Resolution SBS No. 1797-2011: Approves the Regulation of the Registry of Insurance Intermediaries and Auxiliaries

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 1.
Lima, February 10, 2011
Resolution S.B.S.
No. 1797-2011

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 Organic Law of the Superintendency of Banking and Insurance, Law No. 26702 and its modifying laws, hereinafter the General Law, establishes that it is the objective of the Superintendency of Banking, Insurance and Private Pension Fund Administrators to protect the interests of the public in the scope of the financial and insurance systems;

That, in accordance with Articles 335 and 336 of the General Law, the Superintendency of Banking, Insurance and Private Pension Fund Administrators, hereinafter the Superintendency, authorizes and regulates the activities of insurance intermediaries and maintains a registry of them, in which the services of the insurance lines in which they may operate are specified, establishing the requirements for registration, as well as their obligations, rights, guarantees and other conditions to which their activity is subject;

That, Article 324 of the General Law establishes the registration requirements for foreign reinsurance companies in the Registry maintained by the Superintendency, which need to be specified;

That, it is the faculty of this Superintendency to exercise integral supervision of the companies of the Financial System and of the Insurance System, those incorporated by special laws into its supervision, as well as those that carry out complementary operations;

That, by Resolution SBS No. 816-2004 dated May 27, 2004, the Regulation of the Registry of the Insurance System was approved;

That, as a result of the experience acquired with the application of the aforementioned Regulation and in order to facilitate the adequate compliance with the provisions that regulate the activities of those registered in the Registry of the Insurance System, it has been considered necessary to incorporate clarifications to the conditions established for the registration and operability of the supervised activities;

That likewise, in order to provide more information to natural and legal persons registered in the aforementioned registry, it has been considered to establish by regulation the requirements that such persons must fulfill to carry out certain authorization procedures necessary for the exercise of their activities, approving also the corresponding administrative procedures to be incorporated in the TUPA of the Superintendency;

That, likewise, it is necessary to establish provisions for

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 2. the submission of financial information to this Superintendency;

That, what is stated determines the need to completely modify the Regulation of the Registry of the Insurance System;

Being in accordance with the opinion of the Adjunct Superintendencies of Insurance and Legal Advice, and of the Product and User Services Management; and having complied with the dissemination period of draft legal norms of a general nature referred to in Article 14 of the Regulation that establishes provisions relative to the publicity, publication of normative projects and dissemination of legal norms of a general nature, approved by Supreme Decree No. 001-2009-JUS; and,

In exercise of the powers conferred by numerals 3, 7 and 9 of Article 349 of the General Law;

RESOLVES:

First Article.- Approve the Regulation of the Registry of Insurance Intermediaries and Auxiliaries and its respective annexes, which form an integral part of this resolution and which is applicable to foreign reinsurance companies, to insurance intermediaries, to insurance auxiliaries, and to insurance companies insofar as they correspond, according to the provisions indicated below:

“REGULATION OF THE REGISTRY OF INSURANCE INTERMEDIARIES AND AUXILIARIES

I. GENERAL ASPECTS

Article 1°. Definitions

For the purposes of this Regulation, the following terms must be considered:

a) Insurance Auxiliaries: Loss adjusters and/or insurance experts; b) Loss adjusters: Maritime insurance adjusters and general insurance adjusters; c) Maritime insurance adjusters: Adjusters of maritime hull insurance and adjusters of maritime transport insurance; d) General insurance adjusters: General insurance adjusters and aviation hull insurance adjusters; e) Insurance experts: Maritime insurance experts and general insurance experts; f) Maritime insurance experts: Inspector of maritime hulls and machinery, inspector of average and Preventor of transport losses; g) General insurance experts: Inspector of general lines, Inspector of aviation hulls; h) General insurance brokers: Insurance brokers authorized to operate only in general insurance lines; i) Life insurance brokers: Insurance brokers authorized to operate only in life insurance lines and personal accident risks, illnesses and medical assistance; j) General and life insurance brokers: Insurance brokers authorized to operate in general insurance lines and in life insurance lines; k) Insurance intermediaries: Insurance brokers and reinsurance brokers;

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 3. l) Offices: Place designated for the exercise of the authorized activity of a natural person registered in the Registry. In the case of legal persons, it corresponds to the commercial establishment located within the national territory, distinct from the main office. m) Main office: Commercial establishment where the legal person has its registered domicile. n) Registry: Registry of Insurance Intermediaries and Auxiliaries; o) Applicants: Natural and legal persons who request their registration in the Registry; p) Superintendency: Superintendency of Banking, Insurance and Private Pension Fund Administrators; q) TUPA: Single Text of Administrative Procedures of the Superintendency of Banking, Insurance and Private Pension Fund Administrators; r) Days: Calendar days; and, s) General Law: Law No. 26702, General Law of the Financial System and of the Insurance System and Organic Law of the Superintendency of Banking and Insurance.

Article 2°. Obligation to register in the Registry

Insurance intermediaries and auxiliaries must be registered and authorized in the Registry to carry out their activities in the country, as established in Article 11 of the General Law.

Article 3°. 1

Article 4°. 2

Article 5°. 3

Article 6°. Supervision of activities

The activities and practices of natural and legal persons registered in the Registry are subject to the control of the Superintendency, being applicable to them Title IV of Section Third of the General Law, this Regulation and other pertinent norms issued by the Superintendency, and, subsidiarily, the General Companies Law.

Foreign reinsurance companies, foreign reinsurance brokerage companies and their respective legal representatives are responsible for complying with the information requirements determined by this Superintendency.

For supervision purposes, natural persons registered in the registry must indicate the place from which they will exercise the authorized activity and maintain a valid email address with the Superintendency, to which communications related to control actions will be sent and where the Superintendency will exercise supervision as appropriate. In this sense, all communications that the Superintendency directs to the last address and electronic address communicated to said Institution will be considered validly received by the supervised party.

Legal persons registered in the registry must indicate to this Superintendency the address of their main office, from which they will exercise the authorized activity and maintain a valid email address with the Superintendency, for the effects stated in the previous paragraph. Likewise, they may establish offices in other places of the national territory, following the procedure described in Article 16°.

1 Article repealed by Resolution SBS No. 808-2019 of 07-03-2019.
2 Article repealed by Resolution SBS No. 808-2019 of 07-03-2019.
3 Article modified by Resolution SBS No. 3202-2013 of 24-05-2013.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 4.

Article 7°. Payment of commissions, fees or other types of remuneration

The determination of agency commissions for intermediation in the contracting of insurance, or the payment of professional fees for insurance appraisals or adjustments, their forms of payment and other conditions, will be carried out in accordance with the agreements freely entered into by intermediaries and/or insurance auxiliaries with insurance companies, except in the case of mandatory insurance where the norm regulating them establishes a different treatment.

Insurance companies may not pay commissions, fees or other types of remuneration to persons who carry out activities for which registration in the Registry is required and lack it, or who, having been registered, do not have their registration enabled in the aforementioned, with the exception of those commissions or fees generated during the period prior to the disqualification of the supervised party. For such purposes, the Superintendency will make known to insurance companies, through its website: www.sbs.gob.pe, the list of insurance intermediaries and auxiliaries that are enabled in the Registry.

II. OF THE REGISTRATION IN THE REGISTRY

Article 8°. 4

Article 9°. 5

Article 10°. 6

Article 11°. 7

Article 12°. 8

Article 13°. Obligations of persons registered in the Registry

In accordance with what is established in Article 336 of the General Law, intermediaries and auxiliaries registered in the Registry must be up to date in the payment of their contributions to the Superintendency. Such contributions are fixed annually by said Institution, not being subject to the income that intermediaries and insurance auxiliaries registered in the Registry may have, and minimum contributions applicable to both natural and legal persons may be established. The aforementioned obligation is also applicable to foreign reinsurance companies registered in the Registry.

The fulfillment of the submission of information required by the Superintendency and the timely payment of contributions is indispensable for insurance intermediaries and auxiliaries to maintain their status as enabled in the Registry.

Likewise, national companies are responsible for ensuring that their shareholders or partners, directors, managers, officials and/or workers registered in the Registry are up to date in the payment of their contributions to the Superintendency and maintain their registration enabled, therefore they will be responsible for the payment of contributions owed to the Superintendency, corresponding to the period in which such persons have remained providing services in said companies, otherwise these companies will be suspended, as provided in Article 18 of this Regulation.

The equity of legal persons must be maintained permanently at levels equal to or higher than the minimum capital established in Article 23 numeral 2.a), 28 numeral 1.a) and 33 numeral 2.a) of this Regulation. In cases where the company's equity decreases below the equivalent to the minimum capital applicable to insurance intermediaries or auxiliaries, established in the aforementioned articles, the company must make capital contributions in order to restore the minimum equity level required by this Superintendency.

When legal persons registered in the Registry sign contracts with natural persons also registered, which give rise to a labor relationship with characteristics of subordination and dependence, which must be carried out exclusively, they must inform this Superintendency within fifteen (15) days of the hiring. The exclusivity in the provision of services of a registered natural person implies that it cannot provide services to another supervised party registered in the Registry, other than the one that has hired its services, while the labor relationship is in effect.

The general manager of legal persons, registered in the Registry, is the legal representative in all those acts that are directly related to the authorized activity; likewise, it is the person responsible before the Superintendency for the development of the activities of the insurance intermediary or auxiliary being framed within the provisions established in this Regulation.

In the case of foreign reinsurance or reinsurance brokerage companies registered in the Registry, the legal representative accredited in the country is responsible before the Superintendency for the development of the authorized activities of its represented entity.

Article 14°. Statutory Modifications

Any statutory modification must have prior approval from the Superintendency, without which its registration in the Public Registries is not possible; modifications derived from increases in share capital by cash contributions or capitalization of reserves and profits are excepted, which must be brought to the knowledge of the Superintendency.

Requests for approval of statutory modifications must be accompanied by the following documentation:

a) Certified copy, issued by the administrator or Manager, of the Minutes of the General Meeting of Shareholders or equivalent body in which the agreement to modify the Social Statute in whole or in part is recorded; and, b) Minute signed by the legal representative and a lawyer that records the modifications that the agreement of the respective social body intends to introduce into the Society's Statute.

The case of brokers of foreign reinsurance companies and foreign reinsurance brokers is excepted.

Article 15°. 9

Article 16°. Requirements for opening, transfer and/or closure of offices

9 Article repealed by Resolution SBS No. 808-2019 of 07-03-2019.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 6.

Registration in the Registry authorizes insurance intermediaries and auxiliaries to operate throughout the country; legal persons may also establish offices as indicated in the following paragraphs.

The opening, transfer and/or closure of offices must be communicated to the Superintendency, as indicated below:

In the case of opening offices, they must communicate it in advance, attaching the following information:

a) Name of the natural person intermediary or insurance auxiliary, registered and enabled in the registry, domiciled in the geographic zone where the office to be in charge of it is located, exercising the administration and representation of the company within said geographic scope. b) Address of the office. c) Minutes of the corresponding corporate body in which the agreement taken is recorded. d) Copy of the power of attorney granted to the person indicated in letter a), with registration in the Registry of Legal Persons of the National Superintendency of Public Registries. e) Document in which the expansion of coverage of the professional civil liability insurance policy is recorded, for the operations carried out in the office.

For the transfer of said offices, the intermediary or insurance auxiliary, legal person, must communicate it in advance to the Superintendency, attaching the following information:

f) The new address of the office, g) Minutes of the corresponding corporate body where the pertinent agreement is recorded.

In the case of the closure of said offices, it must be communicated in advance to the Superintendency, sending the following documentation:

h) Minutes of the corresponding corporate body where the pertinent agreement is recorded i) Revocation of the power of attorney granted to the person in charge of the administration of the office, with registration in the Registry of Legal Persons of the National Superintendency of Public Registries.

Intermediaries and insurance auxiliaries, legal persons, may share premises with other supervised companies of a different nature, following the procedure indicated above.

Article 17°. 10

Article 18°. 11

Article 19°. 12

III. OF FOREIGN REINSURANCE COMPANIES

Article 20°. 13

10 Article repealed by Resolution SBS No. 808-2019 of 07-03-2019.
11 Article repealed by Resolution SBS No. 808-2019 of 07-03-2019.
12 Article repealed by Resolution SBS No. 808-2019 of 07-03-2019.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 7.

Article 21°. 14

Article 22°. 15

OF INSURANCE INTERMEDIARIES - INSURANCE BROKERS

Article 23°. 16

Article 24°. Functions, duties and obligations of insurance brokers

The insurance broker carries out an intermediation and advisory activity in the contracting of insurance coverage in the national market, independent of insurance companies, decreasing, with its participation, the differences arising from the information asymmetry existing between the contracting parties or potential contracting parties and insureds and insurance companies, which improves the conditions of transparency in the contracting of insurance.

It is the function of the insurance broker to represent the contracting party and/or insured before the insurance company, which is instrumentalized through the signing of the Letter of Appointment in their favor, by the contracting party and/or insured. This document authorizes the broker to carry out administrative acts of representation, but not of disposition, producing its effects during the validity of the insurance contract. The Letter of Appointment certifies the insurance broker's right to receive the commission for the intermediation of the contract for which it was issued, payment which will be borne by the insurance company.

Insurance brokers may establish agreements with other insurance brokers in order to carry out joint intermediation of insurance. Such agreements must determine the responsibilities corresponding to each broker with respect to the contracting party or insured, and must be brought to the knowledge of the Superintendency prior to their application, this Institution being able to prohibit the use of those agreements that do not offer guarantee of transparency and protection of the rights of the insured.

It is the functions and duties of insurance brokers, in addition to those indicated in Article 338 of the General Law, the following:

a) Advise potential policyholders or contracting parties on the most convenient coverages with respect to the nature of the risk they intend to insure, which includes informing them about the conditions of the contract, especially the extension of the basic coverage, additional coverages, exclusions, deductibles or similar, form and deadlines for the payment of the premium, effects of non-compliance, rights and obligations arising from the insurance contract, and in general, all the necessary information to better illustrate their decision; b) Advise policyholders or contracting parties and/or insureds, during the validity of the contract, on the content and conditions of the policy, as well as on the obligations they must fulfill so that the coverage conditions are maintained, on the basis of the letter of appointment that designates them as an insurance broker, in cases where the contracting party or insured has used it to designate their insurance broker; c) Timely deliver to policyholders or contracting parties, the information requested from

13 Article repealed by Resolution SBS No. 808-2019 of 07-03-2019.
14 Article repealed by Resolution SBS No. 4706-2017 of 06/12/2017.
15 Article repealed by Resolution SBS No. 4706-2017 of 06/12/2017.
16 Article repealed by Resolution SBS No. 808-2019 of 07-03-2019.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 8. the content of the policy and the contracted coverage; d) Immediately and in writing communicate to the policyholders or contracting parties and/or insureds, the rejection or modifications of coverage of the proposed risk, as informed by the insurance companies; e) Deliver to the policyholder or contracting party, the contracted insurance policy/policies, within ten (10) days following their date of receipt, verifying previously that they are in accordance with what was requested from the insurance company, and must return to the latter the copy/copies duly signed by the contracting party or insured; f) Immediately and in writing communicate to the insurance companies, any modification of the insured risk that has been informed by the contracting party and/or insured, which signifies an aggravation or decrease in the risk that could impact their underwriting conditions; g) Assist the insured or beneficiary, with due diligence and promptness, in the event of a loss of which they become aware, managing the corresponding claim before the insurance company and following up until its conclusion; The following are obligations of insurance brokers:
h) Permanently update their knowledge of insurance, by taking training courses or seminars to comprehensively know the insurance products they offer and the new products existing in the market, allowing them to respond in a more technical and efficient manner to the requirements of insurance policyholders or contracting parties and insureds; i) Submit to the supervisory actions carried out by the Superintendency, through the timely presentation of the information required by the institution, during the on-site or off-site inspection procedures it conducts; j) Pay the annual contribution to the Superintendency, and, k) Maintain at the location accredited before the Superintendency as their domicile, an updated chronological register of the insurance contracts intermediated, which will be available to the Superintendency, in which the following information will be recorded:
1st Legal name of the insurance company;
2nd Policy number;
3rd Insurance certificate number, if applicable; 4th Risk and insurance modality; 5th Full name or legal name, identity document, domicile and telephone of the insurance policyholder or contracting party; 6th Full name or legal name, identity document, domicile and telephone of the insured; 7th Full name or legal name, domicile and telephone of the Beneficiary, if any; 8th Date of the insurance application and period of validity of the insurance policy. 9th Date of the notice of loss to the insurance company, to the extent that it has been carried out through the broker; 10th Amount of the insured sum; 11th Amount of the agency commission 12th Correspondence and documentation related to policy renewals. 13th In property insurance, information regarding the location and valuation of the insured assets l) Send to the insurance companies information regarding the identity of the insurance policyholders or contracting parties, insureds, beneficiaries and insured subject matter of the insurance policies they intermediate, in accordance with the Supplementary Standards for the Prevention of Money Laundering and Financing of Terrorism, approved by the Superintendency through Resolution SBS No. 838-2008 and its amendments m) Provide insurance companies with information regarding the location of the insured assets

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 9. and other information available, in accordance with Resolution 1305-2005 and SBS Circular No. S-015-2008 and its amendments. n) Additional information, the presentation of which is mandated by the Superintendency. With the aim of supervising the adequate compliance with the obligation referred to in letter h) of this article, insurance brokers must keep available to the Superintendency the certificates of participation in the training courses they have attended. In the case of insurance brokerage companies, the certificates obtained in the courses taken by the exclusive brokers of the companies, with a valid employment contract on the date of the Superintendency's request, will be kept available.
Article 25. Guarantee of compliance with their responsibilities
To maintain the status of qualified in the Registry, insurance brokers must have a professional civil liability policy, individual or collective, that guarantees the correct and full compliance with the responsibilities assumed in the exercise of their functions, indicated in article 338 of the General Law and in article 24 of these Regulations, and respond for the damages that these persons might cause in the policies they have intermediated, as a consequence of errors, omissions, incompetence or negligence in the execution of said functions. The individual professional civil liability policy must be contracted in accordance with the total income obtained by the insurance broker, in the year immediately preceding that in which the policy is contracted, and it cannot be for an amount less than twenty thousand (20,000.00) US dollars; for such purposes, the detail included in the table contained in the annex indicated below must be considered:
Annex II: Amount of the professional liability policy for insurance brokers
In the case where brokers group together in order to contract a collective policy, the global insured amount cannot be less than fifty percent (50%) of the sum of the amounts that would individually correspond to be insured for the insurance brokers included in said policy, and the minimum individual coverage granted to each insured cannot be less than twenty thousand (20,000.00) US dollars. The professional civil liability policy of insurance brokerage companies must include in its coverage the liability in which their directors, managers, legal representatives and workers in general of the headquarters and offices may incur, during the exercise of their functions. In these cases, it will not be necessary to contract individual insurance policies by said natural persons registered in the Registry.
Article 26. Information to the Superintendency
Insurance brokerage companies must present the list of their shareholders, as well as the roster of directors, managers and officials, including the name of the legal representative, who must permanently comply with the requirement established in article 23 numeral 2. b) of these Regulations, together with the corresponding financial statements, and other information, in accordance with what is provided in the norms issued by the Superintendency. In the case of insurance brokers who are natural persons, the information will refer to their annual income, for the concept of Commissions, Fees and others; the form and deadline for presenting this information will be regulated through general norms by the Superintendency. When said natural persons work for an insurance brokerage company, the obligation will remain suspended, as long as they continue developing said labor.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 10.
Article 27. Modalities of insurance intermediation
Insurance brokers may also use the following modalities for the intermediation of insurance:
a) Agency Contract.
Through the agency contract, subscribed between an insurance broker, natural person or legal entity, and an insurance company, the former commits to intermediating the products that the latter commercializes, in exchange for the payment of an agency commission, without generating a labor link or existing a relationship of dependence of the broker with the insurance company. However, the contract may establish the exclusivity of the intermediation, in which case the broker may only intermediating the insurance coverages granted by the company with which the contract was celebrated. The broker who subscribes an agency contract with an insurance company must inform the Superintendency, within fifteen (15) days following its celebration, indicating the address, telephone and email of the insurance agency. Without prejudice to the contract subscribed, the insurance brokers involved are subject to the provisions of these Regulations, especially with respect to the functions and duties described in article 24. b) Sales Promoters. Insurance brokerage companies may use the services of sales promoters or sales forces, composed of natural persons who maintain a labor or service provision contract, to offer insurance products, maintaining said companies the responsibility for all acts they carry out on their behalf, especially for the damages that may be caused to the policyholders or contracting parties of insurance, insureds and/or beneficiaries, as a consequence of errors, omissions, incompetence or negligence, in which said natural persons incur, without prejudice to being sanctioned according to what is established in the Sanctions Regulation approved by the Superintendency. It should also be noted that, the promoters or sales forces must be duly and permanently trained, under the responsibility of the respective companies, to adequately inform potential insureds about the characteristics and conditions of the products they are promoting. Likewise, the aforementioned companies must have a register of their promoters or sales forces, recording their general data, date of start of their activities, training courses they have followed, types of insurance they offer and their sales volume. Said register must be available to this Superintendency. Insurance brokerage companies will send the information regarding their Sales Forces or Sales Promoters, according to the provisions established in Circular No. CS-019-2009 and its amendments, considering the annex indicated below:
Annex III: Information on Sales Promoters
With semi-annual periodicity. c) Sales Points.
Insurance brokerage companies may temporarily establish Sales Points in commercial premises of other companies, for which they must communicate this previously to the Superintendency, and must keep the following information available to them:

1. Location and address of the sales point;
2. Products to be intermediated;
3. Company personnel, duly trained, responsible for the sales point; and,
4. Minutes recording the agreement taken by the competent body of the insurance brokerage company, where the installation of the Sales Point is ordered.
   d) Commercialization of the SOAT.
   Insurance brokerage companies may commercialize the Mandatory Insurance for Traffic Accidents – SOAT, in places other than their Main Office and offices, for which there must be a commercialization contract subscribed with the company in charge of offering the product, in which the characteristics of this commercialization modality are detailed. Insurance brokerage companies will be responsible before the SOAT contracting parties, for all acts related to this form of commercialization, especially for the damages that may be caused to the policyholders or contracting parties of the insurance, insureds and/or beneficiaries, as a consequence of errors or omissions, incompetence or negligence of said form of commercialization. Insurance brokerage companies must send the information regarding the commercialization of the SOAT, according to the provisions established in Circular No. CS-019-2009 and its amendments, considering the annex indicated below:
   Annex IV: Information on SOAT commercialization contracts
   with quarterly periodicity. e) Intermediation through remote communication systems Insurance brokers may intermediating mass insurance using remote communication systems, understood as such the telephone, internet or other analogous systems that allow them to access potential insureds in a non-presential manner, to offer or intermediating mass insurance products, understood as such those insurance developed in simple language, that are easy to understand and handle by the contracting parties, insureds and beneficiaries, that do not require special conditions regarding the persons and insurable assets, being sufficient the simple acceptance of the contracting party and/or insured for the consent of the insurance and in case the contract is subject to minimum underwriting conditions that need to be verified previously to the contracting, due to the nature of the coverage, the form and deadlines in which these must be verified must be informed. The intermediation of insurance, using remote communication systems, must guarantee that the information the insurance broker provides to potential contracting parties or insureds is true, understandable, complete, and transparent. Said information and the information the insurance broker collects from potential contracting parties or insureds, must be kept in a reserved and confidential manner, in the necessary supports that allow its subsequent verification, as well as allow the proper identification of the potential contracting party and/or insured. When the insurance broker makes the offer under this modality, they must indicate it

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 12. expressly, confirm the identity of the recipient of the offer and provide the potential contracting party and/or insured, with the following minimum information:
i. Identification of the insurance broker, indicating their full name or legal name and their SBS registry code.
ii. Date of the offer and period of validity of this.
iii. Characteristics of the insurance indicating the coverages offered, underwriting requirements, exclusions, waiting periods, deductibles and coverage period.
iv. Total cost borne by the insured, including premiums, taxes and any other charges, as well as its payment method.
v. Form of acceptance of the offer.
The offer of insurance products, under this modality, must be registered in its entirety, and this circumstance must be informed to the potential contracting party or insured. The information contained in the technological supports used must be available to the contracting party, in case they finally accept the offer and to the Superintendency, when so required. Insurance brokers who use the aforementioned systems are responsible before the contracting parties, insureds, beneficiaries and before this Superintendency, for the compliance with the corresponding security measures, intended to guarantee the conservation of the information and to avoid its transfer or disclosure to unauthorized persons. The period for the conservation of the information is subject to the provisions issued through Resolution SBS No. 5860-2009 which, among others, approves provisions for the conservation and substitution of files through microform technology and periods for the conservation of books and documents. In case the potential contracting party or insured accepts the received offer, the broker will proceed to deliver the information to the insurance company, so that after evaluation and its approval, the formalities established in the General Law and in the regulations issued by the Superintendency for the start of the insurance coverage are fulfilled.
IV. OF INSURANCE INTERMEDIARIES - REINSURANCE BROKERS
Article 28. 17
Article 29. 18
Article 30. Activity of reinsurance brokers
Reinsurance brokers registered and qualified in the Registry are authorized to intermediating in the contracting of reinsurance based on the provisions of the Standards for the Contracting and Management of Reinsurance, approved through Resolution SBS No. 2982-2010 and its amendments.
Article 31. Obligations of reinsurance brokers
National reinsurance brokerage companies, as well as the legal representatives of foreign reinsurance brokers, must keep a register of the reinsurance contracts they have intermediated and of the losses occurred, classified by insurance lines and by type of contract. Likewise, they must have complete and duly updated information and documentation on the reinsurance intermediation operations carried out and other relevant information. Said information and documentation must be available to the Superintendency, at the location indicated as their domicile, when required for supervisory purposes. Likewise, they have the following obligations:
a) Submit to the supervisory actions carried out by the Superintendency, through the timely presentation of the information required by the institution, during the on-site or off-site inspection procedures it conducts; b) Pay the annual contribution to the Superintendency; c) Maintain the Professional Civil Liability policies in force; d) Send to the Superintendency the information requested of them; and
Article 32. Information to the Superintendency
National reinsurance brokers must present, within the deadlines established by the Superintendency, their trial balances, financial statements and complementary information, as well as the list of their shareholders, roster of directors, managers and officials, including the name of the legal representative. In the case of foreign reinsurance brokers, they will present their annual report and their duly audited financial statements, within ninety (90) days following the close of each fiscal year. Likewise, together with the annual report, they will present a statement on the results of the intermediation operations in the local market, carried out. Finally, national reinsurance brokerage companies, as well as the legal representatives of foreign reinsurance brokers, must present to the Superintendency, within ninety (90) days following the close of each fiscal year, the list of the reinsurance contracts their represented entity has intermediated during the previous fiscal year, for national insurance companies, using the following format:
Annex V: Report of reinsurance intermediation operations
With annual periodicity
V. OF INSURANCE AUXILIARIES
Article 33. 19
Article 33A. Guarantee of compliance with their responsibilities 20
To maintain the status of qualified in the Registry, loss adjusters must have a civil liability policy that guarantees the correct and full compliance with the responsibilities assumed in the exercise of the functions established in article 343 of the General Law, according to the conditions and requirements indicated by the Superintendency.
Article 34. Activity of insurance auxiliaries 21

17 Article repealed by Resolution SBS No. 808-2019 of 03-07-2019.
18 Article repealed by Resolution SBS No. 808-2019 of 03-07-2019.

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19 Article repealed by Resolution SBS No. 808-2019 of 03-07-2019.
20 Article incorporated by Resolution SBS No. 3202-2013 of 05-24-2013.
21 Article modified by Resolution SBS No. 3202-2013 of 05-24-2013.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 14.
Legal entity insurance auxiliaries must permanently maintain in their professional roster, at least one qualified insurance auxiliary, who has authorization to carry out insurance adjustments or appraisals in each specialty for which said company has received authorization from the Superintendency.”
Article 35. Register of loss settlement and damage reports
Insurance loss adjusters and insurance appraisers must keep an updated chronological register of the Settlement Reports carried out, which will be available to the Superintendency, in which the following information will be recorded:

1. Legal name of the insurance company;
2. Policy number;
3. Line or modality of insurance;
4. Full name or legal name of the insurance policyholder or contracting party;
5. Full name or legal name of the insured;
6. Full name or legal name of the insurance broker;
7. Date of the occurrence of the loss;
8. Date of the notice of loss to the insurance company, when available;
9. Date of the appointment of the insurance auxiliary;
10. Insured sum;
11. No. of the Loss Settlement Report and date of issuance;
12. Complete copy of the loss adjustment report and the documents on which it is based.
13. Amount of the loss settlement;
14. Amount of expenses of the insurance auxiliary; and,
15. Fees of the insurance auxiliary.
    The aforementioned information must be kept available to the Superintendency for supervisory purposes and verification of the information contained in the aforementioned register.
    Article 36. Register of inspection and risk prevention reports
    Insurance appraisers acting as risk inspectors and preventers must keep an updated chronological register of the activities carried out, which will be available to the Superintendency, in which the following information will be recorded:
    a) Name or legal name of the insurance company; b) Line or modality of insurance; c) Full name or legal name of the insurance policyholder or contracting party; d) Full name or legal name of the insured; e) Full name or legal name of the insurance broker; f) Number and date of the Report issued; g) Complete copy of the expert report issued and the documents on which it is based; and, h) Fees of the insurance appraiser. The aforementioned information must be kept available to the Superintendency for supervisory purposes and verification of the information contained in the aforementioned register.
    Article 37. Obligations of insurance auxiliaries
    The following are obligations of insurance auxiliaries:
    a) Submit to the supervisory actions carried out by the Superintendency, through the timely presentation of the information required by the institution, during the on-site or off-site inspection procedures it conducts.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 15. b) Pay the annual contribution to the Superintendency. c) Send to the Superintendency the information requested of them.
Article 38°. 22
Likewise, together with the financial information and that relating to their annual income, they must send the information indicated below:
Annex VI: Report of claims in the process of adjustment and settled claims
with annual periodicity
TRANSITIONAL PROVISIONS
First.- Those registered in the Registry will have a period of one hundred eighty (180) calendar days, counted from the entry into force of these Regulations, to implement and make available to the Superintendency the records referred to in articles 22°, 24° subsection k), 31°, 35° and 36° of these Regulations. Second.- Persons registered who have any information indicated in article 12° of these Regulations pending knowledge by the Superintendency, will have a period of fifteen (15) days, from their entry into force, to send it to this Institution. Third.- Companies that were failing to meet the minimum equity levels referred to in article 13° of these Regulations, will have a period of ninety (90) days, counted from their entry into force, to carry out the corresponding regularization. Fourth.- Persons who maintain offices in operation, to which article 16° of the Regulations refers, or who maintain signed agency contracts and sales points mentioned in article 27° of these Regulations, which have not been informed to the Superintendency, will have a period of fifteen (15) days, from their entry into force, to send the relevant detail to the aforementioned Control Body. Fifth.- Companies that have managers, legal representatives or directors who do not meet the requirements of the fifth paragraph of article 8° of these Regulations, will have an adaptation period of one hundred eighty (180) days, counted from the entry into force of these, to adjust to the new requirements.
Article Second.- The provisions established in Resolution SBS No. 5860-2009, which creates the Registry of Companies specialized in Microarchive services (REMA), and establishes provisions regarding the substitution and conservation of archives and the conservation period of books and documents, are applicable to insurance intermediaries and auxiliaries.
Article Third.- Modify numeral 8 of section C of Chapter I “General Provisions” of the Accounting Plan for Companies of the Insurance System, approved by Resolution SBS No. 348-95 of May 11, 1995, in the following manner:
“8. Insurance intermediaries and auxiliaries will present annually the balance

22 Article repealed by Resolution SBS No. 808-2019 of 7-03-2019.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 16. of verification of balances and the financial statements whose formats are incorporated into chapter V of the Accounting Plan, within sixty (60) calendar days following the closing of each fiscal year, and for those companies whose sum of income from accounts in item 57 “Income from services and others” exceeds 600 Tax Units (UIT) must present, within one hundred twenty (120) calendar days following the closing of each fiscal year, the financial statements duly audited” The information sent must be signed by the legal representative and the accountant. The submission of complementary information and the corresponding presentation deadlines will be regulated by this Superintendency through specific norms.”
Article Fourth.- Modify the Single List of Administrative Procedures of the Superintendency of Banking, Insurance and Private Pension Fund Administrators, approved by Resolution SBS No. 131-2002, in the following administrative procedures: Administrative Procedure No. 44 “Authorization of modification of Bylaws”; administrative procedure No. 47 “Authorization of registration of insurance brokers in the Registry of Insurance Intermediaries and Auxiliaries”; administrative procedure No. 48, “Authorization of registration of insurance auxiliaries in the Registry of Insurance Intermediaries and Auxiliaries”; administrative procedure No. 49 “Authorization of registration of foreign reinsurance companies in the Registry of Insurance Intermediaries and Auxiliaries” and administrative procedure No. 50,
“Authorization of registration of reinsurance brokers in the Registry of Insurance Intermediaries and Auxiliaries”, whose modified text is attached to this Resolution and is published in accordance with what is established in Supreme Decree No. 004-2008-PCM, regulation of Law No. 29091. (Institutional portal: www.sbs.gob.pe). Likewise, the following administrative procedures are incorporated: Procedure No. 149 “Rehabilitation of suspended registration in the Registry of Insurance Intermediaries and Auxiliaries”, Procedure No. 150 “Request for cancellation and/or voluntary suspension of registration in the Registry of Insurance Intermediaries and Auxiliaries”; Procedure No. 151 “Modification of Bylaws of Insurance Intermediaries and Auxiliaries” whose text is attached to this Resolution and is published in accordance with what is established in Supreme Decree No. 004-2008-PCM, regulation of Law No. 29091. (Institutional portal www.sbs.gob.pe).
Article Fifth.- Make the following incorporations in the corresponding Annexes of the Sanctions Regulation approved by Resolution SBS No. 816-
2005, and its amendments:
A) Modify section I “Minor Infractions” of annex 3 “Specific infractions of the insurance system”, as follows:
A.1) Modify the infraction indicated below, with the following text:
11) Repeatedly fail to send the information requests referred to to the authorized activity within the deadlines or in the manner established in the Registry Regulations of Insurance Intermediaries and Auxiliaries and its amendments or other norms of a general nature, as well as fail to keep available to the Superintendency the information indicated by said Institution.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 17.
A.2) Incorporate the infractions indicated below:

• Not inform the Superintendency about the opening, transfer and/or closure of offices or do so without attaching the documentation or without meeting the requirements established by the Registry Regulations of Insurance Intermediaries and Auxiliaries.
• Repeatedly fail to update within the deadlines established in the Registry Regulations of Insurance Intermediaries and Auxiliaries and its amendments, the information corresponding to the registered natural or legal person, provided at the time of registration in the Registry,
• Repeatedly fail, in the case of representatives of foreign reinsurance companies, with the obligation to present the annual report of their represented company, with the financial statements duly audited, within ninety (90) days following the closing of each fiscal year.
  A.3) Eliminate the following infractions:

8. Fail to fulfill their duties and functions as an insurance broker indicated in numerals 2 to 5 of article 338° of the General Law and in the corresponding Regulation.
9. Fail to fulfill their functions as a reinsurance broker indicated in numerals 2 to 4 of article 342° of the General Law.
10. Fail to fulfill their functions as an insurance auxiliary indicated in articles 343° and
    344° of the General Law.
    B) Modify section II “Serious Infractions” of annex 3 “Specific infractions of the insurance system”, in the title corresponding to “Intermediaries and Auxiliaries” as indicated below:
    B.1) Incorporate the following infractions:

• Fail to fulfill their duties and functions as an insurance broker indicated in numerals 2 to 5 of article 338° of the General Law and in the corresponding Regulation.
• Fail to fulfill their functions as a reinsurance broker indicated in numerals 2 to 4 of article 342° of the General Law.
• Fail to fulfill their functions as an insurance auxiliary indicated in articles 343° and
  344° of the General Law.
• Situations in which it is determined that the intervention of insurance intermediaries and/or auxiliaries favored the commission of frauds to the detriment of policyholders

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 18. or insurance contractors, insured and/or beneficiaries or of insurance and/or reinsurance companies.

• The use by natural persons registered as insurance brokers of insurance intermediation modalities established by the Registry Regulations of Insurance Intermediaries and Auxiliaries for legal person insurance brokers.
• The use by insurance brokers of insurance intermediation modalities, provided for in the corresponding Regulation, without meeting the conditions established by the Superintendency.
• In the case of insurance auxiliaries, make available to any of the parties to the insurance contract, the preliminary results of the Claim Adjustment Report.
• Modify the bylaws without having prior authorization from the Superintendency, according to the provisions of the Registry Regulations of Insurance Intermediaries and Auxiliaries.
  B.2) Modify the following infractions:

23. Carry out any of the prohibited activities provided for in article 5° of the Registry Regulations of Insurance Intermediaries and Auxiliaries and its amendments
24. Intermediating in the contracting of reinsurance without observing the provisions contained in the Norms for the Contracting and Management of Reinsurance and its amendments.
25. In the case of legal representatives of foreign reinsurance companies, fail to comply with the obligation to keep the Records established by the Registry Regulations of Insurance Intermediaries and Auxiliaries or not keep the supporting documents thereof available to the Superintendency.
26. Fail to comply with the obligation to keep the Records established by the Registry Regulations of Insurance Intermediaries and Auxiliaries or not keep the supporting documents thereof available to the Superintendency.
    B.3) Eliminate the following infractions:
27. Include, in the insurance contract and/or in the reinsurance contract, any type of clause that limits or restricts the direct relationship between the insured and the insurance company, or between it and the reinsurer.
28. Not update within the deadlines established in the Registry Regulations of the Insurance System, the information provided at the time of registration

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 19. in the Registry.
28) Provide false data to insurance and/or reinsurance companies, as appropriate, about the policyholders, insured or beneficiaries of the insurance or about the characteristics of the insured risk or knowingly conceal facts whose knowledge would have influenced the celebration of the insurance and/or reinsurance contract or its contracting conditions.
31) Carry out insurance operations for which they are not authorized.
32) Not have the guarantee for the full fulfillment of their responsibilities.
33) Not present their annual income declaration.
34) Not present, in the case of representatives of foreign reinsurance companies or foreign reinsurance brokers, the information required in the norms issued by the Superintendency, relating to the reinsurance operations carried out by their represented company in the national market, including reinsurance contracts and other relevant information.
35) For legal representatives of foreign reinsurance companies, not keep a record of the reinsurance contracts that their represented company subscribes in the country.
C) Modify section III “Very Serious Infractions” of annex 3 “Specific infractions of the insurance system”, in the title corresponding to “Intermediaries and Auxiliaries” as follows:
C.1) Incorporate the following infractions:

• Verification by the Superintendency of the presentation of false documentation for the purpose of achieving registration in the Registry of Intermediaries and Auxiliaries, supported by subsequent verifications carried out by the Superintendency.
• Provide false data to insurance and/or reinsurance companies, as appropriate, about the policyholders, insured or beneficiaries of the insurance or about the characteristics of the insured risk or conceal facts whose knowledge would have influenced the celebration of the insurance and/or reinsurance contract or its contracting conditions
  C.2) Eliminate the following infractions:

11. Intermediating foreign insurance without the corresponding authorization.
12. Frequently or habitually carrying out the prohibited activities for insurance brokers, indicated in article 339° of the General Law and the corresponding Regulation.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 20.
Article Sixth.- This resolution will enter into force from the day following its publication in the Official Newspaper “El Peruano”, with Resolution SBS No. 816-2004 of May 27, 2004 and article six of Resolution SBS No. 2996-2010 by which the Framework Regulation for the Marketing of Insurance Products was approved, being repealed.
The annexes that form part of the Regulation approved by Article First, are published on the Institutional Portal (www.sbs.gob.pe), in accordance with what is established in Supreme Decree No. 001-2009-JUS.
Register, communicate and publish.
FELIPE TAM FOX
Superintendent of Banking, Insurance and
Private Pension Fund Administrators

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 1.
ANNEX I
REPORT OF REINSURANCE OPERATIONS WITH NATIONAL INSURANCE COMPANIES Name of the foreign reinsurance company:………………………………………………………………………………….
Registry Code: ……………………………………………………………….
Insurance
Company
Code of the insurance company
Contract date dd / mm / yy
Start of validity dd / mm / yy
End of validity dd / mm / yy
Type of contract*
Line Percentage of risk ceded
Amount of the ceded premium
Annual Periodicity

• Assign letter according to:
  a) PCP: Automatic Proportional b) PF: Facultative Proportional c) NPA: Automatic Non-proportional d) NPF: Facultative Non-proportional Include the risk code applicable to the asset and liability accounts according to the accounting plan for companies of the insurance system. LEGAL REPRESENTATIVE
  Name and Surnames.................
  Registry No............................

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 1.
ANNEX II
AMOUNT OF THE PROFESSIONAL LIABILITY POLICY
FOR INSURANCE BROKERS
ANNUAL INCOME
(in US dollars)
AMOUNT OF THE POLICY
OF INSURANCE
(in US dollars)
DEDUCTIBLE
(in US dollars)
Up to 60,000 20,000.00 200.00
From 60,001 to 300,000 80,000.00 800.00
From 300,001 to 1,500,000 320,000.00 3,200.00
From 1,500,001 to 6,000,000 800,000.00 8,000.00 From 6,000,001 onwards. 1’200,000.00 12,000.00

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 2.
ANNEX III
INFORMATION ON SALES PROMOTERS
(Corresponding to the………… Semester of 20…)
Company… SBS Registry Code………………..
Name of the promoter
*
DNI No Line in which it operates

Start date of their services
*
Current situation

• G= general line
  V= life line (does not include pension)
  GV= general and life line dd/mm/yy.
• Date when they started providing services as a promoter for the insurance brokerage company,
  regardless of the contractual form adopted.
  Active (H), temporarily suspended (TS), contract ended (FC).- Promoters whose contracts have ended will be reported only until the period in which the termination occurred.
  SUMMARY:
  Sales promoters dedicated to:
  To dd/mm/yy
  (1)
  ()
  To dd/mm/yy
  (2)
  ()
  Variation (2)-(1)
  ()
  Life Products ()
  General Line Products (*)
  General and Life Line Products
  Total
  (1) Semester prior to the one corresponding to the information (2) Semester corresponding to the information ________________________ Legal Representative

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 3.
ANNEX IV
INFORMATION ON SALES CONTRACTS OF THE SOAT
(Corresponding to the.......................Semester of 200...)
Company……………………… SBS Registry Code…………..
Name of the
Company
Date of signing of the contract
Number of
Insured
Amount of the
Premiums
1 2 3 4
Note:

1. Full name or trade name of the person with whom the contract has been signed

---

Legal Representative

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 4.
ANNEX V
REPORT OF REINSURANCE INTERMEDIATION OPERATIONS Name of the reinsurance brokerage company………………………………………………………………………………………………………….
Registry Code: ……………………………………………………………….
Insurance Company Reinsurance Company Information on Reinsurance Contract Reinsurance broker commission % (5) Code SBS (1) Name Code SBS (1) Name Country Start of Validity End of Validity Insured Line (2) Type of Contract (3) Net Ceded Premium discounts (4) TOTALS Annual Periodicity (1) SBS Code of Insurance or Reinsurance Company available at www.sbs.gob.pe (2) Risks applicable to asset and liability accounts according to the Accounting Plan for Companies of the Insurance System. (3) Assign letter according to:
a) PCP: Automatic Proportional b) PF: Facultative Proportional c) NPA: Automatic Non-proportional d) NPF: Facultative Non-proportional (4) The ceded premium in the case of automatic contracts will be the minimum premium or deposit premium (5) Indicate the (%) commission of intermediation of the reinsurance contract with respect to the net premium. LEGAL REPRESENTATIVE
Name and Surnames.................
Registry No............................

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 5.
ANNEX VI
REPORT OF CLAIMS IN THE PROCESS OF ADJUSTMENT AND SETTLED CLAIMS (Expressed in US $) At: …../….../……… Name of the Insurance Auxiliary: ()…….……………………………………… SBS Registry No.: …………………………………………………………….
Claim Data () Claim Adjustment and Settlement
Line
(1)
Insured or
Contractor
Code
Insurance
Company (2)
Name
Insurance
Company
Claim Number (3)
Date of occurrence (4)
Amount of
Claim (5)
Date of the adjustment request
Date of the
Preliminary
Report
Initial Reserve (6)
Date of the
Final
Report
Amount of the
Current Reserve or
Indemnification (7)
Annual Report
() Applicable to natural and legal persons
() Information corresponding to claims greater than US $ 20,000 (1) Risks applicable to asset and liability accounts according to the Accounting Plan for Companies of the Insurance System.
(2) SBS Code of Insurance Company available at www.sbs.gob.pe (3) Claim number assigned by the insurance company.
(4) Date of occurrence of the claim.
(5) Amount initially claimed by the insured.
(6) Estimated reserve according to the Preliminary Report delivered to the insurance company.
(7) Amount of the current reserve (in the case of claims in the process of adjustment) or of the indemnification determined in the Final Report or in the Adjustment Agreement signed by the insured and delivered to the insurance company LEGAL REPRESENTATIVE
Name and Surnames.................
Registry No............................