolution SBS No. 1169-2022: Extending the Compliance Deadline for Article Four of Resolution SBS No. 1147-2021

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511) 6309000 Lima, April 8, 2022 Resolution S.B.S. No. 1169- 2022

The Superintendent of Banking, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, Law No. 31143, Law that protects consumers of financial services from usury, modifies several regulatory provisions related to the marketing of various financial products, including credit life insurance;

That, by virtue of the aforementioned Law, this Superintendency issued Resolution SBS No. 1147-2021, which incorporated and modified provisions of the Market Conduct Management Regulation of the Financial System approved by Resolution SBS No. 3274-2017 and the Market Conduct Management Regulation of the Insurance System, approved by Resolution SBS No. 4143-2019;

That, through article four of Resolution SBS No. 1147-2021, this Superintendency granted a compliance period of three hundred sixty (360) days counted from the day following the publication of said Resolution in the Official Gazette El Peruano regarding items 1, 5, 6, 7 and 8 of the Eighth Final Complementary Provision of the Market Conduct Management Regulation of the Financial System, approved by Resolution SBS No. 3274-2017 and the Fifth Final Complementary Provision of the Market Conduct Management Regulation of the Insurance System, approved by Resolution SBS No. 4143-2019, a period that ends on April 12, 2022;

That, during the aforementioned compliance period, both financial system companies and insurance companies have required external coordination in order to comply with the requirements and regulatory deadlines established by this Superintendency, and have shown resource limitations due to the COVID-19 outbreak during 2021, which has prevented them from fully complying with the initially delineated compliance deadlines;

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

That, for the reasons stated above, this Superintendency considers it necessary to grant, exceptionally, an extension to the compliance period referred to in article four of Resolution SBS No. 1147-2021;

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

That, in view of the exceptional condition established in item 3.2 of article 14 of the Regulation approved by Supreme Decree No. 001-2009-JUS and its amendments;

and,

In exercise of the powers conferred by items 7 and 9 of article 349 of the General Law and the Second Final Complementary Provision of Law No. 31143, Law that protects consumers of financial services from usury;

RESOLVES:

Sole Article.- Extend the compliance deadline of article four of Resolution SBS No. 1147-2021 until August 10, 2022, from which date the provisions contained in items 1, 5, 6, 7 and 8 of the Eighth Final Complementary Provision of the Market Conduct Management Regulation of the Financial System, approved by Resolution SBS No. 3274-2017 and the Fifth Final Complementary Provision of the Market Conduct Management Regulation of the Insurance System, approved by Resolution SBS No. 4143-2019, will be enforceable.

Register, communicate and publish.

SOCORRO HEYSEN ZEGARRA Superintendent of Banking, Insurance and Private Pension Fund Administrators