Resolution SBS No. 3199-2013: Regulation on Transparency of Information and Insurance Contracting

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Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 Fax: (511)6309239 Lima, May 24, 2013 S.B.S. Resolution No. 3199 -2013 The Superintendent of Banking, Insurance and Private Pension Fund Administrators

CONSIDERING:
That, pursuant to Article 345 of the General Law of the Financial System and the Insurance System and the Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its modifying norms, hereinafter the General Law, it is the objective of the Superintendence to protect the interests of the public within the scope of the supervised systems;

That, pursuant to Articles 9 and 326 of the General Law, the companies of the insurance system freely determine the conditions of the policies and their rates, without prejudice that in the matter of personal, mandatory and mass insurance, they must be subject to the minimum conditions and/or clauses approved by the Superintendence, which must be incorporated into the corresponding insurance contracts;

That, through Law No. 29946, the Insurance Contract Law was approved, hereinafter the Insurance Law, which applies to all classes of insurance with an imperative character; this norm establishes the provisions applicable to the contracting of insurance, coverage of insured risks, identification of abusive clauses and practices, as well as special norms for different types of insurance; establishing those matters that must be regulated by this Superintendence;

That, through Law No. 29571, the Consumer Protection and Defense Code was approved, hereinafter the Code, which establishes norms in the matter of consumer protection so that they can access suitable products and services and enjoy the rights and effective mechanisms for their protection, reducing information asymmetry, correcting, preventing or eliminating conduct and practices that affect their legitimate interests; this normative body applies subsidiarily in what is not provided for in the Insurance Law, with respect to the contractors or insured persons who have the status of consumer or user, as provided in the Code;

That, it is necessary to establish the minimum content of insurance policies, the insurance application, informational brochures and the information that companies of the insurance system must provide; as well as to identify the abusive clauses that should not be included in the conditions of insurance policies, as well as the minimum conditions that must be incorporated into personal, mandatory and mass insurance;

That, it is necessary to regulate the right of access of users to information on the products and services marketed by the companies of the insurance system, insofar as the transparency of information constitutes an important factor for the promotion of competition in the market, which contributes to the development of the system and allows users to make informed decisions regarding the services they wish to contract with the companies of the insurance system;

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Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 Fax: (511)6309239 That, the companies of the insurance system must strengthen their user attention systems, having trained and qualified personnel to provide truthful, timely, adequate and sufficient information about the products and services they market, satisfying the concerns and requests of users, in order to strengthen public confidence in the insurance market;

That, it is necessary to draft a regulatory body that regulates the contracting of insurance, transparency of information and user attention within the scope of the insurance system, which includes special provisions on the matter;

That, for the purpose of collecting the opinions of the general public regarding the proposal for the norm, the pre-publication of the draft resolution was ordered on the electronic portal of the Superintendence, under the provisions of Supreme Decree No. 001-2009-JUS;

Having the approval of the Adjunct Superintendences of Private Pension Fund Administrators and of Insurance, and of Legal Advice, as well as of the Management of Products and Services for the User; and,

In exercise of the powers conferred by paragraphs 7, 18 and 19 of Article 349 of the General Law;

RESOLVES:
Article First.- Approve the Regulation on Transparency of Information and Insurance Contracting, in the terms indicated below:

REGULATION ON TRANSPARENCY OF INFORMATION AND INSURANCE CONTRACTING

TITLE I
GENERAL PROVISIONS

Article 1°.- Scope 12
The provisions of this norm are applicable to the insurance companies referred to in letter D of Article 16 of the General Law, hereinafter the companies, as well as to insurance brokers, pursuant to the Regulation on Supervision and Control of Insurance Brokers and Auxiliaries. Likewise, the regulation will apply subsidiarily in the case of contracting mandatory insurance and those regulated by special laws.

Article 2°.- Definitions 3
For the purposes of the provisions of this norm, the following definitions and references are considered:
a. Insured: holder of the insurable interest object of the insurance contract, it can also be the insurance contractor. b. Beneficiary: holder of the indemnity rights established in the policy.

1 Article modified by SBS Resolution No. 809-2019, published on 07.03.2019.
2 Repealed by SBS Resolution No. 4143-2019 from 01.12.2019 3 Repealed by SBS Resolution No. 4143-2019 from 01.12.2019

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c. Insurance certificate: document issued in the case of group or collective insurance, linked to a specific insurance policy.
d. Code: Consumer Protection and Defense Code, Law No. 29571 and its modifying norms. e. Marketer: natural or legal person with whom the company celebrates a marketing contract with the object that this takes charge of facilitating the contracting of an insurance product. Includes marketing through bancassurance. f. General conditions: set of basic clauses or stipulations established by the companies to govern contracts belonging to the same branch or modality of insurance. Its application can be modified by other contractual clauses included in the insurance policy. g. Special conditions: set of stipulations that have as their object to expand, reduce, clarify, and in general, modify the content or effects of the general or particular conditions. h. Minimum conditions: those clauses that integrate the general conditions whose content is subject to approval by the Superintendence.
i. Particular conditions: stipulations of the insurance contract relating to the individualized risk that is insured, such as the identification of the parties, the designation of the insured and the beneficiary, if any, the description of the insured subject matter, the insured sum or the scope of coverage, the amount of the premium and the corresponding payment schedule, the place and form of payment, the validity of the contract, among others.
j. Contractor: natural or legal person who celebrates the insurance contract. In the case of an individual insurance, it can also have the quality of insured. k. Potential contractor and/or insured: person to whom the company, through insurance promoters or marketers, and/or insurance brokers, offers the insurance.
l. Complaint: notice or bringing to knowledge by a user or a third party, of a fact that constitutes a presumed infringement of the norms that regulate the denounced company.
m. Days: calendar days. n. Endorsement: document that is adhered to after the issued policy, in which modifications or new declarations of the contractor are established, taking effect once they have been signed and/or approved by the company and the contractor, as applicable. o. Insurance Law: Insurance Contract Law, Law No. 29946. p. General Law: General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its modifying norms. q. Commercial premises: establishments through which the company attends to the public to carry out operations and services, as established by the Regulation on opening, conversion, transfer or closure of offices, use of shared premises, use of ATMs and correspondent ATMs approved by SBS Resolution No. 775-2008 and its modifying norms. r. Insurance proposal: company's proposal for the celebration of an insurance contract made to a contractor and/or potential insured. s. Insurance Policy: document that formalizes the consent of the insurance contract, in which the conditions that generally, particularly or specially regulate the contractual relations agreed upon between the company and the contractor are reflected. Additional documents related to the insured subject matter and modifications that have occurred during the validity of the contract are included. t. Pure risk premium: theoretical cost of the insurance estimated on actuarial bases, whose objective is to cover the benefits and indemnities offered by the insurance. u. Commercial premium: includes the pure risk premium, evaluation, administration, issuance, production and redistribution of risk (coinsurance and reinsurance) charges, agency charges for the intermediation of insurance brokers, contracting of marketers or insurance promoters, and the commercial benefit of the company.
v. Reference premium: estimate of the commercial premium based on a standard risk.

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Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 Fax: (511)6309239 w. Insurance promoter: natural person who maintains an employment or service provision contract, which empowers him to promote, offer and market insurance products inside or outside the commercial premises of the company.
x. Claim: communication presented by the contractor, insured or beneficiary through the different attention channels available in the company, expressing their dissatisfaction with the operation, product or service or for the non-compliance of the obligations contemplated in the contracts or current regulatory framework, or manifesting the presumed affectation of their legitimate interest. Additionally, a claim must be considered any repetition that originates as a consequence of the contractor's, insured's or beneficiary's disagreement with the response issued by the company, or by the delay or lack of attention of a request, query, claim or information requirement.
4 y. Regulation: Regulation on Transparency of Information and Insurance Contracting. z. Group or collective insurance: insurance modality characterized by covering, through a single contract, multiple insured persons who integrate a homogeneous community. aa. Mass insurance: standardized insurance that does not require special underwriting requirements, that is, it does not require prior verifications, with respect to the insurable persons and/or goods, being sufficient the simple acceptance of the contractor or the insured for the consent of the individual insurance or group or collective insurance, as applicable. 5 bb. Mandatory insurance: insurance whose contracting and coverage conditions are required by express legal norm.
cc. Personal insurance: insurance that covers life, psychophysical integrity or health of the insured, including life insurance (death and survival), personal accident insurance and health insurance.
dd. Coverage request: request made by the insured or the beneficiary to the company due to the occurrence of a claim regarding the contracted insurance coverage. ee. Superintendence: Superintendence of Banking, Insurance and Private Pension Fund Administrators. ff. Insurance application: record of the will of the contractor and/or insured, as applicable, to contract the insurance. gg. Effective Annual Cost Rate (TCEA): rate that allows equalizing the present value of all installments to be paid by the user, with the amount for the concept of commercial premium plus the charges corresponding to the granted installment, calculated for a year of 360 days. hh. Internal Rate of Return (IRR): rate that allows equalizing the amount granted as a savings or investment component with the present value of the amount actually received at the end of the term, calculated for a year of 360 days.
ii. Users: contractors, insured or beneficiaries of insurance, including potential ones.

Article 3°.- Principle of information transparency 6
Information transparency is a mechanism oriented to improve the user's access to information, with the purpose that this can, in a responsible manner, make informed decisions regarding the services they wish to contract.

The companies directly, or through their insurance promoters and marketers; and, if applicable, insurance brokers, must provide users with clear, sufficient, concrete and timely information, allowing them to know the costs, rights and obligations involved in the celebration of an insurance contract, as well as those relevant aspects related mainly to the benefits, risks and conditions of the insurance offered in the market.

4 Letter modified by SBS Resolution No. 2829-2016, published on 24.05.2016.
5 Letter modified by SBS Resolution No. 1121-2017, published on 18.03.2017.
6 Repealed by article six of SBS Resolution No. 4143-2019 from 10.03.2020

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Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 Fax: (511)6309239 Information transparency is not only applicable before and during the celebration of the insurance contract but throughout the entire contractual relationship as established by the Regulation.

Article 4°.- Information on policies 7
The companies, in accordance with what is provided in Article 9 of the General Law, establish the conditions of the policies, having to make them known to the Superintendence prior to their marketing. Without prejudice to the above, in the case of personal, mandatory and mass insurance, the respective policies must be subject to the minimum conditions that the Superintendence determines, for prior approval, according to the provisions established on the particular.

The compliance with what is stated in the preceding paragraph will be considered as a requirement for the granting of the identification code in the Register of Insurance Policies and Technical Notes.

In no case can the companies charge the contractors, additional charges to the amount of the commercial premium that are related to the coverage subject of the contract, as it was informed and agreed.

The above does not apply to additional services not related to the insurance coverage, which are at the direct charge of the contractor and/or insured.

TITLE II
TRANSPARENCY OF INFORMATION PROVIDED ON THE INSURANCE CONTRACT, IN THE STAGE PRIOR TO ITS CELEBRATION

Article 5°.- Dissemination of information on insurance products 8
The companies must guarantee that the insurance promoters and marketers of the insurance products offered to users are trained to provide information on the referred products, mainly in the terminology, coverages, exclusions and other aspects contained in the policies and the commercial premiums or reference premiums.

Article 6°.- Minimum information to be disseminated through the web page 9
With the purpose that users can access complete and timely information on the insurance products offered by the companies, through the web page, the following must be disseminated, at minimum:

a. Updated information on the insurance products they offer; detailing in each case and ordered by risk or by product, the coverages and exclusions that correspond, as well as attaching the model of the corresponding general conditions, with its respective identification code in the Register of Insurance Policies and Technical Notes and the summary referred to in Article 16 of the Regulation. b. In the case of personal insurance, ordered by product, the access conditions and permanence limits.
c. The minimum conditions approved by the Superintendence pursuant to Article 27 of the Insurance Law, according to the type of insurance product.
d. Information on the procedure, deadline and channel to present the coverage request, including the information and/or minimum documentation that must be attached, according to the type of insurance product.

7 Repealed by SBS Resolution No. 4143-2019 from 01.12.2019 8 Repealed by SBS Resolution No. 4143-2019 from 01.12.2019 9 Repealed by SBS Resolution No. 4143-2019 from 01.12.2019

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Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 Fax: (511)6309239 e. The tariff and/or calculator applicable to mass insurance, containing the information indicated in Article 7 of the Regulation. f. Permanent link with the "User Portal" section of the Superintendence's web page. Likewise, reference must be made to the fact that the user can request guidance, in addition to that provided by the company, in the User Attention Platform of the Superintendence. g. Information on rejected claims, according to the model of annex 2, ordered by branch and product. h. Frequently asked questions by insurance product that users have with their respective answers.
i. The different instances before which users can resort to present their complaints and/or claims, such as: the company, the National Institute for the Defense of Competition and the Protection of Intellectual Property (INDECOPI), instances for the resolution of disputes referred to in article two of this Resolution, among others, as applicable.
j. The procedure applicable for the presentation of claims before the company itself. k. The procedure applicable to exercise the right of repentance, if applicable, as provided by the Regulation.
l. Information regarding the reference premium applicable based on particular risk conditions, established by ranges, in those products identified by the Superintendence and according to the form of presentation that it indicates for such effect through Multiple Office.
m. The right that users have to designate an insurance broker as their representative before the company to carry out administrative acts but not of disposition, within the framework of what is established in Article 340 of the General Law. n. The channels and procedure to request the amount for the concept of refund of premiums based on the time not elapsed, in those life insurance policies that allow the contractor to resolve the contract unilaterally and without expression of cause 10 . o. Other information at the discretion of the company 11 .

Article 7°.- Tariff and/or calculator 12
The tariff and/or calculator contain the following information, for each type of mass insurance product marketed by the company:

a. The amount of the commercial premium. b. The costs for the concept of deductible, franchise, copayment or coinsurance, as applicable.
c. The applicable taxes, the established percentage and, if applicable, the amount.
d. The effective annual cost rate (TCEA) applicable in case of premium installment and the circumstances that determine said rate. e. Any concept not related to the contracting or coverage of the insurance, which corresponds to transfer to the user.

The tariff and/or calculator must be available to users in the commercial premises of the companies.

Article 8°.- Informational Brochures
13
The informational brochures that the companies use to disseminate their insurance products must be permanently updated, and must contain at least the following information:

10 Paragraph modified by SBS Resolution No. 3650-2016 published on 03.07.2016.
11 Paragraph incorporated by SBS Resolution No. 3650-2016 published on 03.07.2016.
12 Repealed by SBS Resolution No. 4143-2019 from 01.12.2019 13 Repealed by SBS Resolution No. 4143-2019 from 01.12.2019

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a. Qualitative informational brochures.- when brochures only have the purpose of disseminating the specific characteristics of the offered insurance products, such brochures must be drafted in easily understandable language and with legible characters visible to the naked eye, and must contain in each case: i) a brief description of the product, ii) the identification code in the Registry of Insurance Policies and Technical Notes, iii) the covered risks and exclusions, iv) the existence of deductibles, franchises, copay or co-insurance, as applicable, borne by the insured, v) the penalties applicable in case the conditions established by the company for granting promotional conditions are not met, if applicable; and, vi) other relevant information identified by the company. Likewise, the channels made available to provide information and file complaints with the company regarding the offered product must be indicated, specifying its location, website, and the company's phone number, in the latter case, if applicable. Informational brochures that promote group or collective insurance must also include, in addition, the identification of the company and the policy number, in prominent characters and on the first page of the brochure. If applicable, the informational brochure must inform that the user has the right to designate an insurance broker as their representative before the company to carry out administrative acts.

b. Quantitative informational brochures.- when informational brochures include information regarding the commercial premium and/or the reference premium, the applicable amount and its periodicity must be informed in characters legible to the naked eye, as well as the information indicated in paragraph a. of this article. Additionally, if applicable, in the case of premium installment plans, or a guaranteed or expected return in products with savings or investment components, the following must be considered:

1. Regarding the cost associated with the installment plan of the insurance premium, the Effective Annual Cost (TCEA), and an explanatory example.
2. Regarding products that have a savings or investment component, the precision regarding whether it is a guaranteed IRR or an expected IRR, as well as an explanatory example. In the case of the expected IRR, it must be indicated with a clarifying note that the said rate does not guarantee profitability, the reasons why it might fluctuate, and the assumptions used for its estimation.
   Companies are responsible for providing their insurance promoters and marketers with sufficient informational brochures to guarantee that the necessary information is provided for the offering of the insurance they market.

TITLE III
MINIMUM CONDITIONS OF PERSONAL, MASS, AND MANDATORY INSURANCE

Article 9°.- Minimum conditions that will be subject to prior administrative approval 14
In accordance with what is established in articles 9° and 326° of the General Law and article 27º of the Insurance Law, companies have freedom to fix the content of the policies. However, companies must submit to the prior administrative approval of the Superintendence, the minimum conditions related to the aspects indicated in article 10° of the Regulation, of mass, mandatory, and personal insurance. The approval of minimum conditions in these products will be considered as a condition for their inscription in the Registry of Insurance Policies and Technical Notes. Modifications that companies wish to make regarding the content of the previously approved minimum conditions must follow the same approval procedure regulated in this chapter, highlighting the changes made with respect to the approved version. Minimum conditions that have been subject to prior approval by the Superintendence cannot be modified through particular, special conditions, or endorsements.

Article 10°.- Prior administrative approval of minimum conditions 15
The approval of minimum conditions, as well as the determination of abusive clauses, does not prevent users from resorting to the administrative and judicial instances corresponding to safeguard their rights against possible abusive practices. The submission of the request for approval of the minimum conditions of the products indicated in the preceding article may be done physically or through the mechanisms determined by the Superintendence for such effect via multiple letter. The following aspects require prior administrative approval from the Superintendence:
a. The right of the policyholder and/or insured to be informed regarding modifications to the contractual conditions proposed by companies, during the validity of the contract, as well as the right to accept or not accept such modifications, indicating the applicable procedure, deadlines, and formalities, in accordance with what is provided in article 30º of the Insurance Law. b. In the case of health insurance, the treatment of the procedure regarding pre-existing conditions in accordance with the Insurance Law and other applicable norms.
c. The obligation of companies to pay the claim within the deadline and procedure established in article 74° of the Insurance Law.
d. The aspects referred to the minimum information and documentation to present to proceed with the settlement of the claim, if applicable, considering for such effect what is stated in article 74° of the Insurance Law. e. The dispute resolution mechanisms that the parties agree upon, if applicable, considering what is provided regarding the arbitration agreement in paragraph c) of article 40º and article 46º of the Insurance Law. f. The grounds for resolution and nullity of the insurance contract and the consequences of both regarding premiums paid. g. Effects of non-payment of the premium. h. The condition referred to the right of withdrawal to resolve the contract, without expression of cause or penalty, which must be included in a prominent manner in the case of insurance offered by marketers.
i. The condition referred to the reduction of indemnification for late notice of the occurrence of the claim.
j. The deadlines referred to the prescription of actions based on the insurance contract, in accordance with article 78 of the Insurance Law 16.

k. Procedure for the renewal of the policy, as well as the modification procedure, if applicable 17.
l. In life insurance where the policyholder is different from the insured, the precision regarding the right of revocation of consent by the insured 18.
m. Others determined by the Superintendence 19.

When contracts contain conditions relating to the matters referred to in this article, only those previously approved by the Superintendence must be used. However, in case there are modifications to the current regulations that have an impact on the approved minimum conditions, companies must submit the modified conditions to the Superintendence for their respective approval within thirty (30) days of the regulatory modification occurring. Without prejudice to the foregoing, the obligation that companies have to apply legal norms of an imperative nature remains from the date they enter into force. Companies may adopt the minimum conditions that have been previously approved by the Superintendence to other companies individually or organized in a group or guild manner, for which effect they must send a communication indicating the minimum conditions they request to adopt and the number of the Resolution by which they were approved, so that their use is authorized by the Superintendence. Minimum conditions that do not have prior approval from the Superintendence cannot be used, with the exception of the expressly indicated cases in the Regulation.

Article 11°.-
20Dissemination of information related to norms of an imperative nature 21 When policy models are modified by norms of an imperative nature, companies must:
a. Disseminate on their website -along with the policy models-, the provisions approved by the norms of an imperative nature that impact the content of the policy models, in accordance with article 11-A. b. When the minimum conditions previously approved by the Superintendence are modified by norms of an imperative nature, companies must indicate, in said minimum conditions, a text stating that they are in the process of review and approval by the Superintendence. For its part, the Superintendence will disseminate, through its website, the minimum conditions it has approved by line and product.

Article 11°-A.-
22Requirements applicable in front of norms of an imperative nature 23 In those cases where norms of an imperative nature impact the content of insurance policies, even if they are minimum conditions previously approved, companies must:
a. Inform policyholders, insured persons, and the general public about the provisions approved by the norms of an imperative nature that impact the content of the policies. For this effect, companies must inform about the applicable provisions through their website, public service offices, and other mechanism they determine. The use of said information mechanisms must be incorporated into the policies and policy models. b. Apply the norms of an imperative nature from the date they enter into force.

TITLE IV 24
PROVISIONS APPLICABLE TO THE POLICY AND DOCUMENTATION THAT MUST BE MADE AVAILABLE TO THE USER FOR CONTRACTING

Article 12°.- Contractual Conditions
Companies must draft the contractual conditions corresponding to the products and services they offer to users in simple and clear language that allows adequate comprehension by them of their obligations and rights.
The general, particular, and special conditions, as well as the endorsements incorporated into insurance policies, must be drafted with characters not smaller than three (3) millimeters, for which it must be verified that the printing of the policy and its annexes comply with the minimum size for their characters.

Article 13°.- The insurance application and its minimum content 25
The application must allow for each type of policy the adequate declaration of the risk, with the purpose of avoiding the lack of presentation of relevant information or inaccurate declarations by the user, without prejudice to the additional information or inspections, as applicable, that the company may require for the evaluation of the risk. Said application will be provided by the companies and must contain information that allows the identification of the policyholder, insured, and beneficiaries, as applicable. In the application, it must be indicated that the company will communicate to the policyholder, within fifteen (15) days of the application being presented, if it has been rejected, unless additional information has been requested within said deadline. In the case of mass insurance marketed under the individual insurance modality, companies may incorporate the insurance policy conditions into the application in order to deliver the corresponding policy to the policyholder at the time of contracting. 26 The acceptance of the insurance application implies the conformity of the declarations made in it by the policyholder or insured on the terms stipulated by the companies, as long as the policyholder or insured had provided truthful information. If the company had not rejected the insurance application, said application, as well as the additional information provided by the policyholder or the result of the inspections for the adequate evaluation of the risk, will form an integral part of the insurance policy. In the case of contracts marketed at a distance, companies must provide security mechanisms that allow verifying that for the issuance of the policies there was, previously, an insurance application. For the case of life insurance under the particular annuity modality, the insurance application must contain a section in which -in a prominent manner- information is provided about the characteristics associated with the contracting of the offered modality, considering the information referred to in numeral 8 of paragraph b of article 16°.

Article 14°.- Delivery of policies or insurance certificates
The insurance application must be presented to the company, to the marketer, or to the insurance promoter, if applicable, and if not rejected, within the deadline of fifteen (15) days, the company must:
a. In the case of individual insurance, deliver the insurance policy to the policyholder and/or insured. In case the policy has been delivered to the policyholder, and the insured is a different person, they may request a copy of the policy from the company, without prejudice to the payment that may correspond for carrying out said service. b. Regarding group or collective insurance, deliver the insurance certificate to the insured, considering for such effect the content indicated in Annex No. 1. Likewise, the company may, through the policyholder, deliver said certificate to the insured, without prejudice to the responsibility that corresponds to it. 27
c. In case a designation to an insurance broker has been made, the insurance company must send the policy to the insurance broker simultaneously to the insured and/or policyholder. 28
At the request of the policyholder and/or insured, companies will issue a copy of the corresponding policy, delivering it within the deadline established in the preceding article. The insured's right to request a copy of the group insurance policy from the company must be printed on the insurance certificate.

Article 15°.- Content of insurance policies
15.1 Insurance policies must observe, in addition to what is provided in articles 26º and 28º of the Insurance Law, the following information:
a. List of documents and information required to proceed with the claim settlement process. b. Dispute resolution mechanisms, if applicable.
c. The right of withdrawal, applicable in those cases developed in article 19° of the Regulation.
d. Right of renewal or unilateral extension of the contract, if applicable.
15.2 Without prejudice to the foregoing, to comply with what is provided by the Insurance Law and the General Law, companies must consider the following:
a. For the case of information regarding the name, denomination, or corporate name and domicile of the policyholder and/or insured or of the beneficiary, as applicable, the provisions of the Supplementary Norms for the Prevention of Money Laundering and Financing of Terrorism, issued by the Superintendence, must be considered. b. The general conditions must appear in the policy in such a way that it is possible for users to distinguish or differentiate them from the particular, special, and/or endorsements conditions that form part of the policy.
c. The criteria and procedures for updating premiums as well as the evolution of the amount of premiums, referred to in paragraph e) of article 26° of the Insurance Law, are applicable for health insurance regulated in Law No. 29878.
d. The commercial premium will be presented in the following form:

COMMERCIAL PREMIUM
COMMERCIAL PREMIUM + IGV

Likewise, it must be informed that the commercial premium includes, as applicable, the following:

DESCRIPTION AMOUNT
Charges for the intermediation of insurance brokers and broker registration number.
Charges for the marketing of insurance through insurance promoters.
Charges for the marketing of insurance through bancassurance or other marketer. 29 e. In those cases where bonuses, prizes, or other benefits are granted to insurance brokers and/or marketers, reference must be made to the way they will be determined, including the corresponding parameters; the foregoing is also applicable in the case of insurance linked to credits when said bonuses, prizes, and other benefits are granted to the policyholder. f. The distribution of the commercial premium according to the main coverage and the additional coverages contained in the policy when applicable.

Article 15-A°.- Content of the Life Insurance Policy in the particular annuity modality 30
In the case of life insurance under the particular annuity modality, in addition to the provisions indicated in the preceding article, the following must be considered:
a) In the case of life insurance in the particular annuity modality that have the faculty to resolve the contract unilaterally and without expression of cause (revocable), the reference amount for the refund of the premium based on the unexpired term, as well as the opportunity for its return, must be indicated in the policy, that is, for the term in which, if applicable, the company does not provide coverage through the payment of annuities. b) In the case of life insurance in the particular annuity modality that do not have the faculty to resolve the contract unilaterally and without expression of cause (irrevocable), said condition must be indicated in the policy, in prominent characters.

Article 16°.- Summary of the contracted coverage and users' rights 31
Companies must deliver to the insured and/or policyholders, together with the policy, a summary -in a separate document- in which the following information is clearly and briefly stated:
a. General information.-

1. Location, phone, and email, or web contact medium if one has been enabled, of the company.
2. Product denomination.
3. Place and form of premium payment.
4. Medium and deadline established for the notice of the claim.
5. Places authorized by the company to request insurance coverage.

14 Derogado por Resolución SBS N° 4143-2019 a partir del 01.12.2019

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15 Derogado por Resolución SBS N° 4143-2019 a partir del 01.12.2019

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16 Literal modificado por la Resolución SBS N° 4462-2016 publicado el 20.08.2016.
17 Literal incorporado por la Resolución SBS N° 4462-2016 publicado el 20.08.2016.
18 Literal incorporado por la Resolución SBS N° 4462-2016 publicado el 20.08.2016.
19 Literal incorporado por la Resolución SBS N° 4462-2016 publicado el 20.08.2016.
20 Artículo modificado por la Resolución SBS N° 4462-2016 publicada el 23.08.2016.
21 Derogado por Resolución SBS N° 4143-2019 a partir del 01.12.2019 22 Artículo incorporado por la Resolución SBS N° 4462-2016 publicada el 23.08.2016.
23 Derogado por Resolución SBS N° 4143-2019 a partir del 01.12.2019

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24 Derogado por el artículo sexto de la Resolución SBS N°4143-2019 a partir del 06.09.2020, salvo el artículo 16.
25 Artículo modificado por la Resolución SBS N° 3650-2016 publicada el 03.07.2016.
26 Párrafo modificado por la Resolución SBS N° 1121-2017, publicada el 18.03.2017.

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27 Literal modificado por la Resolución SBS N° 1121-2017, publicada el 18.03.2017.
28 Literal modificado por la Resolución SBS N° 809-2019, publicada el 07.03.2019.

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29 Literal modificado por la Resolución SBS N° 1121-2017, publicada el 18.03.2017.
30 Artículo incorporado por la Resolución SBS N° 3650-2016 publicada el 03.07.2016.
31 Derogado por el artículo sexto de la Resolución SBS N°4143-2019 a partir del 05.03.2021

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6. Channels enabled by the company to file complaints as provided in the Service Circular on User Attention.
7. Instances enabled to file complaints and/or reports such as the Superintendency, INDECOPI, among others, as applicable.
8. Reference must be made to the existence of encumbrances, if applicable, considering the following text for this purpose: "This product presents obligations on the part of the user whose non-compliance could affect the payment of indemnification or benefits to which one would be entitled."
9. The obligation of users to inform the company in case there is an aggravation of the insured risk must be indicated, considering the following text for this purpose: "During the validity of the insurance contract, the insured is obligated to inform the company of facts or circumstances that aggravate the insured risk."

b. Insurance policy information.

Additionally, companies must present the following information, making reference to the policy clauses that contemplate their development:

1. The main risks covered.
2. The main exclusions.
3. Access conditions and limits of permanence in personal insurance.
4. If applicable, for the cases detailed in Article 19 of the Regulation, the existence of the right of withdrawal.
5. Reference to the right to terminate the contract without cause.
6. The existence of the right of users to accept or not the modifications of the contractual conditions proposed by the companies, during the validity of the contract.
7. Reference to the procedure for requesting insurance coverage.
8. In the case of annuity insurance, it must be expressly indicated, in highlighted characters, whether or not there is the faculty to terminate the contract unilaterally and without cause, according to the offered modality. 32

TITLE V
ABUSIVE CLAUSES AND PRACTICES

Article 17°.- Abusive Clauses or Prohibited Stipulations 33

Abusive clauses or prohibited stipulations are all those stipulations not negotiated by the parties that, contrary to the requirements of utmost good faith, cause a significant imbalance in the rights and obligations of the parties, to the detriment of the insured. Such clauses are null and void, and are therefore considered not agreed upon.

It is considered that a clause has not been negotiated when it has been drafted previously and the contracting party has not influenced its content; the burden of proof of prior negotiation of the clause rests on the company.

The prohibited stipulations in the insurance contract are the following:

a. Those that contravene the Insurance Law and the current legal framework. b. Those that establish the waiver by the insured and/or beneficiaries of the jurisdiction and/or laws that favor them.
c. Those that establish prescription periods that do not comply with current regulations.
32 Numeral incorporated by Resolution SBS No. 3650-2016 published on 3/7/2016.
33 Repealed by Resolution SBS No. 4143-2019 effective 01.12.2019

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d. Those that, contrary to what is provided by the Superintendency, prohibit or restrict the right of the insured to submit the controversy to the judicial route, without prejudice to their right to agree with the insurer, only after the occurrence of the claim, the submission of the case to arbitration or another dispute resolution mechanism. e. Those that provide for the loss of rights of the insured and/or beneficiary due to non-compliance with encumbrances that do not have consistency or proportionality with the claim for indemnification requested. f. Those that limit the means of proof that the insured can use or that intend to reverse the burden of proof to the detriment of the insured. g. Those that establish the lapse or loss of rights of the insured in case of non-compliance with encumbrances that are excessively difficult or impossible to execute. h. Those that impose the loss of rights of the insured in case of violation of laws, norms, or regulations, unless this violation corresponds to a crime or constitutes the cause of the claim.
i. Those that establish the collection of charges - in addition to the commercial premium - for the concept of risk or insured matter evaluation, administration, issuance, production and redistribution of risks (co-insurance and reinsurance), and agency for the intermediation of insurance brokers or contracting of marketers.
j. Those that exclude or limit the liability of the company, its insurance promoters and/or marketers for fraud or negligence, or those that transfer liability to the user for the acts or omissions of the company or those subcontracted by it. k. Those that foresee or imply limitation or waiver of the exercise of users' rights.
l. Those that authorize the company to charge for services not provided or not authorized by the contracting party.
m. Those that establish the faculty to make modifications to the contractual terms agreed upon during the validity of the contract without prior written approval of the contracting party, or without the acceptance of the contracting party within thirty (30) days of the communication with the modification proposal. n. Those that empower the company to suspend or terminate a contract unilaterally without previously notifying the contracting party and/or insured, except for the exceptions given by laws with rank of law. o. Those that establish limitations to file complaints and/or reports before the company, other instances to which the user can resort, or through dispute resolution routes, as applicable, for infringement of the Insurance Law, the Code, as well as those provisions issued by the Superintendency. p. Those that establish disproportionate requirements and requests from users to request and/or receive benefits from the company. q. Others identified by the Superintendency.

The conditions of insurance policies must not incorporate prohibited stipulations, both those identified in the Insurance Law, the Code and the Regulation, as well as those identified by the Superintendency in its supervision activities and communicated through a multiple letter.

Without prejudice to the above, the Superintendency may observe those clauses whose drafting is considered ambiguous or lacking in clarity.

Article 18°.- Abusive Practices 34

Abusive practices are those behaviors that affect the legitimate interest of users by taking advantage of the situation of disadvantage resulting from the particular circumstances of the consumer relationship, imposing excessively onerous conditions or those that are not foreseeable at the time of contracting.

Abusive practices are considered, among others, the following:

a. Those that directly or indirectly impose the celebration of an insurance contract, except for mandatory insurance. b. Those that impose the contracting of insurance on risks unrelated to the basic contract, by companies whose corporate object is not the insurance activity.
c. Those that predetermine the name of insurance companies through related contracts, in such a way that the freedom of choice of the potential insured is limited.
d. Those that disregard or restrict the right of the insured to have advice in the contracting of insurance and/or risk and/or claims management services from an authorized insurance broker. e. Those that vary the information originally provided, the conditions of the insurance or additional services offered by the company before the celebration of the contract, without the express and informed consent of the contracting party. f. Those that create the impression that the contracting party has won a prize or will obtain an advantage when, such benefit does not exist, or for such achievement, a payment is required. g. Those that are misleading by providing false information regarding the main characteristics of the insurance or the identity of the company. h. In the case of insurance offers, those practices that disorient the potential contracting party regarding the identity of the company or the affiliation of the marketer to said company.
i. Those that include blank spaces, that have not been filled or invalidated before the contract is celebrated.
j. Those that reject the coverage of a claim based on a condition that was not informed by the company in the contract. k. Those that seek to incentivize insureds to end their commercial relationship with insurance brokers, in order to offer them insurance coverage directly, providing information different from that which must be subject to disclosure according to the regulation or the Insurance Law.
l. In case of early termination of the insurance validity, not returning the corresponding amount of the commercial premium for the uncovered period.
m. The inducement to error regarding the functions and responsibilities of insurance brokers hired by marketers and who do not have a letter of appointment from the insureds. n. In general, any practice that implies fraud, violence or intimidation that has been determinant in the will to contract or in the user's consent. o. Others identified by the Superintendency and communicated through a multiple letter.

TITLE VI 35
ASPECTS TO BE INFORMED AT THE TIME OF CONTRACTING

Article 19°.- Information on the right of withdrawal

In the case of insurance offered by marketers, information regarding the right of withdrawal to terminate the contract without cause or penalty must be provided, considering at least the following information:

35 Repealed by article six of Resolution SBS No. 4143-2019 effective 06.09.2020

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a) The period to exercise the right of withdrawal applicable to individual insurance, which in no case may be less than fifteen (15) days, counted from when the contracting party receives the policy or provisional coverage note. b) The period to exercise the right of withdrawal applicable to group insurance that is not a condition for contracting credit operations, which in no case may be less than fifteen (15) days, counted from when the insured receives the corresponding insurance certificate. c) The channels and procedures with which the contracting party and/or insured have to exercise their right before the company. d) The precision regarding that in case the contracting party or insured exercises their right of withdrawal after the premium or part of it has been paid, the company will proceed with the total return of this.

Article 20°.- Termination without cause 36

20.1 In insurance contracts, with the exception of life, health, and surety insurance, it may be agreed that either party has the right to terminate the contract without cause. If the company or the contracting party exercise the faculty to terminate the contract, they must notify the other party in advance, with a notice of no less than thirty (30) days.
20.2 The company must inform regarding the channels and procedures applicable to request the refund of the premium based on the elapsed time, without penalties or charges of a similar nature or effect being applicable for early termination of the contract.
20.3 In the case of life insurance, with the exception of life insurance in the irrevocable annuity modality, health, and surety, termination without cause can only be invoked by the contracting party and with the authorization of the insured in the case of surety insurance.

Article 21°.- Duty to inform users

For the purposes of formalizing the insurance contract, companies must provide users with all information related to the offered product in the stage prior to contracting. This obligation extends to insurance brokers when acting as intermediaries between them and the company, as well as to their insurance promoters and marketers, if applicable.

In addition to product information, companies must inform users of the Effective Annual Cost (TCEA) if opting for premium installment payments and the Effective Annual Rate (TREA) applicable in the case of products with savings or investment components.

Article 22°.- Information regarding insurance brokers

Insurance brokers must provide information to the contracting party and/or insured regarding their advisory function during the validity of the contract, highlighting the work they will perform in the event of a claim. Likewise, they must make known the amount the company will pay them for the concept of agency for the intermediation carried out in case the contract is celebrated, as well as the scope of the professional civil liability policy that guarantees the fulfillment of their obligations as an insurance intermediary, indicating the number of this insurance policy, the coverage amount, and the name of the company in which they are insured.

Insurance brokers, once the insurance contract is celebrated, must maintain communication channels available in order to answer, at any time, user queries regarding contracted coverages, provide adequate attention in case of a claim, and deliver information on the scope of the policy coverage requested by the user, among other relevant aspects. For this purpose, they must provide users with at least the following information:

a) First and last names or corporate name. b) Address, telephone number, and email. c) Registration number granted by the Superintendency.

Article 23°.- Additional information in the case of offers through marketers

Companies, in addition to the information that must be provided at the time of contracting, must inform contracting parties or insureds, in the policy, insurance certificate, or in a separate document, that:

a) The company is responsible before the contracting party and/or insured for the contracted coverage. b) The company is responsible for all errors or omissions incurred by the marketer; without prejudice to the responsibilities and obligations that correspond to them.

In the case of bancassurance, what is provided in the Regulation on Transparency of Information and Contracting with Users of the Financial System, approved by Resolution SBS No. 8181-2012 and its modifying norms, shall apply.

c) Communications sent by contracting parties, insureds, or beneficiaries to the marketer, regarding aspects related to the contracted insurance, will have the same effects as if they had been presented to the company. d) Payments made by insurance contracting parties, or third parties in charge of payment, to the marketer, will be considered paid to the company.

TITLE VII 37
TRANSPARENCY IN THE INFORMATION PROVIDED TO THE USER DURING THE VALIDITY OF THE INSURANCE CONTRACT

Article 24°.- Communication means to be used

The communication means used by companies must allow users to be able to take adequate and timely knowledge of the contractual modifications to be made.

Companies must agree with the contracting party on the use of direct communication mechanisms, such as communications sent to the physical or electronic address or telephone communications, among others, as applicable. These mechanisms must be contemplated in the corresponding contract, considering for this purpose what is stated by the Insurance Law. Companies must maintain a record of the delivery or making of communications or of the sending made in case the information is sent by email.

Article 25°.- Communications sent to contracting parties and/or insureds

All communications, regarding the intermediated policy, that must be sent to the contracting party and/or insured must be sent in copy to the insurance broker who has been designated through the letter of appointment, in the email that has been indicated for this purpose.

Article 26°.- Communications regarding the modification of insurance policies

In communications prior to the modification of contracts, those concepts that will be the subject of change must be highlighted, explicitly stating what they consist of in order to allow contracting parties to take knowledge of them and make a decision.

37 Repealed by article six of Resolution SBS No. 4143-2019 effective 06.09.2020

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In the case of group insurance, the company must provide sufficient documentation to the contracting party, and this must make known to the insureds the modifications that have been incorporated into the contract, according to the previous paragraph.

The lack of express acceptance of the new terms does not imply the termination of the contract, in which case its modification is not proceeding until the end of the validity of the contract.

Article 27°.- Endorsement

The endorsement must refer, at a minimum, to the insurance policy to which it corresponds, indicating the endorsement number, date of issuance and validity, full name or corporate name or business name of the contracting party and/or insured, the modification or declaration that originates the issuance of the endorsement; and the designation of the beneficiary, if applicable.

Likewise, when the procedure regarding the endorsement of a policy begins, the insurance broker must be notified immediately.

Article 28°.- Record of effective date of Payments

At payment locations made available to contracting parties, including marketers, the payments of the corresponding commercial premium must be informed and registered timely and adequately. In virtue of this, payments made at said locations must be considered as made on that date to the companies in order not to affect the insurance coverage.

TITLE VIII 38
USER ATTENTION SYSTEM AND USER ATTENTION OFFICER

CHAPTER I
USER ATTENTION SYSTEM

Article 29°.- User attention system

Companies must have an adequate user attention system that allows providing a quality service, consistent with the general policies they have established, in observance of current legal provisions that generate obligations for companies and those established in the Service Circular on User Attention, regarding users.

The user attention system must be conceived by companies as an important component of their organizational culture, must respond to the environment of their internal control system, and adapt to the nature and complexity of the business conducted by the company and its market orientation.

Article 30°.- Minimum elements of the user attention system

The user attention system implemented by companies must comprise the following minimum elements:

a) General policies and procedures regarding user attention and service, which must be consistent with the current regulatory framework on the matter. b) User Attention System Manual, which must contain the company's general policies, as well as the objective, the description of the system's functioning, the mechanisms and procedures that will be used to meet the objectives, the responsibilities of the involved areas and the User Attention Officer, as well as communication channels and 38 Repealed by article six of Resolution SBS No. 4143-2019 effective 10.03.2020

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coordination between them, the staff training policy on the user attention system, among others. c) Code of Good Practices for user attention, which must comprise the policies designed by the company so that workers and officials, responsible for attending to users, as well as the marketing channels they use, provide adequate information and attention in accordance with current norms. The aforementioned Code must also comprise the information provided to insurance brokers, if applicable.

Article 31°.- Responsibility of the board of directors and management

The board of directors is responsible for establishing the general policies and procedures that allow the company to have an adequate user attention system. Likewise, it will be responsible for the functioning of said system, for the compliance with the policies, procedures, and provisions contained in the Regulation.

The company must designate a user attention officer in charge of ensuring compliance with the user attention system, whose functions are detailed in the following Article 33.

The management shall be responsible for coordinating with the User Attention Officer the implementation of measures necessary for the functioning of the user attention system to align with the general policies established by the Board of Directors, according to the terms indicated in the Regulation. Likewise, the management shall be responsible for assigning the human, technical, and logistical resources that allow the aforementioned Officer to fulfill the functions set forth in the Regulation.

CHAPTER II
RESPONSIBILITIES OF THE USER ATTENTION OFFICER

Article 32nd.- User Attention Officer
The User Attention Officer is the official in charge of ensuring the implementation and compliance with the general policies and procedures established by the company, as well as the compliance with all regulations supporting the user attention system, including this provision. For their designation, the restriction established in Article 7°-A of the Regulation on Integrated Risk Management, regarding the regulatory compliance function, shall be taken into consideration.

This Officer shall coordinate with the General Management the mechanisms and actions that must be implemented for the proper functioning of the user attention system.

Companies must communicate to the Superintendency the name of the User Attention Officer within a period of five (5) days from the date of their designation.

Article 33rd.- Functions and responsibilities of the User Attention Officer
The functions of the User Attention Officer are:
a. To ensure the implementation and compliance with current regulations in matters of information transparency and user attention and other provisions established by the Superintendency. b. To ensure that companies have properly implemented complaint handling areas and adequate mechanisms for resolving their complaints.

c. To coordinate with the other areas of the company the implementation of policies and procedures for the functioning of the user attention system and its due compliance.
d. To propose measures that allow the company to improve the functioning of the user attention system and its minimum elements. e. To verify that the means of disseminating information about the products and services provided by the company comply with current regulations. f. To verify that the personnel in charge of providing advice to users regarding the products and services provided by the company, as well as regarding the matters contained in the contracts, comply with the training requirements contained in the Service Circular on User Attention. g. Follow-up on requests submitted for prior approval of minimum conditions and on actions taken to remedy observations made by the Superintendency, where applicable. h. Follow-up on actions taken by the company regarding abusive clauses and practices identified by the Superintendency.
i. To ensure that companies send prior communications regarding contractual modifications within the deadlines established in the Regulation.
j. To coordinate with the Superintendency on matters related to user attention and the transparency of information that the company disseminates about its products and services. k. Report to the Superintendency an annual report regarding the functioning of the user attention system.
l. Propose the establishment of coordination mechanisms with insurance brokers for the proper attention of inquiries and complaints presented by users whose policies they had intermediated, as well as communications related to modifications of the policies they had intermediated.
m. Those others that are necessary for the fulfillment of their functions.

The User Attention Officer, for the due fulfillment of their responsibilities and the presentation of the annual report referred to in letter k. of the preceding paragraph, must prepare an annual work program that will be submitted for prior consideration to the Board of Directors and approved by it before December 31 of each year. This program must contain the methodology used for verifications and reviews of the degree of compliance of the user attention system, the activities to be carried out, including the schedule for their execution. A copy of the aforementioned Annual Program must be available to the Superintendency.

Article 34th.- Presentation of the annual report of the User Attention Officer to the Superintendency
The annual report referred to the functioning of the user attention system must be presented to the Superintendency within forty-five (45) days following the closing of the fiscal year. This report must be brought to the knowledge of the Board of Directors before being presented to the Superintendency. The report must contain information regarding the verifications and reviews carried out by the User Attention Officer in accordance with what is indicated in Article 33 of the Regulation, as well as a description of the methodology used.

COMPLEMENTARY AND FINAL PROVISIONS 39

FIRST.- Companies must observe the provisions contained in the Law on Repression of Unfair Competition, the Consumer Protection and Defense Code, to the extent practicable, and any other provision that might be issued regarding consumer protection and in matters of repression of unfair competition. 39 Repealed by SBS Resolution No. 4143-2019 effective from 01.12.2019

SECOND.- The Superintendency may approve the general contracting clauses submitted by companies for products other than mass, mandatory, and personal insurance, in the manner contemplated in the pertinent articles of the Civil Code.

THIRD.- The insurance proposal, the insurance application, the declarations made by the insured, the insurance conditions, the communications and their corresponding receipts sent between the company and/or the policyholders and/or insured and/or commercializers and/or insurance brokers related to the contracted insurance, among other documentation and information issued or presented in connection with the celebration of the contract and during its validity, must be maintained in the insurance policy files, which will be available to the Superintendency.

In accordance with the provisions on the marketing of insurance products through distance marketing systems, the information supporting the insurance contracting must be delivered by the company at the request of the policyholder, for the purposes they deem pertinent.

TRANSITIONAL PROVISIONS 40

FIRST.- Companies must inform the policyholders of all active insurances about the aspects that have been modified as a consequence of the validity of the mandatory norms of the Insurance Law and regulatory norms, through the mechanisms established in Article 24 of the Regulation. In the case of group insurances, companies must send the number of communications necessary to inform the insured about the aforementioned modifications.

Through a multiple letter, the Superintendency will indicate the minimum aspects that must be contemplated in the aforementioned communication.

SECOND.- Policies previously registered in the Registry of Insurance Policies and Technical Notes must be modified, according to the mandatory norms established in the new regulation. Modified policies must state next to the registration code the following: “adequate to Law No. 29946 and its regulatory norms.”

Article Second 41

.- With the aim of promoting the protection of users' interests in the insurance system, through legal defense mechanisms for the insured referred to in the Fourth Complementary, Final, and Modifying Provision of the Insurance Contract Law, this Superintendency establishes that the mechanisms constituted under the cited regulation must comply with the following minimum requirements:
a) The members who make up the dispute resolution body must be university professionals, with at least five (5) years of experience in insurance, recognized professional and public track record, having had no affiliation with insurance companies, insurance brokers, reinsurers, or insurance auxiliaries in the last three (3) years, and possessing accredited knowledge in insurance. b) Have a Code of Ethics. 40 Repealed by SBS Resolution No. 4143-2019 effective from 01.12.2019 41 Repealed by SBS Resolution No. 4143-2019 effective from 01.12.2019

c) That their resolutions have a binding character for companies. d) To attend and resolve disputes generated in cases of claims, as well as complaints presented regarding any aspect of the insurance contract, in case they consider their legally recognized interests and rights affected. e) To attend every business day of the year, with a minimum of eight (8) daily hours. f) To have the means that allow user access at the national level, such as telephone lines and/or website. g) The website must contain easily accessible information regarding its functions, members, rules, issued resolutions, and statistics of attended cases ordered by risks.

Article Third 42

.- The annexes approved by this resolution are published on the electronic Portal of this Superintendency (www.sbs.gob.pe), in accordance with what is provided by Supreme Decree No. 001-2009-JUS.

Article Fourth 43

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

Companies will have until December 31, 2013, to adapt the policies registered in the Registry of Insurance Policies and Technical Notes to what is established in Title III of the Regulation, the Insurance Law, the Regulation, and the current regulatory framework; as well as to comply with the provisions contemplated in the Regulation. Once this period has elapsed, the provisions of the Regulation on Insurance Policies and Technical Notes, approved by SBS Resolution No. 1420-2005 and its modifying norms, are left without effect, with the exception of what is provided by letters h) and l) of Article 2° and Chapter III of said Regulation. 44

Once the period referred to in the previous paragraph has expired, the insurance policies registered in the Registry of Insurance Policies and Technical Notes, duly adapted, must be sent to this Superintendency, according to the schedule attached as Annex No. 3 of this Resolution, without prejudice to the Superintendency's faculty to issue pertinent instructions for the adequate compliance with the presentation schedule.

The aforementioned schedule only refers to the obligation to send insurance policies to the Superintendency, without prejudice to the duty of companies to adapt them to the current regulatory framework within the adaptation deadlines provided in each case.

In the case of new product registration requests, companies must adhere to the norms and instructions issued by the Superintendency.

Register, communicate, and publish.
42 Repealed by SBS Resolution No. 4143-2019 effective from 01.12.2019 43 Repealed by SBS Resolution No. 4143-2019 effective from 01.12.2019 44 Paragraph modified by SBS Resolution No. 7044-2013 of 28-11-2013

DANIEL SCHYDLOWSKY ROSENBERG
Superintendent of Banks, Insurance, and Private Pension Fund Administrators

ANNEX No. 1
CONTENT OF THE INSURANCE CERTIFICATE

INSURANCE CERTIFICATE No.
PRODUCT NAME
INSURANCE POLICY No. ........................................
INSURANCE COMPANY

Denomination or corporate name RUC Number
Address Telephone Email

INSURANCE POLICYHOLDER
Full name or denomination or corporate name, as applicable Type and ID Number Address Telephone

INSURED
Full name or denomination or corporate name, as applicable Indicate relationship with the policyholder Address

BENEFICIARY (if any)
Full name or denomination or corporate name, as applicable Indicate relationship with the insured

INSURANCE COVERAGE 45

Validity of the insurance: Premium Amount Charges for the intermediation of insurance brokers or the marketing of insurance promoters, bancassurance or other commercializer.
Start Date: (dd/mm/yyyy)
End Date (dd/mm/yyyy)
Description of the insured interest
Covered Risks Place and form of premium payment, if it is to be charged to the insured, and responsible for payment, when it is a third party.
(indicate basic coverage) a. b. c.
Exclusions a. b. c.
Declared values and insured sums duly
Quantified
Deductibles, franchises, or similar

List of additional clauses included in the insurance policy

• If applicable, for the cases detailed in Article 19 of the regulation, the existence of the right of withdrawal.
• Reference to the right to terminate the contract without cause.
• The existence of the right to accept or not the modifications of the contractual conditions proposed by the companies, during the validity of the contract.
• Reference to the procedure for requesting insurance coverage.

Additional Information:
Among other aspects, at least the following information must be considered:

• Medium and deadline established for the notice of the claim.
• Places authorized by the company to request insurance coverage.
• Means enabled by the company to present complaints as provided by the Service Circular on User Attention.
• Instances enabled to present complaints and/or complaints such as the Ombudsman for the Insured, Superintendency, INDECOPI, among others, as applicable.
• Existence of charges, if applicable, considering for such effect the following text: “This product presents obligations on the user whose non-compliance could affect the payment of the indemnification or benefits to which one would be entitled.”
• The obligation of users to inform the company in case there is an aggravation of the insured risk, considering for such effect the following text. “During the validity of the insurance contract, the insured is obligated to inform the company of the facts or circumstances that aggravate the insured risk.”

Date of Issuance Signature of the authorized official of the company 45 Section of Annex No. 1 modified by SBS Resolution No. 1121-2017, published on 18.03.2017.

ANNEX No. 2
REJECTED CLAIMS (*)

Information corresponding to the quarter....................................

Product
Number of Claims
Reported
Number of
Rejected Claims
Rejection Percentage
1 2 3 4
Total

Notes.-
(*) Information to be published on the company's website

1. Corresponds to the denomination of the products subject to information
2. Total number of claims reported in the quarter being reported.
3. Total number of claims rejected in the quarter being reported.
4. Corresponds to the ratio “3 / 2”

ANNEX No. 3
SCHEDULE FOR THE GRADUAL PRESENTATION OF INSURANCE POLICY MODELS BY COMPANIES 46

POLICIES Dates of presentation before the Superintendency EX ANTE Personal Insurance:
Medical Assistance From January 2 to 15, 2014
Personal Accidents From July 1 to 15, 2014
Life From January 2 to 15, 2015
Mandatory Insurance: From October 1 to 15,
2015
Mass Insurance: From January 2 to 15, 2014
EX POST From February 1 to 15,
2016
46 Title modified by SBS Resolution No. 7044-2013 of 28.11.2013.