Regulatory Alerts2022-06-06 | Resolución SBS 1840-2022Added · Updated
Resolution SBS No. 1840-2022: Amending the Market Conduct Management Regulation of the Insurance System and the Regulation on the Registration of Policy Models and Minimum Requirements for Technical Notes
Resolution SBS No. 1840-2022 amends the Market Conduct Management Regulation of the Insurance System and the Regulation on the Registration of Policy Models to align with Law No. 31143, establishing that insurance tariffs and policy conditions are freely determined by insurance companies but require prior approval by the Superintendency. The resolution mandates specific content for commercial premium tariffs, including the separate display of IGV and details on deductibles, copayments, and commissions, and requires their dissemination via mandatory channels such as websites and physical offices. It sets maximum approval timelines of 90 days for new products and 60 days for products using previously approved general clauses, and grants insurance companies a 180-day adaptation period following publication.