Resolution SBS No. 332-2023: Regulation of Credit, Surety, and Guarantee Insurance Issued by Insurance Companies

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 Lima, February 01, 2023 Resolution S.B.S.
No. 332-2023

The Superintendent of Banking, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, as provided in Article 318 of the General Law of the Financial System and of the Insurance System and Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its modifying norms, hereinafter General Law, insurance and/or reinsurance companies may carry out all operations, acts, and contracts necessary to extend risk coverages or to issue surety policies linked to performance or non-performance obligations, including cession or acceptance of reinsurance operations if applicable, as well as make investments; likewise, prior to the expansion of their operating authorization, they may issue guarantees, perform trust commissions, and fiduciary charges;

That, through Resolution SBS No. 4025-2016, a distinction was made between guarantees that secure credit obligations and guarantees that back other types of obligations, specifying that guarantees securing credit obligations can only be issued with authorization from the Superintendence and, by their nature, these guarantees are considered operations subject to credit risk, and are subject to the constitution of provisions, effective capital requirements, and concentration limits inherent to the financial system;

That, in the application of the concentration limits applicable to operations subject to credit risk, it is necessary to establish clarifications regarding the issuance of guarantees that secure credit obligations, taking into account that these guarantees may be backed by a reinsurance contract;

That, the issuance of guarantees that secure other obligations, other than credit obligations, although it does not require prior authorization from the Superintendence, can only be carried out after the insurance company sends information supporting the new operation and the manner in which its risks will be managed;

That, it is necessary to establish an adequate prudential treatment for guarantees that back credit obligations, as well as for guarantees that back obligations similar to those covered by surety policies, taking into consideration the identified risks and the type of management applied to them;

That, the accounting record of guarantees that back credit obligations must be similar to that applied by companies in the financial system, with respect to the recognition of income, provisions, and recording of collateral while they are in effect; while for guarantees that secure other types of obligations and surety policies, the provisions for premium recognition and reserve constitution applicable to general insurance policies are applied;

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

That, it is necessary for insurance companies to establish strategies, policies, and procedures for the underwriting and monitoring of surety policies and guarantees, as well as for the evaluation, qualification, monitoring, and execution of counter-guarantees;

That, in the event that the insurance company issues guarantees that secure credit obligations, it is necessary to establish general policies for the evaluation of the applicant and for credit risk management;

That, it is also required to strengthen the regulatory framework applicable to internal and export credit insurance, in aspects such as their management, prudential requirements, and accounting treatment;

That, for the purpose of collecting opinions from the general public, the draft resolution on the matter was pre-published on the electronic portal of the Superintendence, under the authority of the Thirty-Second Final and Complementary Provision of the General Law and Supreme Decree No. 001-2009-JUS;

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

In exercise of the powers conferred by items 7, 9, and 13 of Article 349 of the General Law;

RESOLVES:

Article First. - Approve the "Regulation of Credit, Surety, and Guarantee Insurance Issued by Insurance Companies" in the terms indicated below:

"REGULATION OF CREDIT, SURETY, AND GUARANTEE INSURANCE ISSUED BY INSURANCE COMPANIES

CHAPTER I
GENERAL ASPECTS

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

Article 2.- Definitions
For the application of this Regulation, the following definitions shall be considered:

Creditor: natural person, legal person, or legal entity in favor of whom the guarantee securing credit obligations or other obligations is issued.
Insured: holder of the insurable interest object of the insurance contract. It may also be the policyholder of the insurance.
Beneficiary: holder of the indemnity rights established in the policy.
Adjudicated assets: assets that companies receive in lieu of payment or adjudication as total or partial payment of the debt generated in the execution of a GOC guarantee, GOO guarantee, or surety policy.
Guarantee certificate: document that is part of the surety policy, through which the company materializes before the insured or beneficiary the guarantee resulting from the surety policy, in accordance with applicable legal provisions or contractual stipulations whose compliance is guaranteed. This document is delivered to the insured or beneficiary and contains specific information on the underwriting conditions, in accordance with the requirements of the Superintendence.
GOO guarantee certificate: document that is part of the GOO guarantee, through which the company materializes before the creditor the guarantee resulting from the GOO guarantee, in accordance with applicable legal provisions or contractual stipulations whose compliance is guaranteed. This document is delivered to the creditor and contains specific information on the guarantee conditions, in accordance with the requirements of the Superintendence.
Counter-guarantee: guarantee constituted in favor of the company, in accordance with the corresponding norms, in support of guarantees or surety policies.
Policyholder: natural person or legal person who enters into the insurance contract with the company.
Initial book value of adjudicated assets: value assigned accounting-wise to the adjudicated asset. It is the value agreed upon in the contract of dation in payment or assigned in the judicial or extrajudicial adjudication, and in no case must it be greater than the value of the credit being cancelled.
COOPAC: savings and credit cooperatives that only operate with their members and are not authorized to capture resources from the public or operate with third parties.
Debtor: natural or legal person and/or legal entity that orders the company to issue the guarantee securing credit obligations or other obligations, in favor of the creditor.
Companies: insurance and reinsurance companies defined in item D of Article 16 of the General Law. They are also referred to as guarantors when issuing guarantees.
Guarantor: insurance company that obligates itself before the creditor to fulfill a specific performance, in guarantee of an external obligation, if this is not fulfilled by the debtor.
Dation in payment trust: trust constituted with real estate by the debtor or a third party of a credit operation with the purpose that the resources obtained from the sale of said assets, or in their absence, the assets themselves, be delivered to the creditor company. For the designation of the trustee, the provisions of Article 258 of the General Law must be considered.
Insolvency: that situation defined by a judge or by the parties in the insurance contract, by which a natural person or a legal person fails to pay their creditors.
Guarantee securing credit obligations (GOC Guarantees): guarantee issued by the guarantor that backs the fulfillment of payment obligations associated with credit risk events. In general, to guarantee the fulfillment of any credit obligation, a GOC guarantee must be issued.
Guarantee securing other obligations (GOO Guarantees): guarantee issued by the guarantor where an obligation other than the payment obligation associated with credit risk events is guaranteed.
General Law: General Law of the Financial System and of the Insurance System and Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its modifying norms.
Insurance Contract Law: Insurance Contract Law approved by Law No. 29946 and its modifying norms.
Executed amount: amount for which the surety policy or guarantee is executed and which is paid by the company to the insured, beneficiary, or creditor, as applicable.
Guaranteed amount: maximum amount guaranteed by the guarantee or maximum amount insured in the surety policy.
Payment obligations associated with credit risk events: credit obligations, such as a loan or a credit line granted by any company in the financial system.

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

Chart of Accounts: Chart of Accounts for Companies in the Insurance System, approved by Resolution SBS No. 348-95 and its modifying norms.
Insurance Investment Regulation: Regulation of the investments of insurance companies, approved by Resolution SBS No. 1041-2016 and its modifying norms.
Surety Insurance: through this insurance, the company obligates itself before the insured, within the limits and conditions established in the contract and applicable law, to indemnify it in case the policyholder or applicant of the insurance fails to fulfill its contractual or legal obligations guaranteed, other than credit obligations.
Internal Credit Insurance: insurance that has as its object to guarantee to a natural person, legal person, or legal entity the payment of credits they have in their favor from commercial transactions, when the insolvency of their clients occurs.
Export Credit Insurance: insurance that has as its object to guarantee to an exporter, whether natural person, legal person, or legal entity, the payment of credits in their favor from commercial transactions, for commercial and/or political risks that may lead to the insolvency of their clients.
Superintendence: Superintendence of Banking, Insurance and Private Pension Fund Administrators.
Net realization value: Regarding adjudicated real estate, this value is determined in a report prepared by an expert duly registered in the Registry of Valuation Experts (REPEV) of this Superintendence. The net realization value or immediate realization value (VRI) must appropriately consider the sale value of the asset in the market minus the additional expenses incurred for this purpose. The age of the valuation report must not be greater than one year.
Asset and Liability Management Regulation: Asset and liability management regulation for insurance companies, approved by Resolution SBS No. 1660-2025 and its modifications.

CHAPTER II
ON THE OPERATIONS OF CREDIT, SURETY, AND GUARANTEE INSURANCE

Article 3.- Surety Insurance
3.1 In accordance with what is stated in Article 318 of the General Law, companies may issue surety policies to guarantee the fulfillment of performance or non-performance obligations, which, for the purposes of this Regulation, are distinct from payment obligations associated with credit risk events.
3.2 Companies must request from policyholders, prior to the issuance of the surety policy, the supporting documentation that accredits the nature of the guaranteed obligation. This information forms part of the corresponding file.

Article 4.- Surety Policies or Guarantees with Special Characteristics
4.1 Companies, in exercise of their contractual freedom, may issue surety policies or guarantees under the characteristics of unconditional, joint and several, irrevocable, and automatic realization upon mere request of the insured, beneficiary, or creditor, as applicable, or include clauses of similar nature. Such policies or guarantees must not contain prior conditions or requirements for payment to proceed, and these characteristics must be expressly specified in the guarantee, surety policy, and their respective guarantee certificates.
4.2 When the surety policy or guarantee is issued in favor of an entity that is subject to a particular regime, whether as debtor or creditor, policyholder or beneficiary, the modalities and conditions agreed upon must observe the current applicable regulations applicable to the obligation that is the subject of the guarantee. In this sense, in the policy or guarantee and in its respective guarantee certificate, the submission of the participants to the regulatory framework of said regime must be specified, indicating the norms that affect the issuance, renewal, execution, and payment of the policy or guarantee. This circumstance must be highlighted in prominent characters in the policy or guarantee, and the parties must be informed of this.

Article 5.- Credit Insurance
5.1 By the internal or export credit insurance contract, the company obligates itself, within the limits established in the General Law, the Insurance Contract Law, and the contract entered into by both parties, to indemnify the insured or beneficiary for final losses that occur as a consequence of the insolvency of their clients, said insolvency being defined in the insurance contract.
5.2 Credit insurance covers the amount of accounts receivable from a portfolio of clients of the policyholder or insured, previously evaluated and accepted by the company. Credit insurance cannot be granted on overdue accounts receivable.
5.3 Credit insurance cannot be used to insure financing granted by companies in the financial system, by COOPACs, or other intermediaries. In this case, the company must issue GOC guarantees.
5.4 The policyholder or insured, whose client insolvency risk is covered under these policies, must be the issuer of the payment voucher that generates the accounts receivable and the direct creditor of the client.

CHAPTER III
ACCOUNTING AND PRUDENTIAL TREATMENT

SUBCHAPTER I
GOC GUARANTEES

Article 6.- Characteristics of GOC Guarantees
6.1 Companies must have authorization from the Superintendence for the issuance of GOC guarantees.
6.2 It is prohibited for companies to issue GOC guarantees for indefinite amounts or terms. Likewise, when a GOC guarantee is executed, companies cannot pay an amount greater than the guaranteed amount in the issuance of the guarantee.
6.3 When GOC guarantees with the special characteristics indicated in Article 4 of this Regulation are executed, companies must honor them considering what is provided in item 5.2 of Circular No. S-0590-2001 and the terms established in the laws that specifically regulate said guarantees.
6.4 The obligation that the debtor has towards the insurer, due to the execution of a GOC guarantee, must be paid according to agreement between the parties. Said agreement must be in writing and must form part of the guarantee file.
6.5 The technical obligation constituted by provisions for GOC guarantees must be backed by eligible investments in accordance with what is established in Chapter IV of the Insurance Investment Regulation and Chapter V of the Asset and Liability Management Regulation.

Article 7.- Accounting Record of Income and Cession to Reinsurance
7.1 Companies that issue GOC guarantees must record the income from commissions for the issuance of GOC guarantees linearly during the term of the guarantee. The income is recorded in analytical account 5609.07.01 "Commissions" against analytical account 1304.03.03 "Commission for issuance of GOC guarantee". In case the commission has been charged at the beginning, a deferred income must be recorded in sub-account 2909.08 "Income not earned from contingent operations".
7.2 In case the issued GOC guarantee is under the coverage of a reinsurance contract, the company must record the ceded part of the commission in item 24 "Accounts payable to reinsurers and co-insurers", charged to analytical account 1905.01.01 "Ceded commissions from GOC guarantees". Likewise, it must record the accrual of the ceded part of the commission in analytical account 4609.09.01 "Cession to reinsurance of commissions for GOC guarantees" linearly, in parallel with the recognition of income from commissions.

Article 8.- Accounting Record of Guaranteed Amount and Counter-Guarantees
8.1 As long as the GOC guarantee is in effect and not executed, the guaranteed amount by it must be recorded in the corresponding accounts of item 72 "Contingent creditor accounts".
8.2 The accounting record, controls, and reports of received counter-guarantees are carried out in accordance with what is stated in Articles 21 and 31.

Article 9.- Accounting Record of Executed Amount
9.1 Any payment obligation due to the execution of the GOC guarantee must be recorded in the accounts and sub-accounts of items 26 "Technical Reserves for Claims" and 42 "Claims from premiums of accepted insurance and reinsurance", using risk code 48 "Guarantees securing credit obligations". When there are reinsurance contracts associated with the executed guarantees, these must be recorded in the corresponding accounts and sub-accounts of items 14 "Accounts receivable from reinsurers and co-insurers" and 52 "Claims from ceded premiums".
9.2 Regarding counter-guarantees received in cash or deposits made in company accounts, the adjudication must be recorded as a recovery in account 5807 "Recoveries and Salvages". Likewise, in the case where the reinsurer has rights over part or all of the cash recovery, said part must be recorded in account 4807 "Reimbursement for Recovery and Salvages" against analyticals 2401.00.03 or 2402.00.03 "Other Accounts Payable Reinsurance", at the same time that the previous entry is recorded. The accounting record of the adjudication of counter-guarantees other than cash must be carried out in accordance with what is provided in Articles 13 and 14 of this Regulation.
9.3 The obligation that the debtor has towards the insurer, due to the execution of a GOC guarantee, must be recorded in the corresponding accounts of item 80. Only cash payments made by the debtor can be recorded as recovery.

Article 10.- Accounting Record of Provisions
The guaranteed amounts by GOC guarantees are subject to the constitution of provisions in accordance with what is stated in the Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions, approved by Resolution SBS No. 11356-2008 and its modifying norms, while the guarantees are in effect. Said provisions must be recorded in sub-account 2809.01 "Provisions for granted guarantees". Expenses for the concept of provisions are recorded in sub-account 4609.08 "Provisions for GOC guarantees".

Article 11.- Capital Requirements
The guaranteed amounts by GOC guarantees are subject to effective capital requirements for credit risk and economic cycle, in accordance with what is stated in the Regulation of Capital Requirements of Insurance and Reinsurance Companies, approved by Resolution SBS No. 1124-2006 and its modifying norms, while the guarantees are in effect.

Article 12.- Limits on Operations
12.1 GOC guarantees as well as other operations subject to credit risk are subject to the limits indicated in Articles 202, 204, 205, 206, 207, 208, 209, and 211 of the General Law.
12.2 For the calculation of the limits, the criteria indicated in Article 203 of the General Law and other applicable norms issued by this Superintendence must be taken into consideration. It must be taken into consideration that GOC guarantees correspond to a credit conversion factor of 100%. Likewise, the limits are applied taking into consideration the single risk criterion. The limit is measured based on the debtor of the GOC guarantee, and in the case of consortia, based on each member of the consortium, proportionally to the percentage of participation of each member in the consortium.
12.3 When GOC guarantees are covered partially or totally by reinsurance contracts that meet the requirements to apply the counterparty substitution mechanism, according to what is indicated in the Regulation of Capital Requirements of Insurance and Reinsurance Companies, the limits are calculated taking into consideration the following:

To the total amount of GOC guarantees not covered by a reinsurer, the limit is applied based on the debtor of the GOC guarantee.
The total amount of GOC guarantees covered by a local reinsurer has a limit of 30% of the company's effective capital.
The total amount of GOC guarantees covered by a foreign reinsurer is subject to the following limits:
a) If the foreign reinsurer is considered vulnerable: 5% of the company's effective capital. b) If the foreign reinsurer is eligible in the Registry under the charge of the Superintendence or has an international risk classification considered not vulnerable, or the company has an exceptional authorization from the Superintendence to operate with said foreign reinsurer: 30% of the company's effective capital.
12.4 When GOC guarantees are covered partially or totally by reinsurance contracts that do not meet the requirements to apply the counterparty substitution mechanism, the limit is applied in its entirety based on the debtor of the GOC guarantee.
12.5 The maximum retention limit per guarantee, or group of GOC guarantees backing the same credit, using the methodology indicated in Article 17 of the Regulation for the Contracting and Management of Reinsurance and Co-insurance, approved by Resolution SBS No. 4706-2017 and its modifications, is 5% of effective capital.
12.6 When the effective capital requirement for credit risk reaches 25% of the

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

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 total effective equity, the company cannot issue new GOC guarantees.

SUBCHAPTER II
TREATMENT OF ASSETS ADJUDICATED UNDER SURETY BONDS, GOO GUARANTEES, AND GOC GUARANTEES

Article 13.- Adjudicated assets
13.1 Adjudicated assets, regardless of their nature, do not form part of the investment portfolio or the fixed assets of insurance companies.
13.1 Insurance companies must carry out continuous efforts to achieve the sale of adjudicated assets in the shortest possible timeframes. Likewise, adjudicated real estate can only be recognized in the companies' balance sheets when the ownership has been registered in favor of the companies in the corresponding registries.

Article 14.- Accounting registration of adjudicated assets
14.1 Adjudicated real estate is registered in the sub-accounts of account 1906 "Non-current assets held for sale", against account 2804 "Adjudicated Assets of Sureties and Guarantees". The initial book cost of adjudicated real estate, determined in accordance with Article 2 of this Regulation, cannot exceed its net realizable value, which must be determined by a qualified appraiser duly registered in the REPEV of this Superintendency.
14.2 Adjudicated assets other than real estate or real estate trusts for payment in kind cannot be registered as company assets until they are sold and the cash enters the company's property accounts in accordance with Article 21.

Article 15.- Authorization for financed sale (in installments) of adjudicated real estate
15.1 Exceptionally, and with prior express authorization from the Superintendency, the company may sell an adjudicated real estate asset in installments. The registration of said credit is controlled in off-balance sheet accounts, and the corresponding income is recognized as installments are collected.
15.2 For the purpose of authorization for the installment sale of adjudicated real estate, companies must submit a request signed by the General Manager attaching, at least, the following information and documentation:

Copy of the draft sale contract for the adjudicated real estate.
Identification of the assets to be transferred, detailing in each case and as applicable:
a) Initial adjudication value. b) Net realizable value at the date of adjudication and at the date of sale. c) Book value of the assets at the date of sale.
15.3 The Superintendency shall rule within thirty (30) business days following the receipt of the authorization request containing the information and documentation indicated above.

Article 16.- Authorization for the sale of adjudicated real estate to related persons
16.1 Companies must request authorization from the Superintendency if the adjudicated assets are transferred to persons related to the insurance company in accordance with Article 202 of the General Law. In case the transfer is made on credit, the registration of said credit is controlled in off-balance sheet accounts, and any income or gain in a financed sale is only recognized in income accounts as collections are made.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000
16.2 For this purpose, companies must submit a request signed by the General Manager attaching, at least, the following information and documentation:

Certified copy of the Board of Directors Meeting Minutes approving the transfer operation of adjudicated and recovered assets.
Valuation report prepared by an appraiser registered in the REPEV with a valid code at the date of valuation. The valuation date must not be older than six months from the date of the authorization request.
Copy of the draft purchase-sale contract.
Identification of the assets to be transferred, detailing in each case and as applicable:
a) Initial adjudication value. b) Net realizable value at the date of adjudication and at the date of sale. c) Book value of the assets at the date of sale.
Sale value of the assets, and payment term.
Gain or loss regarding the book value.
Accounting registration of the operation.
Effects of the transfer on effective equity and provisions.
16.3 The Superintendency shall rule within thirty (30) business days following the receipt of the authorization request containing the information and documentation indicated above.
16.4 The provisions established in the preceding paragraphs are also applicable in case the rights over trusts for payment in kind are transferred to related parties.

SUBCHAPTER III
SURETY BONDS AND GOO GUARANTEES

Article 17.- Accounting registration of income
Companies issuing GOO guarantees and surety bonds must register income from insurance premiums in accordance with the provisions applicable to general insurance policies, indicating their corresponding risk code.

Article 18.- Accounting registration of the guaranteed amount
While the GOO guarantee or surety bond is not executed, the guaranteed amount must be registered in the corresponding accounts under item 72 "Contingent Accounts".

Article 19.- Accounting registration of the executed amount
For executed GOO guarantees, the accounting registration is equivalent to that of a surety bond, requiring the establishment of the claim reserve in liability accounts and the corresponding expense, in accordance with the dynamics established for this purpose in the Chart of Accounts.

Article 20.- Accounting registration of reserves
Companies issuing GOO guarantees and surety bonds must establish claim reserves, unearned risk reserves, and deferred premiums, in accordance with the current regulations issued on this matter by this Superintendency.

Article 21.- Accounting registration, controls, and reports of counter-guarantees
21.1 The valuation (initial and subsequent changes) of counter-guarantees must be carried out following the provisions established in Article 31 of this Regulation.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000
21.2 While surety bonds, GOO guarantees, and GOC guarantees are valid and not executed, counter-guarantees are registered in the corresponding accounts and sub-accounts under item 82 "Creditor Off-Balance Sheet Accounts". In the case of cash or deposits in the company's accounts received as counter-guarantees, in addition to the registration in off-balance sheet accounts, the company must register them in the corresponding accounts under item 10 "Cash and Banks", using as the counterpart the sub-accounts 2008.03 or 2009.03, both named "Deposits Received as Guarantee", as applicable.
21.3 In cases where the company cannot invest the cash received as a counter-guarantee, it must reclassify them as restricted deposits, using the analytics 1006.00.01 or 1007.00.01 "Counter-guarantees of surety bonds and guarantees" as applicable, and keep said counter-guarantees fully identified in the indicated sub-accounts for this purpose in the Chart of Accounts. In cases where the company can invest the cash received as a counter-guarantee, in accordance with paragraph 31.3 of Article 31, it must use the Asset accounts corresponding in accordance with the Regulation on Classification and Valuation of Investments of Insurance Companies.
21.4 The returns on cash or deposits in the company's accounts received as counter-guarantees are registered as company income, unless otherwise agreed. Likewise, gains or losses from investments made with the cash or deposits in the company's accounts received as counter-guarantees must be recognized in the company's financial information, taking into account the accounting treatment applicable to each type of investment.
21.5 Adjudicated counter-guarantees, other than real estate, cash, or deposits in the company's accounts, cannot be registered as company assets. Such assets must be maintained in off-balance sheet accounts until the company receives the cash from their sale.
21.6 Companies must maintain a centralized register of received counter-guarantees, identifying for each case the amount, the policyholder or debtor, the class of asset received, the analytical account for accounting registration at the off-balance sheet account level, and the policy or guarantee associated with said counter-guarantee. Likewise, they must implement formal controls (accounting and non-accounting) that differentiate counter-guarantees from the company's own investments. In the event of what is established in paragraph 31.3 of Article 31, the report on the information regarding the investment of cash or deposits in the company's accounts received as counter-guarantees must be made in the Annexes required by the Insurance Investments Regulation, indicating that such investment forms part of a specific investment portfolio to back counter-guarantees.

Article 22.- Equity requirements
GOO guarantees and surety bonds are subject to the equity requirements established in the Regulation on Equity Requirements of Insurance and Reinsurance Companies, approved by Resolution SBS No. 1124-2006 and its modifying norms.

SUBCHAPTER IV
INTERNAL CREDIT INSURANCE AND EXPORT CREDIT INSURANCE POLICIES

Article 23.- Accounting registration of premiums
23.1 The minimum premium established in the insurance policy must be recognized at the beginning of the policy's validity in an account under item 12 "Accounts Receivable for Insurance Operations", against account 2303 "Provisional Premiums in Deposit". In said account, the premium corresponding to the entire contracted period of the insurance policy must be recognized. If the contract does not establish a minimum premium, the company must estimate the amount thereof, for which it must have an estimation methodology approved by the Board of Directors.
23.2 Subsequently, the portion of the minimum premium proportional to the elapsed period with respect to the total contracted period of the insurance policy, calculated at the date of presentation of the financial statements, must be recognized as income in the corresponding accounts and sub-accounts under item 50 "Insurance and Reinsurance Premiums Accepted". In case the premium resulting from the sales declaration for said period is different from the amount of the minimum premium already recognized as income, the difference must be recognized at the moment when information on the sales declaration is available.

Article 24.- Accounting registration of reinsurance
24.1 For the case of the ceded premium of proportional reinsurance, in case a minimum premium has been defined, the ceded portion must be registered in item 24 "Accounts Payable to Reinsurers and Co-insurers" against item 19 "Other Assets", and subsequently, in a manner similar to the recognition of insurance premiums in item 50 "Insurance and Reinsurance Premiums Accepted", the ceded premiums must be recognized in item 40 "Ceded Premiums".
24.2 For cases where no minimum premium has been agreed upon, the ceded portion of the premium estimate must be registered in a manner similar to that indicated in the preceding paragraph.

Article 25.- Registration of recovery
In case the company obtains recoveries from insured invoices, subsequent to the payment of the claim, such recoveries must be registered in account 5807 "Recoveries and Salvages".

Article 26.- Impairment provisions
Impairment provisions must be registered in accordance with what is established in the Chart of Accounts and in letter c) of Article 17 of the Regulation on Payment of Insurance Policy Premiums, approved by Resolution SBS No. 3198-2013 and its modifying norms.

Article 27.- Accounting registration of expenses for studies for the underwriting of credit insurance
27.1 Expenses assumed by companies for the evaluations they carry out on potential policyholders or insured parties, provided they are not within the scope of application of the Consumer Protection and Defense Code, Law 29571, as well as for the clients of their potential policyholders or insured parties, must be registered in the accounting account 4407 "Various Technical Expenses" and item 20 "Taxes, Participations, and Various Accounts Payable". Such expenses do not form part of the acquisition costs indicated in numeral 4.2.4 of the Regulation on Unearned Risk Reserves, approved by Resolution SBS No. 6394-2016 and modifying norms.
27.2 In the same way, income resulting from the evaluations that companies carry out on policyholders, provided they are not within the scope of application of the Consumer Protection and Defense Code, Law 29571, as well as for the clients of their potential policyholders or insured parties, must be registered in the corresponding accounts and sub-accounts of items 54 "Various Technical Income" and 16 "Various Accounts Receivable".

CHAPTER IV

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 MANAGEMENT OF CREDIT, SURETY, AND GUARANTEE INSURANCE

SUBCHAPTER I
MANAGEMENT OF SURETY BONDS AND GUARANTEES

Article 28.- Management of surety bonds and guarantees
28.1. Companies must establish strategies, policies, and procedures for the underwriting and monitoring of surety bonds and guarantees, as well as for the evaluation, qualification, monitoring, investment, and recovery of counter-guarantees, which must be included in manuals approved by the Board of Directors, comprising at least the following aspects:

Issuance:
a) Risk appetite. b) Levels or priorities for risk acceptance, based on the company's hierarchical structure, its different levels of decision-making, and what is provided in this Regulation. Additionally, the company must establish a maximum limit for the underwriting of risks (total exposure without considering reinsurance contracts and/or counter-guarantees) per policyholder and per single risk. c) Suitable mechanisms that allow determining the existence or materialization of the claim, if applicable. d) Policies and procedures for the evaluation of the debtor or policyholder, including the debtor's or policyholder's background and characteristics, economic solvency, and experience in the business matter of the guaranteed contract. When the debtor or policyholder is a consortium, it must be expressly established that this evaluation is carried out for each member of the consortium. e) Policies and procedures for the evaluation of the beneficiary or creditor. For surety bonds and guarantees with the characteristics indicated in paragraph 4.1 of Article 4 of this Regulation, the company must evaluate in the underwriting phase, not only the probability of default by the policyholder or guarantee debtor, but also the historical behavior of the beneficiary or creditor regarding the execution of their policies or guarantees, as applicable. f) Policies for the evaluation of the insured or guaranteed risk, including contracts between policyholder and insured, or debtor and creditor, when applicable. g) Policies and procedures for the establishment, risk mitigation, registration, custody, valuation, monitoring, and investment of counter-guarantees. h) Reinsurance contracting policies.
Monitoring: Policies and procedures for periodic monitoring of the debtor or policyholder, the guaranteed risk, and its associated counter-guarantees.
Renewal: Policies and procedures for the timely issuance of renewals and their adequate communication to the debtor, policyholder, creditor, and/or beneficiary.
Payment: Policies and procedures for the attention and payment of the surety bond or guarantee, taking into account the applicable regulatory frameworks.
Claim: Claim attention policies.
Recovery: Procedures for the return or execution of counter-guarantees and other means of debt recovery.
Documentation: Policies and procedures for documenting compliance with the provisions indicated in this Regulation, such as receipts of policies, renewals, guarantee certificates, claim payments, or guarantee executions, evaluation of debtors or policyholders, and guaranteed contracts.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000
28.2. In the case that a general insurance company decides to begin the underwriting of surety or guarantee insurance, it must previously attach the information indicated in this article as part of the risk report for new products referred to in Circular G-165-2012 and its modifying norms.

Article 29.- Surety and guarantee policy underwriting committee
29.1. Companies whose insurance premiums for surety and guarantee commissions at the end of the previous fiscal year represent 15% or more of the total of all their general insurance premiums and guarantee commissions, must constitute a Surety and Guarantee Underwriting Committee, which must approve at least those coverages that exceed 20% of their effective equity, understood as coverage the maximum insured amount of the surety bond or the amount of the guarantee, without considering the reinsurance contracts applicable to said policies or guarantees.
29.2. Companies determine the officials who participate in the Committee, who must have direct functional reporting to the General Manager and/or the Board of Directors. Likewise, their members must not present conflicts of interest between their functions and their responsibilities within the Committee. The official responsible for the underwriting process of the policy or guarantee cannot participate in the Committee with voting rights.
29.3. The evaluation carried out by this Committee, its discussion, and voting must be recorded in minutes signed by its participants, which must be available to this Superintendency.

Article 30.- Scenario evaluation
30.1 Companies that have constituted the underwriting committee indicated in the previous article, must evaluate semi-annually the payment capacity of their guarantees and surety bonds under scenarios that include the execution of the largest exposures in their portfolio of policies and guarantees. Such evaluation must consider the reinsurance strategy linked to the execution of these risks, including their payment terms, contract types, and limits (considering maximum coverage, annual aggregate limit, and reinstatements), as well as the availability and liquidity of counter-guarantees and eligible investments to attend to such executions.
30.2 For the selection of said risks, at least an analysis must be carried out for the exposure to each policy or guarantee issued, for the exposure to the same project through different coverages, for the exposure to the same policyholder or debtor through different policies or guarantees, for the exposure to a single risk through different policies or guarantees, among other relevant risk clusters for the company.
30.3 Such evaluation must quantify, at least, the impact of these scenarios on: i) equity requirements; ii) debt limit; iii) solvency index; iv) technical obligations coverage index; and, v) payment capacity under the company's current asset structure. In case such scenarios negatively impact any of the indicated indicators, having as a basis the regulatory requirement of said indicators, in applicable cases, the company must prepare a plan to mitigate the identified impacts.
30.4 The scenarios must evaluate direct or indirect exposures, through consortia or similar schemes, of policies or guarantees that cover the obligations of the same debtor or policyholder, or their economic group. The reports describing the scenarios, the result, and mitigation plans must be prepared by the Risk Unit and presented to the Risk Committee for approval. The first semester report must be prepared and presented to the Risk Committee within sixty (60) calendar days following the close of the first semester and must

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

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 remain at the disposal of the Superintendency. The report for the second semester must be included as part of the Annual Risk Report referred to in Article 27 of the Regulation on Corporate Governance and Integrated Risk Management, approved by Resolution SBS No. 272-2017 and its amendments.

30.5 Companies that have GOC bonds, in addition to considering the described scenarios, must also incorporate the assumptions indicated in Article 44 of Chapter III of the Regulation for the Management of Credit Risk, approved by Resolution SBS No. 3780-2011 and its amendments, within the report corresponding to the second semester.

Article 31.- Counter-guarantees

31.1 Companies, as part of their risk appetite system, must establish the coverage levels and types of counter-guarantees they accept in support of the issuance of surety policies and bonds. Likewise, for the adequate constitution of counter-guarantees, the company must take into account the current regulatory framework, such as the Civil Code, the Law on Movable Guarantees, the Law on Securities, among others applicable, as well as what has been agreed upon between the parties.

31.2 As long as the surety policy or bond is not executed and the company does not execute the counter-guarantees in its favor, the companies cannot dispose of them, except by express agreement with the contractor or debtor. Cash and deposits in the company's accounts received as counter-guarantees must be fully identified and maintained in accounts opened at financial system companies.

31.3 If there is an express agreement with the contractor, the cash received as a counter-guarantee can be invested in the name and risk of the company only in cash, deposits, debt-representative instruments, and certificates of participation in mutual funds that invest predominantly in debt securities that meet the minimum eligibility requirements specified in letters a), b), c), and e) of Article 25 of the Insurance Investments Regulation, respectively. Likewise, the company must have a specific investment policy for counter-guarantee investments, which complies with what is established in Articles 4 and 5 of the Insurance Investments Regulation, as well as the controls and procedures established in Article 21 of this Regulation. The investment policy must include details on the minimum credit quality of counterparties, as well as admissible terms and horizons.

31.4 Cash and deposits in the company's accounts received as counter-guarantees, as well as assets acquired with these resources, may be considered as eligible investments applied to the backing of technical obligations if they meet the requirements indicated in the insurance investment regulations. Such exposures must be considered in the calculation of the current investment limits. Likewise, the liability generated by the receipt of cash or deposit counter-guarantees constitutes a technical obligation. For the purposes of asset and liability management, companies must comply with what is established in the Asset and Liability Management Regulation.

31.5 In the case of real estate received as counter-guarantees, the initial registration in off-balance sheet accounts is made at the net realizable value obtained in an appraisal. In the event of adjudication or transfer in payment of the real estate property, this appraisal must be updated on the date of registration of the asset within the balance sheet, and subsequently, at least annually, or when the monitoring of the real estate market allows alerting that events have occurred that would have significantly affected (at least by 20%) the value of the property. The appraisal must be performed by a qualified appraiser registered in the Register of Qualified Appraisers (REPEV) maintained by the Superintendency, with a valid code at the

3 Numeral modified by Resolution SBS 1660-2025, published on 09-05-2025, effective from 01-01-2026.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 date of the appraisal. Changes in the value of the real estate property, resulting from the indicated appraisals, must be registered in the same accounts where the respective real estate is registered.

31.6 Regardless of the constitution and/or execution of counter-guarantees, companies must comply with the payment of the coverage, according to the conditions that had been established in the corresponding surety policy or bond and the applicable legal framework.

Article 32.- Minimum content of the guarantee certificate of a surety policy and of the GOO bond

32.1 The relevant stipulations of the surety policy or GOO bond must be included in the respective guarantee certificate.

32.2 The GOO bond certificate must contain, at a minimum, the following:

The rights and obligations of the company and the debtor of the bond.
Characteristics of the GOO bond, indicating its identification and whether or not it is a guarantee with the characteristics indicated in Article 4 of this Regulation.
The deadline to request the renewal of the bond, if applicable, as well as for its timely delivery to the creditor or debtor, if so required by the creditor.
Description of the guaranteed subject matter.
The maximum amount covered by the GOO bond.
Validity period of the GOO bond.
Whenever a renewal request is available, the company's obligation to inform the creditor about the renewal of the GOO bond within the deadline agreed upon by the parties, or that indicated by the applicable legal framework.
In case the guarantor and the debtor agree that proof of damages is required for the indemnification for non-compliance with the guaranteed contractual or legal obligations, this obligation must be indicated in prominent characters. When it comes to GOO bonds where the creditor is a public entity or company, such agreement is only admissible if the applicable regulatory framework allows it, without contravening the conditions and requirements imposed for such guarantee.
Deadline to honor the payment of the indemnity after the presentation of the execution request.
When applicable, it must indicate the submission of the participants and the GOO bond to a special regulatory framework, indicating the norms that affect the issuance, renewal, execution, and payment of the policy or bond.

32.3 The surety policy certificate must contain, at a minimum, the following:

The rights and obligations of the parties.
Characteristics of the coverage, indicating its identification and whether or not it is a guarantee with the characteristics indicated in Article 4 of this Regulation.
The deadline to request the renewal of the surety policy, if applicable, as well as for its timely delivery to the insured or contractor, if so required by the insured.
Description of the subject matter of the insurance.
Insured sum.
Validity period of the surety policy.
Whenever a renewal request is available, the company's obligation to inform the insured about the renewal of the surety policy within the deadline agreed upon by the parties, or that indicated by the applicable legal framework.
In case the company and the contractor agree that proof of damages is required for the indemnification for non-compliance with the guaranteed contractual or

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 legal obligations, this obligation must be indicated in prominent characters. When it comes to surety policies where the insured is a public entity or company, such agreement is only admissible if the applicable regulatory framework allows it, without contravening the conditions and requirements imposed for such guarantee.

Deadline to honor the payment of the indemnity after the presentation of the execution request.
When applicable, it must indicate the submission of the participants and the surety policy to a special regulatory framework, indicating the norms that affect the issuance, renewal, execution, and payment of the policy or bond.

Article 33.- Management of GOC Bonds

33.1 Companies that issue GOC bonds must have a Credit Risk Manual duly approved by the board of directors. This manual must contain the general policies for evaluating the GOC bond applicant, including in said evaluation the applicant's debt level in the local financial and insurance system and in other countries. Additionally, said Manual must establish the policies for the constitution of provisions and the methodology for calculating the capital requirement for credit risk and by economic cycle, in accordance with current regulations.

33.2 Likewise, the aforementioned Manual must be prepared taking into consideration, where applicable, what is stated in the “Regulation on corporate governance and integrated risk management”, approved by Resolution SBS No. 272-2017, and in the Credit Risk Management Regulation, approved by Resolution SBS No. 3780-2011 and its modifying norms.

Article 34.- System for the prevention of money laundering and terrorist financing

The provisions on Know Your Customer, indicated in the Regulation on the Management of Money Laundering and Terrorist Financing Risks, approved by Resolution SBS No. 2660-2015 and its modifying norms, are applicable to the creditor, the debtor, the beneficiary, the insured, and the contractor, and, in case it is a different person, to whoever provides the counter-guarantees backing the obligation of all surety policies and bonds.

SUBCHAPTER II
MANAGEMENT OF CREDIT INSURANCE POLICIES

Article 35.- Management of credit insurance policies

Companies must prepare a Manual of Policies and Procedures for Credit Insurance, applicable to domestic credit insurance and export credit insurance, which must include, at a minimum, the following:

Policies and procedures for the evaluation of the insured.
Policies and procedures for the evaluation of the insured's credit portfolio.
Minimum information required for the evaluations indicated in numerals 1 and 2 of this article.
Policies and procedures for the determination of the maximum insured amount per insured and per client of the insured.
Policies and procedures for the control of risk clusters, understood as such those risks that cover the same client, economic group, geographic zone, or economic sector, through different insured parties.
Policies for the determination of the insolvency of the insured's client and payment of the claim.
Policies and procedures for the management of collections from the insured's client, specifying the measures to be taken before and after the occurrence of the claim.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000
8. Policies and procedures for the control of endorsements of policies to beneficiaries other than the holder of the insured credit.

Policies and procedures for the evaluation of single risk credit insurance policies, understood as that policy which covers one or several invoices of a single client of the insured. It must include the criteria for acceptance and the level of approval required for the underwriting of the risk.

CHAPTER V
REQUIREMENTS TO ISSUE BONDS

Article 36.- Authorization to issue GOC bonds

36.1. Companies must request authorization from the Superintendency for the issuance of GOC bonds.

36.2. The company must present a request signed by its General Manager, attaching the following:

Certified copy, issued by the general manager of the company, of the board agreement where the approval of the issuance of GOC bonds is recorded.
Draft signed by the legal representative and a lawyer that records the corresponding modifications to the social statute, specifying that the aim is to issue GOC bonds.
Credit Risk Evaluation Manual.
Policies for the constitution of generic and specific provisions.
Policies and methodologies for the calculation and monitoring of compliance with regulatory limits.
Estimation of the effective capital requirement for credit risk and additional effective capital for the economic cycle of GOC bonds, according to the level of bonds the company projects to have in the next five (5) years.
Risk report that considers what is required in Article 28 of this Regulation and, additionally, contains the following:
a) Description of the product, associated operational process, channels, and target market. b) Description of identified risks. c) Results of the evaluation performed and treatment measures implemented or proposed to manage the risk.

36.3. The Superintendency approves or denies the authorization within a maximum period of thirty (30) business days.

36.4. Companies must prepare, and keep at the disposal of this Superintendency, the technical notes for GOC bond products, following what is indicated in Chapter III Minimum Requirements of Technical Notes of the Regulation on the Registration of Insurance Policy Models and Minimum Requirements of Technical Notes, approved by Resolution SBS No. 7044-2013 and its modifying norms.

Article 37.- Information to issue GOO bonds

37.1 To issue GOO bonds, the company must send previously to the Superintendency, in a single opportunity, the following minimum information:

Communication justifying the issuance of GOO bonds, signed by the General Manager of the company.
Certified copy of the competent social body where the approval for carrying out these operations is recorded.
Draft of modification of the company's social statute, if applicable,

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 specifying that the aim is to issue GOO bonds.

Risk report that considers what is required in Article 28 of this Regulation and, additionally, contains the following:
a) Description of the product, associated operational process, channels, and target market. b) Description of identified risks. c) Results of the evaluation performed and treatment measures implemented or proposed to manage the risk.

37.2 With the exception established in paragraph 38.2 of the following article, companies may issue GOO bonds from the day following the company's compliance with the registration of the modification of the Statute, which is carried out in accordance with the corresponding TUPA procedure.

CHAPTER VI
REGISTRATION OF POLICY MODELS AND MINIMUM REQUIREMENTS OF TECHNICAL NOTES

SUBCHAPTER I
GOO BONDS

Article 38.- Registration of GOO bond models

38.1 GOO Bond models must be sent for incorporation into the Registry under the charge of the Superintendency, under a post-review system. For the incorporation into the Registry of GOO bond models, companies must present to the Superintendency, through the electronic means determined by it, the documentation required for the registration of surety policy models.

38.2 Companies may only offer or commercialize in the national market, GOO bonds whose models are incorporated into the Registry and which have the respective registration code, which is granted within a period of fifteen (15) business days from the receipt of complete documentation, sending a communication to the company.

38.3 GOO bonds whose content is negotiated integrally between the contracting parties do not require inscription in the Registry; however, the guarantee certificates and technical notes of said bonds must be at the disposal of this Superintendency. In said case, the GOO bond must explicitly indicate that it has not been inscribed in the registry of this Superintendency.

Article 39.- Technical notes

Companies must prepare and keep at the disposal of this Superintendency, the technical notes for GOO bond products, following what is indicated in Chapter III Minimum Requirements of Technical Notes of the Regulation on the Registration of Insurance Policy Models and Minimum Requirements of Technical Notes, approved by Resolution SBS No. 7044-2013 and its modifying norms.

SUBCHAPTER II
SURETY POLICIES AND CREDIT INSURANCE

Article 40.- Registration of surety policy models and credit insurance policies

The registration of surety policy models and credit insurance policies and the minimum requirements applicable to their technical notes are subject to what is provided in the Regulation on the Registration of Insurance Policy Models and Minimum Requirements of Technical Notes, approved by

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 Resolution SBS No. 7044-2013 and its modifying norms.

CHAPTER VII
RENEWAL, COVERAGE, AND REJECTION OF CLAIMS OR EXECUTION OF GUARANTEES APPLICABLE TO SURETY POLICIES AND BONDS

Article 41.- Renewal of surety policies and bonds

41.1 Requests for the renewal of surety policies and bonds must be responded to in writing within the period established in the respective guarantee certificate or bond, according to the policies and procedures established by the company, what is required in this Regulation, and other norms of a specific nature.

41.2 Companies may issue electronic surety policies and bonds following the provisions issued by the Superintendency on the matter.

41.3 In addition to what is provided in Chapter VI of this Regulation, the policy and its guarantee certificate or the bond must include the following obligations:

The contractor, insured, or debtor, as applicable, must request the renewal of the policy or bond within the period established in them or in their respective guarantee certificate, in accordance with the current regulatory framework and what is indicated in the guarantee certificate, even if some dispute resolution mechanism, such as arbitration, conciliation, or judicial process, is being processed.
The company must send the respective renewal directly to the beneficiary or creditor, as applicable, attaching the original of the renewed guarantee certificate, informing such fact to the contractor or debtor in writing, sending them a copy of the renewed certificate; except in those cases where the beneficiary or creditor expressly requires that the contractor or debtor be the one to present the renewal.

Article 42.- Execution of surety policies or bonds

42.1 The execution of surety policies or bonds must be carried out in accordance with the conditions that had been established in the policy, bond, or guarantee certificate at the time that such execution is required. It is the responsibility of the contractor or debtor, as applicable, to keep permanently updated the necessary information according to the conditions established in the policy, bond, or guarantee certificate, sending the corresponding documentation to the company.

42.2 When the surety policy or bond establishes that the insured, beneficiary, or creditor must prove the damages for the payment of the indemnity, due to the non-compliance with the guaranteed contractual or legal obligations, the proof must be carried out in accordance with what is provided in the respective guarantee certificate or GOO bond. The requirement for proof of damages must be consistent with the nature of the coverage granted and in accordance with the applicable regulatory framework for said policy or bond.

Article 43.- Rejection of claims or execution of bonds

In case the company rejects the coverage request or the execution of the guarantee, such situation must be communicated in writing to the insured, beneficiary, or creditor, as applicable, attaching the relevant supporting documentation, within the period mentioned in the policy or bond and its corresponding guarantee certificate, in accordance with current regulations. The charge of the response provided to the insured or creditor must be incorporated into the file of the policy or bond, as applicable.

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

CHAPTER VIII
INFORMATION TO THE SUPERINTENDENCY

Article 44.- Information to the Superintendency

44.1 Companies must register the information of investments made with counter-guarantees considering what is provided in Circular No. S - 664 – 2017.

44.2 Companies must send a copy of the automatic reinsurance contracts they sign for the coverage of surety insurance, GOC bonds, and GOO bonds, within thirty (30) days following the start of their validity. Such contracts must comply with what is established in the current norms on the matter.

FINAL COMPLEMENTARY PROVISIONS

First. - Authorization for the issuance of bonds granted before the entry into force of the Regulation

General or mixed branch insurance companies that have authorization for the issuance of bonds before the entry into force of the Regulation, may issue both GOC bonds and GOO bonds.

Second. - Compliance with minimum information requirements in surety policies or GOO bonds negotiated entirely between the parties

When the content of a surety policy or GOO bond is negotiated entirely between the contracting parties, they may agree that in the surety policy or GOO bond and their respective guarantee certificates, the information required in paragraph 4.2 of Article 4 or Article 32 of this Regulation is not included totally or partially. In these cases, said information must be communicated to the creditor, insured, or beneficiary, as applicable, through a complementary document.

TRANSITORY COMPLEMENTARY PROVISIONS

First. - Adaptation Plan

In the case of aspects that are not immediately applicable, as indicated in Article Eleventh of the Resolution that approves this Regulation, general and mixed branch insurance companies that issue sureties, bonds, and/or credit insurance must send to the Superintendency, within the first ninety (90) days of the publication of this Resolution, an Adaptation Plan, with specific deadlines for each of the articles indicated in this Regulation and include the accounting treatment of investments made with counter-guarantees indicated in the Second Transitory Complementary Provision. The maximum implementation period of said plan cannot exceed 12.31.2024. The Superintendency may require different deadlines than those indicated by the companies.

Once the deadlines of the adaptation plan have ended, the provisions contained in this Regulation are applicable to all insurance or bond contracts signed by companies and that are in force.

Second. - Adaptation of investments made with counter-guarantees

Investments made from 06.01.2023 with cash or deposits received as counter-guarantees, must follow the provisions indicated in the Regulation, with the exception of accounting registration, which applies from 01.01.2025. However, at the time of its acquisition, an accounting category must be assigned whose value must be updated in off-balance sheet accounts. Likewise,

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

In this manner, the obligation corresponding to counter-guarantees received in cash must be registered in the liability starting from 01.01.2025, as stated in paragraph 21.2 of Article 21.

Investments with counter-guarantees received in cash or deposits, made prior to the entry into force of this Regulation, must adapt their characteristics to those required in this Regulation until 31.12.2024. Starting from 01.01.2025, all provisions of this Regulation apply, including those related to the accounting registration of counter-guarantees in cash or deposits, their investments, and the recognition of the liability. However, the value of these investments must be updated in off-balance sheet accounts according to the accounting category assigned at the time of entry into force of this Regulation.

The initial registration of the aforementioned investments as part of the asset must be carried out at book value, according to the corresponding accounting category, so that any difference between the liability to be recognized and the book value must be reflected in accumulated results or current year results, as applicable.

Dividends cannot be distributed from the portion of results recognized in the initial registration of investments made with counter-guarantees.

The subsequent recognition of such investments is carried out based on the accounting category of the investment selected by the company, in accordance with the provisions of the Regulation on Classification and Valuation of Investments of Insurance Companies. This is without prejudice to specific provisions that the Superintendence may provide within the framework of the Adaptation Plan. For this reason, companies must submit the accounting treatment applied for each of the investments made with counter-guarantees prior to the entry into force of the Regulation, as well as the accounting dynamics to perform their initial registration.

Exceptionally, companies may reassign investments with counter-guarantees to other investment portfolios as part of the Adaptation Plan, provided that these investments are coherent with the nature and characteristics of the obligations they back.

Third. - Extension of the Adaptation Plan

Companies, with prior authorization from the Superintendence, may request the extension of the Adaptation Plan referred to in the First Supplementary Transitional Provision, as applicable to investments with counter-guarantees in cash or deposits made prior to the entry into force of the Regulation. The Superintendence may extend the deadline of the Adaptation Plan until 31.12.2026, if companies meet the following requirements:

Submit, along with the Adaptation Plan indicated in the second supplementary final and transitional provision, the request for extension of the deadline duly justified.
Establish the Policy for Investments of Received Counter-Guarantees, which must also include milestones for the adaptation of said portfolio to the characteristics indicated in the Regulation.
Establish the Asset and Liability Management Policy for the investment portfolio and obligations arising from counter-guarantees in cash or deposits, including milestones for the adaptation of duration and currency matching between assets and liabilities, as well as a methodology for measuring the same.
Submit a commitment, approved by the General Shareholders' Meeting, to capitalize 100% of the profits generated until the year in which the adaptation plan concludes.

Fourth. - Report of investments made with counter-guarantees:

Companies must register the information of investments made with counter-guarantees

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 considering what is established in Circular No. S-664-2017 within a maximum period of one hundred twenty (120) calendar days, counted from June 1, 2023.

Fifth. - Continuity in the marketing of GOO guarantees

Companies that marketed guarantees prior to the entry into force of this Regulation and that, according to the definitions herein, are considered as GOO guarantees, may continue with such marketing. The content of the GOO guarantee and its guarantee certificate must be adapted to what is established in this Regulation in accordance with the dates indicated in Article Eleventh of this Resolution. Companies must submit the request for registration of GOO guarantee models until December 31, 2023.”

Article Second. - Modify the Chart of Accounts for Companies in the Insurance System, approved by Resolution SBS No. 348-95 and modifying norms, in accordance with Annex No. 1 “Modifications to the Chart of Accounts of Companies in the Insurance System” attached to this resolution and published on the Superintendence’s website (www.sbs.gob.pe), in accordance with what is established by Supreme Decree No. 001-2009-JUS.

Article Third. - Modify the Regulation on the Reserve for Risks in Course, approved by Resolution SBS No. 6394-2016, according to the following:

Modify paragraph 4.1 of Article 4 “Reserve for Retained Unearned Premiums”, according to the following text:

“4.1 The Reserve for Retained Unearned Premiums (RPNDR) is calculated monthly for each insurance contract, accepted reinsurance, and received co-insurance, and is equal to the difference between the Total Unearned Premiums Reserve (RPNDT) and the Ceded Unearned Premiums Reserve (RPNDC).

However, for internal credit insurance and export credit insurance, the calculation of the Reserve for Retained Unearned Premiums (RPNDR) is carried out in accordance with the specific instructions contained in the Annex “Calculation of the RPNDR for internal credit insurance and export credit insurance”, which forms part of this Regulation. This does not exclude the possibility that the company presents its own methodology for these insurances, as stated in Article 5.”

Modify paragraph 4.2.4 of Article 4 “Reserve for Retained Unearned Premiums”, according to the following text:

“4.2.4 Acquisition costs represent brokerage charges for the intermediation of insurance brokers, contracting of marketers (includes bancassurance) or insurance promoters, direct marketing by companies, and other distribution channels exclusively related to the sale of insurance contracts.

They also include direct costs associated with the sale of insurance, in which costs would not have been incurred had the insurance contracts not been issued, such as inspection costs of the insured subject, issuance costs, among others, having as a maximum the amounts indicated in the technical note or methodological document for the calculation of technical reserves referred to in the Actuarial Management Regulation for Insurance Companies. These acquisition costs can be deducted from the Calculation Base,

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 provided that they are identified by each insurance contract.”

Include the Annex “Calculation of the RPNDR for internal credit insurance and export credit insurance”, according to the following text:

“Annex: Calculation of the RPNDR for internal credit insurance and export credit insurance

The Reserve for Retained Unearned Premiums (RPNDR) is calculated monthly and is equal to the difference between the Total Unearned Premiums Reserve (RPNDT) and the Ceded Unearned Premiums Reserve (RPNDC), according to the following procedure:

It is calculated monthly for the total invoices issued during each month of the policy's validity up to the closing date of the Financial Statements.

Where:

: Total unearned premiums corresponding to the total insured and issued invoices during the month of the policy's validity.
: Net commercial premium of acquisition costs, for the coverage of all invoices issued during the month of the policy's validity.

When the company does not know the sales of the month and consequently also does not know the commercial premium, it must consider an estimated value equivalent to the minimum monthly premium established in the general or particular conditions of the policy. Once it knows the information of the real commercial premium of the month, it must replace the estimated value.

: Unexpired portion of the risk of invoices issued during the month of the policy's validity.
: Total period of exposure to risk, calculated as the sum of the maximum payment term of the invoices insured by the policy, plus the grace period or own management period (period for declaration of presumed insolvency or prolonged default). Both periods, counted in days, are those established in the general or particular conditions of the policy. The total period of exposure to risk is accounted for under the assumption that invoices are issued at the beginning of each month of the policy's validity.
: Period elapsed from the date of issuance of invoices corresponding to the month of the policy's validity up to the closing date of the Financial Statements, under the assumption that all invoices were issued at the beginning of each month of the policy's validity.

It is calculated monthly based on the ceded portion of the premium declared by the issued invoices, according to the procedure indicated for the .”

Article Fourth. - Modify the Regulation on Capital Requirements of Insurance and Reinsurance Companies, approved with Resolution SBS No. 1124-2006 and modifying norms, according to the following text:

Modify item 6.1 of Article 6, according to the following text:

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

“6.1 General Insurance

6.1.1 General insurance other than surety insurance and GOO guarantees

The solvency margin for general insurance operations, other than surety insurance and guarantees that secure other obligations (GOO), is equal to the highest amount obtained from the application of the following two procedures and based on the information contained in the financial statements:

a) Based on premiums of the last twelve (12) months (Table No. 1):

a.1) Calculate the amount of insurance and accepted reinsurance premiums of the last twelve (12) months, net of cancellations.

a.2) Obtain 23.5% of a.1).

a.3) The amount obtained in a.2) is multiplied by the retention ratio calculated in a.4).

a.4) The retention ratio results from dividing the amount of net reinsurance claims of the last twelve (12) months by the gross amount of said claims. This retention ratio cannot be less than 0.50.

b) Based on claims of the last forty-eight (48) months (Table No. 2):

b.1) Calculate the amount of insurance and accepted reinsurance claims of the last forty-eight (48) months, net of cancellations and recoveries.

b.2) Eliminate the information corresponding to the six (6) months of highest claim frequency and the six (6) months of lowest claim frequency, so that the calculation base is composed of thirty-six (36) months.

b.3) Obtain the annual average by dividing the sum resulting in b.2) by three (3).

b.4) Obtain 46% of b.3).

b.5) The amount obtained in b.4) is multiplied by the retention ratio calculated in a.4) of this item.

6.1.2 Surety insurance and GOO guarantees

The solvency margin is equal to the highest amount obtained from the application of the following three procedures and based on the information contained in the financial statements:

a) Based on premiums of the last twelve (12) months (Table No. 1):

a.1) Calculate the amount of insurance and accepted reinsurance premiums of the last twelve (12) months, net of cancellations.

a.2) Obtain 23.5% of a.1).

a.3) The amount obtained in a.2) is multiplied by the retention ratio calculated in a.4).

a.4) The retention ratio results from dividing the amount of net reinsurance claims of the last twelve (12) months by the gross amount of said claims. This retention ratio cannot be less than 0.50.

b) Based on claims of the last forty-eight (48) months (Table No.

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

2):

b.1) Calculate the amount of insurance and accepted reinsurance claims of the last forty-eight (48) months, net of cancellations and recoveries.

b.3) Obtain the annual average by dividing the sum resulting in b.2) by three (3).

b.4) Obtain 46% of b.3).

b.5) The amount obtained in b.4) is multiplied by the retention ratio calculated in a.4) of this item.

c) Based on a claim scenario for current surety and GOO guarantee contracts:

c.1) Identify the policyholder who represents the highest retained sum insured, considering for this all current contracts of surety insurance and GOO guarantees that said policyholder maintains with the insurer, after deducting counter-guarantees in cash or deposits in the financial system, amounts ceded to proportional reinsurance contracts, and amounts ceded by excess of loss per risk contracts.

In the case of excess of loss per risk contracts, retention amounts or priorities must be considered according to the conditions on risk aggregation and maximum retention limits established in said contracts.

c.2) The solvency margin based on the claim scenario is calculated as follows:

When the policyholder who represents the highest retained sum insured is not a Consortium, the solvency margin based on the claim scenario is equal to the retained sum insured calculated in item c.1 plus the retained amounts that would result from the execution of all other current insurance and GOO guarantee contracts that the Policyholder maintains; that is, those contracts that it could maintain individually and as part of a consortium. These retained amounts must be calculated after deducting counter-guarantees in cash or deposits in the financial system.

When the policyholder who represents the highest retained sum insured is a Consortium, the solvency margin based on the claim scenario is equal to the retained sum insured calculated in item c.1 plus the retained amounts that would result from the execution of all other current insurance and GOO guarantee contracts that the members of the Consortium maintain; that is, those contracts that the members could maintain individually or with other consortia. These retained amounts must be calculated after deducting counter-guarantees in cash or deposits in the financial system.”

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

Modify in Article 10 the Annexes indicated below, whose formats are detailed in Annex 2 attached to this resolution and published on the Superintendence’s website (www.sbs.gob.pe), in accordance with what is established by Supreme Decree No. 001-2009-JUS:

a) Modify tables 2 and 3 of Annex ES-7B “Effective equity destined to cover credit risk”.

b) Eliminate Table No. 1 and Table No. 2 of Annex ES-7C “Information on solvency margin” and incorporate tables 1.1 “General insurance, other than surety insurance and GOO guarantees – based on premiums”, 1.2 “Surety insurance and GOO guarantees – based on premiums”, 2.1 “General insurance, other than surety insurance and GOO guarantees – based on claims”, 2.2 “Surety insurance and GOO guarantees – based on claims”, and 2.3 “Surety insurance and GOO guarantees – based on claim scenarios”.

c) Modify Table No. 10 of Annex ES-7C “Information on solvency margin”.

d) Modify Annex ES-8 “Debt Limit”.

Article Fifth. - Eliminate the last point of the list included in item 3 of Circular No. S-661-2016, which states:

“– Sureties contracted as guarantees within the framework of what is established by regulations on contracting and acquisitions with the State.”

Article Sixth. - Eliminate the Tenth Final and Supplementary Provision of the Regulation on Classification and Valuation of Investments of Insurance Companies, approved by Resolution SBS No. 7034-2012 and its modifying norms.

Article Seventh. - Modify letter c) and incorporate letter g) in item 2 “Definitions” of Circular No. S-662-2016 on “Procedures for the approval and/or registration of general contracting clauses and policy models”, according to the following text:

“c. Registration of policies: Registration of Insurance Policy Models referred to in the Registration Regulation.

(…)

g) GOO Guarantees: Guarantee issued by the guarantor where an obligation different from the payment obligation associated with credit risk events is guaranteed.”

Article Eighth. - Modify the Regulation on the Technical Reserve for Claims, approved by Resolution SBS No. 1856-2020 and modifying norms, with the purpose of incorporating the Sixth Supplementary Final and Transitional Provision, according to the following text:

“Sixth. - Exceptional application of the Regulation to executed GOC guarantees

When the execution of a guarantee that secures credit obligations (GOC guarantee) occurs, insurance companies must constitute only the reserve for claims pending settlement or payment, as applicable.

Article Ninth. - Modify the Regulation on Investments of Insurance Companies, approved by Resolution SBS No. 1041-2016 and modifying norms, in accordance with the following:

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Incorporate as the last paragraph of Article 6 “Assignment of investment portfolios for the backing of obligations”, the following text:

“Companies must recognize homogeneous groups of specific obligations for liabilities arising from counter-guarantees in cash or deposits made in company accounts.

Likewise, companies must assign specific investment portfolios that integrate only the assets that back said liabilities.”

Modify Article 22 “Determination of technical obligations”, in accordance with the following text:

“Determination of Technical Obligations

Article 22°.- Technical obligations include the total of technical reserves, liabilities for counter-guarantees received in cash or deposits in account, deferred premiums, unsafe practice, solvency equity, guarantee fund, the requirement of effective equity destined to cover credit risk, and the requirement of additional effective equity for economic cycle. For the determination of technical obligations, the company must determine technical reserves, including direct insurance and accepted reinsurance, net of ceded insurance.”

Article Tenth. - Modify the denomination of Procedure No. 36 of the Single Text of Administrative Procedures – TUPA of the Superintendence of Banking, Insurance and AFP, approved by Resolution No. 1678-2018 and its modifying norms, by the following: “Authorization for Insurance and/or Reinsurance Companies to perform trust commissions and fiduciary mandates”. Incorporate Procedures No. 207 “Authorization for insurance companies to perform financed sale (in installments) of adjudicated real estate”, No. 208 “Authorization for insurance companies to perform sale of adjudicated real estate to related persons”, and No. 209 “Authorization for insurance companies to issue guarantees that secure credit obligations (GOC guarantees)” into the TUPA of the Superintendence of Banking, Insurance and AFP, according to the text attached to this resolution and published on the Institutional Portal (www.sbs.gob.pe).

Article Eleventh. - The validity of this Resolution must take into consideration the following:

The Regulation on Credit, Surety, and Guarantees Insurance Issued by Insurance Companies, approved by Article First of this Resolution, enters into force on June 1, 2023, with the exception of paragraph 8.2 of Article 8 and Articles 12, 21, and 31, which govern starting from January 1, 2025. The Regulation on Surety Policies, approved by Resolution SBS No. 3028-2010 and its modifying norms, is repealed on June 1, 2023.
Articles Second, Fifth, Sixth, Seventh, Eighth, and Tenth enter into force on June 1, 2023.
Articles Third, Fourth, and Ninth of this Resolution enter into force starting from January 1, 2025.

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

MARIA DEL SOCORRO HEYSEN ZEGARRA
SUPERINTENDENTA DE BANCA, SEGUROS Y AFP

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

ANNEX No. 1
MODIFICATIONS TO THE CHART OF ACCOUNTS OF COMPANIES IN THE INSURANCE SYSTEM

I. Modify Chapter II “Risks”, in the terms indicated below:

Incorporate the risk classifications “48 Guarantees securing credit obligations (GOC)” and “49 Guarantees securing other obligations (GOO)” as indicated below:

“48 Guarantees securing credit obligations (GOC)

These are guarantees backing payment obligations associated with credit risk events.

49 Guarantees securing other obligations (GOO)

These are guarantees backing obligations other than guarantees on credit obligations.”

Modify the “Concordant Risk Table”, as indicated below:

“CONCORDANT RISK TABLE

Risk groups integrated for reporting in asset, liability, and result accounts

48 Guarantees securing credit obligations (GOC)

48 GOC Guarantees

49 Guarantees with guarantees on other obligations (GOO)

49 GOO Guarantees

Note:

Risk 48 is only used for the accounting registration of operations associated with the payment of executions and recoveries of GOC guarantees.

II. Modify Chapter III “Accounting Table and Catalog of Accounts” and Chapter IV “Description and Dynamics of Accounts”, in the terms indicated below:

Incorporate two analytical accounts in accounts 1006 and 1007, and modify their dynamics, as indicated below:

“ACCOUNT : 1006 Local Deposits Subject to Restriction

1006.00 (ENTITY)

1006.00.01 Counter-guarantees of surety policies
and guarantees

1006.00.02 Others

ACCOUNT : 1007 Foreign Deposits Subject to Restriction

1007.00 (ENTITY)

1007.00.01 Counter-guarantees of surety policies
and guarantees

1007.00.02 Others”

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DINÁMICA
DÉBITOS : - By the receipt of cash counter-guarantees from surety policies, GOO sureties, and GOC sureties, which cannot be invested.

By other restricted deposits.
CRÉDITOS : - By the return of cash counter-guarantees that cannot be invested.
By the release of other restricted deposits.

Incorporate the analytical account 1304.03.03 Commission for the issuance of GOC Sureties, and its corresponding Dynamics, as indicated below:

“ACCOUNT : 1304 Accounts Receivable
(…)
1304.03 Commissions
1304.03.03 Commission for the issuance of GOC surety
(…)
DYNAMICS
DEBITS : - By the issuance of GOC sureties.
CREDITS : - By the cancellation of GOC sureties.

By the collection of GOC surety commissions.”

Incorporate the analytical accounts 1905.01.01 “Cession to reinsurance of commissions for GOC sureties” and 1905.01.02 “Other Interests and Commissions”, modify the description of account 1905, and incorporate a debit in the Dynamics, as indicated below:

“ACCOUNT : 1905 Prepaid Expenses
1905.01 Interests and Commissions
1905.01.01 Ceded commissions for GOC sureties
1905.01.02 Other interests and commissions
(…)
DESCRIPTION : This account records costs paid for the acquisition of goods or services that are used or compensated in a date subsequent to the preparation of the financial information. Additionally, the obligation for ceded reinsurance of commissions to be earned on sureties that guarantee credit obligations is recorded. (…) DYNAMICS DEBITS : - By the reinsurance participation in the commissions to be earned on GOC sureties. CREDITS : - By the earned portion of GOC surety commissions.”

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Modify the name, structure, description, and dynamics of account 1906 as indicated below:

“ACCOUNT : 1906 Assets Adjudicated and Non-current Assets Held for Sale
1906.01 Adjudicated Real Estate
1906.02 Trusts in lieu of payment (real estate)
1906.03 Other Non-current Assets Held for Sale
DESCRIPTION: This account records real estate adjudicated by the company, in accordance with the regulations issued by the Superintendence. Additionally, non-current assets held for sale are recorded, provided they meet the conditions to be recognized as such; these assets are measured in accordance with the guidelines of IFRS 5. Provisions for adjudicated assets and adjustments in the valuation of non-current assets held for sale are recorded in sub-account 4609.07 with a credit to sub-account 1909.04. DYNAMICS DEBITS : - By the recognition of non-current assets held for sale.

By the recognition of adjudicated real estate and the rights of trusts in lieu of payment, in accordance with the regulations issued by the Superintendence.
CREDITS : - By the transfer of adjudicated assets and non-current assets held for sale.”

Incorporate into the dynamics referred to sub-accounts 2008.03 and 2009.03, both named “Deposits Received as Guarantee” the following:

DYNAMICS
DEBITS : - By the return or execution of cash and deposits received as counter-guarantee for surety policies or GOO or GOC sureties.
CREDITS : - By the cash or deposits received as counter-guarantee for surety policies or GOO or GOC sureties.”

Incorporate account 2804 “Counterpart of Adjudicated Real Estate for Sureties and Guarantees”, in item 28 “Other Liabilities”, as well as its corresponding dynamics, as indicated below:

“ITEM : 28 OTHER LIABILITIES
(…)
2804 Counterpart of adjudicated real estate for Sureties and Guarantees (…) DYNAMICS

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DEBITS : - By the derecognition of the adjudicated real estate due to its cash sale.
CREDITS : - Counterpart of the initial recognition of the adjudication of real estate associated with the execution of sureties and guarantees.”

Modify the description of account 2909 and incorporate a debit and a credit in the dynamics, as indicated below:

“ACCOUNT : 2909 OTHER DEFERRED GAINS
(…)
DESCRIPTION : This account records rents collected in advance from tenants, deferred income from financial leasing operations, unearned commissions for the issuance of sureties when these are collected in advance, deferred gains from contingent operations, and various deferred gains that accrue in the current exercise or subsequent accounting periods. DYNAMICS DEBITS : - By the application to results of the earned amount of commissions for the issuance of sureties. CREDITS : - By the recording of commissions for the issuance of sureties when these are collected in advance.”

Modify the description of account 4406, as indicated below:

“ACCOUNT : 4406 ACQUISITION COSTS – OTHER DIRECT COSTS ASSOCIATED WITH THE SALE OF INSURANCE (…) DESCRIPTION : This account records direct costs associated with the sale of insurance, which are deducted from the calculation base of the total unearned premium reserve, and are identified by each insurance contract, in which costs would not have been incurred had the insurance contracts not been issued, such as inspection costs of the insured subject, issuance costs, among others, having as maximum the amounts indicated in the technical note or methodological document for the calculation of technical reserves.”

Modify the name of accounting sub-account 4609.08, the second paragraph of its description, and incorporate analytical accounts in sub-account 4609.08 and a debit in the Dynamics, as indicated below:

“ACCOUNTS : 4609 PROVISIONS, DEPRECIATIONS, AMORTIZATIONS AND IMPAIRMENTS

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(…)
4609.08 Provisions for GOC Sureties
4609.08.01 Generic provisions for granted GOC sureties
4609.08.02 Specific provisions for granted GOC sureties
(…)
DESCRIPTION: (…)
Additionally, this account records the expense of provisions for the equivalent risk exposure of credit of granted GOC sureties, in accordance with the provisions of the Regulation for the Evaluation and Classification of the Debtor and the Provisioning Requirements approved by SBS Resolution No. 11356-2008 and its modifying norms. DYNAMICS DEBITS : - By the constitution of generic and specific provisions for granted GOC sureties.”

Add two analytical accounts in the accounting sub-account 4609.09, incorporate a paragraph in the description of account 4609, and incorporate a debit in the dynamics, as indicated below:

“ACCOUNTS : 4609 PROVISIONS, DEPRECIATIONS, AMORTIZATIONS AND IMPAIRMENTS (…)
4609.09 Various
4609.09.01 Cession to reinsurance of commissions for
GOC sureties
4609.09.02 Various
DESCRIPTION: (…)
Additionally, this account records the expense for the reinsurance participation in GOC sureties and other operations.
DYNAMICS
DEBITS : - By the reinsurance participation in the earned commissions of GOC sureties.”

Incorporate two sub-accounts and four analytical accounts in account 5609 “Other Financial Income”, and include two debits and three credits in the dynamics, as indicated below:

“ACCOUNTS : 5609 Other Financial Income
(…)

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5609.05 Financial Income from Counter-Guarantees
5609.05.01 Interests
5609.05.02 Other
(…)
5609.07 Operations with sureties that guarantee
credit obligations (GOC)
5609.07.01 Commissions
5609.07.02 Reinsurance for executed GOC sureties
(…)
DYNAMICS
DEBITS : - By the cancellation of commissions for sureties that guarantee credit obligations.
CREDITS : - By the yields of counter-guarantees for surety policies and sureties.

By the earned commissions of sureties that guarantee credit obligations.
By the reinsurance participation in the executed amount of GOC sureties.”

Substitute the description of item 58 “Income from Cancellations, Adjustments and Recoveries of Premiums, Commissions and Claims” and modify the credits of the dynamics, as indicated below:

“ITEM : 58 INCOME FROM CANCELLATIONS, ADJUSTMENTS AND RECOVERIES OF PREMIUMS, COMMISSIONS AND CLAIMS DESCRIPTION: It comprises the company's income from cancellations, adjustments, recovery of premiums and commissions corresponding to previous exercises and recoveries of claims both of the current exercise and of previous exercises. CREDITS : - By the amount of cancellations of ceded premiums, of insurance premium commissions, of co-insurance and accepted reinsurance, of claims of ceded premiums, corresponding to previous exercises.

By the amount of claim recoveries both of the current exercise and of previous exercises.
By the amount of interests and commissions, recovery of written-off accounts, return of taxes and reversal of provisions constituted and other gains of previous exercises.”

Substitute the description of Item 72 “Contingent Creditor Accounts”, modify its structure, description and dynamics according to the following text:

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“ITEM : 72 CONTINGENT CREDITOR ACCOUNTS
DESCRIPTION: It comprises accounts that record operations related to the granting of sureties and guarantees, which follow the treatment established in the General Law and complementary norms ACCOUNTS : 7201 Granted Sureties
7201.01 Central Government
7201.01.01 Faithful Compliance
7201.01.02 Advance of materials
7201.01.03 Direct Advance
7201.01.04 Good Management of Advance
7201.01.05 Seriousness of the Offer
7201.01.06 Differential Amount of the Proposal
7201.01.09 Others
7201.02 Regional or Municipal Governments
7201.02.01 Faithful Compliance
7201.02.02 Advance of materials
7201.02.03 Direct Advance
7201.02.04 Good Management of Advance
7201.02.05 Seriousness of the Offer
7201.02.06 Differential Amount of the Proposal
7201.01.09 Others
7201.03 Others
7201.03.01 Related to foreign trade and/or
customs
7201.03.02 Related to casinos and
slot machines
7201.03.03 Others
7202 Granted GOO Sureties
7202.01 Central Government
7202.01.01 Faithful Compliance
7202.01.02 Advance of materials
7202.01.03 Direct Advance
7202.01.04 Good Management of Advance
7202.01.05 Seriousness of the Offer
7202.01.06 Differential Amount of the Proposal
7202.01.09 Others
7202.02 Regional or Municipal Governments
7202.02.01 Faithful Compliance
7202.02.02 Advance of materials
7202.02.03 Direct Advance
7202.02.04 Good Management of Advance
7202.02.05 Seriousness of the Offer
7202.02.06 Differential Amount of the Proposal
7202.02.09 Others
7202.03 Others
7202.03.01 Related to foreign trade and/or
customs.

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7202.03.02 Related to casinos and
slot machines
7202.03.03 Others
7203 Granted GOC Sureties
7203.01 Sovereign
7203.02 Public Sector Entities
7203.03 Multilateral Development Banks
7203.04 Financial System Companies
7203.05 Securities Intermediaries
7203.06 Corporates, Large and Medium
Enterprises
7203.07 Small Enterprises, Micro-enterprises and Consumption
7203.08 Mortgage Credits for Housing
7203.09 Others
DYNAMICS
DEBITS : - By the extinction at maturity of granted sureties or surety policies.

By the honoring of surety policies or granted sureties.
CREDITS : - By the granting of surety policies or sureties, based on their exposure category.”

Incorporate account 8008 “Credits from Executed GOC Sureties”, its respective sub-accounts and analytical accounts, as well as its dynamics in the terms indicated below:

“8008 CREDITS FROM EXECUTED GOC SURETIES
8008.01 Current Credits
8008.02 Overdue Credits
8008.03 Overdue Credits more than 90 days
8008.04 Restructured Credits
8008.04.01 Current Credits
8008.04.02 Overdue Credits
8008.04.03 Overdue Credits more than 90 days
8008.05 Refinanced Credits
8008.05.01 Current Credits
8008.05.02 Overdue Credits
8008.05.03 Overdue Credits more than 90 days
8008.06 Exceptional Credits
8008.06.01 Current Credits
8008.06.02 Overdue Credits
8008.06.03 Overdue Credits more than 90 days
DYNAMICS
DEBITS : - By the right to collect from the debtor of an executed GOC surety.

By the installment sale of adjudicated assets, with prior express authorization from the SBS.

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CREDITS : - By the cash collection of the credit.

By the collection of installments for the sale of adjudicated assets.”

Modify account 8202 Received Guarantees, and incorporate accounts 8205 and its sub-accounts, in the terms indicated below:

“8202 COUNTER-GUARANTEES FOR SURETY POLICIES, GOO SURETIES AND OTHER OPERATIONS
8202.01 Mortgages on real estate and similar
8202.01.01 Mortgages associated with the issuance of surety policies and
GOO sureties
8202.01.02 Mortgages associated with reverse mortgage operations
8202.02 Cash
8202.03 Debt-representative instruments
8202.04 Capital-representative instruments
8202.05 Machinery and fixed assets
8202.06 Promissory notes and similar
8202.09 Various
8205 COUNTER-GUARANTEES FOR GOC SURETIES
8205.01 Mortgages on real estate and similar
8205.02 Cash
8205.03 Debt-representative instruments
8205.04 Capital-representative instruments
8205.05 Machinery and fixed assets
8205.06 Promissory notes and similar
8205.09 Various
DYNAMICS
DEBITS : - By the return or adjudication of the received counter-guarantee to the debtor.
-
CREDITS : - By the receipt of counter-guarantees for GOC sureties, GOO sureties and surety policies

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

ANNEX No. 2
ANNEX ES-7B
TABLE 2
TABLE No. 2: RISK-WEIGHTED CONTINGENCIES FOR CREDIT RISK
ACCOUNTING CODE AND
NAME
WEIGHTING
FACTOR
3) (A)
GENERAL LINES
4) (New Soles)
(B)
LIFE LINES
(New Soles) 4)
(C)
CONSOLIDATED RISK-WEIGHTED
CONTINGENCIES
(D)=(A)(B)+(A)(C)
CREDIT CONVERSION FACTOR (CCF): 100%
7203 Granted GOC Sureties 0%
20%
50%
100%
150%
CREDIT CONVERSION FACTOR (CCF): 10%
7204 Unpaid Credits from Granted Inverse Mortgages 0% 20% 50% 100% 150% ------ ------ GENERAL MANAGER CHIEF ACCOUNTANT Notes:
3) Determined in accordance with the provisions of the Regulation for the Effective Equity Requirement for Credit Risk approved by SBS Resolution No. 14354-2009 and its modifying norms.
4) The value to be considered is the net nominal value of provisions and any eligible real movable guarantee, multiplied by the corresponding credit conversion factor. When it is necessary to apply credit counterparty substitution, the part covered by personal guarantee must be separated and presented in the row of the weighting factor that corresponds to the provider of the protection.

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

ANNEX ES-7B
TABLE 3
TABLE No. 3: SUMMARY OF CREDITS AND RISK-WEIGHTED CONTINGENCIES AND THE EQUITY REQUIREMENT FOR CREDIT RISK
CONCEPTS
TOTAL CREDITS AND EXPOSURES CONTINGENT
RISK-WEIGHTED
ADJUSTED
GENERAL LINES
(New Soles)
LIFE LINES
(New Soles)
TOTAL
CONSOLIDATED
(New Soles)
TOTAL TABLE No.1: Risk-Weighted Credits for Credit Risk Real estate credits with mortgage guarantee on housing (mortgage credits).
Real estate credits with mortgage guarantee on real estate other than housing.
Other credits registered in the balance sheet under any modality.
TOTAL TABLE No. 2: Risk-Weighted Contingencies for Credit Risk Contingent exposures with CCF of 100% Contingent exposures with CCF of 10% TOTAL EFFECTIVE EQUITY REQUIREMENT FOR CREDIT RISK 5) ------ ------ GENERAL MANAGER CHIEF ACCOUNTANT Notes:
5) The effective equity requirement intended to cover credit risk is determined by multiplying the assets and risk-weighted contingencies by ten percent (10%), in accordance with what is established in the standard method regulated in the Regulation for the Effective Equity Requirement for Credit Risk approved by SBS Resolution No. 14354-2009 and its modifying norms.”

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

ANNEX ES-7C
TABLES 1.1, 1.2, 2.1, 2.2 and 2.3
SOLVENCY MARGIN FOR GENERAL INSURANCE 1/
INSURANCE COMPANY: ......
AS OF ..... OF ...... OF ......
Table No. 1.1
General insurance lines, other than surety insurance and GOO sureties – based on premiums OPERATION LAST TWELVE MONTHS Months Months TOTAL Current Year (a) (b) (c) = (a+b)
1. Net Insurance Premiums
2. Net Accepted Reinsurance
3. Total Net Premiums = (1c + 2c)
4. Basic calculation amount = 0.235 * (3c)
5. Net Insurance Claims
6. Net Accepted Reinsurance Claims
7. Total Net Claims = (5c + 6c)
8. Net Ceded Premium Claims
9. Retained Claims = (7c - 8c)
10. Retention Ratio (not less than 0.50) = (9c / 7c)
11. SOLVENCY MARGIN = (4c * 10c)
Table No. 1.2
Surety and GOO surety insurance – based on premiums OPERATION LAST TWELVE MONTHS months months TOTAL Current Year (a) (b) (c) = (a+b)
1. Net Insurance Premiums
2. Net Accepted Reinsurance
3. Total Net Premiums = (1c + 2c)
4. Basic calculation amount = 0.235 * (3c)
5. Net Insurance Claims
6. Net Accepted Reinsurance Claims
7. Total Net Claims = (5c + 6c)
8. Net Ceded Premium Claims
9. Retained Claims = (7c - 8c)
10. Retention Ratio (not less than 0.50) = (9c / 7c)
11. SOLVENCY MARGIN = (4c * 10c)

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Table No. 2.1
General insurance lines, other than surety insurance and GOO sureties – based on claims OPERATION LAST THIRTY-SIX VALID MONTHS months TOTAL Current Year (a) (b) (c) (d) (e) (f) = (a+b+c+d+e)
1. Net Insurance Claims
2. Net Accepted Reinsurance Claims
3. Net Claim Recoveries
4. Total Net Claims = (1f + 2f – 3f) 2/
5. Annual average claims = (4f) / 3
6. Basic calculation amount = 0.46 * (5f)
7. Retention Ratio = (10c from Table No. 1.1)
8. SOLVENCY MARGIN = (6f * 7f)
Table No. 2.2
Surety and GOO surety insurance – based on claims OPERATION LAST THIRTY-SIX VALID MONTHS months TOTAL Current Year (a) (b) (c) (d) (e) (f) = (a+b+c+d+e)
1. Net Insurance Claims
2. Net Accepted Reinsurance Claims
3. Net Claim Recoveries
4. Total Net Claims = (1f + 2f – 3f) 2/
5. Annual average claims = (4f) / 3
6. Basic calculation amount = 0.46 * (5f)
7. Retention Ratio = (10c from Table No. 1.2)
8. SOLVENCY MARGIN = (6f * 7f)
1/ Risk codes from 01 to 59 of the Chart of Accounts are considered.
2/ Initially the last 48 months are considered, eliminating the information corresponding to the 6 months of highest and the 6 months of lowest claim frequency, so that the base is constituted by 36 valid months, indicating the number of months considered in each exercise.
Table No. 2.3
Surety and GOO surety insurance – based on claim scenarios OPERATION SBS Code Amount
1. Individual Policyholder or Consortium with highest retained sum insured.
2. In case 1. is an individual policyholder, then 2. corresponds to the retained sum insured of the other contracts maintained by the policyholder = (3+4+5+6+7+8+9) In case 1. is a consortium, then 2. corresponds to the retained sum insured of the other contracts maintained by the consortium members, including individual contracts or in other consortia = (3+4+5+6+7+8+9)

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General Manager Chief Accountant
3. Individual Policyholder or Consortium 1
4. Individual Policyholder or Consortium 2
5. Individual Policyholder or Consortium 3
6. Individual Policyholder or Consortium 4
7. Individual Policyholder or Consortium 5
8. Individual Policyholder or Consortium 6
9. Individual Policyholder or Consortium 7
10. SOLVENCY MARGIN = (1 + 2)

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

ANNEX ES-7C
TABLE 10
TOTAL SOLVENCY MARGIN
(ARTICLE 303° - LAW No. 26702)
INSURANCE COMPANY: ......
AS OF ..... OF ...... OF ......
CONCEPTS TOTAL

GENERAL INSURANCE LINES, OTHER THAN SURETY INSURANCE AND
GOO SURETIES : Maximum between (1a) and (1b)
1a) Based on Premiums : (11 c) from Table No. 1.1 1b) Based on Claims : (8 f) from Table No. 2 .1
SURETY AND GOO SURETY INSURANCE : Maximum between (2a), (2b) and (2c)
2a) Based on Premiums : (11 c) from Table No. 1.2 2b) Based on Claims : (8 f) from Table No. 2 .2 2c) Based on Claim Scenario: (10) from Table No. 2.3
ACCIDENT AND ILLNESS INSURANCE : Maximum between (3a) and (3b)
3a) Based on Premiums : (11 c) from Table No. 3 3b) Based on Claims : (7 e) from Table No. 4
GROUP LIFE INSURANCE : Maximum between (4a) and (4b)
4a) Based on Premiums : (11 c) from Table No. 5 4b) Based on Claims : (7 f) from Table No. 6
PENSION INSURANCE : Sum of: i) (5c) and ii) Maximum between (5a) and (5b)
5a) Active Portfolio - Based on Premiums : (6 c) from Table No. 7.1 5b) Active Portfolio - Based on Claims : (7 f) from Table No. 8.1 5c) Run-off Portfolio - Based on Claims: (32 f) from Table No. 8.1
SCTR : Maximum between (6a) and (6b)
6a) Based on Premiums : (11 c) from Table No. 7.2 6b) Based on Claims : (7 e) from Table No. 8.2
INDIVIDUAL LIFE INSURANCE AND ANNUITIES : (12) from Table No. 9
TOTAL SOLVENCY MARGIN FOR GENERAL LINES: ( 1 + 2 )
TOTAL SOLVENCY MARGIN FOR ACCIDENTS AND ILLNESSES: ( 3 )
TOTAL SOLVENCY MARGIN FOR LIFE LINES: ( 4 + 5 + 6 + 7)
TOTAL CONSOLIDATED SOLVENCY MARGIN: (1 + 2 + 3 + 4 + 5 + 6 + 7)

General Manager Chief Accountant

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

ANEXO ES-8
DEBT LIMIT
(ARTICLE 302, NUMERAL 1 OF THE GENERAL LAW)

INSURANCE COMPANY: ......
AS OF ..... OF ...... OF ......

ACCOUNTING CODES	CONCEPTS	GENERAL BRANCHES S/.	LIFE BRANCHES S/.
A.	CLASS 2 Total liabilities Reported in the monthly General Balance Sheet generated through the SUCAVE software
	Less:
B.	Item 20
	Item 23
	Deposits received as Guarantee (accounts 2008.03 and 2009.03)
	Accounts payable to insured parties
C.	Item 26
	Technical reserves for claims
D.	Item 27
	Technical reserves for premiums
E.	Item 29
	Deferred Gains
F.	Item 24
	Accounts payable to reinsurers and co-insurers
	Deduct debts payable to reinsurers and co-insurers that are currently within the valid payment term.
	SUB – TOTAL
	Plus:
G.	-.- Other obligations not registered as liabilities
H.	-.- TOTAL INDEBTEDNESS A - B - C - D - E - F + G
I.	-.- EFFECTIVE TOTAL EQUITY Annex 1
	EXCESS OF INDEBTEDNESS Only if H is greater than I	______	______

General Manager General Accountant

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