Resolution SBS No. 3201-2013: Regulation for the Use of Electronic Insurance Policies

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Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239

Lima, May 24, 2013
Resolution S.B.S.
No. 3201-2013

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 Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its amendments, hereinafter the General Law, it is the objective of the Superintendence to protect the interests of the public within the scope of the financial and insurance systems;

That, Article 26 of the Insurance Contract Law approved by Law No. 29946, hereinafter the Insurance Law, states that the use of electronic insurance policies shall be regulated by the Superintendence of Banking, Insurance and AFP, hereinafter the Superintendence;

That, Article 4 of the Insurance Contract Law states that the insurance contract is concluded by the consent of the parties even if the policy has not been issued or the premium paid;

That, consequently, it is necessary to establish the minimum security requirements and standards and the conditions that insurance companies must meet for the use of electronic insurance policies;

That, in order to gather opinions from the general public regarding the proposal to modify the regulations, its pre-publication was ordered in accordance with Supreme Decree No. 001-2009-JUS;

Having the approval of the Assistant Superintendencies of Private Pension Fund Administrators and Insurance, Legal Advice and Risks, as well as the Department of Products and Services for the User;

In exercise of the powers conferred by items 7 and 19 of Article 349 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 its amendments;

RESOLVES:

Article First.- Approve the Regulation for the Use of Electronic Insurance Policies, in the terms indicated below:

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Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511) 6309000 Fax: (511) 6309239 REGULATION FOR THE USE OF ELECTRONIC INSURANCE POLICIES

Article 1°.- Scope.
The provisions of this Regulation are applicable to the insurance companies referred to in item D of Article 16 of the General Law, hereinafter the companies.
This Regulation is not applicable to the contracting of life annuities within the scope of the Private Pension System.

Article 2°.- Definitions.
For the purposes of this Regulation, the following definitions must be considered:
a) Electronic media: Refers to the use of electronic equipment for the transmission, processing and storage of information. b) Electronic insurance policy: Is the digital version of the insurance policy, regulated by the Insurance Contract Law and the norms on transparency and insurance contracting issued by the Superintendence, and which is transmitted and stored on electronic media. It is understood that any reference to the electronic insurance policy in this Regulation includes the electronic insurance certificate in the case of group or collective insurance. 1 c) Electronic insurance certificate: Is the digital version of the insurance certificate, regulated by the Insurance Contract Law, and the norms on transparency and insurance contracting issued by the Superintendence, and which is transmitted and stored on electronic media. 2

Article 3°.- Consent of the policyholder for the sending of electronic insurance policies.
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Companies may send electronic insurance policies to policyholders, prior to their express consent. Such consent may be manifested in writing, by telephone, electronically, or through any other means that allows it to be recorded. The policyholder's consent must include the following:
a) A declaration by the policyholder that they have been informed of the method of sending the insurance policy by electronic means and the corresponding procedure, which comprises the advantages and possible associated risks and that they have taken note of the security measures applicable to them. b) The method of sending the insurance policy, which may be via email, website, or by some other electronic means agreed upon. c) The manner in which the receipt of the insurance policy will be confirmed. d) The manner in which the authenticity and integrity of the electronic insurance policy will be accredited, through electronic signature or other means that ensure equal or greater security. In the event that the insured is a person different from the policyholder of an individual insurance, the electronic insurance policy must also be sent to the insured.

1 Item modified by Resolution SBS No. 1121-2017, published on 18.03.2017.
2 Item incorporated by Resolution SBS No. 1121-2017, published on 18.03.2017.
3 Article modified by Resolution SBS No. 1121-2017, published on 18.03.2017.

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Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511) 6309000 Fax: (511) 6309239 In group or collective insurance, regardless of the sending of the electronic insurance certificate, the electronic insurance policy must be sent to the policyholder, prior to the consent indicated in the first paragraph. Electronic insurance policies sent through electronic media to policyholders must be sent with a copy to the email addresses of insurance brokers who have the corresponding letter of appointment.

Article 4°.- Confirmation of receipt.
Companies must implement mechanisms that allow them to confirm that the policyholder received the electronic insurance policy, which must be auditable.

Article 5°.- Obligations of the company regarding the sending of the electronic insurance policy.
The obligations of the company are:
a) Have the consent of the policyholder for the sending of the electronic insurance policy. b) Implement necessary security controls for the sending and/or access to the electronic insurance policy. For this purpose, the provisions indicated in Circular No. G-140-2009 and its amendments, regarding Information Security Management, apply.

Article 6°.- Communication to the Superintendence.
The use of electronic insurance policies implies a change in the operational risk profile of the associated products, making Circular No. G-165-2012 applicable, regarding the risk report for new products or significant changes in the business, operational or computer environment. In this sense, the risk evaluation report on the use of electronic insurance policies must include at least the content indicated in said norm and be sent to the Superintendence in accordance with the deadlines established in the referred Circular.

Article 7°.- Conservation of documents.
Companies that use the aforementioned systems are responsible before the policyholders, insured, beneficiaries and before this Superintendence, for compliance with the corresponding security measures, intended to guarantee the conservation of information and to prevent its transfer or disclosure to unauthorized persons. The period for the conservation of information is subject to the provisions issued through Resolution SBS No. 5860-2009, which, among other aspects, approves provisions for the conservation and substitution of files through microform technology and periods for the conservation of books and documents. The information contained in the technological media used must be available to the policyholder and/or insured and to the Superintendence, when so required.

Article 8°.- Information to the Superintendence.

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Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511) 6309000 Fax: (511) 6309239 Companies must send the following information to this Superintendence, on a quarterly basis, through the "External Capture and Validation Sub-Module" (SUCAVE) software, within the deadlines for presenting the corresponding financial statements:

• Annex No. ES-25: "Information on Electronic Insurance Policies".
  The first information to be sent corresponds to that of the third quarter of 2013.

Article Second.- The annex mentioned in Article 8 of the provisions approved by this resolution, is published on the electronic Portal of this Superintendence (www.sbs.gob.pe), in accordance with what is established by Supreme Decree No. 001-2009-JUS.

Article Third.- This Resolution will enter into force from the day following its publication in the Official Newspaper El Peruano.

Register, communicate and publish

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

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Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511) 6309000 Fax: (511) 6309239
ANNEX No. ES-25
INFORMATION ON ELECTRONIC INSURANCE POLICIES
(Corresponding to the……………….quarter of 20…)
Company………………………

Form of
Commercialization
(1)

Code of the
Registry
(2)

Code of
Risk
(3)

Number of
Insured
(4)

Amount of
Premiums
(5)

• Quarterly periodicity
• The information will be detailed by form of commercialization

1. (1) Email, (2) telemarketing, (3) website, (4) direct sales force, (5) others
2. From the Registry of Insurance Policies and Technical Notes
3. Code according to the Chart of Accounts of the Insurance System.
4. Total number of insured corresponding to the active insurance product at the end of the reported quarter.
5. Amount corresponding to the total premiums invoiced in the reported quarter. The amount must be expressed in whole numbers without decimals. If the amounts are in dollars, use the accounting exchange rate at the close of the reported quarter.