Resolution SBS No. 4143-2019: Approves the Market Conduct Management Regulation of the Insurance System

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 Lima, September 11, 2019

Resolution S.B.S.
No. 4143- 2019
The Superintendent of Banking, Insurance and
Private Pension Fund Administrators

CONSIDERING:

That, pursuant to Article 345 of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its modifying regulations, the Superintendence protects the interests of the public in the insurance system and, in accordance with Law No. 29946, the Insurance Contract Law, regulates provisions related to the contracting of insurance, coverage of insured risks, identification of abusive clauses and practices, among others;

That, by virtue of the foregoing, the Superintendence issued the Regulation on Transparency of Information and Insurance Contracting, approved by Resolution SBS No. 3199-2013 and its modifying regulations, which develops what is provided in Law No. 29571, Consumer Protection and Defense Code, and Law No. 29946, Insurance Contract Law, and establishes provisions related to the minimum content of insurance policies and the information that companies in the insurance system must provide; the minimum conditions of personal, mass, and mandatory insurance; the identification of abusive clauses and practices; and the right of users to access information on marketed products and services;

That, likewise, the Regulation on Marketing of Insurance Products, approved by Resolution SBS No. 1121-2017 and its modifying regulations, was issued, which regulates the marketing modalities of insurance products and their conditions for better management by insurance companies, as well as to promote financial inclusion;

That, for the case of insurance brokers, through the Regulation on Supervision and Control of Insurance Brokers and Auxiliaries, approved by Resolution SBS No. 809-2019, the improvement of market conduct of brokers is regulated, as well as the promotion of good practices in intermediation, taking into consideration their representation to carry out acts of administration of the contracted coverage, as well as post-service while the coverage remains in effect and, in general, to comply with the obligations defined for adequate behavior;

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That, insurance companies must include as part of their guidelines within the framework of their corporate governance, general policies to incorporate adequate market conduct into the organizational culture and business strategy in accordance with the Regulation on Corporate Governance and Integrated Risk Management, approved by Resolution SBS No. 272-2017 and its modifying regulations;

That, for this reason, with the aim that insurance companies and insurance brokers, insofar as applicable to them, implement adequate market conduct management that is reflected in the practices they adopt in their relationship with users, in the offer or promotion of insurance products, transparency of information, and claims management, it is necessary to approve a new regulatory norm in the matter of market conduct management that regulates the requirements applicable to companies and insurance brokers in their relationship with users, regarding the offer or promotion and contracting of insurance products, transparency of information, among others; taking into consideration the practices identified in the Superintendence's supervision activities, as well as international practices;

That, in order to collect opinions from the general public, the draft resolution was ordered to be published on the electronic portal of the Superintendence, under the provisions of Supreme Decree No. 001-2009-JUS;

Having the approval of the Adjunct Superintendencies of Insurance, Risks, Market Conduct and Financial Inclusion and Legal Advice; and,

In exercise of the powers conferred by items 7, 9, and 13 of Article 349 of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance – Law No. 26702 and its modifying regulations;

RESOLVES:

Article First.- Approve the Regulation on Market Conduct Management of the Insurance System, as indicated below:

REGULATION ON MARKET CONDUCT MANAGEMENT OF THE INSURANCE SYSTEM

TITLE I
GENERAL ASPECTS

Article 1. Scope
The provisions of this Regulation are applicable to the insurance companies referred to in item D of Article 16 of the General Law, hereinafter the companies, as well as to insurance brokers, insofar as pertinent.
This Regulation is applicable subsidiarily in the case of mandatory insurance contracting and those regulated by special laws.

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Article 2. Definitions
For the purposes of the provisions of this Regulation, the following definitions and references must be considered:

1. Insured: holder of the insurable interest that is the object of the insurance contract. It may also be the policyholder of the insurance.
2. Beneficiary: person designated by the policyholder and/or insured in the insurance policy, as the holder of the specified indemnity rights.
3. Insurance certificate: document issued in the case of group or collective insurance, linked to a specific insurance policy.
4. Code: Consumer Protection and Defense Code, Law No. 29571 and its modifying regulations.
5. Marketer: natural or legal person with whom the company enters into a marketing contract, with the object that this person be in charge of facilitating the contracting of an insurance product. Also considered marketers are multiple operations companies ( bancassurance) and electronic money issuing companies.
6. General contracting clauses: set of basic stipulations established by companies to govern contracts belonging to the same line, risk, or marketing modality of insurance. The approval of the minimum conditions contained in the general contracting clauses is carried out in a single instance, in accordance with the procedure approved by this Superintendence.1
7. Special conditions: stipulations whose object is to expand, reduce, clarify, and in general, modify the content or effect of the general or particular conditions.
8. General conditions: set of stipulations that cover aspects related to the extension of insurance coverage, excluded risks, procedure for requesting coverage and settlement of the claim. The approval of the minimum conditions contemplated in the general conditions of the product will be carried out each time a new product is requested to be incorporated into the Registry of policy models, in the procedure provided by the Superintendence.2
9. Minimum conditions: set of stipulations indicated in the current regulations that require approval by the Superintendence.
10. Particular or specific conditions: stipulations related to the individualized risk that is insured, such as the identification of the parties, the designation of the insured and the beneficiary, if any, the description of the insured subject matter, the insured amount or the scope of coverage, the amount of the premium and the corresponding payment agreement, the place and form of payment, the validity of the contract, among others. Any reference to particular conditions is understood to refer to specific conditions.3

1 Párrafo sustituido por la Resolución SBS N°1840-2022 vigente el 08.06.2022, fecha a partir de la cual se contabiliza el plazo de adecuación de 180 días.
2 Párrafo sustituido por la Resolución SBS N°1840-2022 vigente el 08.06.2022, fecha a partir de la cual se contabiliza el plazo de adecuación de 180 días.
3 Párrafo sustituido por la Resolución SBS N°1840-2022 vigente el 08.06.2022, fecha a partir de la cual se contabiliza el plazo de adecuación de 180 días.

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11. Policyholder: natural or legal person who enters into the insurance contract. In the case of an individual insurance, it may also have the status of insured.
12. Payment Agreement: document in which the form and deadlines for the payment of the premium agreed with the insurance company are recorded, in case the installment payment of the premium is agreed. The formality of its issuance corresponds to the companies.
13. Days: calendar days.
14. Endorsement: additional document to the insurance policy, in which modifications to the policy or insurance certificate or new declarations of the policyholder are established, taking effect once they have been approved by the policyholder and the company, as applicable.
15. Authentication factor: according to the definition indicated in Circular G-140-2009, referred to the management of information security and its modifications.
16. Installment: payment facility granted by the company to make the payment of the premium in periodic installments, according to the terms agreed in the payment agreement.
17. Management: general manager and those officials, regardless of their denomination, who collaborate directly with the general manager in the execution of policies and decisions related to the management of market conduct in the insurance system.
18. Insurance Law: Insurance Contract Law, Law No. 29946.
19. General Law: General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its modifying regulations.
20. Insurance policy: document that reflects the conditions that generally, particularly, or specially regulate the contractual relationships agreed between the company and the policyholder. It includes additional documents related to the insured subject matter and endorsements.
21. Electronic insurance policy: is the digital version of the insurance policy, regulated by the Insurance Law and the norms issued by the Superintendence, and which is sent and/or made available by electronic means. It is understood that any reference to the electronic insurance policy in this Regulation includes the electronic insurance certificate in the case of group or collective insurance.
22. Pure risk premium: theoretical cost of insurance estimated on actuarial bases, whose objective is to cover the benefits and indemnities offered by the insurance.
23. Commercial premium: It is the pure or risk premium increased by administrative expenses, investment management expenses, acquisition expenses, claims management expenses, and required profit margin, which does not consider taxes.45
24. Insurance promotion: mechanism by which insurance products are made known to the public, showing the benefits and advantages of their contracting in a direct manner, through informative brochures, advertisements published in media, or through the use of remote systems.
25. Insurance promoter: natural person who maintains a contract with the company that authorizes him/her to promote, offer, and market insurance products on behalf of the company exclusively inside or outside the company's offices.
26. Regulation: Regulation on Market Conduct Management of the Insurance System.
27. Marketing Regulation: Regulation on Marketing of Insurance Products, approved by Resolution SBS No. 1121-2017 and its modifying regulations.
28. Group or collective insurance: insurance modality characterized by covering, through a single contract, multiple insureds who integrate a homogeneous community.
29. Individual insurance: insurance modality by which a single main insured is insured.
30. Mass insurance: standardized insurance that does not require special underwriting requirements, that is, it does not require prior verifications regarding the people and/or insurable assets, being sufficient the simple acceptance of the policyholder or the insured for the consent of the individual insurance or group or collective insurance, as applicable.

4 Párrafo sustituido por la Resolución SBS N°1840-2022 vigente el 08.06.2022, fecha a partir de la cual se contabiliza el plazo de adecuación de 180 días.
5 Numeral modificado por la Resolución SBS N° 890-2025 del 12/03/2025, vigente a partir del 09/09/2025.

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31. Mandatory insurance: insurance whose contracting and coverage conditions are required by express legal norm.
32. Personal insurance: insurance that covers life, psychophysical integrity, or health of the insured. It includes life insurance (death and survival), personal accident insurance, and health insurance.
33. Application-certificate: document that collects the information of the insurance application and insurance certificate, and which is used in group or collective insurance whenever they are mass.
34. Coverage request: request made by the insured or the beneficiary to the company due to the occurrence of a claim regarding the contracted insurance coverage.
35. Superintendence: Superintendence of Banking, Insurance and Private Pension Fund Administrators.
36. Users: policyholders, insureds, or beneficiaries of insurance, including potential ones.

TITLE II6
MARKET CONDUCT MANAGEMENT AND MARKET CONDUCT OFFICER

CHAPTER I
MARKET CONDUCT MANAGEMENT

Article 3. Market Conduct
3.1. Market conduct is understood as the practices adopted by companies and insurance brokers in their relationship with users, regarding the offer or promotion of insurance products, transparency of information, and in claims management.
3.2. Market conduct is manifested throughout the contractual relationship, including the offer or promotion, marketing; premium payment; processing of the coverage request, as well as the settlement and payment of the indemnity for any claim or service offered.

Article 4. Principles of market conduct
4.1. The market conduct applied by companies and insurance brokers, in their interaction with users, must observe compliance with the principles associated with their business practices, the transparency of their information, and the management of their claims.
4.2 The business practices applied by companies, as well as insurance brokers when applicable, to their users, regarding the offer or promotion and marketing of products; premium payment; as well as the settlement, rejection, or payment of the indemnity, in case a claim occurs, must involve the following aspects:

1. The design of insurance products must consider the provisions of the legal and regulatory framework, and the policies and procedures approved by the company in the matter of market conduct management, as well as ensure that products meet the interests of users and cover their potential needs. In the case of insurance that is a condition for the contracting of products and/or financial services, it is necessary that there is correspondence between the risk sought to be covered and the scope of coverage of the contracted insurance.
2. The channels and modalities of marketing and intermediation must be adequate to the characteristics and level of complexity of insurance products. Marketing must consider the target audience to which the offer or promotion is directed and must not mislead users regarding the conditions of insurance products, or generate false expectations regarding the scope of their coverage.
3. The conditions agreed with users must be complied with throughout the contractual relationship. In case of occurrence of a claim, the following aspects must be considered: (i) make permanent information available to users on the procedures for adjustment and settlement of claims, which allow interaction with the company and facilitate the tracking of the coverage request in all its stages until the moment of payment of the indemnity or rejection of the claim; (ii) information requirements must be timely, clear, and appropriate to the risks covered, as well as to the characteristics of the claim under evaluation, avoiding requests for documentation that is in the possession of the company or that is easier for it to obtain; and, (iii) the processing of the coverage request by marketers and organizational units of the company must avoid unnecessary procedures that hinder the issuance of the response within the internal deadlines established for its attention.
   4.3 Transparency of information is a mechanism that seeks to improve access to information for the user, before and during the validity of the insurance contract, in its renewal, as well as in the processing of the coverage request and settlement of the claim, if applicable. In the marketing of insurance products, adequate and effective disclosure of information on the conditions of the product and on the obligations assumed in the offer or promotion of insurance must be carried out, in order for users to understand the scope, and be able to make informed decisions.
   4.4 Regarding life insurance, insurance with an investment component, and others determined by the Superintendence that require specialized guidance, the company must use marketing and intermediation modalities in which it is possible to provide information that allows the user to evaluate whether the product fits their needs.
   4.5 Adequate claims management involves the comprehensive administration of claims and the tracking of their processing, in order to identify the commission of practices, by companies and marketers, contrary to current regulations. The claims attention procedure must entail timely and objective attention to communications presented by users, and the issuance of responses to all aspects of the claim in a understandable and simple manner.
   4.6 The company must analyze the claims presented by users and use the results obtained in the improvement of marketed insurance products and/or in the improvement of the relationship with users.

6 Título II vigente a partir del 10.03.2020.

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Article 5. Market conduct management
Market conduct management is a process carried out by the board of directors, general management, and staff, applied to the entire organization, which has as its objective the application of adequate business practices related to users, in accordance with the principles established in the Regulation and in the current regulatory framework. For this effect, companies must develop the following:

1. Policies that incorporate market conduct into the organizational culture of companies and in their corporate governance structure, in accordance with what is established in the Regulation on Corporate Governance and Integrated Risk Management.
2. General procedures for the design, marketing, monitoring of products, and claims management, in accordance with the principles of market conduct.
3. Manual for market conduct management, which must contain the mechanisms and procedures that will be used to comply with the objectives of such management, identify the responsibilities of the areas involved in the implementation of procedures with users, as well as the responsibilities and functions of the market conduct officer, and the use of communication and coordination channels among them, among others.
4. Code of good practices in the company's relationship with users, considering the principles of market conduct.
5. Annual staff training plan for those who have a relationship with users, such as officials of business units, claims management, or others that the company determines.

Article 6. Staff training
6.1 The training that companies provide to staff who have a relationship with users, as part of the annual training plan referred to in the preceding article, must consider, at a minimum, the following aspects:

1. General aspects of the products offered by the company;
2. Applicable regulatory framework in the matter of market conduct and consumer protection, linked to the functions assigned to them; and,
3. Topics of the manual for market conduct management and the code of good practices, associated with the development of assigned responsibilities and functions.
   6.2 Companies must establish mechanisms that allow measuring the effectiveness of the training provided to their staff, and the support for it must be available to this Superintendence in physical or electronic files.
   6.3 Training of staff under the different marketing modalities established by companies is governed by what is provided in the Marketing Regulation.

Article 7. Responsibility of the board of directors and management
7.1 The board of directors is responsible for the approval of policies, measures, and procedures necessary to allow the company to have adequate market conduct in its business strategy and to comply with the provisions of this Regulation. It is responsible for knowing and monitoring the main challenges and difficulties faced by the company in its implementation.
7.2 The board of directors must designate a market conduct officer with the requirements, responsibilities, and functions established in this Regulation.

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7.3 The management is responsible for implementing the policies, measures, and procedures approved by the board of directors that are necessary for the company to have market conduct adequate to current regulations, as well as assigning the human, technical, and logistical resources that allow compliance with the obligations mentioned in this Regulation.

CHAPTER II
MARKET CONDUCT OFFICER

Article 8. Market Conduct Officer
8.1 The market conduct officer must perform their duties full-time and with exclusive dedication to the company. They must be independent from the business units, marketing, claims handling, and others whose activities show a conflict of interest with the exercise of the responsibilities and functions described in Article 10 of this Regulation.
8.2 Companies may request prior authorization from the Superintendency for the responsibilities and functions of the market conduct officer to be assumed by an official with non-exclusive dedication, due to the nature, size, and complexity of their operations and services. The request must be accompanied by the following information:

1. A report supporting how compliance with current provisions associated with market conduct management will be achieved, with the following content: a) general organizational chart of the company specifying the location of the Market Conduct Officer in said structure and their reporting line; b) detail of the functions and responsibilities of the official in addition to those associated with market conduct management; c) level of dedication of said official in market conduct management and mechanisms to mitigate potential conflicts of interest; d) number and profile of support staff for the Market Conduct Officer, their level of dedication, and reporting scheme; if applicable; e) complementary information that allows estimating the operational load of the Market Conduct Officer for the following two (2) years counted from the date of the request.
2. Curriculum vitae of the official who will assume the responsibilities and functions corresponding to the market conduct officer.
3. Reasons for requesting the designation of an official who will assume the functions of the market conduct officer with non-exclusive dedication.
   8.3 If, in the exercise of its supervisory powers, the Superintendency determines that the exercise of the functions of the market conduct officer with non-exclusive dedication does not allow for adequate market conduct management, it may revoke the authorization granted under paragraph 8.2.

Article 9. Requirements of the Market Conduct Officer
9.1 The market conduct officer must meet the following minimum requirements:

1. Have knowledge and experience in consumer protection and market conduct issues.
2. Have knowledge of insurance issues, especially regarding the type of products and services offered by the company or, in the case of insurance brokers, regarding the insurance policies on which they perform intermediation.

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3. Have experience in control, monitoring, and process management tasks.
9.2 Companies must communicate to the Superintendency the name of the market conduct officer, as well as compliance with the requirements indicated in the previous paragraph, within five (5) days counted from the date of their designation by the Board of Directors.

Article 10. Responsibilities and functions of the Market Conduct Officer
10.1 The responsibilities and functions of the market conduct officer, among others contemplated in the Regulation, are the following:

1. Propose to the board of directors and management the strategies and measures that allow for the management of adequate market conduct.
2. Evaluate and verify the application of policies, measures, and procedures implemented to ensure adequate market conduct in the company, reflected in the behavior of the entire organization, including the application and monitoring of compliance with the principles collected in the Regulation.
3. Verify that the company has procedures that allow compliance with current regulations on market conduct established by the Superintendency.
4. Participate in the product design process, and in the review of information that will be provided to users through different marketing modalities.
5. Monitor insurance marketing modalities and compliance with marketing contracts signed by the company, in order to identify the commission of inadequate practices by different marketing modalities, and propose solution alternatives.
6. Monitor the processing of claims, in order to identify the commission of practices contrary to current regulations.
7. Evaluate the process of handling coverage requests and their provision, own or by third parties, in order to verify the effectiveness of the process and fair treatment of the insured and/or beneficiary.
8. Generate reports and indicators that allow detecting improvement opportunities in company procedures related to users and propose corrective measures, which must be brought to the attention of management.
9. Design an annual training plan for company personnel related to users, coordinate its execution, and measure the results of its effectiveness.
10. Issue semi-annual and annual reports that allow evidencing the level of compliance with the responsibilities and functions established in this Regulation.
11. Be the representative before the Superintendency, on matters related to market conduct.
12. Address information requests associated with market conduct management requested by the Superintendency.
    10.2 The market conduct officer, for the proper fulfillment of their responsibilities and functions, must prepare an annual work program that must be approved by the Board of Directors, before December 31 of each year. This program must contain the description of activities to be carried out, the objectives set for each of them, and a schedule of their execution. The aforementioned annual program must be available to the Superintendency, which may require its sending by electronic means, according to the conditions established by multiple official letter.

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Article 11. Presentation of management reports
11.1 The market conduct officer of the company must prepare a follow-up report on activities carried out during the first semester of the year, considering the responsibilities and functions described in the previous article, which must be presented to the Superintendency, at the latest within thirty (30) days after June 30 of each year.
11.2 The market conduct officer must prepare an annual report on market conduct management in the company and the results obtained, and present it to the Superintendency within forty-five (45) days after the closing of the fiscal year.
11.3 Both reports must be approved by the company's board of directors and sent to the Superintendency. The method of sending is by physical means, unless the Superintendency, alternatively, requires its sending by electronic means, according to the conditions established by multiple official letter.

TITLE III
TRANSPARENCY OF INFORMATION

CHAPTER I
CRITERIA APPLICABLE TO RATES

Article 12. Applicable charges
12.1 Companies cannot charge contractors additional charges to the commercial premium amount related to the coverage subject of the contract, as it was informed and agreed.
12.2 Charges for the concept of making information available or sending periodic information, in accordance with what is provided in Article 31 of the Regulation, cannot be passed on to the user.

CHAPTER II
INFORMATION IN THE PRE-CONTRACTUAL STAGE

Article 13. Dissemination of information on insurance products
13.1 Companies, in any contracting modality, and insurance brokers must provide users with clear, sufficient, concrete, and timely information about the insurance products they offer or promote, mainly regarding covered risks, insured amount, commercial premium, and exclusions contained in the policies.
13.2 If the company applies costs associated with deductibles, franchises, copayments, or co-insurance, it must explain to the user the meaning of such terminology and its scope.

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Article 14. Mechanisms and channels for information dissemination7
Companies disseminate information regarding the commercial premium, coverage, exclusions, and other characteristics of the insurances contained in the policies, as appropriate, through the following mechanisms and channels:

1. Mandatory mechanisms:
   Tariff and/or Quoter.- applicable to insurance products offered or promoted under any marketing modality, except those that are fully negotiated. The tariff must additionally contain the following information:
2. Commercial name of the product and SBS registration code.
3. The amount of the commercial premium, including IGV, the latter concept being shown separately. Exceptionally, in private annuities coverage, the sales rate with which the annuity is calculated may be indicated.
4. Detail the main and additional coverages and assistance services.
5. The costs for the concept of deductible, franchise, copayment, or co-insurance, as appropriate.
6. If offering installment of the commercial premium, indicate the interest rate that applies and the amount for the concept of interest.
7. Specify the periodicity of the product (annual, monthly, or other).
8. If insurance broker intermediation applies; or the marketing of insurance through promoters, bancassurance, or other marketer, indicate the charge of the commission corresponding to each. Also, detail the applicable taxes, the established percentage, and, if applicable, the amount.
9. Any other information determined by the company.
   In those cases where the determination of the commercial premium depends on insurability requirements, the criteria for its determination must be indicated.
   The tariff may group one or more insurance products, based on common characteristics, such as behavior, homogeneity, insured ages, among others; indicating the criterion or considerations for grouping.
   Additionally, the company determines if it includes ranges, according to the cost of the commercial premium for each product, taking into consideration the nature of this and ensuring that they provide better understanding for users.
   Companies must make insurance tariffs known and available to users, in detail, at a minimum, in their customer service offices and website. This document may be contained in physical or electronic media; facilitating access to the user.
   7 Article substituted by Resolution SBS No. 1840-2022 effective on 08.06.2022, from which date the 180-day adaptation period is counted.

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Likewise, companies must keep a historical record of the tariffs for each period of commercialization of their products, including any modification, inclusion, or elimination that is made. This record must be available to this Superintendency.
2. Optional mechanisms:
a. Qualitative informational brochures.- used to disseminate the specific characteristics of the insurance products offered. If the company decides to use them, they must contain: i) a brief description of the product, ii) the main coverages and main exclusions, iii) the existence of deductibles, franchises, copayment, or co-insurance, as appropriate, iv) the identification of the company, if they are group or collective insurances; v) the channels made available to provide information and present complaints to the company regarding the product they offer, and, vi) other relevant information identified by the company. b. Quantitative informational brochures.- used to disseminate information regarding the commercial premium. If the company decides to use them, they must contain the applicable amount and its periodicity, as well as the information indicated in the previous numeral. Additionally, if the installment of premiums applies, or a guaranteed or expected return in products with savings and/or investment components, the following must be considered:
i. Regarding the installment of insurance premiums, the amount for the concept of interest, detailed in an disaggregated manner, and an explanatory example.
ii. If there is a savings and/or investment component, the precision on whether it is a guaranteed return or an expected return, as well as an explanatory example. If it is an expected return, this situation must be informed with a clarifying note, specifying the assumptions used for the projection and the main associated risk factors, and/or the types of scenarios in which there would be a lower return than expected. Additionally, additional information required by this Superintendency through a general nature norm, which reaches life insurances with savings and/or investment components, must be included.
c. Other mechanisms determined by the company.
3. Mandatory channels:

1. Website: used for the dissemination of information on the main applicable conditions, such as coverages, exclusions, deductibles, copayments, and other information that companies consider at a minimum, of the risks associated with personal, mandatory, vehicular, mass insurances offered by the company and others determined by the Superintendency through multiple official letter.
2. Offices: Those companies that have customer service offices must disseminate information regarding the commercial premium, coverage, exclusions, and other necessary information about the products they offer.

TITLE IV
DETERMINATION OF CONTRACTUAL CONDITIONS

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CHAPTER I
GENERAL ASPECTS

Article 15. Formalities for the drafting of contractual conditions
15.1 Companies must draft the contractual conditions corresponding to the products they offer to users, in simple and clear language that allows adequate comprehension by them of their obligations and rights.
15.2 The contract must faithfully reflect all stipulations necessary for the correct regulation of the relationship between users and companies, and explain precisely the terms specific to the insurance contract.
15.3 The general contracting clauses, general, particular, and special conditions, as well as the endorsements incorporated into insurance policies, and their annexes, must be drafted with characters not smaller than three (3) millimeters.

CHAPTER II
CONDITIONS OF MASS, PERSONAL, AND MANDATORY INSURANCES8

Article 16. Minimum conditions for administrative approval
16.1 Companies must submit to prior administrative approval of the Superintendency, the minimum conditions of mass, mandatory, and personal insurances, according to the type of product, related to the following aspects:

1. The right of the contractor and/or insured to be informed regarding modifications of the contractual conditions proposed by companies, during the validity of the contract, as well as the right to accept or not such modifications, indicating the procedure, deadlines, and formalities applicable, in concordance with what is provided in Article 30 of the Insurance Law.
2. In the case of health insurance, the coverage of pre-existing diseases according to the Insurance Law and other applicable norms.
3. The obligation of companies to pay the claim according to the deadline and procedure established in special norms applicable to certain insurances and in Article 74 of the Insurance Law.
4. The aspects related to the minimum information and documentation to present to proceed with the settlement of the claim, considering for such effect what is stated in special norms applicable to certain insurances and in Article 74 of the Insurance Law. Additionally, in the case of life insurances with a savings and/or investment component, the supporting documentation and accreditation of beneficiaries to present in case of occurrence of the claim, to request payment of the savings and/or investment component. Likewise, in those cases where the savings and/or investment component is separable, the indication that the request can

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8 Title substituted by Resolution SBS No. 1840-2022 effective on 08.06.2022, from which date the 180-day adaptation period is counted.

9 Numeral substituted by Resolution SBS No. 2388-2021, published on 17-08-2021.

10 Paragraph substituted by Resolution SBS No. 1840-2022 effective on 08.06.2022, from which date the 180-day adaptation period is counted.

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be presented independently from the documentation corresponding to the evaluation of the claim.
5. The dispute resolution mechanisms that the parties agree on, considering what is provided in paragraph c) of Article 40 and Article 46 of the Insurance Law on arbitral pact, if applicable.
6. The causes for resolution and nullity of the insurance contract and their consequences on the premiums paid.
7. Effects of non-payment of the premium.
8. The right of withdrawal in the case of insurances offered or promoted by marketers and when the offer or promotion is made through the use of distance systems.
9. The reduction of the indemnification for late notice to the insurance company of the occurrence of the claim.
10. The deadlines related to the prescription of actions based on the insurance contract, according to Articles 78 and 80 of the Insurance Law.
11. Procedure for the renewal and modification of the policy, if applicable.
12. In life insurances where the contractor is different from the insured, the precision regarding the right of revocation of consent by the insured.
13. Others determined by the Superintendency.
16.2 The approval of minimum conditions in these products is considered a condition for their inscription in the Registry of Policy Models and Minimum Requirements of Technical Notes.
16.3 The approval of minimum conditions does not limit the supervisory and control powers of the Superintendency, regarding the business practices that companies apply to their users, as well as requiring modifications if these practices result contrary to the approved minimum conditions.
16.4 Minimum conditions that do not have prior approval from the Superintendency cannot be used. The Superintendency does not issue a pronouncement on the application of norms and particular provisions issued by other organisms authorized for such purpose.
16.5 The approval of minimum conditions, as well as the determination of abusive clauses, does not prevent users from resorting to the administrative and judicial instances that correspond in order to safeguard their rights against the possible commission of abusive practices. Without prejudice to the foregoing, the Superintendency identifies abusive practices and adopts the measures that correspond within the scope of its competence.
16.6 The minimum conditions approved by the Superintendency cannot be modified through particular, special conditions, or endorsements.

11 Article incorporated by Resolution SBS No. 1840-2022 effective on 08.06.2022, from which date the 180-day adaptation period is counted.

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17.2 In the case of regulatory modifications that have an impact on the approved minimum conditions, companies must submit the modified conditions to the Superintendence, including an indication of those conditions affected by the regulatory modification, for their respective approval. The Superintendence, through a multiple letter, informs companies about the modified conditions that require approval. If the modification is due to the approval of mandatory rules, the company is obligated to apply said rules from the date they enter into force.
17.3 Companies may adopt conditions that have been previously approved by the Superintendence for other companies, individually or organized in a group or guild manner, for which they must send a communication indicating the conditions they request to adopt and the number of the Resolution by which they were approved, in order for their use to be authorized by the Superintendence. The same procedure applies to minimum conditions that have been previously approved in the general contracting clauses of the applicable branch or risk.13
Article 18. Dissemination of insurance policy models
18.1 Companies must make policy models available to users, through their public service offices, website, or other mechanism they determine. Alternatively, the company may refer on its website to the web link of the SBS where the policy model registry is located.
18.2 The Superintendence disseminates, through its website, the minimum conditions it has approved by product.
CHAPTER III
ABUSIVE CLAUSES
Article 19. Abusive clauses or prohibited stipulations
19.1 Abusive clauses or prohibited stipulations are all those stipulations not negotiated by the parties that, contrary to the requirements of utmost good faith, cause a significant imbalance in the rights and obligations of the parties, to the detriment of the insured. Such clauses are null and void ab initio, and are therefore considered not agreed upon. It is considered that a clause has not been negotiated when it has been drafted in advance and the contracting party has not influenced its content; the burden of proof of prior negotiation of the clause rests on the company.
19.214 In Annex No. 1 of this Regulation, examples of abusive clauses or prohibited stipulations that cannot be incorporated into the insurance contract are detailed. This list may be expanded or modified by the Superintendence as a result of its supervision activities through a general rule. Likewise, the aforementioned list is published in the "Citizen Orientation and Services Portal" section of the Superintendence's website.
12 Paragraph replaced by SBS Resolution No. 1840-2022 effective on 08.06.2022, from which date the 180-day adaptation period is counted 13 Paragraph replaced by SBS Resolution No. 1840-2022 effective on 08.06.2022, from which date the 180-day adaptation period is counted 14 Modified by SBS Resolution No. 277-2021, effective from 02.02.2020

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19.3 Policy riders must not incorporate prohibited stipulations, both those identified in the Insurance Law and the Code, as well as those identified by the Superintendence in accordance with paragraph 19.2. Without prejudice to the above, the Superintendence may observe those clauses whose drafting is considered ambiguous or lacking in clarity.
TITLE V15
CONTRACTING WITH USERS
CHAPTER I
INFORMATION FOR CONTRACTING
Article 20. Information for users
20.1 Companies must provide to users or make available to them, regardless of the chosen marketing modality, at minimum, all information related to premium payment (including that associated with installment plans if that option is offered), risks covered, exclusions, scope of the right of repentance, and guidance channels regarding the procedure for requesting coverage of the product. This obligation extends to insurance brokers when they act as intermediaries between users and the company.
20.2 In addition to the information described in the previous paragraph, if the offer or promotion is made through marketers, companies must inform contractors or insured persons of what is stated in the Marketing Regulation in the policy, insurance certificate, or a separate document.
Article 21. Content of insurance policies
21.1 Insurance policies must observe, in addition to what is provided in articles 26 and 28 of the Insurance Law, the following information:

1. List of documents and sufficient information required to proceed with the adjustment and settlement of the claim. This information must be identified by type of coverage.
2. Dispute resolution mechanisms, if applicable.
3. The right of repentance, applicable in those cases developed in article 25 of the Regulation.
   21.2 Without prejudice to the above, to comply with what is provided by the Insurance Law and the General Law, companies must consider the following:
4. For information regarding the name, denomination, or trade name and address of the contractor and/or insured or beneficiary, as applicable, the provisions of the Supplementary Standards for the Prevention of Money Laundering and Financing of Terrorism issued by the Superintendence must be considered.
   15 Title V, effective from 06.09.2020, except for article 22.

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2. General conditions must appear in the policy, duly identified, in such a way that it is possible for users to distinguish or differentiate them from the particular, special, and/or endorsements that form part of the policy.
3. The criteria and procedures for updating premiums, as well as the evolution of the premium amount, referred to in letter e) of article 26 of the Insurance Law, are applicable to health insurance regulated by Law No. 29878.
4. The commercial premium is presented as follows:
COMMERCIAL PREMIUM
COMMERCIAL PREMIUM + IGV
Likewise, it must be informed that the commercial premium includes, as applicable, the following:
DESCRIPTION GENERAL AMOUNT OR PERCENTAGE
Charges for the intermediation of insurance brokers and broker registration number.
Charges for the marketing of insurance through insurance promoters.
Charges for the marketing of insurance through bancassurance or other marketer.
5. Inform, in the case of life insurance with savings and/or investment components, the distribution of commercial premiums between the insurance components and the savings and/or investment components, as required by this Superintendence through a general rule.
6. Inform, when applicable, the existence of bonuses, prizes, profits, or other benefits in favor of insurance brokers and/or marketers, mentioning the variables that influence their determination. In the case of credit life insurance, what is provided in numeral 19 of Annex 2 of this Regulation applies.16
7. The distribution of the commercial premium according to the main coverage and additional coverages contained in the policy when applicable.
8. Methods of transmission and periodicity for sending account statements in life insurance products with a savings and/or investment component, in accordance with article 31 of the Regulation. These methods of transmission and periodicity must comply with the requirements established by this Superintendence through a general rule, regarding life insurance with savings and/or investment components.
9. Procedure to request surrender values of the life insurance policy, including those with a savings and/or investment component, and the method of calculating the surrender value.
21.3 In the case of life insurance in the particular annuity modality, in addition to the provisions indicated in the preceding paragraphs, the following must be considered:
16 Numeral replaced by SBS Resolution No. 890-2025 of 12/03/2025, effective from 09/09/2025.
17 Numeral replaced by SBS Resolution No. 2388-2021, published on 17-08-2021.

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1. If the contractor or insured has the power to terminate the contract unilaterally and without cause (revocable), the company must indicate in the policy the reference amount for the refund of the premium based on the unexpired term, as well as the opportunity for its return, that is, for the period in which, if applicable, the company does not provide coverage through the payment of annuities.
2. If the contractor or insured does not have the power to terminate the contract unilaterally and without cause (irrevocable), this condition must be indicated in the policy, in highlighted characters.
   Article 22. Summary of contracted coverage18
   22.1. In individual insurance, companies must deliver and/or make available to contractors and/or insured persons, together with the policy, a summary –in a separate document– that clearly and briefly describes, at minimum, the following information:
3. Product denomination
4. Company contact information
5. Insurance validity
6. Commercial premium amount
7. Scope of the right of repentance, if applicable, specifying what it consists of and the deadline to exercise it
8. Main risks covered
9. Main exclusions
10. Guidance channels regarding the procedure for requesting insurance coverage
11. In the case of particular annuity insurance, it must be explicitly indicated, in highlighted characters, whether the contractor or insured has or does not have the power to terminate the contract unilaterally and without cause, according to the offered modality.
    22.2 In the case of life insurance with a savings and/or investment component, in addition to the provisions indicated in the preceding paragraph, companies must clearly and briefly indicate the following:
12. Characteristics of the savings and/or investment components, including the main parameters, variables, and risks that will determine their value over time.
13. Risk profile chosen by the insured, for products with an investment component.
14. Scope and amount of the premium allocated directly to the savings and/or investment component (voluntary and additional to the premium associated with the insurance component).
15. Procedure to request the surrender value or loan when applicable.
16. Characteristic of the reduction right when applicable.
17. Other information required by this Superintendence through a general rule, applicable to this type of insurance.
    Article 23. Insurance certificate
    In group insurance, the company must deliver and/or make available to the insured an insurance certificate, in which the following information is described clearly and briefly, at minimum:
18. Product denomination and policy number.
19. Company contact information.
    18 Effective from 05.03.2021

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3. Information regarding beneficiaries
4. Insurance validity.
5. Commercial premium amount19 (includes disaggregated amount or percentage of charges for the intermediation of insurance brokers or the marketing of insurance promoters, bancassurance, or other marketer)
6. Scope of the right of repentance, if applicable, specifying what it consists of and the deadline to exercise it.
7. Risks covered.
8. Exclusions.
9. Declared values and insured sums duly quantified.
10. Deductibles, franchises, or similar.
11. Guidance channels regarding the procedure for requesting insurance coverage
12. Right to request a copy of the group insurance policy.
CHAPTER II
CONTRACTING OF INSURANCE PRODUCTS
Article 24. Contracting of insurance products
24.1 For the contracting of an insurance and subsequent issuance of the policy, regardless of the marketing modality adopted, the company must make available to the user an insurance application that allows for the adequate declaration of risk, without prejudice to other information or inspections that the company may require additionally for risk evaluation. To complete the insurance application, the following must be considered:

1. The company must verify the identity of the contractor and record their will to contract the insurance, as well as any other information that corresponds.
2. To carry out what is provided in item 1, the company must use some factor of authentication or a combination of them, in accordance with established regulations.
3. Among the authentication factors that could be used are: physical or virtual devices in the user's possession, their handwritten signature, fingerprint, identification key, signature or digital certificate, biometric means, among others.
4. For insurance marketed at a distance, what is provided in the Marketing Regulation must be taken into consideration.
   24.2 The insurance application must consider the following:
5. The incorporation of the identification of the contractor, insured, and beneficiaries, as applicable, as part of its content.
6. Obligation of the company to communicate, by physical or electronic means, in accordance with what was agreed, within fifteen (15) days of the application being made, if it has been rejected, unless additional information has been requested within that period.
7. In the case of mass insurance marketed under the individual insurance modality, the application may incorporate the general conditions of the insurance policy, in order to deliver and/or make available to the user both documents during contracting.
   19 Modified by SBS Resolution No. 277-2021, effective from 02.02.2020

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4. For the case of life insurance under the particular annuity modality, the insurance application must contain a section in which –in a highlighted manner– it explicitly informs whether the contractor or insured has or does not have the power to terminate the contract unilaterally and without cause.
24.3 The company may accept or reject the insurance application, under the following terms:

1. The insurance application is understood to be accepted with the sending and/or making available of the policy, considering for this purpose what is provided in paragraph 24.5. By accepting the application, the company gives consent to the declarations made in the application by the contractor or insured, under the terms stipulated by the companies, provided that the contractor or insured had provided truthful information, so aspects regarding which users were not asked to provide information cannot be considered as grounds for claim rejection.
2. In case of rejection of the application, the company must communicate this decision to the contractor, by physical or electronic means, in accordance with what was agreed, within fifteen (15) days of the insurance application being made, unless additional information has been requested within that period.
   24.4 If there is no rejection of the insurance application within the fifteen (15) day period counted from the formulation of the application, the company sends and/or makes available the following documents:
3. In individual insurance, the coverage summary and the insurance policy to the contractor. If the contractor is a person different from the insured, the insured may request a duplicate of the policy from the company or marketer, if applicable, which has a fifteen (15) day period to deliver the duplicate.
4. In group or collective insurance, the insurance certificates, for the total number of insured persons, and the insurance policy to the contractor. The company may deliver the insurance certificate to the insured through the contractor, without prejudice to the responsibility that corresponds to it.
5. The contractor's insurance policy to the insurance broker, if their appointment has been made.
   24.5 Companies must deliver and/or make available the information described in the previous paragraph, through one of the following means:
6. In the company's public service offices.
7. At the address established by the contractor or insured.
8. By electronic means, provided that their reading, printing, conservation, and reproduction without changes are allowed. In this case, if the user requests the physical delivery of said information, companies must comply.
   24.6 The means used by the company for the delivery and/or making available of the contract, in accordance with what is provided in the preceding numeral, must be informed to the user in advance.
   24.7 The policy or insurance certificate sent and/or made available by electronic means is considered an electronic insurance policy in accordance with what is established in article 26 of the Insurance Law.

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24.8 In case the contracting of mass insurance under the group or collective insurance modality is celebrated in the premises of the company or marketer with the intervention of their staff, the insurance company is obligated to immediately deliver the application-certificate to the insured. The company may deliver the application-insurance certificate to the insured through the contractor, without prejudice to the responsibility that corresponds to it.
24.9 The application, the additional information provided by the contractor and/or insured, as well as the result of the inspections for the adequate evaluation of risk, form an integral part of the insurance policy.
24.10 The insurance application, the declarations made by the insured, the insurance conditions, the communications sent between those involved, among other documentation associated with the celebration of the contract and during its validity, must be maintained by the companies, which must be available to the Superintendence.
24.11 In accordance with the provisions on the marketing of insurance products through distance marketing systems, the information that supports the contracting of the insurance must be delivered by the company at the request of the contractor and/or insured, for the purposes they deem pertinent.
Article 25. Right of repentance
25.1 In the case of insurance marketed through distance systems, and/or insurance offered or promoted through marketers, provided that they are not a condition for contracting credit operations, information regarding the right of repentance must be provided and applied in accordance with what is provided in article 41 of the Insurance Law and in article 7 of the Marketing Regulation.
25.2. In addition to what is indicated in the previous paragraph, companies must consider the following:

1. In addition to what is stated in letter b) of article 7 of the Marketing Regulation, provide channels that are easy to access for the exercise of the right of repentance by the contractor or insured, which do not contemplate additional requirements or demands that hinder the exercise of said right. In the case that these channels are different from those used in contracting, companies must have available to the Superintendence the justification that supports it.
2. The thirty (30) day period provided in letter c) of article 7 of the Marketing Regulation, for the return of the premium paid by the contractor or insured who has exercised their right of repentance, is counted from the communication made by them requesting the application of this right.
3. In the case of microinsurance products, the right of repentance applies as long as the coverages and/or benefits have not been earned before the expiration of the period to exercise this right.
   25.3 The policies and procedures for the attention of requests for the application of the right of repentance, as well as the justification for the return of the premium paid referred to in the Marketing Regulation and this Regulation, must be available to this Superintendence. The described procedures must be known and applied by the marketer and incorporated into the marketing contract.

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CHAPTER III
ASPECTS APPLICABLE DURING THE TERM OF THE INSURANCE CONTRACT

Article 26. Registration of the effective date of premium payments
Payments made at locations made available by the company, including by commercializers, must be registered on the date of their making in order not to affect the insurance coverage.

Article 27. Endorsement20
27.1 The endorsement must refer, at a minimum, to the insurance policy to which it corresponds, indicating the endorsement number, issue date and validity date, full name or trade name or corporate name of the policyholder and/or insured, the modification or declaration that gives rise to the issuance of the endorsement; and the designation of the beneficiary, where applicable.
27.2. In the case of an endorsement of a life insurance that replaces credit life insurance, as a condition for contracting credit, it must additionally be presented with a copy of the corresponding insurance policy, including the general, special and particular conditions that form part of the contract.

Article 28. Information during the coverage application process
28.1 Companies must guarantee that users have access to simple, complete and timely information on the procedures for applying for coverage of the insurance products they offer, before and during the claims management.
28.2 Companies must have guidance channels available to users, which allow providing personalized information to the user –at a minimum– regarding the notice periods for claims, places to apply for coverage, and the documentation required to manage coverage, as described in Article 29.
28.3 Companies must facilitate, by physical or electronic means, that users can track their coverage application, until the sending and/or making available of the response.

Article 29. Documentation to be presented to process coverage
29.1 Companies, through their guidance channels, must inform the policyholder, insured or beneficiary regarding the minimum documentation and information to be presented to initiate the claims adjustment and settlement process, which must coincide with that previously informed in the policy. The foregoing does not eliminate the company's authority to request additional clarifications or details regarding the documentation and information presented, in accordance with what is provided in the Regulation for the Management and Payment of Claims, approved by Resolution SBS N° 3202-2013.

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29.2 Additionally, the company must specify the formality required for the presentation of the aforementioned documentation and the way to obtain it in order to proceed with the processing of the application.

Article 30. Abusive practices
30.1 Abusive practices are those conducts that affect the legitimate interest of users by taking advantage of the particular circumstances of the consumer relationship, imposing excessively onerous conditions or those that were not foreseeable at the time of contracting.
30.221 Annex N° 2 of the Regulation details the abusive practices that are prohibited. This list may be expanded or modified by the Superintendence as a result of its supervision activities, through a general character norm. This Annex and its modifications are published in the "Citizen Orientation and Services Portal" section of the Superintendence's website.

Article 31. Periodic information
31.1 In cases where the splitting of the commercial premium applies or a life insurance with a savings and/or investment component is contracted, companies must offer users the possibility of requesting the sending or making available of information regarding their obligations, considering as a minimum the following:

1. In the case of splitting of the commercial premium, at the request of users, information related to payments made and those that are pending must be delivered or made available. The information must include the payment dates of the periodic installments, according to the terms agreed in the payment agreement; and if applicable, the amount for interest, detailed in an disaggregated manner.
2. For life insurances with a savings and/or investment component, companies must deliver and/or make available information containing the initial and final value of said components, the accumulated savings and/or investment balance, including the detail of the profitability rate obtained in the period, considering the fixed or variable rate of the product and the minimum guaranteed profitability and/or maximum profitability rates that correspond; as well as the details of the values charged and credited in the period, including information on loans taken by the insured. In the latter case, the information must contemplate the payments made and those that are pending, as well as the amount for applicable charges, detailed in an disaggregated manner. The minimum periodicity of this information, as well as of additional information that is required by this Superintendence, must comply with the general character norms that apply to life insurances with savings and/or investment components.
   31.2 Regarding those life insurances with a component that corresponds exclusively to savings, the sending or making available of the account statement applies at the user's request.
   31.3 Companies may agree with users the periodicity of the sending or making available of the information, giving the insured the possibility that it be, at a minimum, monthly.
   31.4 The sending or making available of the periodic information indicated in the preceding paragraphs is carried out by electronic means, provided it allows its reading, printing, conservation and reproduction without changes, unless the policyholder and/or insured requests its sending by physical means, within a maximum term of fifteen (15) days following the closing of the agreed period or following the closing of the month in which the information is requested.

CHAPTER IV
CONTRACT MODIFICATION AND RESOLUTION

Article 32. Contractual modification
32.1 The modification of contractual conditions during the term of the policy only proceeds insofar as it has been previously accepted by the policyholder, in accordance with what is established in Article 30 of the Insurance Law.
32.2 In the communications that companies make to request the consent of the policyholder described in the preceding paragraph, it must be indicated expressly:

1. Those aspects that will be the subject of change, indicating what the modification consists of, in order to allow policyholders to be aware of it and make a decision.
2. The term of thirty (30) days that the policyholder has to decide whether to accept or not the modification proposal.
3. Information regarding that the lack of express acceptance of the new terms does not imply the resolution of the contract, in which case its modification does not proceed until the end of the contract term.

Article 33. Return of insurance premium in case of advance payments in credit operations
33.1 In case the user makes the total or partial advance payment of a credit operation, in which there is a credit life insurance with a single premium for the initial amount of the credit, he has the right to request from the company or the commercializer, if applicable, the return of the premium of said insurance for the period of coverage not earned.
33.2 If it is the total advance payment of a credit operation, in which there is an insurance that covers the loss of the asset that constitutes the guarantee of the credit, the user has the right to request from the company or the commercializer, if applicable, the cancellation of the insurance and the consequent return of the premium for the period of coverage not earned or he may manifest his will to keep said insurance in force.

24 Paragraph substituted by Resolution SBS N° 2388-2021, published on 17-08-2021.
25 Paragraph substituted by Resolution SBS N°1840-2022 effective on 08.06.2022, from which date the 180-day adaptation period is counted.
26 Paragraph substituted by Resolution SBS N°1840-2022 effective on 08.06.2022, from which date the 180-day adaptation period is counted.

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Article 34. Resolution without expression of cause
34.1 In insurance contracts, with the exception of life, health and surety insurances, it may be agreed that either party has the right to resolve the contract without expression of cause. If the company exercises the faculty to resolve the contract, it must communicate this previously to the insured and/or policyholder, with a notice of no less than thirty (30) days. In those cases where the insured and/or policyholder requests the resolution of the contract, the company must comply with informing them of the consequences that the resolution has on the insurance coverage.25
34.2 In case the insured and/or policyholder requests the resolution of a mass insurance contract, they must be informed of their right to request the return of the premium based on the unexpired term, if applicable, in accordance with what is provided in the Marketing Regulation.
34.3 For non-mass insurances, the company must proceed with the refund of the premium based on the unexpired term and within the refund period agreed with the user. The start of the computation of the term for the aforementioned refund is calculated from the resolution request of the contract communicated by the user.
34.4 In the case of life insurances, with the exception of life insurances in the irrevocable particular annuity modality, as well as health and surety insurances, the resolution without expression of cause can only be invoked by the insured and/or policyholder.
34.5 The channels made available to request the resolution of the contract must be easily accessible, establishing as a minimum the same channels that were used to contract the policy, without additional requirements or demands being applicable that hinder the exercise of said right. Companies must have available to the Superintendence the justification of the limitations that exist in the channels used for contracting, in which the resolution of the contract cannot be requested.

Article 35. Means of communication to be used
35.1 The means of communication that are used by companies must allow users to be able to take adequate and timely knowledge of the contractual modification or resolution to be carried out.
35.2 Companies must agree with the policyholder the use of direct means of communication, which allow leaving a record of the communication; such as communications by physical means or electronic means. These mechanisms must be contemplated in the corresponding contract, considering for such effect what is stated by the Insurance Law.
35.3 Companies must keep a record regarding the communications made to users.

Article 36. Communications sent to policyholders and/or insureds
25 Paragraph substituted by Resolution SBS N°1840-2022 effective on 08.06.2022, from which date the 180-day adaptation period is counted.
26 Paragraph substituted by Resolution SBS N°1840-2022 effective on 08.06.2022, from which date the 180-day adaptation period is counted.

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All communications, referred to the intermediated policy, that must be sent to the policyholder and/or insured must be sent in copy to the insurance broker who has been designated through the letter of appointment, to the email address that has been indicated for such effect.

FINAL COMPLEMENTARY PROVISIONS

First.- Non-exclusive Market Conduct Officer
Companies may have a non-exclusive market conduct officer in case they commercialize only, some of the following insurances or a combination of them: (i) sureties; (ii) bonds; (iii) pension insurances; among other risks identified by the Superintendence through a multiple letter. In these cases, the authorization request to have a non-exclusive market conduct officer described in paragraph 8.2 of the Regulation will not be applicable.

Second.- Law on the Repression of Unfair Competition Companies must observe the provisions contained in the Law on the Repression of Unfair Competition, the Code for the Protection and Defense of the Consumer, to the extent practicable, and any other provision that could be issued regarding the protection of consumers and in matters of repression of unfair competition.

Third.- Simplified Regime of Market Conduct
Companies may request the exemption of one or more requirements indicated in the Regulation in case the design and/or complexity of the insurance products commercialized, and/or the volume of their operations, justify it. For such effect, the following must be referenced:

1. Aspects that require exemption and their justification.
2. Alternative mechanism that will be used to comply with the objective of the norm.

The foregoing does not limit that, if in the exercise of its supervision faculties, the Superintendence determines that the exemption carried out is not concordant with the company's operability or the situation that originated the exemption becomes nonexistent, it may leave without effect the application of the simplified regime of market conduct.

Additionally, the Superintendence, through a general character norm, may consider insurance products subject to the simplified regime of market conduct regarding the compliance with the requirements considered in the Regulation.

Fourth.- Application of the provisions contained in Title II to Insurance Brokers Title II on Market Conduct Management and Market Conduct Officer of the Regulation is applicable to insurance brokers considering the segments defined in the Regulation for the Supervision and Control of Insurance Brokers and Auxiliaries, approved by Resolution SBS N° 809-2019, as indicated below:
a) To all segments, Articles 3 and 4. b) To segment 1, Articles 8, 9 with the exception of paragraph 1 of 9.1. and 10 with the exception of paragraphs 10.4, 10.5 and 10.10.

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Regarding the Market Conduct Officer in insurance brokers of segment 1, said designation can be non-exclusive without the need for prior authorization by the Superintendence. Said Officer must prepare an annual report on Market Conduct Management, which must be available to the Superintendence.

Fifth.- Credit Life Insurance2728
The credit life insurance, regardless of whether it is or is not a condition for contracting, must consider the coverage of death and total and permanent disability. Likewise, when the offer includes as an alternative a credit life insurance with surrender or return, this must only consider the previously mentioned coverages and the survival coverage, and must also comply with the applicable provisions of the Insurance Law.29

In any of these cases, the contracting of different coverages must be optional and carried out independently from the contracting of the credit product, for which the express consent of the insured is required, leaving a record of it as part of the insurance policy file that is issued.

Companies must determine the charge of the credit life insurance proportionally to the amount of the outstanding debt balance. In the case of revolving credits, said charge must be proportional to the average of the daily debtor balances of the user's billing period, applying the following methodology:

SDp = ( )
Premium = Rate * SDp

Where:
SDi: Debtor balance of day i
N: Number of days of the billing cycle
SDp: Average of daily debtor balances
Rate: Percentage determined by the insurance company

TRANSITORY COMPLEMENTARY PROVISIONS

First30
.- The provisions established in the Fifth Final Complementary Provision of this Regulation apply to new contracts and renewals of the credit life insurance, from the end of the adaptation term established in Resolution SBS N° 1147-2021.

Second Article.- Incorporate in the Single Text of Administrative Procedures of the Superintendence of Banks, Insurances and Private Pension Fund Administrators, approved by Resolution N° 1678-2018 and its modifying norms, the procedures N°188 “Authorization to have a non-exclusive market conduct officer applicable to insurance companies” and N°189 “Authorization to apply the Simplified Regime of Market Conduct of the Insurance System”, which is regulated according to the text attached to this resolution and is published in accordance with what is provided in Supreme Decree N° 004-2008-PCM, Regulation of Law N° 29091. (Institutional Portal: www.sbs.gob.pe).

Third Article.- Modify the first paragraph of Article 5 of the Regulation for the Marketing of Insurance Products, approved by Resolution SBS N° 1121-2017 and its modifying norms, according to the following text:

“Article 5. Training
Companies must provide adequate training in the different marketing modalities they establish on the applicable regulatory framework in matters of market conduct and consumer protection, as well as on the general aspects of the products, in order to carry out an adequate and effective revelation of information to potential policyholders and/or insureds regarding the characteristics and conditions of the products they are promoting or offering.

In this sense, companies must implement training programs appropriate to the nature of each marketing modality, taking as reference regarding the products, at least, the following aspects:
(…)”

Fourth Article31
.- Modify Article 43 of the Regulation for the Supervision and Control of Insurance Brokers and Auxiliaries, approved by Resolution SBS N° 809-2019, according to the following text:

“Article 43. Other provisions applicable in market conduct management Segment 1 insurance brokerage companies must have a market conduct officer in accordance with what is established in the Regulation for the Management of Market Conduct of the Insurance System. The other provisions of said Regulation are applicable to all segments of insurance brokers, insofar as they are pertinent.”

Fifth Article.- On December 1, 2019, companies must send to this Superintendence an adaptation plan to comply with the provisions contained in Titles II and V of the Regulation for the Management of Market Conduct of the Insurance System. Said plan must include the actions foreseen for the adaptation and the schedule for these, considering the maximum adaptation terms indicated in the Sixth Article of this Resolution, as well as the detail of the officials responsible for the compliance of said plan.

Sixth Article.- Title II of the Regulation approved by the First Article and the Fourth Article of this Resolution enters into force at one hundred eighty (180) days from its date of publication. Title V of the Regulation approved by the First Article of this Resolution enters into force at three hundred sixty (360) days from its date of publication, except for Article 22 which enters into force at five hundred forty (540) days from said date. The other provisions of this Resolution enter into force on December 1, 2019.

The provisions of the Regulation for Information Transparency and Contracting with Users of the Insurance System, approved by Resolution SBS N° 3199-2013 (hereinafter the Transparency Regulation), as well as those contained in the Regulation for the Use of Electronic Insurance Policies, approved by Resolution SBS N°3201-2013 (hereinafter the Electronic Policies Regulation), are repealed according to the following schedule:

1. At one hundred eighty (180) days from the date of publication of this Resolution, Article 3 of Title I and Title VIII of the Transparency Regulation are repealed.
2. At three hundred sixty (360) days from the date of publication of this Resolution, the Electronic Policies Regulation, as well as Article 18 of Title V, and Titles IV, VI and VII of the Transparency Regulation are repealed, with the exception of its Article 16 which is repealed at five hundred forty (540) days from said date.
3. From December 1, 2019, the other provisions of the Transparency Regulation that were not indicated in the preceding paragraphs are repealed.

Register, communicate and publish.

SOCORRO HEYSEN ZEGARRA
Superintendent of Banks, Insurances and
Private Pension Fund Administrators