Resolution SBS No. 2982-2010: Rules for Reinsurance Contracting and Management

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 1 Lima, March 25, 2010 Resolution S.B.S.
No. 2982 -2010
The Superintendent of Banking, Insurance and
Private Pension Fund Administrators
CONSIDERING:
That, by Resolution SBS No. 282-2003 of March 6, 2003, the Rules for Reinsurance Contracting and Management were approved; That, Article 320 of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and amendments, hereinafter General Law, states that it is the competence of this Superintendence to verify that the retention amounts that insurance companies establish for the different risks in which they operate respond to their technical, economic and financial conditions; That, it is important to establish maximum retention limits for risks for insurance companies, on a prudential basis that will improve the risk profile of the industry; That, furthermore, based on the experience gathered, it is necessary to establish clarifications regarding the requirements that reinsurers with whom these companies sign contracts must meet, as well as the necessary information to evaluate the risks ceded by insurance companies; That, given the modifications that the Rules for Reinsurance Contracting and Management, approved by Resolution SBS No. 282-2003, have undergone, it is necessary to update this legal body; Being in what was opined by the Adjunct Superintendencies of Insurance, Risks, Legal Advice and Economic Studies; and, In exercise of the powers conferred by numbers 7, 9 and 13 of Article 349 of the General Law;

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 2 RESOLVES:
Article First.- Approve the Rules for Reinsurance Contracting and Management, as indicated below, which will be applicable to insurance and reinsurance companies established in the country, hereinafter companies:

RULES FOR REINSURANCE CONTRACTING AND MANAGEMENT

Definitions
For the purposes of this rule, the following definitions must be considered:
a) Current Risk Classification: An international risk classification carried out by an international rating agency is considered current within the eighteen (18) months prior to the date on which the information report is made to the Superintendence. b) Co-insurance: It is an insurance operation in which two or more insurers from the country concur, with the consent of the insured, to cover the insured risk proportionally to their participation in the contract, and reinsurance contracts may subsequently be celebrated to transfer the assumed risk. c) Retention: Insurance retention is understood as all risks that, individually and cumulatively, have not been ceded in a reinsurance or co-insurance contract. Likewise, layers of insured sums not covered by reinsurance contracts, as well as loss experience in excess of what was agreed, are considered retentions. d) Reinsurance risk: It refers to the possibility of losses arising from the reinsurance operations of an insurance and/or reinsurance company due to insufficient reinsurance coverage, or due to the non-compliance of reinsurers with their payment commitments. Insufficient reinsurance coverage may arise because reinsurance needs were not identified or specified adequately, or because the clauses of the reinsurance contract are inappropriate. Non-compliance with payment commitments may arise because the reinsurer is not capable of doing so, or is not willing to pay them, which may generate a liquidity risk for the insurer or even its bankruptcy.
Forms of Contracting
Companies may contract reinsurance directly or through the intermediation of reinsurance brokers who are qualified in the corresponding registry under the charge of this Superintendence; in both cases, reinsurers must have one of the following characteristics:
a) Be insurance and reinsurance companies established in the country; b) Be reinsurance companies not established in the country that are qualified in the corresponding registry under the charge of this Superintendence; or, c) Be reinsurance companies not established in the country that have a current risk classification of "non-vulnerable," granted by an international risk rating company. The age of the Current Risk Classification cannot be greater than (18) months on the date the information report is made to the Superintendence.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 3 With the aim of determining the "non-vulnerability" risk classification, the evaluations carried out by the following risk rating companies will be considered, with the following minimum qualifications:

Risk Rating Company	Minimum Qualification
Standard & Poor’s	BBB
Moody’s	Baa3
Fitch Ratings	BBB
A. M. Best	B+

In the event that there are reinsurance companies with different risk classifications for the same information reporting period to this Superintendence, the one that represents the greater risk will be considered. d) Be reinsurance companies that have exceptional authorization from the Superintendence to operate in a line of business and for a specific term, provided that the documentation presented by the company, with interest in contracting with said reinsurer, accredits the solvency of the reinsurer, the proposed reinsurer has no overdue debts for claims or lawsuits in process with the Peruvian insurance system, and the request is based on exceptional market situations. The Superintendence may determine those reinsurers on whom there is no security in the fulfillment of their obligations; in such cases, the company will have a period of sixty (60) calendar days to send the information that accredits that it has proceeded with the substitution of said reinsurers; once this period has expired, these reinsurers will be considered vulnerable reinsurers.

Reinsurance Contracts
Companies must have the reinsurance contracts signed, in each period, by the participating reinsurers. These contracts may adopt the conditions, forms and methods generally accepted in international practice; however, they must contain as a minimum: a reasonable cost, an undetermined risk of loss that must be assumed by the reinsurer and a term for reimbursement of such losses. What is agreed between the parties to such contracts does not modify the obligations that, with respect to the policyholder or applicant, insured, beneficiary or damaged third party, the direct insurer has based on what is established in the General Law and in the insurance contract.

Reinsurance contracts that imply a significant decrease in assets and liabilities already constituted in the financial statements must be brought to the knowledge of the Superintendence before their application, and must maintain the asset and liability without affecting them, until they receive no objection from the supervisory entity. A significant decrease will be understood as that situation that would occur when applying a new reinsurance contract that allows releasing loss reserves retained and the investments backing them by a percentage greater than ten percent (10%).

During the negotiation or renewal process of reinsurance contracts, in cases of direct contracting, and until such process concludes, companies must have provisional coverage or coverage extension for the thirty (30) days following the end date of the previous validity. In the case of contracting through reinsurance brokers, companies must have the conformity of said brokers for one hundred percent (100%) of the placement, within the thirty (30) days following the end date of the previous validity.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 4 Coverage notes signed by reinsurance brokers may be considered support for reinsurance contracts, if they contain the most important clauses of the contract and are signed, at least, by the leading reinsurer. Regarding the other participating reinsurers, companies must have the document that proves the confirmation of their acceptance in each case, through some medium subject to being printed. Otherwise, the coverage note will not substitute the obligation to have signed contracts. The Superintendence may request companies to present copies of the reinsurance contracts signed.

Term or Resolution of the Reinsurance Contract
Companies, under the responsibility of their General Manager, must communicate to this Superintendence the term or resolution of reinsurance contracts, which within thirty (30) calendar days following the end of the validity (or the end of provisional coverage), have not been replaced by other reinsurance contracts, informing the reason for the delay and the adjustments made to the liability and the profit and loss statement due to the increase in their reserves.

Renewals or subscription of new contracts carried out during the first semester of the year, which contain modifications to the cession conditions, coverage limits and structure of previous contracts, must be reported via annexes ES-18B 1, ES-18C 1, ES-18D 1 of this resolution, indicating the characteristics of the contracts that are in force as of July 1 of each year, and the aforementioned annexes must be sent no later than July 30 of each year. In case the retention limits of the contracts reported in the indicated annexes have been increased, a copy of the contracts signed by the corresponding reinsurers must be attached.

Co-insurance
Co-insurance contracts between companies in the country must have the authorization of the insureds and be signed by the participating companies. Contracts signed between local insurance companies to distribute the insured risk among them, without the consent of their insureds, constitute local reinsurance, subject to all applicable provisions issued by the Superintendence, such as those referring to the formalities for their contracting, the accounting treatment and the accounting and statistical information that must be presented to the Superintendence, among other aspects.
Internal Reinsurance System
Companies that, under the provisions of Article 319 of the General Law, decide to associate to form reinsurance companies, must comply with the corresponding provisions of the Regulation for the constitution and establishment of companies and representatives of the Financial and Insurance Systems approved by Resolution SBS No. 10440-2008 of October 16, 2008 and its amendments.
Unsafe Practice
Companies must consider as an unsafe practice any contracting with reinsurers in a manner other than that indicated in number 2 of this rule.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 5 To measure unsafe practice, the amounts coming from the following concepts must be summed:
a) The sum of premiums ceded in a fiscal year, corresponding to contracts signed with vulnerable reinsurers on the date the report is made, regardless of the contract's validity; b) The sum of premiums ceded reported with code 90000; c) The cost or minimum premium of contracts that do not comply with the provisions of number 3; d) The total premiums ceded to reinsurers whose current classification changed to ranges considered as vulnerable; and, e) The total premiums ceded to those reinsurers considered vulnerable by the Superintendence in accordance with the last paragraph of number 2 of this rule.

Companies that incur in unsafe practice must increase their technical obligations by the amount of accumulated ceded premiums at the close of the corresponding quarter, unless duly documented justifications are provided. In case that, due to the incorporation of ceded premiums in unsafe practice within technical obligations, companies incur in investment deficit, they will be subject to what is provided in Article 316 of the General Law.

Maximum Retention
Retention per risk cannot exceed five percent (5%) of effective equity for general lines. For these purposes, risk is understood as the insured object in each insurance policy. The indicated limit is not applicable to the lines of accidents and diseases, automobiles and earthquake.

The Superintendence will evaluate the sufficiency of technical reserves for premiums when the insured portfolio does not respond to the principle of homogeneity and therefore the expected loss experience may affect its effective equity for general lines. In such cases, this control body will require substantiating retentions with a study, duly signed by the manager or official responsible for the preparation of Technical Notes, reported to this Superintendence through the software “Registry of Directors, Managers and Principal Officials” REDIR.

Information to the Superintendence
Companies must present to the Superintendence the information contained in the following annexes, which are an integral part of this resolution and are published on the institutional electronic portal (www.sbs.gob.pe), in accordance with what is provided in Supreme Decree No. 001-2009-JUS:

Annex ES-18A 2
“Premiums ceded by reinsurer”, with quarterly periodicity.
Annex ES-18B 2
“Information on reinsurance distribution”, with annual periodicity.
Annex ES-18C 2
“Structure of proportional reinsurance contracts”, with annual periodicity.
Annex ES-18D 2
“Structure of non-proportional reinsurance contracts”, with annual periodicity.
Annex ES-18E 2
“Claims receivable from facultative reinsurance contracts”, with quarterly periodicity.
Annex ES-18F 2
“Statistical information on reinsurance operations with the foreign market”, with quarterly periodicity.
Annex ES-18G 2
“Premiums received by accepted reinsurance contract”, with quarterly periodicity.

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Annex ES-18H 3
“Pending settlement accepted reinsurance claims”, with quarterly periodicity.

Annexes ES-18B 3, ES-18C 3 and ES-18D 3 must be sent together with the Reinsurance Plan referred to in number 11, with the information of the contracts in force on that date.
The other annexes must be sent within fifteen (15) days following the expiration of each quarter, with the exception of annex ES-18A 3 which may be presented within thirty (30) days following the expiration of the corresponding quarter. Likewise, the annexes containing the information corresponding to the fourth quarter of the year must be presented within thirty (30) days following the end of said quarter.

Minimum Information to be Maintained in Companies.
Companies must permanently keep available to the Superintendence:
a) A file for each reinsurance contract that must contain as a minimum the following:
a.1) Information on the reinsurer or reinsurers involved in the contract: name of the reinsurer, domicile with indication of the country, telephone, fax, e-mail and risk classifications of the participating reinsurers on the date of celebration of the contract. a.2) Copy of the reinsurance contract that complies with the provisions indicated in number 3, and contains the specific indication of the validity, risks covered, exclusions, limits, deductibles, premium corresponding to the covered period or minimum deposit premium, as applicable, detail of the agreed conditions and/or clauses and percentage of participation of each reinsurer. a.3) Information (if applicable) of the broker intermediating the contract, with indication of the full name of the reinsurance brokerage company and its status, qualified in the Official Registry of the Superintendence at the moment the contract was taken, as well as the percentage of its commission. b) Schedule of reinsurance cessions received and ceded. c) Claim files with the following minimum information:
c.1) Claim notice. c.2) Copy of communications sent and/or received from reinsurers, in the case of facultative policies. c.3) Reports issued by insurance auxiliaries (adjusters and/or appraisers) involved in the claim settlement process. c.4) Settlement agreement, if applicable, signed by the insured. c.5) Indemnity receipt signed by the insured, when it comes to claims involving important indemnities. The amounts considered “important” by the company must be stated in its Annual Reinsurance Plan.
Reinsurance Plan and Complementary Information
Companies must send to this Superintendence no later than March 30 of each year the Annual Reinsurance Plan, duly approved by the Board of Directors.

Complementarily, attached to the Reinsurance Plan will be a list of the thirty (30) main clients of the company, determined based on the total declared values of their property insurance, indicating in each case: line of business, name of the insured, policy number,

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 7 validity, total declared value, insured sum, cession (in automatic and/or facultative contracts) and net annual premium.

Modifications to retention and cession policies for any reason must be approved again by the Company's Board of Directors within thirty (30) calendar days following the start of validity of the renewals or subscription of new contracts, and will be reported to this Superintendence within ten (10) calendar days following their approval by the Board of Directors.

The Reinsurance Plan must contain, as a minimum, the following information:
a) Objectives of the Reinsurance Plan, specifying the annual goals that the company expects to achieve in reinsurance matters. b) Risk acceptance or cession policies, both in the country and abroad, which are determined according to the companies' risk underwriting policies. As part of the risk acceptance or cession policies, companies must specify the underwriting policies for facultative reinsurance contracts and accepted reinsurance, when applicable. c) Risk retention policies, which must relate to the company's equity capacity, considering the maximum retention limit established in number 8. d) Responsible for the design, execution and supervision of the Plan, indicating the full name and position of the same. The execution and supervision tasks of the Plan must be carried out by distinct persons and cannot fall on the internal auditor.

Companies must conserve the documents that support the execution and supervision of the Plan, which must be available to the Superintendence when requested.

Reports on Reinsurance Risk
Companies must send within a period of thirty (30) days following their issuance, copies of external audit reports that have evaluated reinsurance risk, in case the company has contracted these services specifically.
Automated Information System
Companies must implement information systems that facilitate the identification of total risk for adequate contracting and management of reinsurance. This system must allow verifying the information reported to the Superintendence in the last six months, in accordance with number 9 of these rules.

The corresponding database, from which the information reported to the Superintendence on operations with reinsurers is obtained, must contain as a minimum the information indicated in annexes ES-18A 4, ES-18E 4, ES-18F 4 and ES-18G 4. This system must allow the export of information to spreadsheet formats, plain text or other common formats.

Article Second.- Incorporate in annex 3 in section II referred to specific serious infractions of Companies of the Insurance System of the Sanctions Regulation approved by Resolution SBS No. 816-2005, the following infraction:
− Failure to comply with the increase of its technical obligations for Unsafe Practice as indicated in number 7 of the Rules for Reinsurance Contracting and Management.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4417760 8
Article Third.- Modify the Single Text of Administrative Procedures of the Superintendence of Banking, Insurance and Private Pension Fund Administrators, approved by Resolution SBS No. 131-2002, to incorporate Procedure No. 147 “Exceptional authorization for contracting reinsurance with foreign reinsurers”, whose text is attached to this resolution and will be published in accordance with what is provided in Supreme Decree No. 004-2008-PCM, Regulation of Law No. 29091, on the institutional portal: www.sbs.gob.pe.

Article Fourth.- Repeal Resolution SBS No. 282-2003 of March 6, 2003 and its amendments.

This resolution will enter into force the day following its publication in the Official Newspaper “El Peruano”.

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 9

ANEXO ES-18A 5

CEDED PREMIUMS BY REINSURER
(Figures expressed in US $)

From: ...../....../....... To: ...../....../....... (*)

Company : ......

Nº	Reinsurance Company Code (1)	Reinsurance Company Name	Country of Origin	Broker Reinsurance Company (2)	Reinsurance Contract Information
					Contract No.
					Contract Type (3)
					Line of Business (4)
					Effective Start Date
					Gross Ceded Premiums (5)
					Net Ceded Premiums (6)
					Total
					Total Indirect
					Total Direct

(*) Indicate the quarter to which the information corresponds.

(1) Reinsurance company code assigned by the SBS. If none exists, assign code 90000 to each reinsurer.
(2) Report information if the reinsurance contracting was carried out through a reinsurance broker.
(3) Assign letter according to:
a) PCP: Proportional Automatic b) PF: Proportional Facultative c) NPA: Non-proportional Automatic d) NPF: Non-proportional Facultative (4) Risks applicable to asset and liability accounts according to the Chart of Accounts. (5) Without deducting account 4007 “Discounts on ceded premiums”. (6) Net ceded premiums after discount.

5 Annex numbering modified by Resolution SBS No. 2842-2012 of 11-05-2012

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ANEXO ES-18B 6

REINSURANCE DISTRIBUTION INFORMATION
(Proportional and non-proportional contracts)
(Expressed in percentages)

For contracts effective as of: ...../....../.......

Company : ......

Risk 1 (2)	Risk 2	Risk 3	Risk x	Risk y
Layer 1 (as applicable) %	Layer 2 (as applicable) %	Layer 3 (as applicable) %	Layer 4 (as applicable) %	Layer 5 (as applicable) %

Total 100%	100%	100%	100%	100%

Annual periodicity.

(1) Indicating whether it is a contract:
a) Proportional Automatic b) Proportional Facultative c) Non-proportional Automatic d) Non-proportional Facultative (2) Risks will be identified according to the coverage granted by the reinsurance contracts. (3) The annex must contain in each column the reinsurance distribution reported by contract type. In the case of contracts that do not cover 100% of the risk, indicate the covered percentage.

General Manager

Technical Manager

6 Annex numbering modified by Resolution SBS No. 2842-2012 of 11-05-2012

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ANEXO ES-18C 7

STRUCTURE OF PROPORTIONAL REINSURANCE CONTRACTS (Expressed in US$)

As of: ...../....../.......

Company : ......

Contract Term	Quota Share Contract	Excess of Loss Contract	Facultative
Mandatory Start	Mandatory End	Retention %	Cession %
		Maximum Retention Amount	Maximum Cession Amount
		Full Amount (a)	No. of lines multiples of (a)
			Maximum Cession Amount
		Retention %	Cession %
			Maximum Coverage Amount

Annual periodicity.

(1) Risks applicable to asset and liability accounts according to the Chart of Accounts.

General Manager

Technical Manager

7 Annex numbering modified by Resolution SBS No. 2842-2012 of 11-05-2012

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ANEXO ES-18D 8

STRUCTURE OF NON-PROPORTIONAL REINSURANCE CONTRACTS (Expressed in US $)

As of: ...../....../.......

Company : ......

Nº	Contract Type (1)	Lines of Business (2)	Reinsurer (3)	SBS Code	Effective Start Date	Effective End Date	Layer No. (XL)	Priority	Cession in excess of Priority	Maximum Layer Amount or Upper Limit	Minimum Premium or Deposit Premium	Name %

Annual periodicity

(1) Contract Types a) WXL/ Risk b) WXL/ Event c) CATXL d) Stop Loss e) Others (2) Risks applicable to asset and liability accounts according to the Chart of Accounts.
(3) Report the detail of all reinsurers involved in each layer of the contract.

General Manager

Technical Manager

8 Annex numbering modified by Resolution SBS No. 2842-2012 of 11-05-2012

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ANEXO ES-18E 9

CLAIMS RECEIVABLE FROM AUTOMATIC AND FACULTATIVE REINSURANCE CONTRACTS (Expressed in US $)

As of: ...../....../.......

Company : ......

Nº	Reinsurance Company	Claim Information	Claims Receivable from Reinsurers (1)
Code (4)	Name	Line of Business (3)	Policyholder or Contracting Party	Claim Number	Date of Occurrence	Claim Amount to Pay (2)	Local Market	Foreign Market	Total

Total Reported Claims
Total Unreported Claims
Other Provisions (5)

Total

Account 26 (6)

Quarterly periodicity

(1) Report claims receivable from automatic reinsurance contracts from one million US dollars onwards and claims receivable from facultative contracts.
(2) Record the amount corresponding to the Technical Reserve for Claims (sub-accounts 2601 and 2603) of the claims receivable reported in this Annex.
(3) Risks applicable to asset and liability accounts according to the Chart of Accounts.
(4) Reinsurance company code assigned by the SBS.
(5) Other balance sheet provisions considered in sub-accounts 2602 and 2604.
(6) Reconciliation with the trial balance.

9 Annex numbering modified by Resolution SBS No. 2842-2012 of 11-05-2012

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Information for the Central Reserve Bank of Peru

ANEXO ES-18F 10

STATISTICAL INFORMATION OF REINSURANCE OPERATIONS WITH THE FOREIGN MARKET (Quarterly Net Figures Expressed in US $)

From: ...../....../....... To: ...../....../.......

Company : ......

OUTGOING (E)	INCOMING (I)
BALANCE	Σ(I) - Σ (E)
LINES OF BUSINESS (1)	INSURANCE LINES (1)
(Only reinsured risks)	Ceded Premiums	Claims on Premiums and Reinsurance Accepted	Commissions on Premiums and Reinsurance Accepted	Premiums and Reinsurance Accepted	Claims on Ceded Premiums and Ceded Reinsurance	Commissions on Ceded Premiums

Quarterly periodicity

(1) Lines of business applicable to asset and liability accounts according to the Chart of Accounts.

10 Annex numbering modified by Resolution SBS No. 2842-2012 of 11-05-2012

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ANEXO ES-18G 11

PREMIUMS RECEIVED FROM ACCEPTED REINSURANCE CONTRACTS (Amount in US$)

As of: ...../....../.......

Nº	Ceding Insurance and/or Reinsurance Company	Accepted Reinsurance Contract and/or Retrocessions Information
Code (1)	Legal Name	Country of Origin	Classifying Company	Risk Classification (2)	Line of Business (3)	Effective Start Date (4)	Effective End Date (5)	Reinsurance Modality (6)	Maximum Coverage Limit (7)	Maximum Amount Received (8)	Reinsurance Premium Received (9)

Totals

Quarterly periodicity

(1) Code of the insurance and/or reinsurance company assigned by the SBS.
(2) National or international risk classification held by the ceding company.
(3) Risks applicable to asset and liability accounts according to the Chart of Accounts.
(4) In dd/mm/yy format.
(5) In dd/mm/yy format.
(6) Proportional Automatic Contract (PCP), Proportional Facultative (PF), Non-proportional Automatic (NPA), Non-proportional Facultative (NPF) or Others.
(7) Maximum sum insured limit stipulated in the contract.
(8) Maximum amount borne by the company or participation (%) in the reinsurance.
(9) Premium received, according to the company's participation.

11 Annex numbering modified by Resolution SBS No. 2842-2012 of 11-05-2012

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ANEXO ES-18H 12

PENDING SETTLEMENT OF ACCEPTED REINSURANCE CLAIMS (Expressed in US$)

As of: ...../....../.......

Nº	Ceding Insurance and/or Reinsurance Company	Claim Information
Code (1)	Legal Name	Line of Business (2)	Name of Insured	Claim Number (3)	Date of Occurrence (4)	Place of Occurrence (5)	Claim Amount (6)	Claim Reserve (7)

Totals

Quarterly periodicity

(1) Code of the ceding company assigned by the SBS. If none exists, assign code 90000.
(2) Risks applicable to asset and liability accounts according to the Chart of Accounts.
(3) Claim number registered by the company preparing the annex.
(4) In dd/mm/yy format.
(5) Country where the claim occurred.
(6) Total amount of the claim made by the insured.
(7) Amount registered in account 2603.

12 Annex numbering modified by Resolution SBS No. 2842-2012 of 11-05-2012