Resolution SBS No. 808-2019: Approves the Regulation of the Registry of Insurance Intermediaries and Auxiliaries, Foreign Reinsurance Companies and Cross-Border Insurance Activities

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 Lima, February 27, 2019 Resolution S.B.S.
No. 808-2019
The Superintendent of Banking, Insurance and
Private Pension Fund Administrators
CONSIDERING:
That, Article 345 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 the General Law, establishes that it is the object of the Superintendence of Banking, Insurance and Private Pension Fund Administrators to protect the interests of the public in the scope of the financial and insurance systems; That, in accordance with Articles 335 and 336 of the General Law, the Superintendence authorizes and regulates the activities of intermediaries and auxiliaries of insurance and maintains a registry of them, in which the services of the insurance branches in which they can operate are specified, establishing the requirements for inscription, obligations, rights, guarantees and other conditions to which their activities are subject; That, Article 43 of the General Law states that representatives of foreign reinsurance companies and of foreign reinsurance brokerage companies are subject to the provisions established by the Superintendence; That, Article 324 of the General Law establishes the requirements of the Registry of foreign reinsurance companies maintained by the Superintendence, considering it necessary to make clarifications regarding said requirements; That, through Resolution SBS No. 1797-2011 and its modifying norm, the Regulation of the Registry of Insurance Intermediaries and Auxiliaries was approved; That, as a result of the experience acquired with the application of the aforementioned Regulation and in order to facilitate the adequate compliance with the provisions that regulate the activities of those inscribed in the Registry administered by the Superintendence, it has been considered necessary to incorporate clarifications to the requirements established for the registry; That, the Thirtieth Final and Complementary Provision of the General Law provides that, without prejudice to other prudential regulation measures for cross-border trade of services related to insurance, the Superintendence may require the registration of cross-border companies or providers and financial instruments, complying with what is established in the Thirty-Second Final and Complementary Provision of the General Law; That, through Resolution SBS No. 1678-2018 the Single Text of Administrative Procedures (TUPA) of the Superintendence was approved;

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 That, it is necessary to modify the TUPA of the Superintendence, in order to update the administrative procedures for inscription in the Registry; That, in order to collect the opinions of the general public regarding the draft norm, the pre-publication of the draft resolution was ordered on the electronic portal of this Superintendence, under the protection of what is established in the Thirty-Second final and complementary provision of the General Law and Supreme Decree No. 001-2009-JUS and its modifying norms; With the approval of the General Secretariat and the Adjunct Superintendencies of Insurance and Legal Advice; In exercise of the powers conferred by numbers 3, 7 and 9 of Article 349 of the General Law; RESOLVES:
Article First.- Approve the Regulation of the Registry of
insurance intermediaries and auxiliaries, foreign reinsurance companies and cross-border insurance activities, as indicated below:

“REGULATION OF THE REGISTRY OF INSURANCE INTERMEDIARIES AND AUXILIARIES, FOREIGN REINSURANCE COMPANIES AND CROSS-BORDER INSURANCE ACTIVITIES

CHAPTER I
GENERAL PROVISIONS

Article 1. Scope
This Regulation is applicable to insurance intermediaries, representatives of foreign reinsurance companies, insurance auxiliaries and natural and legal persons referred to in the Thirtieth Final and Complementary Provision of the General Law.

Article 2. Definitions
For the purposes of what is established in this Regulation, the following definitions and/or references are considered:

1. Technical area: specialized area whose work is directly related to the main object
   of an insurance company, insurance brokerage company, reinsurance brokerage company or insurance auxiliary company.
2. Insurance auxiliaries: claim adjusters and/or insurance appraisers. To refer to
   insurance auxiliaries that are legal persons, the term “insurance auxiliary companies” is used.
3. Claim adjusters: natural or legal persons authorized by the Superintendence,
   whose function is to investigate the circumstances of the occurrence of the claim, determining if this corresponds to the insured risk and is covered by the coverage contracted in the policy. It includes general insurance claim adjusters and maritime insurance claim adjusters.
4. General insurance claim adjusters: natural or legal persons authorized to
   adjust general insurance and aviation hull claims.
5. Maritime insurance claim adjusters: natural or legal persons authorized to
   adjust claims for marine hull insurance and transport insurance.
6. Insurance brokers: natural or legal persons, authorized by the Superintendence,
   who advise and/or intermediate insurance contracts between the insurance company and the policyholder and/or insured. To refer to insurance brokers that are legal persons, the term “insurance brokerage companies” is used.
7. General insurance brokers: insurance brokers authorized to operate in branches of
   general insurance, except personal accident and medical assistance.
8. Life insurance brokers: insurance brokers authorized to operate in branches
   of life insurance, as well as personal accident and medical assistance.
9. General and life insurance brokers: insurance brokers authorized to
   operate in general insurance branches and in life insurance branches.
10. Reinsurance brokers: legal persons established in the country and authorized by the
    Superintendence, who act in reinsurance business and contracts as intermediaries between insurance companies and reinsurance companies domiciled in the country or in the foreign country, receiving a commission for their services. Includes representatives of foreign reinsurance brokers.
11. Days: calendar days.
12. Managers: 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 insurance intermediation and claim adjustments.
13. Insurance intermediaries: insurance brokers and reinsurance brokers.
14. Insurance Contract Law: Law 29946.
15. 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.
16. Office: physical establishment destined to the exercise of the authorized activity of a natural person
    inscribed in the Registry. In the case of legal persons, it corresponds to the physical establishment located within the national territory, distinct from the main office, in which any of the authorized operations and services are carried out.
17. Main office: physical establishment where the legal person has its social domicile and
    in which it can carry out any of the authorized operations and services and where the general management that organizes, administers and directs the activities and businesses that are proper to the social object of the legal person is located.
18. Insurance appraisers: natural or legal persons authorized by the Superintendence, who
    can work as risk inspectors, risk forecasters and/or damage inspectors, individually or integrally considering all the mentioned profiles, in accordance with Article 344 of the General Law. It includes general insurance appraisers and maritime insurance appraisers.
19. General insurance appraisers: natural or legal persons authorized by the
    Superintendence who perform their functions for general branch insurance and aviation hulls.
20. Maritime insurance appraisers: natural or legal persons authorized by the
    Superintendence who perform their functions for marine hull insurance and transport insurance.
21. Registry: Registry of insurance intermediaries and auxiliaries, foreign reinsurance companies
    and cross-border insurance activities.
22. Applicants: natural and legal persons who request their inscription in the Registry.
23. Superintendence: Superintendence of Banking, Insurance and Private Pension Fund Administrators.

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24. TUPA: Single Text of Administrative Procedures of the Superintendence of Banking, Insurance and Private Pension Fund Administrators.

Article 3. Obligation of inscription in the Registry
3.1 Insurance intermediaries and auxiliaries, as well as foreign reinsurance companies,
must be inscribed and enabled in the Registry to carry out their activities in the country, in accordance with what is established in Articles 324, 335 and 336 of the General Law.
3.2 Companies of the insurance system and/or service providers related to insurance
not domiciled in the country, indicated in the Thirtieth Final and Complementary Provision of the General Law, must be inscribed and enabled in the Registry.
3.3 For the inscription of natural persons (brokers and insurance auxiliaries) in the Registry, they
must previously pass the competency evaluation.

Article 4. Structure of the Registry
The Registry contains the following sections:
Section I: Of foreign reinsurance companies
Section II: Of reinsurance brokers
A: Nationals
B: Foreigners
Section III: Of insurance brokers
A: Natural persons

1. General insurance brokers
2. Life insurance brokers
3. General and life insurance brokers
   B: Legal persons
4. General insurance brokers
5. Life insurance brokers
6. General and life insurance brokers
   Section IV: Of insurance auxiliaries
   A: Natural persons
7. General insurance claim adjusters
8. Maritime insurance claim adjusters
9. General insurance appraisers
10. Maritime insurance appraisers
    B: Legal persons
11. General insurance claim adjusters
12. Maritime insurance claim adjusters
13. General insurance appraisers
14. Maritime insurance appraisers
    Section V: Of companies of the insurance system and/or service providers
    related to insurance specified below and that are not domiciled in the country (Thirtieth Final and Complementary

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 Provision of the General Law).
A: Insurance against risks related to maritime transport, commercial aviation, launch and space transport (including satellites), which cover some or all of the following elements: the goods being transported, the vehicle that transports the goods and any liability that may derive from them and goods in international transit. B: Reinsurance and Retrocession Services B.1 Reinsurance Companies B.2 Reinsurance Brokers C: Risk assessment and claim indemnification C.1 Claim Adjusters C.2 Insurance Appraisers D: Insurance brokers, provided that it concerns the intermediation of insurance indicated in letter A of the present section.

CHAPTER II
OF THE REGISTRY OF INSURANCE INTERMEDIARIES AND AUXILIARIES, FOREIGN REINSURANCE COMPANIES AND CROSS-BORDER INSURANCE ACTIVITIES

SUBCHAPTER I
GENERAL ASPECTS

Article 5. Of the competency evaluation for insurance brokers and auxiliaries
5.1 The Superintendence, through its institutional portal (www.sbs.gob.pe), establishes the deadline for
natural persons interested in working as brokers or insurance auxiliaries to take the competency evaluation.
5.2 To take the competency evaluation to work as an insurance broker, natural
persons must present the format provided by the Superintendence duly signed and attach any of the following certificates and/or documents:
a) Of graduation from technical or university education, when it is not possible to validate it with online information, or b) Of work issued by a national insurance company or insurance brokerage company that accredits experience in the technical area not less than five (5) years, obtained within the seven (7) years prior to the presentation of the inscription request in the Registry, in the branch in which they intend to register, or c) Of studies, granted by educational centers, that accredit training in the specialty of insurance, with a minimum of three hundred fifty (350) lecture hours, in case of applying for general and life insurance broker; of two hundred fifty (250) lecture hours, in the case of brokers specialized in general insurance branches; and of one hundred fifty (150) lecture hours, in the case of brokers specialized in branches

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 of life insurance.
5.3 To take the competency evaluation to work as an insurance appraiser, natural
persons must present the format provided by the Superintendence duly signed and attach the Diploma or title of technical or university education, when it is not possible to validate it with online information. In the case of applicants who intend to register in the Registry as a maritime insurance appraiser, it is valid to alternatively present a copy of the valid title of Naval Appraiser in the specialty of Hull and Machinery, issued by the General Directorate of Captaincies (DICAPI).2
5.4 To take the competency evaluation to work as an insurance adjuster, natural
persons must present the format provided by the Superintendence and attach the following:

1. Certificates and/or documents:
   a) Of graduation from technical or university education, and b) Of studies granted by educational centers, that accredit training in insurance, with a minimum of one hundred fifty (150) lecture hours.
2. Alternatively, in substitution of number 1, applicants may present a
   certificate and/or document of work issued by insurance companies or companies of claim adjusters nationally, which demonstrates technical experience in processes of insurance claim adjustments with respect to which they request inscription. The certificate and/or document must accredit experience not less than five (5) years within the seven (7) years prior to the presentation of the inscription request in the Registry.
   5.5 The Superintendence publishes the list of applicants eligible to take the competency
   evaluation on the institutional portal (www.sbs.gob.pe).
   5.6 The competency evaluation is carried out within thirty (30) days following the
   publication referred to in paragraph 5.5.
   5.7 The Superintendence communicates the results of the competency evaluation within thirty
   (30) days to said evaluation.
   5.8 Those natural persons who pass the competency evaluation may continue the
   inscription procedure in the Registry, while the disapproval of the competency evaluation entails the impossibility of continuing it.
   5.9. The maximum deadline to continue with said procedure is sixty (60) days, counted from
   the date of communication of the results of the competency evaluation. Upon completion of said deadline, the documentation presented is archived definitively and, if deemed pertinent, the applicant must undergo the competency evaluation again.
   5.10. The Superintendence may sign agreements with educational centers to carry out the
   training and/or competency evaluation of applicants to the Registry.
   1 Paragraph modified by Resolution SBS No. 0012-2024 with effect from 09.01.2024.
   2 Paragraph modified by Resolution SBS No. 0012-2024 with effect from 09.01.2024.
   3 Paragraph modified by Resolution SBS No. 0012-2024 with effect from 09.01.2024.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239
Article 6. Presentation of the file
6.1 For inscription in the Registry, a request must be presented in the format that the
Superintendence provides duly signed, attaching the documents indicated in the present Regulation. Likewise, a legal domicile in the territory of the Republic and an email address must be indicated, to which the Superintendence can direct communications to which there may be grounds. In the case of natural persons who wish to work as brokers and/or insurance auxiliaries, only those who have passed the competency evaluation stage continue the inscription.4
6.2 Persons inscribed in a section of the Registry may request the expansion of activities
within the same section, for which they must comply with the requirements of competency evaluation and/or inscription procedure if applicable.
6.3 Persons inscribed in the Registry may request inscription to exercise another activity
of a different section of the Registry, provided that one of them remains suspended.

Article 7. General Manager or Legal Representative of legal persons
7.1 National or foreign legal persons that request their inscription in the Registry must
accredit a general manager or legal representative resident in the country respectively, with sufficient power to represent said legal person before national authorities in all those procedures that require the exercise of representation, as well as for the compliance with the obligations established in the General Law and the norms issued by the Superintendence.
7.2 The foregoing is exempted for legal persons that provide services within the framework of
the Thirtieth Final and Complementary Provision of the General Law and Subchapter VII of Chapter II of this Regulation.

Article 8. Limitation of participation between companies of the same nature
8.1 Partners, shareholders, directors and managers of a national or foreign legal person
inscribed in the Registry, cannot be so in another legal person of the same nature, unless there is a corporate reorganization process between legal persons inscribed in the Registry, prior to presentation of a sworn statement of corporate reorganization.
8.2 After six (6) months from the presentation of the sworn statement without the
corporate reorganization being formalized, the holder of the participations or shares acquired for this purpose is obliged to transfer them and prevented from exercising with them the right to vote, as applicable. If the corporate reorganization is not formalized within the aforementioned deadline due to justified reasons, the Superintendence may extend the deadline by six (6) additional months.

Article 9. Documentation from abroad
9.1 Documents issued by foreign authorities must be apostilled or legalized by the
Consulate of Peru in the country of origin and endorsed by the Ministry of Foreign Relations. What is stated applies to certificates of studies carried out abroad, which must be issued by higher education institutions recognized by the education authorities of the countries concerned. 4 Paragraph modified by Resolution SBS No. 0012-2024 with effect from 09.01.2024.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239
9.2 When documents are presented in a foreign language, a simple translation into Spanish must be attached, with the indication and signature of a sworn public translator.

Article 10. Registration Procedure
10.1 Natural persons who have passed the competency evaluation may request their registration by presenting what is established in paragraph 14.2 of Article 14, paragraph 16.2 of Article 16, and Article 18 of this Regulation, as applicable. The Superintendence evaluates the applications and authorizes or denies registration in the Registry within a maximum period of sixty (60) business days, counted from the date the applicant submitted the complete documentation.
10.2 Legal entities may request their registration in the Registry, presenting what is established in paragraph 14.4 of Article 14, Article 15, paragraph 16.3 of Article 16, Article 17, and Article 18 of this Regulation, as applicable. The Superintendence evaluates the applications and authorizes or denies registration in the Registry within a maximum period of ninety (90) business days, counted from the date the applicant submitted the complete documentation.
10.3 If the submitted documentation verifies compliance with the requirements, the Superintendence issues a Resolution authorizing registration in the Registry.
10.4 If the Superintendence, after evaluating the file, determines that the applicant does not meet the requirements for registration in the Registry, it communicates the denial of authorization to the applicant.
10.5 Once registration is authorized, the applicant, for the activation of their registry, must comply with the following:

1. In the case of a legal entity, submit a simple copy of the Public Deed of incorporation and indicate the number of the registry sheet or entry and the registry office of incorporation in Public Registries.
2. Pay the proportional contribution corresponding, from the date the Resolution authorizing registration in the Registry was issued until the end of the year.
3. In the case of insurance intermediaries, present the professional civil liability policy that guarantees compliance with the responsibilities established in the General Law and the regulations issued by the Superintendence.
4. Inform the Unique Taxpayer Registry number.5
   The registration of the applicant in the Registry will remain suspended until they comply with what is stated in paragraph 10.5.
   The Superintendence will publish the authorization of registration on its institutional website, and the applicant must do the same on their website, if they have one.
   10.6 After six (6) months from the issuance of the Resolution authorizing registration in the Registry, if the applicant has not complied with what is stated in paragraph 10.5 mentioned above, this becomes void and the registration will be cancelled.6

Article 11. Name
5 Paragraph modified by Resolution SBS No. 0012-2024 with effect from 09.01.2024.
6 Paragraph modified by Resolution SBS No. 0012-2024 with effect from 09.01.2024.

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11.1 The name adopted by persons registered in the Registry must correspond to the authorization issued by the Superintendence, as a natural or legal person.
11.2 The use of the term "insurance" in their name must not confuse the nature of a person registered in the Registry, especially with that of an insurance company; the term must be linked to the status of insurance broker or auxiliary.
11.3 Insurance brokers and auxiliaries must make express reference to their function as insurance brokers or auxiliaries, as a natural or legal person, in the content of their emails, websites, informational brochures, letterheads, or logos included in their communications, as applicable.
11.4 The Superintendence may request the modification of the corporate name when it may cause confusion to the public regarding the activity of insurance intermediaries and auxiliaries.
11.5 Legal entities registered in the Registry may use a trade name and must not confuse their nature as a broker or auxiliary. For these purposes, the mechanisms used to disseminate their services under said trade name must ensure transparency of their status as a broker or auxiliary.7

SUBCHAPTER II
ON IMPEDIMENTS

Article 12. Impediments for Registration in the Registry
The following may not be registered in the Registry as a natural person, nor participate as shareholders, partners, directors, or managers of legal entities, nor as legal representatives of foreign companies:

1. Those convicted of drug trafficking, money laundering, terrorism financing, terrorism, attacks against national security, treason to the homeland, and other intentional crimes, even if they have been rehabilitated.
2. Those who have been legally or administratively disqualified from holding public office or positions.
3. Those who, by reason of their functions, are prohibited from engaging in commerce, in accordance with current legal regulations.
4. Those who are in insolvency proceedings and bankrupts.
5. Majority shareholders of a legal entity that is in insolvency proceedings or bankruptcy.
6. Members of the Legislative Power and the governing bodies of local and regional governments, as well as state workers whose activities are linked to insurance activity.
7. Directors, workers, and advisors of public bodies that supervise or issue regulations related to the activity of companies supervised by the Superintendence.
8. Directors, managers, and workers of insurance and/or reinsurance companies referred to in Article 16 of the General Law, and of Regional or Provincial Associations against Traffic Accidents – AFOCAT.
9. Those who have registered protests of documents in the last five (5) years, not clarified to the satisfaction of the Superintendence.
10. Those sanctioned with the cancellation of their registration in the Registry or in the registries under the Superintendence, or in registries of other national or foreign public entities, for violations of the regulations governing them, following an administrative sanctioning process.
11. Majority shareholders, directors, managers, and key executives of a legal entity or the legal representative of a foreign company sanctioned with the cancellation of their registration in the Registry or in the registries under the Superintendence and/or other national public entities for violations of the regulations governing them, when these individuals have been found responsible for the aforementioned.
12. Those who are majority shareholders (directly or through third parties), directors, managers, or key executives at the time of the intervention of a company supervised by the Superintendence, or who were so in the ten (10) years prior to the intervention. For these purposes, the participation of a person for a period of less than one year, accumulated within the ten (10) year period, is not considered.
13. Directors or managers of companies supervised by the Superintendence or legal representatives of a foreign company registered in the Registry who have been found administratively responsible for acts that warranted sanctions for serious or very serious violations, in the ten (10) years prior to the date of the authorization request.
14. Those who directly or indirectly have overdue credits for more than one hundred twenty (120) days or are in judicial collection with any company in the financial system. Likewise, those who are holders, partners, or shareholders of companies that have overdue credits for more than one hundred twenty (120) days or are in judicial collection with any company in the financial system.
15. Those who maintain overdue debt for periods exceeding thirty (30) days, whose collection has been requested by any company in the insurance system.
16. Those who maintain overdue debts with the Superintendence for periods exceeding thirty (30) days.
17. Those who engage in personal, professional, or commercial conduct that could put at risk the stability of the company they propose to establish.
18. Those who participate in actions, negotiations, or legal acts of any kind that contravene the laws or sound financial or commercial practices established in Peru or abroad.

Article 13. Impediments Arising After Registration in the Registry
13.1 If a natural person, after their registration in the Registry, incurs in any of the impediments indicated in the preceding article, they must remedy it within a period of ten (10) days, counted from the date the impediment was identified; otherwise, their registration will be suspended or cancelled as provided in Article 21 of this Regulation.
13.2 In the case of a legal entity, if the partners, shareholders, directors, managers, or the legal entity itself incurs in any of the impediments indicated in the preceding article, after the registration of the legal entity in the Registry, the legal entity has a period of ten (10) days, counted from the date the impediment was identified, to prove the following:

1. The remedy of the impediment.
2. The agreement of the competent corporate body that approves the separation, removal, or resignation of the director or manager or legal representative.
3. The suspension of the partner or shareholder's participation in the General Meeting of Partners or Shareholders.
   13.3 If what is stated in items 1, 2, or 3 of paragraph 13.2 is not proven, the registration of the legal entity may be suspended or cancelled, as provided in Article 21 of this Regulation.
   13.4 In the case of legal entities, partners, shareholders, directors, managers, or legal representatives who join after registration in the Registry, must not be subject to any of the impediments indicated in Article 12 of this Regulation.
   13.5 When a legal entity incurs in any of the impediments indicated in items 9, 14, 15, 16, and 18 of Article 12, said legal entity and its general manager are suspended.

SUBCHAPTER III
INSURANCE BROKERS

Article 14. Requirements for the Registration of Insurance Brokers
14.1 For the registration of insurance brokers in the Registry, an application must be submitted, in the format provided by the Superintendence, indicating the lines of business in which they will operate and with the corresponding documentation.
14.2 Natural persons who have passed the competency evaluation must present the form referred to in paragraph 14.1 and the following documentation:

1. Updated curriculum vitae.
2. Sworn declaration of not being subject to the impediments indicated in Article 12 of this Regulation.
3. A copy of the Code of Conduct or indicate adherence to a guild code, which must be based on principles that observe compliance with obligations to policyholders and/or insured parties, as well as relationships with other insurance brokers, adjusters, and insurance companies.
4. Sworn Declaration of having the manuals detailed below and which must be available to the Superintendence:
   4.1 Manuals of policies and procedures referring to the following aspects:
   a) The offer of their services to potential insurance policyholders. b) Advice, contracting, and management of insurance at all stages. c) Business practices in their relationship with policyholders and/or insured parties, regarding the intermediation of insurance products, transparency of information, and management of claims and requests. d) Claims management.
   4.2 Manuals of policies and procedures related to the user attention system.
   4.3 Manuals of policies and procedures related to compliance with the Regulation on Risk Management for Money Laundering and Terrorism Financing.
   14.3 Regarding the documentation indicated in items 3 and 4, the following must be considered:
5. The content must be proportional to the level of operations projected for the first two (2) years.
6. They are not required when the applicant demonstrates that, once registered in the Registry, they will be an exclusive broker of an insurance brokerage company. To do so, they must present the certificate issued by said insurance brokerage company accrediting their future status as an exclusive broker.9
   14.4 Legal entities must present the form referred to in paragraph 14.1 and the following documentation:
7. Draft social constitution deed, stating as the corporate object the provision of intermediation services, insurance advice, and others related to the services indicated, as well as any other services legally authorized. Likewise, it must state that the social capital is fully subscribed and paid in cash, an amount not less than five (5) current Tax Units (UIT) at the time of the application.
8. Updated curriculum vitae of the general manager, who acts as legal representative in all acts directly related to the authorized activity. The general manager must meet the following requirements:
   a) Be a legal resident domiciled in the country; b) Be an insurance broker, eligible in the registry, authorized in the lines for which the insurance brokerage company requests registration authorization;10 c) Have three (3) years of experience as an insurance broker or have experience in the technical area of an insurance company or insurance brokerage company, in the line for which the legal entity requests registration. The experience in the technical area must be no less than three (3) years, within the five (5) years prior to the submission of the registration application.
9. Updated curriculum vitae of the managers, which must contain accreditation of the technical suitability required in current regulations.
10. In case the shareholder or partner of the legal entity requesting registration is also a legal entity, they must submit a certified copy of the agreement of the competent corporate body approving their participation as a shareholder or partner, a copy of the Bylaws, and the institutional report corresponding to the last fiscal year.
11. Sworn declaration by shareholders, partners, directors, and managers of not being subject to the impediments indicated in Article 12 of this Regulation.
12. List of the company's managers.
13. Indicate the National Identity Document number of the partners, shareholders, directors, and managers of the legal entity and, if they are foreigners, the Foreigner's ID card or copy of the foreign passport, as applicable.
14. Business plan, indicating target market and description of the main operations and services to be developed in the country.
15. A copy of the Code of Conduct or indicate adherence to a guild code, which must be based on principles that observe compliance with obligations to policyholders and/or insured parties, as well as relationships with other insurance brokers, adjusters, and insurance companies.
16. Manuals of policies and procedures referring to the following aspects:
    a) The offer of their services to potential insurance policyholders. b) Advice, contracting, and management of insurance at all stages. c) Business practices in their relationship with policyholders and insured parties, regarding the intermediation of insurance products, transparency of information, and management of claims and requests. d) Claims management.
17. Manuals of policies and procedures related to the user attention system.
    9 Paragraph modified by Resolution SBS No. 0012-2024 with effect from 09.01.2024.
    10 Item modified by Resolution SBS No. 0012-2024 with effect from 09.01.2024.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239
12. Manuals of policies and procedures related to compliance with the Regulation on Risk Management for Money Laundering and Terrorism Financing.

SUBCHAPTER IV
REINSURANCE BROKERS

Article 15. Requirements for the Registration of Reinsurance Brokers
15.1 For the registration of reinsurance brokers in the Registry, an application must be submitted in the format provided by the Superintendence, attaching the corresponding documentation.
15.2 National reinsurance brokerage companies must present the form referred to in paragraph 15.1 and the following documentation:

1. Draft social constitution deed, stating as the exclusive corporate object the provision of reinsurance intermediation services. Likewise, it must state that the social capital, fully subscribed and paid in cash, is an amount in soles not less than the equivalent of sixty thousand United States dollars (US$ 60,000), valid at the date of submission of the application.
2. Feasibility Study, indicating target market and description of the main operations and services to be developed in the country.
3. Curriculum vitae of the general manager, documented regarding work experience and/or knowledge in insurance. The general manager, who acts as legal representative in all acts directly related to the activity of reinsurance intermediation, must meet the following requirements:
   a) Be a legal resident domiciled in the country; b) Have completed higher education (professional or technical), for which they must present the corresponding diploma or title, when it is not possible to validate it with online information, and c) Certificates of studies, issued by educational centers, accrediting training in the specialties of insurance and reinsurance, with a minimum of one hundred (100) lecture hours; and/or certificate accrediting work experience in insurance and/or reinsurance, no less than three (3) years, obtained within the five (5) years prior to the submission of the registration application in the Registry.
4. Indicate the National Identity Document number of the partners, shareholders, directors, and managers of the legal entity and, if they are foreigners, they must present the Foreigner's ID card or copy of the foreign passport, as applicable.
5. Sworn declaration by shareholders, partners, directors, and managers of not being subject to the impediments indicated in Article 12 of this Regulation.
   15.3 Foreign reinsurance brokerage companies must present the form referred to in paragraph 15.1 and the following documentation:
6. Certificate issued by the competent authority of the country of origin, issued within the ninety (90) days prior to the submission of the application, which incorporates the following information about the legal entity:
   a) Date of commencement of activities, which cannot be less than three (3) years; b) Lines of insurance in which it can operate; and, c) If it has authorization to intermediated the placement of risks ceded from abroad.
7. Most recent Annual Report, which must contain audited financial information.
8. Copy of the social bylaws or its equivalent, with the certification of validity issued by the competent authority of the country of origin.

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4. Curriculum vitae of the legal representative, documented with respect to work experience and/or knowledge in insurance. The legal representative must meet the following requirements:
a) Be a legal resident domiciled in the country; b) Have completed higher education (professional or technical), for which they must present the corresponding diploma or title, when it is not possible to validate it with online information; and, c) Study certificates, issued by educational centers, that certify training in the specialty of insurance and reinsurance, with a minimum of one hundred (100) instructional hours; or certificates that certify work experience in insurance and/or reinsurance, not less than three (3) years, obtained within the five (5) years prior to the submission of the registration application.
5. Indicate the number of the registry sheet or entry and the registry office of the power of attorney granted to the legal representative to exercise the representation of the company.
6. Indicate the number of the National Identity Document or Foreigner's ID Card of the legal representative or a copy of the foreign passport, as applicable.
7. Sworn declaration by the legal representative of not being subject to the impediments indicated in article 12 of this Regulation.

SUBCHAPTER V
INSURANCE AUXILIARIES
Article 16. Requirements for the registration of insurance auxiliaries
16.1 For the registration of insurance auxiliaries in the Registry, an application must be submitted, in the format provided by the Superintendence, indicating whether they will operate in general insurance and/or marine insurance, attaching the corresponding documentation.
16.2 Natural persons who have passed the competency assessment must present the form referred to in paragraph 16.1 and the following documentation:

1. Updated curriculum vitae.
2. Sworn declaration of not being subject to the impediments indicated in article 12 of this Regulation.
3. In the case of claims adjusters, the Manuals of policies and procedures for Claims Handling. In the preparation of said manuals, the following must be considered:
   a) The content must be proportional to the level of operations projected for the first two (2) years. b) They are not required when the applicant demonstrates that once registered in the Registry, they will be an exclusive auxiliary of an insurance auxiliary company. To this end, a certificate issued by the insurance auxiliary company certifying their future status as an exclusive auxiliary must be presented.
   16.3 Legal entities must present the form referred to in paragraph 16.1 and the following documentation:
4. Draft articles of incorporation specifying as the exclusive corporate purpose the provision of claims adjustment and/or insurance appraisal services and others related to the services indicated, with social capital fully subscribed and paid in cash not less than five (5) Tax Units (UIT) current at the date of submission of the application.
5. Updated curriculum vitae of the general manager, who must be registered and be eligible in the Registry as a claims adjuster and/or insurance appraiser, in the activity for which registration authorization is requested.

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3. In the event that the shareholder or partner of the legal entity requesting registration is also a legal entity, a certified copy of the agreement of the competent corporate body approving its participation as a shareholder or partner must be presented.
4. Sworn declaration by shareholders, partners, directors, and managers, of not being subject to the impediments indicated in article 12 of this Regulation.
5. Indicate the number of the National Identity Document of the partners, shareholders, directors, and managers of the legal entity and, if they are foreigners, they must present the Foreigner's ID Card or a copy of the foreign passport, as applicable.
6. In the case of claims adjusters, the Manuals of policies and procedures for claims handling.
16.4 The insurance auxiliary company may request registration in activities not authorized to its general manager, if it has an exclusive auxiliary in the condition of eligible in the registry and authorized to carry out said activities.11

SUBCHAPTER VI
FOREIGN REINSURANCE COMPANIES
Article 17. Requirements for the registration of foreign reinsurance companies
Foreign reinsurance companies wishing to register in the Registry must submit an application in the format provided by the Superintendence and the following documentation:

1. Certificate accrediting the authorization to reinsure risks ceded from abroad, indicating the date of commencement of activities, the lines of insurance that can be reinsured, and the absence of legal impediment to pay indemnities in freely convertible currency, derived from premiums ceded in reinsurance from abroad. Said certificate must be issued by the competent authority of the country of origin within ninety (90) days prior to the submission of the registration application.
2. Most recent Annual Report, which must contain audited financial information.
3. Copy of the company's bylaws or its equivalent, with a certificate of validity issued by the competent authority of the country of origin.
4. Latest risk classification report, issued by a rating company recognized by the competent authority of its country of origin.
5. Indicate the number of the registry sheet or entry and the registry office of the power of attorney granted to the legal representative to exercise the representation of the company.
6. Curriculum vitae of the legal representative, documented with respect to work experience and/or knowledge in insurance. The legal representative must meet the following requirements:
   a) Be a legal resident domiciled in the country; b) Have completed higher education (professional or technical), for which they must present the diploma or title of technical or university education, when it is not possible to validate it with online information; and, c) Study certificates, issued by educational centers, that certify training in the specialty of insurance and reinsurance, with a minimum of one hundred (100) instructional hours; or work experience in insurance and/or reinsurance, not less than three (3) years, obtained within the five (5) years prior to the submission of the registration application in the Registry.
7. Sworn declaration by the legal representative of not being subject to the impediments

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 indicated in article 12 of this Regulation.
8. Prove that the applicant company has a permanent net worth not less than ten million United States dollars (US$ 10,000,000) or its equivalent in other currencies.

SUBCHAPTER VII
COMPANIES OF THE INSURANCE SYSTEM AND/OR CROSS-BORDER INSURANCE SERVICE PROVIDERS
Article 18. On the Registry
18.1 In application of what is stated in the Final and Complementary Thirtieth Provision of the General Law, insurance companies and insurance brokers domiciled in the territory of a country with which Peru maintains a valid International Treaty, that are going to supply in the country insurance services against risks related to maritime transport, commercial aviation, space launch and space transport, as well as risks related to goods in international transit, must register in the corresponding Registry.
18.2 Likewise, reinsurance companies, reinsurance brokers, and insurance auxiliaries (claims adjusters and/or insurance appraisers) domiciled in the territory of a country with which Peru maintains a valid International Treaty must register in the corresponding Registry, presenting the documentation indicated in the following article.
Article 19. Requirements for the registration of companies of the insurance system and/or cross-border insurance service providers
19.1 For the registration of the natural and legal persons mentioned in article 18 of this Regulation, the following documentation must be presented:

1. Corresponding application in the format provided by the Superintendence.
2. Certificate issued by the competent authority of the country of origin, accrediting establishment in said country and its authorization, indicating the date of commencement of activities and the lines of insurance in which it can operate, complying with what is provided in article 9 of this Regulation. Said certificate must be issued within ninety (90) days prior to the submission of the registration application.
3. For the registration of reinsurance companies, the latest report supporting the current risk classification must be presented, in accordance with the minimum classifications established in the Regulation for the Contracting and Management of Reinsurance and Co-insurance, approved by Resolution SBS No. 4706-2017. Such classification must be granted by an international risk rating company and must be no older than eighteen (18) months at the date of submission of the registration application.
4. Indicate the name of a contact person for the purpose that the Superintendence can request information, if necessary. Likewise, if the contact person is Peruvian, they must indicate the number of the National Identity Document; and if foreign, the Foreigner's ID Card or send a copy of the foreign passport.
   19.2 The Superintendence issues the registration certificate in the Registry once the complete documentation indicated above has been delivered.

SUBCHAPTER VIII
UPDATE OF INFORMATION
Article 20. Information to the Superintendence

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20.1 Those registered in the Registry are obliged to communicate to the Superintendence the following:

1. Information of foreign companies
   Modifications that affect the validity of the authorization to operate that they have in their country of origin and, if applicable, any sanction that may have been imposed on them by the competent authorities of any of the countries where they operate, must be communicated within a period not exceeding fifteen (15) business days from when they occurred. The corresponding supporting documentation may be presented up to fifteen (15) business days after the date of the aforementioned communication.
2. Relocation of domicile and change of email address
   Relocations of the domicile of the Main Office of legal entities or of that declared by natural persons, must be informed to the Superintendence with a fifteen (15) calendar day advance and comply with the requirements in the Supervision Regulation. The change of email address must be communicated and/or updated according to the means enabled by the Superintendence for that purpose, within the next business day of being made, under the responsibility of the natural person or legal representative of the legal entity registered in the Registry or of the contact person in the case of the companies referred to in article 18 of this Regulation.
3. Change of general manager of legal entities established in the country or of legal representative of foreign companies or contact person
   Those registered in the Registry must inform the Superintendence of the appointment of their general manager or legal representative, as well as the respective vacancies, within the next business day of occurrence. The new general manager or legal representative must meet the requirements established by this Regulation. To this end, to proceed with the registration in the Registry, legal entities must present a communication informing of such situation, attaching the following documents:
   a) Certified copy by the general manager or legal representative of the minutes of the competent body, in which the agreement of acceptance of the resignation and the designation of the new legal representative is recorded. b) Sworn Declaration of the new general manager or legal representative that complies with the requirements established in this Regulation. c) Sworn declaration of the new general manager or legal representative of not being subject to the impediments indicated in article 12 of this Regulation. d) Updated Curriculum Vitae of the new general manager or legal representative, in accordance with what is established in articles 14, 15, 16, and 17. When applicable, the general manager or legal representative may inform the Superintendence of their resignation, sending a copy of the communication addressed to the legal entity, as well as sending the registration of their resignation in Public Registries. The above also applies to those general managers who assume the function on an interim basis. In the case of the companies referred to in article 18, they must inform any change in the contact person indicated in paragraph 19.3 of article 19 of this Regulation within a maximum period of five (5) days from the designation of the new contact person.

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4. Appointment of managers
In the case of insurance broker companies and insurance auxiliaries, the appointment of new managers must be communicated within the next business day of being made, sending the Sworn Declaration of not being subject to the impediments indicated in article 12 of this Regulation and the updated curriculum vitae.12
5. Annual complementary information
Insurance intermediary and auxiliary companies must annually submit, together with their financial information, the list of their partners, shareholders, directors, managers, and brokers and/or exclusive auxiliaries.13
6. Update of Sworn Declaration of not being subject to impediments
Natural persons registered in the registry, as well as shareholders, partners, directors, and managers of legal entities and legal representatives of foreign companies, must annually update the sworn declaration of not being subject to the impediments indicated in article 12 of this Regulation. Said sworn declarations must be submitted together with their income report or financial statements, according to the means established by the Superintendence.
7. Transfer of shares
Any transfer of shares and/or participations of insurance broker companies and/or insurance auxiliary companies must be communicated within ten (10) business days of having been made, attaching the sworn declaration of the new shareholder of not being subject to the impediments indicated in the Registry Regulation. In the event that the Superintendence verifies that the new partner or shareholder is subject to some impediment, they are obliged to transfer their participations or shares and are prevented from exercising the right to vote with them, as applicable.
20.2 To the companies of the insurance system and/or cross-border insurance service providers indicated in Subchapter VII, the provisions of items 1, 2, and 3 of paragraph 20.1 apply.

CHAPTER III
ON SUSPENSION, CANCELLATION, AND REHABILITATION
Article 21. Suspension and cancellation of registration in the Registry
21.1 Registration in the Registry is suspended in the following cases:

1. At the request of the natural person or the legal representative of the legal entity registered in the Registry, once the established procedure is completed, if applicable.
2. When the impediments indicated in items 2 to 9 and 12 to 18 of article 12 of this Regulation are incurred, the suspension is automatic.
3. In the case of insurance intermediaries, for not having a valid professional civil liability policy or for not having the amount of the policy concordant with what is established by the Superintendence, suspension is automatic.
4. For having contributions pending payment to the Superintendence with a deadline exceeded by more than seven (7) days.

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5. In the case of legal entities, for not having a general manager or legal representative, suspension that will begin after the deadline indicated in the current regulation has ended.
6. For not informing about the relocation of domicile and/or the change of email address; as well as for not having an electronic mailbox, the suspension is automatic.14
7. Other cases indicated in regulations issued by the Superintendence.
21.2 Registration in the Registry is cancelled in the following cases:

1. At the request of the natural person or legal representative of the legal entity registered in the Registry, once the established procedure is completed.
2. When the impediments indicated in items 1, 10, and 11 of article 12 of this Regulation are incurred.
3. When two (2) years or more have elapsed since the expiration of the last quota paid for the contribution to the Superintendence, without the supervised entity having formally requested the voluntary suspension of its registration in the Registry.
4. In cases where the registration in the Registry remains suspended for a period greater than three (3) years, unless the suspension is due to any of the impediments provided in items 3, 6, 7, and 8 of article 12 of this Regulation, or is due to the exercise of another activity for which registration in the Registry is required.
5. In the case of representatives of foreign reinsurance brokers or representatives of foreign reinsurance companies registered in the Registry, when the competent authority of the place of their registered office revokes or cancels the authorization that the legal entity has to operate. Likewise, the cancellation of the registration proceeds when the Superintendence becomes aware of the aforementioned facts, which is automatic.
6. When twelve (12) months of suspension have elapsed for lack of communication of the relocation of domicile and/or change of email address.
7. Other cases indicated in regulations issued by the Superintendence.
   Article 22. Request for suspension and/or cancellation of registration in the Registry
   22.1 Natural persons requesting the suspension or cancellation of their registration in the Registry must present and/or comply with the following:
8. An application indicating the reasons for which they request the suspension and/or cancellation of the Registry.
9. Be up to date in the payment of the contribution to the Superintendence.
10. In the event that the applicant is an insurance broker, they must present a Sworn Declaration stating that they have complied with the obligations established according to the regulation issued by the Superintendence.
11. In the event that the applicant is an insurance broker and maintains a client portfolio, they must present the information established in the Regulation for the Supervision and Control of Brokers and Insurance Auxiliaries for the transfer of the portfolio.15
    22.2 Legal entities requesting the suspension and/or cancellation of their Registry must present and/or comply with the following:
12. Application signed by the general manager or legal representative, attaching a copy of the minutes of the General Shareholders' Meeting or equivalent body, in which the agreement of suspension and/or cancellation of activities is recorded.
13. Be up to date in the payment of the contribution to the Superintendence.
14. In the case of insurance broker or reinsurance companies, a

11 Paragraph modified by Resolution SBS No. 0012-2024 with effect from 09.01.2024.
12 Item modified by Resolution SBS No. 0012-2024 with effect from 09.01.2024.
13 Item modified by Resolution SBS No. 0012-2024 with effect from 09.01.2024.
14 Item replaced by Resolution SBS No. 4131-2025 with effect from 25.11.2025.
15 Item modified by Resolution SBS No. 0012-2024 with effect from 09.01.2024.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 Sworn Declaration by the general manager or legal representative stating that they have completed compliance with the obligations established in accordance with the regulation issued by the Superintendence.
4. In the event that the applicant is an insurance or reinsurance broker who maintains a client portfolio, they must present the information established in the Regulation on Supervision and Control of Insurance and Reinsurance Brokers and Assistants and in the Regulation on Supervision and Control of Reinsurance Brokers, for the transfer of the portfolio.16
22.3 No obligation to pay contributions arises during the period of suspension, provided that such suspension has been requested by the registered entity.
22.4 The Superintendence communicates, via Official Letter, the admissibility of suspension requests, noting the granted period in the Registry. In the case of a cancellation request by the party, a Resolution cancelling the inscription in the Registry is issued, which is published on the Superintendence's website.
22.5 Natural or legal persons whose registration has been cancelled in application of items 3 and 4 of paragraph 21.2 of Article 21 may request a new inscription in the Registry, in accordance with what is established in this Regulation.
Article 23. Rehabilitation of the Registry
Natural or legal persons with suspended inscription in the Registry may request rehabilitation, attaching the following documentation:

1. Copy of the current Professional Civil Liability Policy, where applicable.
2. Payment receipt for the proportional part of the contribution corresponding to the year of rehabilitation.
3. Sworn Declaration by the natural person certifying that they are not subject to the impediments set forth in Article 12. In the case of legal persons, a Sworn Declaration must be presented stating that said legal person, as well as its partners, shareholders, directors, and managers, are not subject to the impediments set forth in Article 12.
4. When the request is submitted by a registered legal person, it must be signed by the general manager or legal representative and, additionally, a certified copy of the minutes must be attached in which the agreement to request rehabilitation in the Registry is recorded, adopted by the competent body of the company.
5. When the Superintendence has determined the suspension, documentation supporting the regularization of the situation that caused said suspension.
   Article 24. Publication of Registry Information
   The Superintendence publishes on its website the list of legal and/or natural persons inscribed in the Registry, identifying those that are authorized, suspended, or cancelled.
   TRANSITIONAL COMPLEMENTARY PROVISION
   Sole.- Natural and legal persons inscribed in the Registry prior to the effectiveness of this Regulation maintain their qualified status and their authorization will be adapted to the classification of this Regulation. 16 Item modified by Resolution SBS No. 0012-2024 with effect from 09.01.2024. 17 Paragraph modified by Resolution SBS No. 0012-2024 with effect from 09.01.2024.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 classification of this Regulation.”
Second Article.- Modify and incorporate into the Single Text of Administrative Procedures of the Superintendence of Banking, Insurance and Private Pension Fund Administrators, approved by Resolution No. 1678-2018 and its modifying norms, the following:

1. Modify the denominations of the administrative procedures and their requirements in accordance with this Resolution, Nos. 47, 48, 49, 50, 149 and 150 as follows:

• Procedure No. 47: “Authorization of inscription of insurance brokers in the Registry of intermediaries and insurance assistants, foreign reinsurance companies and cross-border insurance activities”.
• Procedure No. 48: “Authorization of inscription of insurance assistants in the Registry of intermediaries and insurance assistants, foreign reinsurance companies and cross-border insurance activities”.
• Procedure No. 49: “Authorization of inscription of foreign reinsurance companies in the Registry of intermediaries and insurance assistants, foreign reinsurance companies and cross-border insurance activities”.
• Procedure No. 50: “Authorization of inscription of reinsurance brokers in the Registry of intermediaries and insurance assistants, foreign reinsurance companies and cross-border insurance activities”.
• Procedure No. 149: “Rehabilitation of suspended inscription in the Registry of intermediaries and insurance assistants, foreign reinsurance companies and cross-border insurance activities”.
• Procedure No. 150: “Request for Cancellation or Voluntary Suspension of Inscription in the Registry of Insurance Intermediaries and Assistants, foreign reinsurance companies and cross-border insurance activities”.

2. Incorporate Procedure No. 180 “Authorization of inscription of companies in the insurance system and/or providers of cross-border insurance services in the Registry of intermediaries and insurance assistants, foreign reinsurance companies and cross-border insurance activities”.
3. The procedures indicated in items 1 and 2 of this article are regulated in accordance with the text attached to this resolution and are published in accordance with what is provided in Supreme Decree No. 004-2008-PCM, regulation of Law No. 29091. (Institutional portal: www.sbs.gob.pe).
   Third Article.- Incorporate into Annex 3 “Specific Infractions of the Insurance System” of the Regulation on Infractions and Sanctions of the Superintendence of Banking, Insurance and Private Pension Fund Administrators, approved by Resolution SBS No. 2755-2018 and modifications, the following infractions:
   II. SERIOUS INFRACTIONS

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 Intermediaries, Assistants and Representatives of foreign reinsurance companies
106) Late communication or failure to communicate updates to the information provided to the Registry of intermediaries and insurance assistants, foreign reinsurance companies and cross-border insurance activities, which imply subsequent impediments.
III. VERY SERIOUS INFRACTIONS
Intermediaries, Assistants and Representatives of foreign reinsurance companies
4) Verification by the Superintendence of the submission of false documentation for the purpose of achieving inscription in the Registry of intermediaries and insurance assistants, foreign reinsurance companies and cross-border insurance activities.
Fourth Article.- This Resolution enters into force from the day following its publication in the official newspaper “El Peruano”, from which date Articles 3, 4, 8, 9, 10, 11, 12, 15, 17, 18, 19, 20, 23, 28, 29, 33 and 38 are repealed, with the exception of Annex VI “Report of claims in the adjustment process and settled claims” of the “Regulation of the Registry of intermediaries and insurance assistants”, approved by Resolution SBS No. 1797-2011 and modifying norms. Inscription processes underway on the date of entry into force of this Resolution are subject to the provisions of the Regulation approved by Resolution SBS No. 1797-2011 and modifying norms. Register, communicate and publish SOCORRO HEYSEN ZEGARRA Superintendent of Banking, Insurance and Private Pension Fund Administrators