Resolution SBS No. 1856-2020: Approves the Regulation of the Technical Reserve for Claims

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239 1/11 Lima, July 24, 2020 S.B.S. Resolution No. 1856-2020 The Superintendent of Banking, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, Article 306 of the General Law of the Financial System and of the Insurance System and Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its amendments, hereinafter General Law, establishes that insurance and/or reinsurance companies must constitute technical reserves monthly, which correspond to the estimation of their obligations towards insured persons and/or beneficiaries arising from the underwriting of insurance contracts;

That, the claims reserve, one of the technical reserves indicated in Article 306 of the General Law, comprises the reserve for incurred but not reported claims, the reserve for claims settlement expenses, as well as reserves for claims pending settlement and claims pending payment;

That, through Resolution SBS No. 4095-2013 and amending norms, the "Regulation of the Claims Reserve" was approved, which updates the methodology for the calculation of the reserve for incurred but not reported claims and establishes methodologies for the constitution of the reserve for claims pending settlement, pending payment, and the reserve for claims settlement expenses;

That, based on the experience gathered in the supervision of the provisions of said Regulation and in accordance with best actuarial practices established in international regulation, such as Insurance Basic Principle No. 14 of the International Association of Insurance Supervisors (IAIS), it is necessary to update the Regulation of the Claims Reserve, with the purpose of establishing the methodology for the constitution of the margin over the best estimate, as well as incorporating improvements in the guidelines and procedures for the calculation of the best estimate of the claims reserve that allow to adequately reflect the company's obligations with the insured;

That, in order to collect the opinions of the general public regarding the regulatory proposal, the pre-publication of the draft Resolution was ordered on the electronic portal of the Superintendence, under the provisions of the Thirty-Second Final and Complementary Provision of the General Law and Decree Law No. 001-2009-JUS;

Having the approval of the Adjunct Superintendencies of Insurance, Economic Studies and Legal Advice; and,

In exercise of the powers conferred by paragraphs 7 and 9 of Article 349 of the General Law;

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239 2/11

RESOLVES:

Article First.- Approve the Regulation of the Technical Reserve for Claims, as indicated below:

“REGULATION OF THE TECHNICAL RESERVE FOR CLAIMS

Article 1°.- Scope
This regulation is applicable to the companies indicated in paragraph D of Article 16 of the General Law, hereinafter companies.

Article 2°.- Definitions
For the purposes of the provisions of this Regulation, the following definitions are considered:

1. Prediction error: total level of uncertainty originating in the best estimate of the claims reserve. It is composed of parameter error and process error.
2. Parameter error: level of uncertainty of the parameters used in the best estimate of the claims reserve.
3. Process error: level of uncertainty inherent in a random process where an observed value deviates from its expected value.
4. Evaluation date: date of closing of the financial information.
5. Actuarial methods: internationally accepted and used procedures in the best estimate of the claims reserve. These can be deterministic or stochastic.
6. Chart of Accounts: Chart of accounts for companies of the insurance system, approved by Resolution SBS No. 348-95 and amending norms.
7. Pure risk premium: theoretical cost of insurance estimated on actuarial bases or principles, whose objective is to cover the benefits and indemnities offered by the insurance. It is the premium associated with the expected value of the claims of the risk in question, as well as other contractual obligations, considering, where applicable, guaranteed values, the effect of deductibles, co-insurance, salvage and recoveries, as well as the margin for deviations, if applicable.
8. Claim: request for claim coverage.
9. Recovery: amount that a company recovers from a third party responsible for an accident or claim previously paid to its insured.
10. Actuarial management regulation: Actuarial management regulation for insurance companies, approved by Resolution SBS No. 3863-2016 and its amending norms.
11. Technical risk: the possibility of losses or adverse modification of the value of commitments entered into by virtue of insurance, reinsurance and co-insurance contracts. In the case of non-life insurance, fluctuations related to the frequency, severity and settlement of claims are considered. For the case of life insurance, this may include the possibility of losses due to variations in the level, trend or volatility of mortality, longevity, disability, morbidity, renewal or surrender rates of insurance contracts, among other parameters and assumptions, as well as the expenses of executing such obligations.
12. Salvage: value of objects or material goods that during or after the occurrence of a damaging event or claim have remained undamaged.
13. Open claim: that claim whose indemnification amount is not definitive and is subject to change at the request of the company or the insured. It corresponds to a claim that is not closed.
14. Closed claim: that claim where the parties, both the company and the beneficiaries, have confirmed the acceptance of the indemnification amount and no variations are expected.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239 3/11

15. Superintendence: Superintendence of Banking, Insurance and Private Pension Fund Administrators

Article 3°.- Technical reserve for claims

3.1 The technical reserve for claims represents the best estimate of the total amount of pending obligations of the company derived from claims occurred prior to the evaluation date. The technical reserve for claims cannot be negative and is constituted monthly as the sum of two components:

1. The best estimate of the obligations (ME)
2. The margin over the best estimate (MOCE – Margin Over Current Estimate)

3.2 The best estimate of the obligations (ME) reflects the value of pending obligations derived from claims occurred and must be calculated under realistic and reasonable criteria, considering the factors that influence their final cost, which must guarantee the fulfillment of said obligations. It comprises the following components:

1 The reserve for claims pending settlement or payment: associated with those claims occurred and reported by the evaluation date. It is composed of:
a) Reserve for claims pending settlement (RSPL): represents the amount of all open claims at the evaluation date, which include:
i. Claims reported even if the company does not have a preliminary report from an expert in claim adjustment and/or settlement.
ii. Claims in the process of settlement.
iii. Claims settled and pending acceptance by the insured.
iv. Claims settled and challenged by the insured, that is, those whose amounts have been finally determined by the company, but over which the policyholder, insured or beneficiary has expressed their disagreement, being or not under dispute resolution mechanisms.
b) Reserve for claims pending payment (RSPP): represents the amount of closed claims that at the evaluation date have not yet been paid in full to the insured or beneficiary.

2 The reserve for incurred but not reported claims (IBNR - Incurred But Not Reported): associated with those claims occurred but not reported or claimed by the evaluation date. It results from the sum of:
a) Reserve for incurred but not yet reported claims (IBNYR - Incurred But Not Yet Reported): corresponds to the estimation of the total pending amount for claims occurred that at the evaluation date have not been reported. b) Reserve for incurred but not sufficiently reported claims (IBNER - Incurred But Not Enough Reported): corresponds to the estimation of the development of claims already reported by the evaluation date.

In case the estimation of the IBNR reserve results in a negative amount, companies must estimate the IBNYR and IBNER reserves separately and keep such estimation available to this Superintendence, as well as they must incorporate this analysis in the quarterly report of calculation of technical reserves for claims, to which reference is made in Article 8° of this Regulation.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239 4/11

3 The reserve for claims settlement expenses: corresponds to the estimation of the amount necessary to face the expenses associated with the total settlement and payment of claims. This reserve is composed of:
a) Reserve for direct settlement expenses (ALAE - Allocated Loss Adjustment Expenses): corresponds to expenses attributable or assignable to a particular claim, such as, for example, the participation of claim adjusters. b) Reserve for indirect settlement expenses (ULAE - Unallocated Loss Adjustment Expenses): correspond to expenses that cannot be directly assigned to claims, such as, for example, the expense for claims service offices, the salaries and wages of employees in the claims area and general expenses associated with claims management.

3.3 The margin over the best estimate (MOCE) of the technical reserve for claims represents the uncertainty regarding the technical risk inherent to the best estimate of the present value of future cash flows to determine the cost of fulfilling insurance obligations, net of reinsurance, for claims that have already occurred.

Article 4°.- Guidelines for the estimation of the claims reserve

4.1 The company must use its own methodology for the calculation of the best estimate of the obligations considering the most appropriate actuarial method for the risk profile of its portfolios and when it has sufficient statistics to apply the proposed methodology.

4.2 The best estimate of the obligations (ME) of direct insurance claims, accepted reinsurance and ceded reinsurance must be constituted by type of currencies and for insurance risks that, according to their characteristics, require the constitution of this technical reserve, according to the “Concordant Chart of Risks” of Chapter II “Risks” of the Chart of Accounts.

4.3 For the best estimate of the obligations (ME) the following must be taken into consideration:

1. In the case of the reserve for claims pending settlement or payment, each claim is subject to an individual valuation, which must be duly supported.
2. Claims pending settlement or payment must be estimated gross and net of reinsurance, keeping the respective supports available to this Superintendence.
3. The data used must comply with the data quality characteristics established in Article 5° of the Actuarial Management Regulation.
4. When an actuarial method is used, payments may be computed net of recoveries and salvage if these have been made effective, that is, when the income generated by these recoveries or salvage is registered in the accounting. Recoveries and salvage are not referred to co-insurance, deductibles or franchises paid by the insured, nor to the payment of dividends, profits, bonuses, maturities or surrenders.
5. More than one component of the best estimate of the obligations (ME) can be determined jointly.
6. The estimation of the IBNR reserve must be carried out on a monthly basis. 1

4.4 For the margin over the best estimate (MOCE) the following must be taken into consideration:

1 Paragraph incorporated by Resolution SBS No. 111-2026, published on 19.01.2026 and effective from 01.03.2026.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239 5/11

1. The margin over the best estimate is determined as 0.25 times the prediction error of the best estimate of the obligations net of reinsurance, which must incorporate both the process error and the parameter error.
2. The prediction error can be estimated with a different method for each accounting risk, based on the information and the nature of the portfolio.

Article 5°.- Proprietary methodologies

5.1 The company must have prior authorization from this Superintendence for the use of proprietary methodologies for the best estimate of the obligations and/or the MOCE of the claims reserve, as well as for the modification of said methodologies. For this, the company must present a request signed by the General Manager, attaching the following:

1. Copy issued by the General Manager of the Board of Directors act or equivalent body where the decision to request authorization from the Superintendence to use a proprietary methodology for the calculation of the best estimate of the obligations and/or for the estimation of the MOCE of the claims reserve, and the approval of the methodological document for the calculation of technical reserves is recorded.
2. The methodological document for the calculation of technical reserves, which must be signed by the person responsible for the calculation of technical reserves and contain at least the following information:
   a. The development of the actuarial method used, indicating in which component of the technical reserve for claims it is applied. b. The treatment of gross, ceded and retained amounts of reinsurance.
   c. The treatment of extraordinary claims.
   d. Hypotheses, assumptions and considerations that have been made in the realization and application of the actuarial method. e. In case the actuarial method determines jointly more than one component of the best estimate of the obligations (ME), the additional steps to separate and account for the reserve for each component and each insurance risk according to the “Concordant Chart of Risks” of Chapter II “Risks” of the Chart of Accounts must be indicated. f. A valuation exercise by which the calculations are detailed and the results of the application of the actuarial method submitted for approval are exhibited. g. A retrospective validation analysis that shows that the chosen methodology has an adequate prediction capacity. Companies must indicate the tolerable limits to indicate that the method used is adequate, when sufficient information is available. h. The methodology applied for the estimation of the MOCE, if applicable.
3. The databases used for the estimation of the technical reserve for claims, as well as the spreadsheets where the requirements indicated in paragraphs e), f) and g) of the previous paragraph are detailed.

5.2 During the authorization process, the Superintendence may require any other related information that allows confirming the technical reasonableness of the proprietary methodology for which authorization is requested.

5.3 Companies must consider that the incorporation of new information, changes in assumptions, parameters or hypotheses do not represent a methodological change, therefore they do not require authorization from this Superintendence.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239 6/11

5.4 If the company evidences that the methodology established in paragraph 1 of section 4.4 of Article 4° of this Regulation is not applicable for the calculation of the MOCE, it may use a proprietary methodology.

5.5 The proprietary methodology or the change in the methodology can be applied from the receipt of the authorization by the Superintendence.

5.6 The Superintendence approves or denies the authorization within a maximum period of one hundred twenty (120) calendar days.

Article 6°.- Insufficient statistics
The company must substantiate to the Superintendence that the claims information is insufficient for the use of proprietary methodologies. In these cases, the company must use the simplified methods developed in the Methodological Annex of this Regulation.

Article 7°.- Special cases

7.1 In the case of the Complementary Insurance for Work Risk (SCTR) and the pension insurance, the reserve for claims pending settlement or payment is determined in accordance with the current and specific provisions that regulate its constitution. In the case of SCTR, for the constitution of the IBNR reserve, only the short-term SCTR risk (risk 77 of the “Concordant Chart of Risks” of Chapter II “Risks” of the Chart of Accounts) must be considered. 2

7.2 For the case of pension insurance, the constitution of the IBNR reserve and the MOCE is carried out in accordance with this Regulation. When the insurance is managed collectively, the companies that win the bid for the pension insurance must jointly present a methodology that establishes the mandatory minimum reserves that each company must constitute. In case of no agreement regarding the common methodology to be applied, the Superintendence establishes the methodology that must be assumed for the mandatory minimum reserves. Each company may constitute additional technical reserves based on what is established in Article 12° of the Actuarial Management Regulation.

7.3 For the case of risks or products that are part of a run-off portfolio, the company must not use the simplified methods for the estimation of the IBNR reserve. In these cases, the company must request authorization for the use of a proprietary methodology for the estimation of this claims reserve, attaching the documentation indicated in paragraph 5.1 of Article 5 of this Regulation.

Article 8°.- Information available to the Superintendence
The company must keep the following documentation available to this Superintendence:

1. Policies and procedures for the constitution of technical reserves and for the evaluation of their sufficiency, as indicated in the Actuarial Management Regulation.
2. Methodological document for the calculation of technical reserves, as indicated in Article 5° of this Regulation.
3. Quarterly report of calculation of technical reserves for claims, signed by the person responsible for the calculation of technical reserves.

Article 9°.- Information system for the estimation of the claims reserve
2 Paragraph modified by Resolution SBS No. 111-2026, published on 19.01.2026 and effective from 01.03.2026.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239 7/11

The company must implement automated information systems that facilitate the quantification of all components of the claims reserve. This information must be available to this Superintendence.

COMPLEMENTARY AND TRANSITORY PROVISIONS

First.- Adaptation plan
Companies must elaborate an adaptation plan to this Regulation, which must be approved by the Board of Directors and sent to the Superintendence no later than 31.12.2020. The said plan must contemplate a quarterly progress by 31.03.2021, which must be presented to the Board of Directors and to the Superintendence within fifteen (15) calendar days following the closing of the quarter.

Second.- Accounting record of the MOCE
The accounting record of the first application of the margin over the best estimate (MOCE) within the technical reserve for claims must be made affecting accumulated results.
Subsequently, the accounting record of this component of the technical reserve for claims must affect the results of the period, affecting the respective accounting accounts.

Third.- MOCE of pension insurance
The MOCE for pension insurance managed collectively applies from the entry into force of the risk administration contract for collective disability and survival - SISCO VI.

Fourth.- Gradual recognition of the IBNR reserve for life insurance other than annuities, and medical assistance 3 Companies may gradually constitute the gross, ceded and net IBNR reserve of the following risk codes of Chapter II of the Accounting Chart for companies of the insurance system: medical assistance (64), long-term individual life (71), particular group life (72), workers' law life (73), credit life (74), long-term burial (79), short-term individual life (80), short-term burial (81), ex-workers' law life (82) and pension insurance for disability (91), survival (92) and burial (93).

The gradual recognition of the IBNR reserve consists of the application of a minimum percentage to the estimation of the gross, ceded and net IBNR reserve during a period of two (2) years. This percentage starts from sixty percent (60%) for the month of July 2021, and increases (linearly) on a monthly basis until completing 100% from the month of July 2023, according to what is established below.

Month
Minimum percentage of constitution of the
IBNR reserve
Jul-21 60.00%
Aug-21 61.67%
Sep-21 63.33%
Oct-21 65.00%
Nov-21 66.67%
3 Final and Transitory Complementary Provision incorporated by Resolution SBS No. 2239-2021, published on 31.07.2021.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239 8/11 Dec-21 68.33% Jan-22 70.00% Feb-22 71.67% Mar-22 73.33% Apr-22 75.00% May-22 76.67% Jun-22 78.33% Jul-22 80.00% Aug-22 81.67% Sep-22 83.33% Oct-22 85.00% Nov-22 86.67% Dec-22 88.33% Jan-23 90.00% Feb-23 91.67% Mar-23 93.33% Apr-23 95.00% May-23 96.67% Jun-23 98.33% From Jul-23 100.00% Companies that voluntarily adhere to the gradual recognition of the IBNR reserve for the previously mentioned risks must consider that the above table contains minimum percentages and that companies may establish the IBNR reserve above these. Likewise, they must take into account that July 2023 is the maximum date to recognize 100% of said reserve. Companies that adhere to the gradual recognition of the IBNR reserve for the previously mentioned risks must disclose this in notes to their Financial Statements, indicating, at a minimum, the total estimated gross, ceded, and net IBNR reserve as well as the amount recognized accounting-wise at the date of preparation of the financial information. Disclosures must be made during the time they are applying this gradual recognition of the IBNR reserve. Regarding ceded IBNR, this must consider the application of the cession percentage of the reinsurance contracts in force at the estimation date on the amount of the IBNR reserve considering the previously mentioned gradual recognition, being recorded in the corresponding accounts. Through Multiple Office, the Superintendence may request information that allows monitoring of compliance with the detailed schedule. The release of IBNR reserves that occurs as a result of the application of the gradual recognition of IBNR affects the result of the exercise. The gradual recognition of the IBNR reserve applies as an exception to what is established in article 7.2 of this Regulation, during the period established in the schedule for companies that manage risks 91, 92, and 93 of SISCO 4 and SISCO 5.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239 9/11 Fifth.- Information on voluntary adherence to the gradual recognition of the IBNR reserve for life insurance other than annuities, and medical assistance 4 Companies that decide to adhere to the gradual recognition of the IBNR reserve under the terms indicated in the Fourth Final and Transitional Provision of this Regulation must communicate this previously to the Superintendence, specifying the month of start, the risk codes to which the measure will apply, and whether it will apply the minimum percentage or some higher percentage. In case a company adheres on a date later than the start of application of the measure (July 2021), the minimum percentage of IBNR reserve establishment to consider initially is the one in force in the month of adherence. Companies wishing to apply the gradual recognition must send to the Superintendence the Board Agreement or equivalent body, in which the commitment to capitalize the profits obtained during the period in which this measure applies is recorded, at minimum by an amount equivalent to the unestablished net IBNR reserve. Likewise, companies that adopt the measure must consider the application of the same as part of the points to be addressed in the quarterly report on the calculation of technical reserves for claims mentioned in article 8° of this Regulation. Sixth.- Exceptional application of the Regulation to executed GOC bonds 5 When the execution of a bond that guarantees credit obligations (GOC bond) occurs, insurance companies must establish only the reserve for claims pending settlement or payment, as appropriate.”
Article Second.- The Methodological Annex forms part of
the Regulation that is approved through Article First and is published on the institutional Portal (www.sbs.gob.pe), in accordance with what is established in Supreme Decree N° 001-2009-JUS.
Article Third.- Modify the Chart of Accounts for
companies of the Insurance System, approved by SBS Resolution N° 348-95 and modifying norms, under the terms indicated in Annex N° 1 which forms part of this resolution, which is published on the institutional Portal (www.sbs.gob.pe), in accordance with what is established in Supreme Decree N° 001-2009-JUS.
Article Fourth.- Incorporate procedure N° 191
“Authorization for the use of own methodologies for the best estimation of obligations and/or the MOCE of the technical reserve for claims of its portfolio of valid policies and/or the run-off portfolio and/or for modification of authorized methodologies” and modify procedure N° 169 “Authorization to use the own methodology for the estimation of the Reserve of Unearned Retained Premiums (RPNDR) and authorization for the update of the own methodology for the estimation of the RPNDR” in the Single Text of Administrative Procedures – TUPA of the Superintendence of Banking, Insurance and AFP, approved through SBS Resolution N° 1678-2018 and modifying norms, in accordance with the text attached to this Resolution and published on the institutional Portal (www.sbs.gob.pe). 4 Complementary Final and Transitional Provision incorporated by Resolution 2239.2021, published on 31.07.2021. 5 Provision incorporated by SBS Resolution N° 332-2023, published on 02.02.2023, in force since 01.06.2023.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239 10/11
Article Fifth.- Modify literal d) in article 6° of the
Actuarial Management Regulation for Insurance Companies, approved through SBS Resolution N° 3863-2016 and its modifying norms, according to the following text:
“d) Evaluate the reasonableness of technical reserves, by carrying out backtesting studies, in order to establish recommendations regarding their sufficiency, as well as to improve current calculations, their methods and procedures. Likewise, evaluate cases in which, based on the principle of proportionality and/or due to data limitations, it would not be necessary and/or applicable to carry out the backtesting.”
Article Sixth.- Modify the Regulation on the Reserve of
Risks in Course, approved through SBS Resolution N° 6394-2016 and its modifying norms, as indicated below:

1. Modify numeral 4.2.2 of paragraph 4.2 of article 4°, according to the following text:
   “4.2.2 Unearned premiums of risk already assumed (premiums not registered at the close of the Financial Statements and that are known after the date of calculation of the reserve), are estimated, based on actuarial methods and with prudent criteria, and must be supported by company-specific statistics. This estimation must be carried out monthly and the methodology must be recorded in a document signed by the person responsible for the calculation of technical reserves, and be available to this Superintendence. With a minimum frequency of six months, the validation (backtesting) of this applied methodology must be carried out and make the corresponding adjustments if necessary. Unearned premiums of risk already assumed must also be registered as an account receivable.”
2. Number the paragraphs of article 5° in accordance with the following:
   “5.1 Based on what is established in the Actuarial Management Regulation (...)
   5.2 In the event of changes in the methodology, the company must request authorization (...)
   5.3 The new methodology can be applied from its authorization.”
3. Incorporate paragraph 5.4 within article 5°, according to the following:
   “5.4. During the authorization process for the use or update of the own methodology for the estimation of the RPNDR, the Superintendence may request any other related information that allows confirming the technical reasonableness of the methodology for which authorization is requested.”
4. Incorporate paragraph 5.5 within article 5°, according to the following:
   “5.5 The Superintendence approves or denies the authorization to use own methodology for the estimation of the RPNDR or for the respective update, within a maximum term of one hundred twenty (120) calendar days.”
5. Replace numeral 2 of paragraph 5.1 of article 5°, according to the following text:
   “2. The methodological document for the calculation of technical reserves, signed by the person responsible for the calculation of technical reserves, which must contain at least the following information:
   a) The detail of the chosen methodology and the support for its application against the methodology established in this Regulation;

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239 11/11 b) Hypotheses, assumptions, and considerations that have been made in the realization and application of the methodology and that influence the results; c) The statistics on the basis of which the valuation and establishment of the RPNDR is carried out; d) A valuation exercise through which the results of the application of the methodology submitted for approval are exhibited, and its comparison with the results of applying the regulatory methodology. e) A “backtesting” type analysis, which shows that the chosen methodology has an adequate capacity to estimate future obligations.”
6. Repeal numeral 4 of paragraph 5.1 of article 5°.
7. Modify numeral 1 of paragraph 5.2 of article 5°, according to the following text:
“1. Updated methodological document for the calculation of technical reserves, duly signed by the person responsible for the calculation of technical reserves, which must contain at least the information indicated in numeral 2 indicated in paragraph 5.1, and include a comparative analysis between the results obtained according to the new methodology and the previous one.”
8. Repeal numeral 3 of paragraph 5.2 of article 5°.
Article Seventh.- The validity of this Resolution
should take into consideration the following:

1. The Technical Reserve for Claims Regulation, approved by Article First of this
   Resolution, as well as Articles Second and Fourth, enter into force from the day following its publication in the official newspaper “El Peruano”. Companies have an adaptation period until June 30, 2021, on which date the “Regulation on the Claims Reserve” approved by SBS Resolution N°4095-2013 and modifying norms is repealed.
2. Article Third of this Resolution enters into force from July 01, 2021.
3. Articles Fifth and Sixth of this Resolution enter into force from the day
   following its publication in the official newspaper “El Peruano”.
   Register, communicate, and publish,
   SOCORRO HEYSEN ZEGARRA
   Superintendent of Banking, Insurance and
   Private Pension Fund Administrators

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