Resolution SBS No. 809-2019: Approves the Regulation for the Supervision and Control of Insurance Brokers and Auxiliaries

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239 Lima, February 27, 2019 S.B.S. Resolution No. 809-2019 The Superintendent of Banking, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, in accordance with Article 345 of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its amendments, hereinafter the General Law, the object of this Superintendence is to protect the interests of the public in the scope of the financial and insurance systems;

That, in accordance with the provisions of the aforementioned Article 345 and numeral 3 of Article 349 of the General Law, it is the faculty of the Superintendence to exercise comprehensive supervision of the companies of the financial system and the insurance system, those incorporated by special laws into its supervision, as well as those companies and persons that carry out complementary operations;

That, in accordance with Articles 335 and 336 of the General Law, the Superintendence authorizes and regulates the activities of insurance brokers and auxiliaries, establishing the requirements for their authorization and registration, as well as their obligations, rights, guarantees and other conditions to which their activity is subject;

That, by means of SBS Resolution No. 1797-2011 and modifying norms, the Regulation of the Registry of Intermediaries and Insurance Auxiliaries was approved;

That, as a result of the experience acquired in the supervision of the activities of the brokers and insurance auxiliaries registered in the Registry under the Superintendence, it has been considered necessary to update the regulatory framework applicable to said supervised entities, with the purpose of improving the conditions under which they provide their services, as well as specifying the minimum obligations they must comply with for the benefit of policyholders, insured persons, beneficiaries and interested third parties;

That, it is necessary to adapt the regulations issued by the Superintendence to international standards, with the purpose of raising the level of professionalization of the supervised entities, improving market conduct, as well as promoting good practices in intermediation, appraisal and insurance adjustment, taking into consideration the nature, size and complexity of their activities;

That, for the purpose of collecting opinions from the general public regarding the draft regulation, the publication of the draft resolution was ordered on the electronic portal of this Superintendence, under the provisions of the Thirty-Second Final and Complementary Provision of the General Law and Supreme Decree No. 001-2009-JUS and its modifying norms;

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239 Having the approval of the Adjunct Superintendences of Insurance, Market Conduct and Financial Inclusion, Risks and Legal Advice; and,

In exercise of the powers conferred by numerals 7 and 9 of Article 349 of the General Law;

RESOLVES:

Article First.- Approve the Regulation for the Supervision and Control of Insurance Brokers and Auxiliaries, as indicated below:

“REGULATION FOR THE SUPERVISION AND CONTROL OF INSURANCE BROKERS AND AUXILIARIES

CHAPTER I
GENERAL PROVISIONS

Article 1. Scope
1.1 This Regulation applies to insurance brokers and auxiliaries in all matters related to the development of their activity, which includes: i) financial management, internal controls, insurance advice and intermediation of insurance brokers; and, ii) risk inspection, loss prevention, adjustment and settlement of claims of insurance auxiliaries.
1.2 The provisions of Title IV of Section Three of the General Law, the Registry Regulation, the Transparency Regulation and other pertinent norms issued by the Superintendence, and suppletorily, the General Companies Law, Law 26887 and its modifying norms, are applicable to the activities of insurance brokers and auxiliaries.

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

Insured: holder of the insurable interest object of the insurance contract. It may also be the policyholder.
Insurance Auxiliaries: claim adjusters and/or insurance appraisers. To refer to insurance auxiliaries that are legal entities, the term “insurance auxiliary companies” is used.
Beneficiary: holder of the indemnification rights established in the policy.
User Attention Circular: Circular No. G-184-2015 and its modifying norms or norm that replaces it.
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.
Potential Policyholder and/or Potential Insured: person to whom the insurance broker, through the different intermediation modalities, offers the insurance.
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 entities, the term “insurance brokerage companies” is used.
Days: calendar days, unless it is indicated that they are business days.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239
9. Signature: that which represents the manifestation of the individual's will. It may be handwritten or generated or communicated through electronic, optical or any other analogous means.
10. Managers: general manager and those officials, regardless of their title, who collaborate directly with the general manager in the execution of policies and decisions related to insurance intermediation and advice.
11. Insurance Contract Law: Law No. 29946.
12. General Law: General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its modifying norms.
13. Complaint: in accordance with the provisions of the User Attention Circular, they are communications presented by users or by third parties on behalf of users, expressing their dissatisfaction with the operation, product or service received or with the non-compliance of the obligations contemplated in the contracts or current regulatory framework, or manifesting the alleged affectation of their legitimate interest. Additionally, a complaint is considered any repetition that originates as a consequence of the user's disagreement with the response issued by the insurance broker, or by the delay or lack of attention to a complaint or request.
14. Registry: Registry of Intermediaries and Insurance Auxiliaries and cross-border insurance activities, which is administered by the Superintendence.
15. Corporate Governance Regulation: Regulation of Corporate Governance and Integrated Risk Management, approved by SBS Resolution No. 272-2017 or norm that replaces it.
16. Infractions and Sanctions Regulation: Regulation of Infractions and Sanctions, approved by SBS Resolution No. 2755-2018 and its modifying norms or norm that replaces it.
17. Registry Regulation: Regulation of the Registry of Intermediaries and Insurance Auxiliaries and cross-border insurance activities, approved by SBS Resolution No. 808-2019 or norm that replaces it.
18. Claims Regulation: Regulation for the Management and Payment of Claims, approved by SBS Resolution No. 3202-2013 or norm that replaces it.
19. Transparency Regulation: Regulation of Transparency of Information and Insurance Contracting, approved by SBS Resolution No. 3199-2013 and its modifying norms or norm that replaces it.
20. Request: in accordance with the provisions of the User Attention Circular, they are communications made by users or by third parties on behalf of users, through which an action by the insurance broker is sought. Requests include the attention to:
a) Inquiries, understood as communications by which it is sought that the insurance broker provide specific information in a situation of uncertainty, ignorance or doubt related to the operation, product or service offered or contracted with the company. b) Requests for delivery or making available information that the insurance broker possesses regarding the relationship they maintain with users. c) Other requests different from those indicated in letter b).
21. Mass Insurance: standardized insurance that does not require special underwriting requirements, i.e., it does not require prior verifications regarding the insurable persons and/or goods, being sufficient the simple acceptance of the policyholder or insured for the consent of the individual or group or collective insurance, as applicable.
22. Superintendence: Superintendence of Banking, Insurance and Private Pension Fund Administrators.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239

Article 3. Minimum conditions to exercise the activity
3.1 To exercise their activities, insurance brokers and auxiliaries must maintain their valid registration in the Registry. They must not be subject to the impediments established in the Registry Regulation, which determine their suspension or cancellation from the Registry.
3.2 In the case of insurance brokers, to maintain their valid registration in the Registry, in addition to what is stated above, they must maintain in force the Professional Civil Liability Policy mentioned in Article 15 of this Regulation.

Article 4. Supervision of activities
4.1 The activities of natural and legal persons registered in the Registry are subject to the control and supervision of the Superintendence in accordance with the General Law, the provisions of this Regulation and the others issued by the Superintendence.
4.2 Insurance brokers and auxiliaries are obliged to comply with the provisions issued by the Superintendence, as well as to provide all the information it requests from them, especially during the development of inspection visits and the follow-up of the Superintendence's recommendations.
4.3 Natural persons registered in the Registry, when they are not exclusive brokers or auxiliaries of a legal person registered in the Registry, must perform their functions directly and personally, for which reason they cannot contract the services of other natural persons not registered in the Registry to carry out tasks related to intermediation, insurance appraisal or claim adjustment, with the exception of purely administrative tasks.

Article 5. Obligations common to insurance brokers and auxiliaries
Insurance brokers and auxiliaries have the following obligations:

Keep permanently enabled and updated the telephone number and the electronic mechanisms or means that have been made available to policyholders, insured persons, beneficiaries and insurance companies.
Insurance brokerage companies or insurance auxiliary companies must have a general manager registered and who meets the requirements of the Registry Regulation. The general manager is the legal representative in all acts that are directly related to the corporate object of the brokerage or auxiliary insurance company. Likewise, it is the person responsible before the Superintendence regarding the development of authorized activities, so that they are framed within the provisions established in this Regulation. In case of resignation or removal, which does not result from an impediment subsequent to the Registry, the insurance brokerage or auxiliary company has a period of ninety (90) days to make the corresponding replacement; meanwhile, said position may be assumed by one of the company's managers who has the status of a valid broker or insurance auxiliary.
Be up to date in the payment of the contribution to the Superintendence.
Legal persons must verify that their directors, managers, officials and/or workers who were registered in the Registry, are up to date in the payment of their contributions and maintain their valid registration.

Article 6. Suitability requirement
6.1 Insurance brokers and auxiliaries who are natural persons, as well as directors and managers of legal persons registered in the Registry, must permanently comply with the requirements of technical and moral suitability, as well as not incur in the impediments indicated in the

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239 Registry Regulation.
6.2 Shareholders or partners of legal persons registered in the Registry must permanently comply with the requirements of moral suitability and economic solvency, as well as not incur in the impediments indicated in the Registry Regulation.

Article 7. Effects of suspension and cancellation in the Registry
7.1 Persons whose registrations in the Registry have been suspended or cancelled for non-compliance with current regulations, cannot provide any type of service for which registration and authorization in the aforementioned Registry is required, in accordance with what is stated in the Registry Regulation. Nevertheless, they must carry out all pending actions corresponding to intermediated contracts or claim settlements in progress prior to the suspension or cancellation of their registration. Likewise, they have the right to receive commissions or fees accrued for intermediated insurance or for claim settlements carried out on a date prior to the suspension or cancellation.
7.2 In the case of insurance brokers, suspension implies the following:

Not to intermediate in the placement of insurance while the suspension is maintained, nor to participate in the renewal of insurance contracts.
In case the suspension extends for a period greater than three (3) months, it must initiate a communication plan to its clients, considering: i) the transfer of its client portfolio to another insurance broker; or, ii) the possibility that the policyholder and/or insured designate a new insurance broker. The completion of the transfer process or the choice of a new broker must not exceed three (3) months from the start of said communication plan.
7.3 In the case of insurance brokers, cancellation implies not to intermediate in the placement of insurance nor to participate in the renewal of insurance contracts.

Article 8. Exclusive brokers and auxiliaries
8.1 Insurance brokerage companies and insurance auxiliary companies may enter into contracts with natural persons registered as brokers or insurance auxiliaries, as applicable, which give rise to a labor relationship with characteristics of subordination and dependence, which must be carried out exclusively, and must inform the Superintendence about the hiring within fifteen (15) days of its occurrence.
8.2 Exclusivity implies that said natural persons (brokers or insurance auxiliaries) cannot perform tasks on their own account or on behalf of another insurance brokerage company or insurance auxiliary company while the employment contract is in force. The aforementioned applies even if the natural person does not specifically develop tasks of intermediation, insurance appraisal or claim adjustment for the insurance brokerage company or the insurance auxiliary company of which they are dependent.
8.2 Insurance brokerage and auxiliary companies are responsible for informing the Superintendence of the termination of the labor contract with the exclusive broker or auxiliary, within fifteen (15) days of its occurrence.
8.4 Exclusive brokers who cease to maintain a labor relationship with any insurance brokerage company, will have a period of fifteen (15) days, subsequent to the termination of said relationship, to comply with the obligations established in the regulations applicable to them, such as the corresponding to the

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239 contracting of a professional civil liability policy, the presentation of manuals and procedures and the obligations established in the Regulation for the Management of Money Laundering and Financing of Terrorism, approved by SBS Resolution No. 2660-2015 and modifying norms or norm that replaces it.

Article 9. Statutory Modifications
9.1 Statutory modifications related to changes in the corporate object, the corporate name, the decrease in capital and increases in share capital, excepting in the latter case, those made by cash contributions or capitalization of reserves and profits, must have prior approval from the Superintendence, without which their registration in the Public Registries is not permitted.
9.2 Requests for approval of statutory modifications must be accompanied by the following documentation:

Certified copy by the general manager or secretary of minutes of the Act of the General Shareholders' Meeting or equivalent body, in which the agreement to modify the Articles of Association in whole or in part is recorded; and,
Minutes signed by the general manager that record the modifications in the Articles of Association of the company.
9.3 In case authorization from the Superintendence is not required for the statutory modification, insurance brokers and auxiliaries must send to the Superintendence within ten (10) days following the corresponding agreement, and subsequently, the testimony with the registration in the Public Registries, within a period of fifteen (15) days of the registration being made.

Article 10. Minimum equity levels
10.1 Insurance brokerage companies and insurance auxiliary companies must maintain their equity at levels equal to or higher than the share capital indicated in the Registry Regulation. In case the company's equity decreases below the minimum share capital level required, it must inform the Superintendence within ten (10) days following the close of the month in which the non-compliance was identified, attaching an adaptation plan that considers equity strengthening measures. The aforementioned adaptation plan must be implemented within a maximum period of ninety (90) days.
10.2 When the equity deficit is detected by the Superintendence, the insurance brokerage company or insurance auxiliary company has ten (10) days to send an adaptation plan that considers equity strengthening measures. The aforementioned adaptation plan must be implemented within a maximum period of sixty (60) days.
10.3 In case the insurance brokerage company or insurance auxiliary company fails to comply with the terms of the adaptation plan, it incurs in the infractions established in the Regulation of Infractions and Sanctions.

Article 11. Code of Ethics and Conduct
11.1 Insurance brokers and claim adjusters must have a Code of Ethics and Conduct, developed individually or collectively, which incorporates the criteria of professional responsibility required of them and, in the case of legal entities, their directors, managers, officials and other workers. The Code of Ethics and Conduct is distinct from that required under the system for the prevention of money laundering and financing of terrorism.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239
11.2 The Code of Ethics and Conduct must expressly prohibit illegal activities or conduct that could affect the reputation of the insurance broker or claim adjuster or confidence in the system.
11.3 The Code of Ethics and Conduct must be based on principles that observe the compliance of obligations with policyholders and/or insured persons, as well as with other insurance brokers, insurance adjusters and insurance companies.

Article 12. Corporate Reorganization
12.1 Corporate reorganizations (mergers and acquisitions) of insurance brokerage companies or insurance auxiliary companies are subject to the General Companies Law, Law No. 26887 and its modifying norms.
12.2 Once the merger is agreed upon, it must be communicated to the Superintendence within a maximum period of ten (10) business days from the issuance of the agreement, attaching a certified copy of the agreement of the corresponding corporate body, unless authorization for statutory modification has been required.
12.3 The registration of the merger in Public Registries must be communicated to the Superintendence within fifteen (15) business days of having been made.

CHAPTER II
OF INSURANCE BROKERS

SUBCHAPTER I
FUNCTIONS AND OBLIGATIONS OF INSURANCE BROKERS

Article 13. Permitted activities for the insurance broker
13.1 The insurance broker is authorized to intermediate insurance policies and to provide advice on insurance matters.
13.2 Insurance intermediation is the activity of presenting proposals or carrying out prior work to the contracting of insurance, as well as advice, management and execution of the contract during its validity, especially in case of claim. The advice as part of intermediation is based on the broker's specialty and experience in risk evaluation and selection of the most suitable insurance product for the needs of the policyholder or insured.
13.3 Independent insurance advice, separate from the intermediation activity, is a service provided by insurance brokers based on their specialty and experience in insurance, which allows them to advise and counsel third parties who demand such service.

Article 14. Duties and obligations of insurance brokers
14.1 The duties and obligations of insurance brokers, in addition to those indicated in Article 338 of the General Law, are the following:

Advise potential policyholders on the most convenient coverages considering the nature of the risk to be insured. For this, they must inform about the conditions of the contract, especially the scope of basic coverage, additional coverages, exclusions, deductibles or similar, form and deadlines for the payment of the premium, effects of its non-compliance, rights and obligations arising from the insurance contract and, in general, all the necessary information for the policyholder to make an informed decision, in

the stage prior to contracting.
2. Inform the policyholders and/or insured parties about the rejection of the insurance application or the modifications to the coverage of the proposed risk.
3. Verify that the insurance policy sent to the policyholder and/or insured party contains the requested coverages, when they become aware of the delivery of the policy or insurance certificate.
4. Provide the information required by the policyholder and/or insured party regarding the insurance policy and the contracted coverage.
5. Advise the policyholders and/or insured parties, during the term of the contract, regarding the content and conditions of the policy, as well as the obligations they must fulfill to maintain the coverage conditions, according to the nature of the product.
6. Provide insurance companies with complete and relevant information regarding the insured assets, the actual state of the risk, and the insurable interest. Likewise, immediately communicate any modification of the insured risk that has been informed by the policyholder and/or insured party, which signifies an aggravation or decrease in the risk.
7. Immediately communicate to insurance companies any claim that has been informed by the policyholder and/or insured party or of which they have become aware by any other means.
8. In the case of insurance advisory services performed independently from the intermediation activity, these must be carried out in a professional and technical manner within the framework of the requests received, leaving documentary evidence of the service provided.
9. When intermediating insurance that incorporates earthquake and/or tsunami risks, they must provide information on the insured assets, in accordance with the instructions provided by the insurance companies, in compliance with the regulations on the constitution of the catastrophic risk reserve. Among the basic information that must be sent to the companies is the commercial value or the reconstruction value of the insured buildings, as established in the conditions of the current insurance policy. 1
10. When intermediating insurance that incorporates the aforementioned risks, they must inform the insured parties about the options to contract the insurance for the commercial value or the reconstruction value of the insured building, as well as the consequences of contracting the insurance for an amount lower than the aforementioned value, the amount of the premium to be paid, among other relevant information for the contracting of these types of insurance. 2
14.2 For the purpose of fulfilling their functions, the insurance broker must present to the potential policyholder and/or insured party, a sufficient number of insurance proposals regarding the risks subject to coverage, taking into consideration the number of insurance companies that offer such coverages. In this sense, the insurance broker must present a comparative table of the proposals, which must include recommendations regarding the insurance program most suitable for the needs of the policyholder and/or insured party, in order for them to make an informed decision. If there is no more than one insurance proposal, due to the non-existence of similar ones in the insurance market, the insurance broker is not obliged to present the comparative table, but must expressly record having communicated this situation to the policyholder.
14.3 The managers of insurance brokerage companies must have sufficient experience and knowledge of the regulations applicable to insurance brokers, as well as of the operational and business framework of the local insurance market. The aforementioned must be recorded in the corresponding curriculum vitae
1 Number incorporated by SBS Resolution No. 3661-2021 published on 03.12.2021, effective from 01.07.2023.
2 Number incorporated by SBS Resolution No. 3661-2021 published on 03.12.2021, effective from 01.07.2023.

corresponding, which must be available to the Superintendency.
14.4 Insurance brokers cannot perform actions, activities, or operations that could harm or do harm to the policyholders, insured parties, beneficiaries, or insurance companies.
Article 15. Professional Civil Liability Policy
15.1 Insurance brokers must have a professional civil liability policy that guarantees the correct and full fulfillment of the responsibilities assumed in the exercise of the functions and duties indicated in Article 338 of the General Law and in this Regulation.
15.2 Insurance brokers must contract and maintain in force a professional civil liability policy with the following characteristics:

The coverage must include claims for damages and/or losses arising as a consequence of non-compliance with duties or obligations, negligence, incompetence, errors, or omissions incurred during the professional exercise as an insurance broker.
The insured amount must not be lower than the highest sum between:
a) S/ 15,000.00 (fifteen thousand and 00/100 soles) or its equivalent in foreign currency; and b) 30% of the annual operational income of the insurance brokers, corresponding to the period prior to the calculation, with a maximum of S/ 40,000,000.00 (forty million and 00/100 soles) or its equivalent in foreign currency. "Operational income" refers to that indicated in Article 36 of this Regulation.
The coverage can be contracted through a Professional Civil Liability Policy or a clause that is part of a General Civil Liability Policy. Such policy must be contracted with an insurance company supervised by the Superintendency.
The coverage must include the insurance broker and, in the case of insurance brokerage companies, their directors, managers, officials, sales promoters, and workers at the headquarters, offices, and sales points.
15.3. The professional civil liability insurance policy is subject to the provisions of the Insurance Contract Law.
15.4. Insurance brokers who are exclusive to an insurance brokerage company do not require contracting the insurance policy referred to in this article individually, for as long as the employment relationship lasts. Likewise, those brokers who requested the suspension of their registration in the Registry, according to the corresponding regulations, also do not require maintaining this policy in force.
15.5. The broker must inform the Superintendency within a maximum period of ten (10) days about the coverage requests associated with the professional civil liability policy referred to in this article.
Article 16. Prohibited Activities
In addition to what is indicated in Article 339 of the General Law, insurance brokers are prohibited from:
Exercising the activity through third parties who lack registration granted by the Superintendency to carry out tasks related to insurance intermediation.
Exercising their functions in risks or activities for which authorization other than that granted by this Superintendency is required, or exceeding the scope of the authorization granted by the Superintendency.
Ceding or sharing insurance intermediation commissions with persons not registered in the Registry. Discounts in commissions that the insurance broker may grant to a contracting company or institution are excepted.
Exercising the activity through third parties who lack registration granted by the Superintendency to carry out tasks related to insurance intermediation.
Exercising their functions in risks or activities for which authorization other than that granted by this Superintendency is required, or exceeding the scope of the authorization granted by the Superintendency.
Ceding or sharing insurance intermediation commissions with persons not registered in the Registry. Discounts in commissions that the insurance broker may grant to a contracting company or institution are excepted.
Receiving bonuses or prizes from insurance companies that affect their independence.
Intermediating policies not registered in the Registry of Insurance Policy Models and Technical Notes kept by the Superintendency, with the exception of policies whose conditions have been negotiated between the contracting parties.
Intermediating in the contracting of insurance with insurance companies not authorized to operate in the country, or offering insurance contracts from such companies.
Intermediating in the contracting of insurance when a conflict of interest is identified as provided by current regulations.
Charging commissions for the intermediation of insurance whose regulations expressly prohibit such commission.
Developing labor or commercial activities that could affect the fulfillment of the obligations established in this Regulation.
Article 17. Conflict of Interest of Insurance Brokers
17.1 In order to avoid conflicts of interest, insurance brokers are prohibited from intermediating insurance contracts in the following situations:
When the directors and managers of the insurance company offering the insurance coverage are spouses, cohabitants, or relatives of an insurance broker (natural person).
When the directors and managers of the insurance company offering the insurance coverage are spouses, cohabitants, or relatives of the directors or managers of an insurance brokerage company.
17.2 Relatives are considered to be those persons included up to the second degree of consanguinity or the first degree of affinity.
Article 18. Information on the Application of Profits
Insurance brokerage companies belonging to segments 1 and 2 referred to in Article 36 must present to the Superintendency a detail of the agreements they may have adopted regarding the declaration of dividends or any other form of application of profits or disposal of resources, within a period of ten (10) business days counted from the date of the adoption of the agreement, and a similar period must elapse for the content thereof to become effective. The Superintendency may suspend the aforementioned agreements while it does not receive explanations that satisfactorily absolve the observations that may have been made regarding them. SUBCHAPTER II INTERMEDIATION MODALITIES AND OFFICES
Article 19. Insurance Intermediation Modalities
19.1 Insurance brokers may use the following modalities for the intermediation of insurance:
Personnel of the insurance brokerage company
Joint intermediation agreements
Sales promoters
Sales points

19.2 3 Intermediation through the aforementioned modalities may also be carried out through the use of remote communication systems, as developed in Subchapter III of this Chapter.
For this purpose, the identity verification requirements for the policyholder and/or insured party established in the Market Conduct Management Regulation and in the specific current regulations on information security issued by the Superintendency, insofar as applicable, shall apply.
Article 20. Personnel of the Insurance Brokerage Company
20.1 Insurance brokerage companies may intermediating policies or advising potential policyholders through the personnel of their commercial management units and other similar units, with a labor contract. The personnel must comply with the obligations established in current regulations related to insurance intermediation and information to policyholders and insured parties, with the insurance brokerage companies being responsible for their conduct, as well as for their training.
20.2 The personnel of the insurance brokerage company is not considered as a sales promoter, for the purposes of the provisions of this Regulation, nor do they require being registered in the Registry.
Article 21. Joint Intermediation Agreements
21.1 Insurance brokers, whether natural or legal persons, may enter into agreements with other insurance brokers for the joint intermediation of insurance for a client or a portfolio of clients. Such agreements must establish the functions, obligations, and responsibilities corresponding to each broker vis-à-vis the policyholder or insured party, as well as the structure of the commission that has been agreed upon. The agreements must be available to the Superintendency.
21.2 The agreements must establish permanent communication mechanisms with the policyholders and/or insured parties, in order for them to be permanently informed about the responsibilities of each broker and the procedure for attending to their requests during the term of the policy. Without prejudice to the aforementioned, the brokers involved in the agreement are subject to joint and several liability in order for the policyholder and/or insured party to require any of them to fulfill their obligations and to reserve the right of recourse among them as jointly and severally liable parties.
21.3 In the event that the sole income of one of the insurance brokers signing the agreement is generated by joint intermediation, such broker must inform the Superintendency in writing within a period of thirty (30) days following the signing of the agreement.
Article 22. Sales Promoters
22.1 Insurance brokerage companies may use the services of sales promoters. Sales promoters are natural persons who maintain a contract to intermediating insurance products with insurance brokerage companies, with the latter retaining responsibility for all acts performed by said promoters on their behalf, especially for the damages that may be caused to insurance policyholders, insured parties, and/or beneficiaries, as a consequence of errors, omissions, incompetence, or negligence in which they incur, without prejudice to the corresponding sanctions. Likewise, insurance brokerage companies are responsible for the training
3 Modified by SBS Resolution No. 6-2021 with effect from 02.02.2021

of sales promoters and for ensuring that they comply with the obligations established in current regulations related to insurance intermediation and information to policyholders and insured parties.
22.2 Insurance brokerage companies are responsible for ensuring that their sales promoters meet the conditions of moral and technical suitability for the performance of their duties. Likewise, they must assign a code and issue an identification document to their sales promoters and implement a registry in which the general data, the start and end dates of their activities, the types of insurance they intermediating, the sales volume, and the training received are recorded. On the other hand, insurance brokerage companies must maintain personnel files of the sales promoters, physically or electronically, which must be kept updated with the documentation accrediting the information contained in the aforementioned registry and be available to the Superintendency.
22.3 For those insurance products that are subject to conditions of evaluation or verification of minimum underwriting conditions, such as medical exams or risk inspections, according to the insurance conditions, the sales promoter must previously inform the manner and deadlines in which such verifications will be carried out, which may be specified in the insurance application.
22.4 While a contract linking a sales promoter with an insurance brokerage company remains in force, such promoter cannot provide services to another insurance brokerage company or insurance company. The insurance brokerage company must establish the necessary controls for the compliance with this provision.
Article 23. Sales Points
23.1 Insurance brokerage companies may establish sales points in commercial premises of other companies, which are managed and/or supervised by personnel or sales promoters of the insurance brokerage company. Through this modality, only mass, vehicular, and other insurance products determined by the Superintendency can be intermediated.
23.2 At the sales points, the name, address, telephone, and email of the insurance brokerage company must be informed, on panels and with prominent characters, for the purpose of facilitating contact by potential policyholders and/or insured parties.
23.3 For the formalization of the insurance sale, the policyholder and/or insured party must sign the appointment letter indicated in Article 32 of this Regulation.
23.4 Insurance brokerage companies are responsible for all acts carried out through this intermediation modality, especially for the damages that may be caused to insurance policyholders, insured parties, and/or beneficiaries, as a consequence of errors, omissions, incompetence, or negligence in which they incur, without prejudice to the sanctions corresponding to them.
23.5 Insurance brokerage companies operating through sales points must keep the following information available to the Superintendency:

Location and address of the sales point.
Date from which it started operating.
Products intermediated and insurance companies that provide them.
Personnel or sales promoter of the insurance brokerage company responsible for the sales point;

and
5. Copy of the minutes in which the agreement to install the sales point is recorded, approved by the competent body of the insurance brokerage company.
Article 24. Training
24.1 The personnel and sales promoters of insurance brokerage companies must receive adequate training, in order to be able to properly inform potential policyholders and/or insured parties about the characteristics and conditions of the products they are intermediating. In this sense, insurance brokerage companies must implement training programs appropriate to the nature of each intermediation modality, taking as a reference, at least, the following aspects:

Relevant aspects of the regulations applicable to the activity of insurance brokers.
Main coverages, benefits, and exclusions of the products intermediated through each intermediation modality.
Procedures regarding the right of withdrawal, its execution, and consequences when it comes to insurance intermediated through remote communication systems.
Procedures regarding the payment of the premium and the effects of non-compliance (suspension of coverage, contract termination, and contract extinction).
Procedures to request coverage of the policy in the event of a claim.
Procedures and deadline for the payment of the indemnity or benefit established in the policy.
Procedure for the attention of requests and complaints.
Programs for the adequate advice and attention to complaints and requests from users.
24.2 Training must be provided, at minimum, with annual frequency. All personnel and all sales promoters must be included in the training program. Insurance brokerage companies must implement the necessary mechanisms to ensure that the training is effective and measurable. For this purpose, training may be carried out in person or using virtual platforms, and the corresponding record of its execution must be kept.
24.3 The training programs developed by insurance brokerage companies, as well as the documentation accrediting compliance with the provisions of this article, must be kept permanently available to the personnel and sales promoters of the insurance brokerage companies and to the Superintendency.
24.4 Insurance brokers who are natural persons must train with annual frequency. The training must include the aspects indicated in this article, corresponding to the insurance they intermediating. The records of such training must be available to the Superintendency.
Article 25. Opening, Relocation, and/or Closure of Offices
25.1. Registration in the Registry authorizes insurance brokers to operate throughout the national territory.
25.2 In the case of insurance brokerage companies, the opening, relocation, and/or closure of offices does not require prior authorization; however, they must communicate to the Superintendency about the opening, closure, or relocation of their offices within ten (10) business days of its occurrence, attaching the information indicated below:
Certified copy of the minutes of the corresponding body where the relevant agreement is recorded.
The address and telephone number of the office.
Certified copy of the minutes of the competent body, stating the appointment of a person in charge of the office administration, who must be company personnel under a labor contract. The insurance brokerage company shall be responsible for all acts performed by said person in the name of the insurance brokerage company, without prejudice to the corresponding sanctions.
25.3 The relocation of the main office of insurance brokerage companies must be reported to the Superintendence, attaching what is indicated in items 1 and 2 of paragraph 25.2 and as established in the Registration Regulation.
25.4 Insurance brokerage companies belonging to segments 1 and 2 referred to in Article 36 must maintain on their website, if they have one, an updated list of offices and points of sale with their respective addresses and telephone numbers.
25.5 Insurance brokerage companies must inform their clients about the changes indicated above through the use of means they consider appropriate, leaving a record of such communication.
SUBCHAPTER III
INTERMEDIATION THROUGH DISTANCE COMMUNICATION SYSTEMS
Article 26. Intermediation through distance communication systems
26.1 4 Insurance brokers may use distance communication systems to intermediated insurance products whose contracting is individual or group, in accordance with the authorization granted by the Registry. Distance systems are understood to include telephone, internet, or other analogous systems that allow insurance brokers to access potential policyholders and/or insured persons in a non-presential manner to intermediated their products. This includes marketing through social networks and price comparison systems.
26.2 When an insurance broker uses distance communication systems, they are obligated to identify themselves as such to potential policyholders and/or insured persons.
26.3 The use of distance systems must guarantee that the information provided by insurance brokers to potential policyholders and/or insured persons complies with the transparency principle established in current regulations. Likewise, the information provided by potential policyholders and/or insured persons through said mechanism must be preserved in the necessary supports that allow for subsequent verification, as well as the proper identification of the potential policyholder and/or insured person.
26.4 The insurance broker must communicate to the Superintendence their intention to initiate intermediation through distance communication systems. The communication must be sent with a notice of no less than fifteen (15) days prior to the start of the use of distance communication systems.
4 Modified by Resolution SBS No. 277-2021 with effect from 02.02.2021

Article 27. Applicable conditions 5
27.1 Insurance brokers are responsible to policyholders, insured persons, beneficiaries, and before the Superintendence for compliance with the established provisions and security measures intended to guarantee the conservation of information and to prevent its transfer or disclosure to unauthorized persons.
27.2 Insurance brokers must comply with the information security measures issued by this Superintendence and are responsible for implementing adequate support to obtain, preserve, and safeguard the information provided to the potential insured and their acceptance for the chosen insurance contract, which includes video and/or voice recordings or other mechanisms that may have been required, in accordance with current regulations. Insurance brokers must implement security mechanisms to ensure the confidentiality, integrity, and availability of information in the different phases of the contracting process. Prior to identifying critical information for insurance brokers, these mechanisms must at least include the signing of confidentiality agreements between parties with access to that information, the implementation of controls that restrict the possibility of unauthorized access and changes to data or computer systems, as well as the creation of backups of said information.
27.3 Insurance brokers, when using distance communication systems for insurance intermediation, must comply with their duties and obligations contained in paragraph 14.1 of Article 14 and in Article 33 of this Regulation.
27.4 Insurance brokers that use distance communication systems for insurance intermediation are directly responsible for damages caused to policyholders, insured persons, and/or beneficiaries as a result of errors or omissions, incompetence, or negligence committed by them.
Article 28. Minimum information to be provided in insurance intermediation 6
28.1 Insurance brokers that use distance systems must expressly indicate that it is insurance intermediation and provide the potential policyholder and/or insured person with, at a minimum and depending on the types of insurance offered, the following information:

Identification of the insurance broker and the registration code.
Date of the insurance proposals and validity period, the latter, if applicable.
Characteristics of the insurance products, indicating the main coverages offered, underwriting requirements, main exclusions.
Total cost borne by the insured and payment method for the premium of each insurance product.
Available channels for guidance regarding inquiries, complaints, and claim notices.
Method of insurance acceptance where the choice of the insurance company is verified.
Term and method for exercising the right of withdrawal.
Term and method for delivery of the chosen insurance policy or insurance certificate by the policyholder and/or insured person.
5 Modified by Resolution SBS No. 277-2021 with effect from 02.02.2021 6 Modified by Resolution SBS No. 277-2021 with effect from 02.02.2021

28.2 If the proposal is accepted, the broker must inform the potential policyholder and/or insured person that they must sign the Brokerage Letter appointing them as the insurance broker for the contracted policy, which may be issued in accordance with Article 32 of this Regulation.
28.3 The Brokerage Letter may be sent to the insurance broker through mechanisms made available to the policyholder, such as emails, mobile applications, or social networks, provided they have been previously informed and accepted by the potential policyholder and/or insured person. The Brokerage Letter sent through these mechanisms must identify the potential policyholder and/or insured person.
Article 29. Delivery or dispatch of the policy after acceptance of the insurance by the policyholder 7
29.1 Once the policyholder and/or insured person accepts the insurance offer and designates the insurance broker, the broker must submit the application to the insurance company.
29.2 In the case of mass insurance, when the policyholder and/or insured person accept the conditions, the contract is agreed upon and the insurance companies are obligated under the terms and conditions under which the insurance broker made the offer.
29.3 In the case of insurance subject to prior evaluation or verification, as referred to in paragraph 26.1 of Article 26, insurance brokers must inform the policyholder or insured person, as applicable, of the method and term in which such procedure will be carried out, as well as the term in which the result and its effects on the insurance contracting conditions will be communicated, leaving a record of this in the information provided at the time of making the offer or promotion of the insurance through the use of distance systems.
29.4 The insurance broker must promptly process the making available or dispatch to the policyholder of the insurance policy or insurance certificate, as applicable, in order for them to remit it within fifteen (15) days following the date of acceptance of the insurance by the insurance company, through physical means or using electronic means, which includes the use of electronic insurance policies and certificates.
Article 30. Registration and filing of data related to policy intermediation 8
30.1 The information indicated in Article 28 must be registered in its entirety, and notice of this registration must be given to the potential policyholder and/or insured person. The information contained in the technological supports used must be available to the policyholder, in case they finally accept the insurance contract, and to the Superintendence, when so required.
30.2 Declarations made by the policyholder and/or insured person through the use of distance marketing systems form part of the insurance contract.
7 Modified by Resolution SBS No. 277-2021 with effect from 02.02.2021 8 Modified by Resolution SBS No. 277-2021 with effect from 02.02.2021

Article 31. Right of withdrawal
31.1 Intermediation through distance communication systems is subject to the "Right of Withdrawal" established in the Insurance Contract Law.
31.2 For the exercise of the right of withdrawal, the insurance broker is responsible for informing the policyholder and/or insured person, as applicable, at the time of contracting, that they have a term to exercise their right of withdrawal to resolve the contract, without stating a cause or penalty, provided it is not a condition for contracting credit operations, leaving express record of such communication. The following information must be considered at least:

The term to exercise the right of withdrawal may in no case be fixed in periods less than fifteen (15) days, counted from the date the policyholder or insured person receives or has at their disposal the corresponding policy, provisional coverage note, or insurance certificate.
The channels and procedures available to the policyholder and/or insured person to exercise the right of withdrawal, either before the insurance company or before the insurance brokers. Such channels and procedures must consider at least those that were used for the contracting of the insurance.
In case the policyholder or insured person exercises their right of withdrawal after having paid the total or part of the premium, insurance brokers must initiate procedures before the insurance company for the return of the paid premium within a maximum term of three (3) business days after notice from the policyholder or insured person regarding the exercise of this right.
31.3 The policyholder or insured person, depending on whether it is an individual or group insurance, may use the right of withdrawal as long as they have not used any of the coverages and/or benefits granted by the insurance contract.
SUBCHAPTER IV
OPERATIONAL ASPECTS AND SEGMENTATION OF BROKERS
Article 32. Brokerage Letter
32.1 The representation of the policyholder and/or insured person before the insurance company is instrumented through the signing of the Brokerage Letter in favor of the insurance broker. This document authorizes the broker to perform administrative representation acts, as long as there is no revocation of their appointment or the broker has not rejected the granting of the Brokerage Letter. The Brokerage Letter does not authorize the performance of disposition acts. Among the acts that the insurance broker can perform on behalf of the policyholder and/or insured person, prior to coordination and with their authorization, are the following:
Manage the insurance application, signing the respective application for this purpose.
Request and/or accept renewals of insurance policies.
Request modifications to insurance policies.
Submit the corresponding documentation to request insurance coverage in case of claims.
Submit claims related to intermediated insurance policies.
Designate the claims adjuster, if applicable.
32.2 The Brokerage Letter accredits the insurance broker the right to receive the commission for the intermediation of the insurance contract. The validity of the Brokerage Letter granted in favor of an insurance broker is presumed while the policyholder and/or insured person does not grant a new Brokerage Letter in favor of a different insurance broker or revoke it. Likewise, in the case of policy renewals, as long as a new Brokerage Letter is not issued or the previous one has not been revoked, it will be understood that this continues to be valid.
32.3 9 In case the insurance broker rejects the granting of a Brokerage Letter by the policyholder and/or insured person, or decides not to continue providing their services, the document containing such decision must be notified simultaneously to the insurance company and to the policyholder and/or insured person, as applicable.
32.4 The Brokerage Letter must contain an annex in which the obligations of insurance brokers indicated in this Regulation are specified. Likewise, this annex must include information on the civil liability policy referred to in this Regulation. The annex must be delivered to the policyholder and/or insured person.
32.5 10 Annex I attached to this Regulation contains a model of the Brokerage Letter that must be delivered to the policyholder and/or insured person. Insurance brokers may present a Brokerage Letter with a format different from the model indicated above, as long as they include the established information. A new Brokerage Letter is not required for each insurance renewal, as long as the designation of the insurance broker is maintained.
32.6 11 The Brokerage Letter may be agreed upon using the distance communication system, applying the measures indicated in paragraph 28.3 of Article 28 of this Regulation.”
Article 33. Broker's action in case of claim
33.1 The insurance broker advises their client to formulate and submit the claim coverage application, attaching all necessary documents, within the term and method provided in the insurance policy, the Insurance Contract Law, and the regulations issued by the Superintendence.
33.2. The duty of advice for the management of indemnification in case of claim comprises at least the following:
Attend to the policyholder and/or insured person as soon as they become aware of the occurrence of the claim.
Notify the claim within the terms established in the insurance policy and current regulations.
Inform the insured person of their obligation to avoid actions that could prejudice investigations related to the occurrence of the claim, unless these are carried out to prevent the increase, spread, or seek to reduce damages to the insured object, advising them of the consequences of non-compliance with this obligation. Likewise, they must inform the insured person about Civil Defense provisions on the matter.
Support the policyholder, insured person, and/or beneficiary in preparing the documentation to request insurance coverage and follow up until the insured person's right to indemnification is satisfied, being authorized to request information from the insurance company regarding advances in the settlement and payment process of the claim and periodically inform their client about it.
9 Modified by Resolution SBS No. 277-2021 with effect from 02.02.2021 10 Modified by Resolution SBS No. 277-2021 with effect from 02.02.2021 11 Modified by Resolution SBS No. 277-2021 with effect from 02.02.2021
In case the claim is rejected, they must request the corresponding justification from the insurance company and inform the policyholder and/or insured person. In case the policyholder and/or insured person do not agree with the insurer's decision, they must advise them on the processing of the complaint before the corresponding instances.
Insurance brokers must establish procedures for the handling of claim attention that include alerts on the terms that the policyholder, insured person, or beneficiary has to submit complete information to the insurance company.
For the purpose of following up on the claim coverage application, the broker must consider that the insurance company has a term of thirty (30) days, from when it received the complete documentation and information required in the insurance policy, to pronounce on the claim. In case the insurance company, once the claim is consented, does not make the corresponding payment within the thirty (30) days term established in the Claims Regulation, the insurance broker must advise the policyholder and/or insured person on the payment of the corresponding moratory interest and submit the respective request to the insurance company.
Article 34. Commissions and fees
34.1 The determination of commissions for intermediation in the contracting of insurance or professional fees for advice provided, their payment methods, and other conditions, is carried out in accordance with the agreements freely entered into by brokers with insurance companies. The same applies to the intermediation and advice of mandatory insurance and those contracted under the framework of the State Contracts Law (Law No. 30225 and modifying norms or law that replaces it), unless their specific norms establish a different treatment.
34.2 Insurance brokers must document the services that generate their commissions or fees.
34.3 Insurance brokers cannot recognize intermediation commissions using modalities or channels other than those contemplated in this Regulation.
34.4 Insurance companies cannot pay commissions or fees to natural or legal persons not registered in the Registry or insurance brokers whose registration is suspended or cancelled. When the registration of an insurance broker is suspended or cancelled, what is stated in Article 7 of this Regulation must be considered.
34.5 Insurance brokers cannot assign or share intermediation commissions or grant any type of benefit, directly or indirectly, to the executives, officials, or workers of insurance policyholders, nor to third parties other than those indicated, unless said third parties are insurance brokers and there is a joint intermediation agreement. The foregoing does not apply to those discounts in commissions that the broker grants to those natural or legal persons who have the status of policyholders.
Article 35. Client referencing
35.1 Insurance brokers may enter into client referencing contracts with persons or companies that only refer or present potential clients to insurance brokers, without performing any intermediation labor. Such referrers are prohibited from performing

any insurance intermediation and/or advisory activity contained in Article 13 of this Regulation, under the responsibility of the insurance broker with whom the client referral contract is signed. It is the responsibility of the referrers to comply with regulations related to the protection and processing of personal data and any other regulations applicable to them.
35.2 Insurance brokers must keep a record of the contracts entered into with referrers, which must contain, at a minimum, the following information:

Identification of each referrer, with their referred clients
Identification of the referred clients, considering:
a) Policy number b) Insured risk c) Premium amount d) Remuneration calculated for the referrer.
35.3 Contracts entered into with referrers must be available to the Superintendency and contain, at a minimum, the following information:
Identification of the parties to the contract.
Obligations of the parties, with special detail regarding those corresponding to the referrers.
Prohibition on the referrer carrying out insurance intermediation activities.
Remuneration system established for referrers.
35.4 The provisions in Article 34 do not apply to the remuneration received by referrers. Likewise, insurance brokers must send the information established by the Superintendency, for the purposes of the proper identification of referrers.
35.5 Insurance brokers cannot use the figure of referrers when potential policyholders are under the framework of insurance contracting regulations established in the State Contracting Law (Law No. 30225 and modifying norms or law that replaces it) and its Regulations.
35.6 Insurance brokers must send a communication with the referrer's data to the policyholder. The policyholder must give their consent regarding said referrer, using any verifiable means of communication. Such communications must be available to the Superintendency.
35.6 Insurance brokers may sign referral contracts with other insurance brokers, for which both must comply with all obligations and requirements established in this Regulation.
Article 36. Segmentation of insurance brokers
36.1 Insurance brokers are subject to a segmentation criterion based on annual operating income obtained in the last two fiscal years.
36.2 For the purposes of the provisions of this article, operating income is considered:
In the case of natural persons, the total annual income received for the development of their activity as insurance brokers, such as intermediation commissions, fees for services, advice, and other similar items.
In the case of insurance brokerage companies, the sum of the annual income from account 57 "Income from Services and Others" of Chapter IV, Description and Dynamics of the Chart of Accounts of the Insurance System applicable to insurance brokers, with the exception of account 5709 "Miscellaneous Income".
36.3. The segment is determined considering the period of highest income. Segmentation is reviewed every two (2) years, at the time when new annual financial information is available. The location in each segment will be defined on June 30 of each evaluation period.
36.4. The segmentation referred to in this article has the following limits:
Segment 1 Annual income greater than 10 million soles Segment 2 Annual income greater than 1 up to 10 million soles Segment 3 Annual income less than 1 million soles
36.5 When the provisions issued by the Superintendency do not refer to a particular segment, it is understood that their content applies to all insurance brokers, whether natural or legal persons.
Article 37. Portfolio transfer
37.1 Insurance brokers must notify the Superintendency of portfolio transfers of insureds to another insurance broker, within twenty (20) business days following the date of the transfer, attaching the following information:
In the case of an insurance brokerage company, a certified copy of the Board of Directors meeting minutes or equivalent body, where the agreement approving the portfolio transfer is recorded.
Portfolio transfer contract incorporating the identification and description of the portfolio of insureds being transferred, information regarding the line of business, start and end dates of each policy, premium payment status, and claims payable by insurance companies.
Rights and obligations of the parties regarding said transfer.
Certificate accrediting communication to policyholders and/or insureds regarding the insurance broker who will be responsible for managing the insurance policy, explicitly stating their right to modify the letter of appointment to appoint another insurance broker.
Any other relevant fact applicable to the transferred portfolio.
37.2 As long as the policyholder and/or insured does not revoke the letter of appointment granted to the transferor insurance broker, it is understood that this remains in effect in favor of the transferee.
SUBCHAPTER V
CORPORATE GOVERNANCE
Article 38. Corporate Governance
38.1 Insurance brokerage companies belonging to Segment 1 must define general principles and guidelines for the adoption and implementation of corporate governance practices that serve as a guide for the actions of their governing bodies. In this sense, they must observe the provisions established in the Corporate Governance Regulation, as indicated in this article. Likewise, the mention of the Board of Directors refers to the equivalent body, in case the insurance brokerage company is not obliged to have a Board of Directors.
38.2 The corporate governance framework must incorporate the guidelines established in Article 3 of the Corporate Governance Regulation.
38.3 The Board of Directors Regulation referred to in Article 5 of the Corporate Governance Regulation must contain, at a minimum:
The functions and responsibilities of the President of the Board of Directors and its members.
Policies and procedures to prevent, detect, manage, and disclose conflicts of interest of directors.
Policies and procedures to inform the Board of Directors about communications from the Superintendency.
Criteria of technical and moral suitability for the selection of the management team.
If permitted by the statutes, policies and guidelines for holding non-presidential Board of Directors meetings through communication media that allow the adoption of agreements and guarantee their authenticity.
In case the Board of Directors has agreed on a self-evaluation of its performance, the criteria used for said self-evaluation.
38.4 Among the responsibilities of the Board of Directors referred to in Article 7 of the Corporate Governance Regulation, the following must be considered, at a minimum:
Establish the main objectives and goals of insurance brokerage companies and approve their strategy.
Approve the organization and functions manuals, policies and procedures manuals, and other internal manuals and regulations.
Select a management team with technical and moral suitability, which acts in accordance with the development of business and operations, as well as evaluate their performance.
Approve the risk appetite system.
Establish the policies and measures necessary to ensure adequate market conduct in their business strategy.
Establish corporate culture and values, as well as criteria for professional responsibility.
38.5 The Board of Directors' Compliance Declaration referred to in Article 8 of the Corporate Governance Regulation must state, at a minimum:
That the board knows the standards provided in the Corporate Governance Regulation, as well as its responsibilities.
That they comply with the principles and guidelines established in matters of corporate governance; that the board understands the nature and level of risks assumed.
That they have risk management consistent with the nature, size, and complexity of their operations and services, with the exceptions of possible deficiencies identified and communicated in the declaration.
That the board has required management that the policies, processes, and controls executed by management, including adequate risk management, are consistent with the strategy, as well as with the levels of risk appetite and limits.
38.5 Among the responsibilities of management referred to in Article 17 of the Corporate Governance Regulation, the following must be considered, at a minimum:
Ensure that activities are consistent with the business strategy, the risk appetite system, and corporate culture and values.
Implement comprehensive risk management in accordance with the Board of Directors' provisions.
Inform the Board of Directors, at least quarterly, on economic progress.
Implement the necessary measures to have adequate market conduct, as well as periodically inform the Board of Directors about said implementation.
Article 39. Application of Corporate Governance provisions to other insurance brokers
The Superintendency may require compliance with the provisions of the previous article for insurance brokerage companies belonging to segment 2, for which an adaptation period consistent with the size and level of operations is granted.
Article 40. Policies and procedures
40.1 Insurance brokerage companies, regardless of the segment to which they belong, must implement policies and procedures regarding:
Information about their services to potential insurance policyholders.
Advice, contracting, and management of insurance at all stages.
Adequate business practices in their relationship with policyholders and insureds, regarding the intermediation of insurance products, information transparency, and the management of claims and requests.
Claims management.
40.2 Such policies and procedures must be collected in a document that must have the approval of the competent body and be available to the Superintendency.
40.3 Insurance brokers who are natural persons must have policies and procedures related to compliance with the regulations governing their activity, including:
Information about their services to potential insurance policyholders.
Advice, contracting, and management of insurance at all stages.
Adequate business practices in their relationship with policyholders and insureds, regarding the intermediation of insurance products, information transparency, and the management of claims and requests.
Claims management.
40.4 This requirement is proportional to the level of operations of the insurance broker.
SUBCHAPTER VI
MARKET CONDUCT MANAGEMENT
Article 41. Transparency of information to potential policyholders and/or insureds
41.1 The insurance broker must inform the policyholder and/or potential insured about the advice and representation to carry out acts of administration of the contracted coverage, as well as the subsequent service while the coverage remains in effect and, in general, comply with the obligations defined for adequate company behavior as provided in current regulations.
41.2 Regarding each proposal presented to the policyholder and/or potential insured, insurance brokers must inform the following:
The insurance company offering the coverage.
The type of insurance contract offered (individual or group).
Coverages and exclusions of the insurance product, especially those limitations of coverage or significant or unusual exclusions, as well as the start and end dates of validity.
Existence of guarantee clauses.
The amount of the commercial premium, payment method, payment dates, and the consequences of non-compliance or delay in payment.
The existence and amount or percentage of co-insurance, deductibles, and excesses.
Requirements indicated in the policy to request coverage and its benefits, as well as anything that could cause a significant limitation or loss of the right to indemnification, established in the insurance product, the Insurance Contract Law, or the regulations issued by the Superintendency.
41.3 The insurance broker must accredit their independence with respect to the insurance company or inform the policyholder and/or insured about the existence of any possible linkage with it, other than those mentioned in Article 17 of this Regulation, which prevent the broker's participation.
41.4 Insurance brokers must incorporate in the file (physical or electronic) of the policyholder and/or insured the support that accredits that the product information was provided and the confirmation of their choice.
Article 42. Handling of claims 12
42.1 Insurance brokerage companies belonging to segments 1 and 2 are subject to the following provisions of the Claims and Requests Management Regulation, approved by Resolution SBS No. 04036-2022:
Article 4, with the exception of paragraph 4.7. To determine the provisions related to the channels made available to users for the presentation of claims, numeral 1 of paragraph 42.4 of this article applies.
Paragraph 7.1 of Article 7.
Paragraph 8.2 of Article 8.
Articles 9, 11, and 14, with the exception of paragraph 14.3.
Paragraph 16.1 of Article 16. Information on claim statistics is sent in Excel file, through the Electronic Supervision Platform or the means determined by the Superintendency, with the fields indicated in Annex No. 2 of the Claims and Requests Management Regulation.
Literals c) and d) of paragraph 18.2 of Article 18.
42.2 Insurance brokers belonging to segment 3 must register claims in accordance with what is stated in paragraph 4.5 of the Claims and Requests Management Regulation, and keep the support for their handling available to the Superintendency.
42.3 Additionally, all insurance brokers must:
Transfer the claim related to the product contracted by the insured to the insurance company, if the claim is against the latter, within a maximum period of two (2) business days.
12 Article modified by Resolution SBS No. 4036-2022, effective from 01.01.2024.
In case the insurance broker files a claim on behalf of the insured, they must deliver to the insured the certificate of claim presentation issued by the insurance company, within a period not exceeding two (2) business days, counted from the receipt of the certificate and carry out follow-up on the timeliness of the response to the insured.
42.4 Insurance brokers belonging to all segments must comply with the following:
Make available to potential policyholders and/or insureds at least one of the following claim reception channels:
a) Network of customer service offices, if they have them. b) Telephone line; or c) Digital channels (email, website, mobile device applications, etc.)
Apply the attention deadlines indicated in the Claims and Requests Management Regulation.
Deliver a copy of the report referred to in paragraph 9.1 of Article 9 of the Claims and Requests Management Regulation.
Maintain the record of notification of the claim response.
Article 43. Other provisions applicable in market conduct management 13
Insurance brokerage companies of segment 1 must have a market conduct officer in accordance with what is established in the Market Conduct Management Regulation of the Insurance System. The other provisions of said Regulation apply to all segments of insurance brokers, insofar as they are pertinent. SUBCHAPTER VII DOCUMENTATION OF OPERATIONS AND INFORMATION TO THE SUPERINTENDENCY
Article 44. Register of intermediated contracts
Insurance brokers must maintain an updated register of the insurance contracts intermediated, which must be available to the Superintendency and contain, at a minimum, the following information:
Internal registration code of the contract.
Legal name of the insurance company.
Policy number or insurance certificate, as applicable.
Risk and insurance modality.
Identification of the policyholder, the insured, and the beneficiary if any, as well as information on their identity document, address, and phone.
Date of the insurance request, acceptance by the insurance company, delivery of the policy (physical or electronic) to the policyholder and/or insured, and validity period of the insurance policy.
Amount of the insured sum of the main coverage.
Amount of the intermediation commission.
Status of the insurance premium payment.
Policy renewal date, when applicable.
Date of the claim, when applicable.
Date of the claim notice to the insurance broker, when applicable.
13 Article modified by Resolution SBS No. 4143-2019 and effective from 10.03.2020
Date of the claim notice to the insurance company, when applicable.
In case no adjuster intervenes, the date on which the insurer received the complete documentation and information required in the insurance policy for the claim settlement process.
In case an adjuster intervenes, the date on which the adjuster received the complete documentation and information required in the insurance policy for the claim settlement process.
Date on which the insurer declared the claim accepted.
Date on which the insurance company made the claim payment.
Article 45. Policyholder and/or insured file
Insurance brokers must have a physical or virtual file for each policyholder and/or insured, which must contain, at a minimum, the following information:
Copy of the letter of appointment and annex signed by the policyholder and/or insured.
Copy of the intermediated insurance policies.
Insurance requests corresponding to each of the intermediated policies.
Information provided for the purposes of choosing the insurance policy.
Accreditation of the choice of the contracted insurance policy.
Communications with the policyholder and/or insured related to the contracted policies, premium payment obligation, changes in the status of the insured matter, and other related aspects.
Communications with the insurance company that accredit the follow-up of the coverage granted, such as: aggravation of risk, update of insured values, among others.
Communications about claim notices and documentation presented to the insurance company for payment, when applicable.
Communications about the payment of indemnification or rejection by insurance companies.
Claims filed by policyholders and/or insureds against the insurance broker.
Article 46. Information to the Superintendency
46.1 Insurance brokers must provide information to the Superintendency considering the segment to which they belong and whose detail will be indicated in a general norm.
46.2 The periodicity of the information will be quarterly, semi-annual, or annual. The deadline for sending quarterly or semi-annual information will be thirty (30) days following the end of the corresponding quarter or semester. For the case of annual information, the deadline for sending will be sixty (60) days after the end of the fiscal year.
46.3 Natural person insurance brokers who operate as exclusive brokers for an insurance brokerage company are exempt from this obligation as long as the employment relationship is maintained.
SUBCHAPTER VIII
EXTERNAL AUDIT
Article 47. Hiring of audit firms

47.1 Insurance brokerage companies with annual operating income exceeding six hundred (600) Tax Units (UIT) must hire external audit firms registered and authorized in the Registry of External Audit Firms (RESAE), under the Superintendence, to conduct examinations on the reasonableness of annual financial statements, including the evaluation of the internal control system within the scope of external audit. For calculation purposes, the value of the UIT is the one corresponding to the fiscal year under audit.

47.2 The auditor's report containing the opinion on the reasonableness of the annual financial statements, as well as the Report on the evaluation of the internal control system, must be submitted to the Superintendence within one hundred twenty (120) calendar days following the close of the fiscal year.

Article 48. Minimum content of the contract with audit firms
Contracts entered into with audit firms must consider, at a minimum, the following aspects:

The start date of the external audit work.
The scope of the examination and the content of the reports to be presented by external auditors must consider what is established in the International Standards on Auditing (ISA) approved by the Board of Deans of Public Accountant Colleges of Peru, the provisions of this Regulation, and other norms applicable to insurance brokers.
The deadline for the delivery of reports.
The obligation of the audit firm to make available to this Superintendence the working papers and any other supporting documentation of the reports issued, and, if applicable, substantiate the respective report upon simple request from this Superintendence.
The obligation of the audit firm to participate in working meetings with the Superintendence, the Board of Directors of the company, its management team, and/or its internal auditor, if applicable.

Article 49. Minimum scope of audit

49.1 As part of the scope of the external audit of annual financial statements, the following must be considered, at a minimum:

Item 57 "Income from services and others"
Item 47 "Administrative expenses"
Recognition of income and expenses
Merger and/or spin-off with companies
Purchase of assets and/or business
Constitution of consortia and/or Joint Venture

49.2 The evaluation of the internal control system within the scope of external audit must contain, at a minimum, the review of the accounting closing process, as well as of the significant processes related to the main accounting accounts.

Article 50. Report on the internal control system

50.1 The report on the internal control system is part of the control component in comprehensive risk management, focusing on the information objective, primarily of an accounting and financial nature.

50.2 The report on the accounting internal control system must consider, at least, the following:

Evaluation of the internal control system within the scope of external audit, which must record the details of deficiencies found, analysis of their origin, and recommendations to overcome them, primarily impacting the critical areas of the insurance brokerage company.
Evaluation of the company's information systems within the scope of external audit, which includes, among others, the flow of information at the company's internal levels for adequate management and the selective review of the validity of data contained in supplementary information to the financial statements (annexes and reports) submitted to the Superintendence.
Degree of compliance with recommendations formulated by the Internal Audit Unit, if applicable, the Superintendence, and Audit Firms.

Article 51. Opinion on the reasonableness of the Financial Statements

51.1 The opinion on the financial statements must contain the audit firm's opinion regarding the reasonableness of the financial statements, which are prepared in accordance with the accounting provisions applicable to insurance brokers issued by the Superintendence and, in case of situations not foreseen in said norms, by the provisions of the International Financial Reporting Standards (IFRS) officialized by the Accounting Standards Council.

51.2 If there are qualifications to the opinion, these must be presented in accordance with the guidelines established by the ISA in force in Peru and communicated to the Superintendence in a timely manner.

51.3 The formats of the financial statements accompanying the opinion must be identical to the formats included in the Chart of Accounts approved by the Superintendence.

CHAPTER III
OF INSURANCE AUXILIARIES

SUBCHAPTER I
GENERAL PROVISIONS

Article 52. Activities of insurance auxiliaries

52.1 Insurance auxiliaries are natural or legal persons who possess technical knowledge in insurance and have authorization from the Superintendence to perform activities as claims adjusters or insurance appraisers. Their opinion is objective and independent and does not bind the parties to the insurance contract.

52.2 The General Manager of insurance auxiliary companies must be a qualified auxiliary in the Registry, authorized to perform insurance adjustments and/or appraisals in the specialty of the legal person. The insurance auxiliary company may operate in other specialties in which its General Manager is not authorized, provided it has an exclusive auxiliary authorized in them.

Article 53. Use of third-party services

53.1 Claims adjusters may use the services of natural or legal persons who do not have the status of insurance auxiliary, but who, due to their profession and specialty, provide them with necessary technical services linked to their adjustment or settlement activities. The claims adjuster may substantiate their reports, adjustments, and settlements based on the analysis performed or the opinion expressed in technical reports issued by such third parties, assuming full responsibility towards the policyholder, insured, beneficiary, and insurance company.

53.2 The aforementioned persons act under the responsibility of the claims adjuster to whom they provide services, which must be recorded in the contract they may enter into, which must be available to the Superintendence.

53.3 Insurance appraisers may use the services of third parties for the development of their activities, assuming full responsibility towards the insurance company. Insurance appraisers cannot sign claims adjustment reports.

Article 54. Information to the Superintendence

54.1 Insurance auxiliaries must provide information to the Superintendence, the details of which will be specified in a general norm.

54.2 The frequency of submission will be quarterly, semi-annual, or annual. The deadline for submitting quarterly or semi-annual information is thirty (30) days following the end of the corresponding period. For annual information, the submission deadline is sixty (60) days after the end of the fiscal year.

54.3 Natural persons who are insurance auxiliaries and who are laborally dependent on an appraisal or claims adjustment company are exempt from this obligation as long as the labor relationship is maintained.

SUBCHAPTER II
CLAIMS ADJUSTERS

Article 55. Functions of claims adjusters

55.1 Claims adjusters are professionals whose function is to investigate the circumstances of the occurrence of claims, determining if it corresponds to the insured risk and if, due to the circumstances in which it occurred, it is covered by the insurance policy.

55.2 Their functions, within the framework of the General Law, are:

Estimate the value of insured objects before the occurrence of the claim, in case it was covered by the policy.
Examine, investigate, and determine the known or presumed causes of the claim.
Qualify, report, and opine on whether the claim is covered by the policy conditions.
Establish the amount of losses or damages covered by the policy.
Indicate the amount corresponding to indemnification in accordance with the policy conditions.
Establish the value of the salvage to be deducted from the indemnification due by the insurance company.

55.3 The adjustment agreement is the document in which the amount determined as indemnification for the claim or the benefit due by the insurance company within the framework of the insurance contract is established. The adjustment agreement can only be signed by a claims adjuster, who is responsible for its content.

55.4 The designation of claims adjusters must be made with the agreement of both parties to the insurance contract, that is, the insured and the insurance company, adhering to the procedure provided for in the Claims Regulation. Likewise, the insurance broker designated by the policyholder may appoint the claims adjuster on their behalf following the procedure provided for in the Claims Regulation.

Article 56. Duties and obligations of claims adjusters

56.1 Claims adjusters are obligated to:

Exercise their activities with objectivity, impartiality, and transparency.
Perform inspection activities of affected goods directly and personally, collecting relevant information, to obtain certain knowledge of the facts and consequences of the claim. When technical reports from specialists are required, due to the nature of the risk and claim, they may use third-party services, in accordance with what is established in Article 53 of this Regulation.
Comply with the deadlines established in the Insurance Contract Law and its regulatory norms to issue the adjustment and settlement report of the claim.
Deliver the reports they prepare simultaneously to the insured and the insurance company, according to the development of the claim settlement process.
Inform the insurance company that it has received the documentation and information required for the claim settlement process, within twenty-four (24) hours following the receipt of said documentation and information.
Preserve documentary evidence supporting their reports in the claim file.
Inform the parties of any difficulties encountered that prevent them from fulfilling their function.

56.2 For the purposes of item 4 of paragraph 56.1, the claims adjuster must implement a simultaneous delivery system, both to the insured and to the insurance company, of all reports issued during the claim settlement process. If the delivery of reports is done physically, the respective receipt must record the identification of the recipient and the corresponding date. If an electronic delivery system is implemented, it must allow obtaining proof of receipt.

56.3 The claims adjuster must develop a system that generates alerts regarding the counting of the following deadlines:

Deadline to notify the insurance company that it has received the documentation and information required to initiate the claim settlement process.
Deadlines for preparing the report or requesting an extension to the Superintendence.
Other deadlines indicated in current regulations.

56.4 In addition to what is stated, claims adjusters must have available to the Superintendence manuals of policies and procedures for claim handling used for the development of their activities.

56.5 Likewise, within the framework of item c) of the Final and Complementary Thirtieth Provision of the General Law, claims adjusters domiciled in the territory of a country with which Peru maintains a valid International Treaty may supply in Peru the services of risk evaluation and claim indemnification, for which they must register in the Registry and comply with the duties and obligations established in this article.

56.6 Claims adjusters cannot perform actions, activities, or operations that could harm or harm the policyholders, insured, beneficiaries, or insurance companies.

Article 57. Prohibitions applicable to claims adjusters

57.1 Claims adjusters are prohibited from:

Exercising their functions in risks or activities for which authorization other than that granted by the Superintendence is required.
Using in the exercise of their functions a denomination other than that appearing in the Resolution of registration issued by the Superintendence.
Assuming the representation of insurance companies before the insured.
Receiving sums of money or other types of benefit from any of the parties with the object of affecting the adjuster's impartiality in the issuance of the report or adjustment agreement.
Participate in claim adjustments when there are conflicts of interest indicated in current regulations.

57.2 The prohibitions indicated in this article are also applicable to the professionals and technicians indicated in Article 53 of this Regulation.

Article 58. Conflict of interest with claims adjusters

58.1 In order to avoid conflicts of interest, claims adjusters are prohibited from participating in claim adjustment operations in the following situations:

When they have participated as an insurance appraiser of the insured object.
When they are linked to the insurance contract as policyholders, insured, beneficiaries, or assignees of the contract.
When they have a direct or indirect interest, due to business relations with the insurance and/or reinsurance company, the insurance broker, the insured, the policyholder, the beneficiary, the assignee, the affected persons, or the property of the damaged goods.
When the insured, beneficiary, or assignee of the insurance contract is the spouse, cohabitant, or relative of the insurance adjuster.
When the majority shareholders in accordance with the General Law, as well as directors or officials of the insurance company or insurance broker are spouses, cohabitants, or relatives of the insurance adjuster.

58.2 Relatives are considered to be those persons included up to the second degree of consanguinity or the first degree of affinity.

58.3 The prohibitions indicated in this article are also applicable to the professionals and technicians indicated in Article 53 of this Regulation.

Article 59. Claims adjustment contracts entered into with insurance companies

59.1 The contracts or agreements that insurance adjusters enter into with insurance companies must consider the following conditions:

That their performance is framed within what is stated by the Insurance Contract Law, the Claims Regulation, and this Regulation, complying with the deadlines established in the regulations.
That their performance is technical, independent, and impartial, and that clauses altering these conditions are not included.
That it presents no incompatibility for the development of their work as a claims adjuster.
That partial or final reports prepared in the development of their work must be presented simultaneously to the insurance company and the policyholder and/or insured, without prejudice to the means used to send said reports.
That, if necessary, they will timely submit the request for extension to the Superintendence to finish the claim settlement report.
That they will not receive payments from insurance companies intended to favor them with their opinion.
That, in case the insurance company grants them a bonus or prize, there must be objective causes for it, such as compliance with deadlines in the delivery of reports, without conditions on the results of the service.

59.2 Claims adjusters must communicate to the Superintendence about the signing of contracts or agreements, within ten (10) business days of signing. The contracts or agreements must be available to the Superintendence.

Article 60. Register of adjustment reports
Claims adjusters must maintain a register of adjustment and claim settlement reports, which must be available to the Superintendence and contain, at a minimum, the following information regarding each adjustment entrusted:

Report registration number.
Corporate name of the insurance company.
Insurance policy number.
Branch or insurance modality.
Identification of the insurance policyholder, the insured, and the insurance broker.
Date of occurrence of the claim.
Date of notice of the claim to the insurance company, if applicable.
Date of designation of the adjuster.
Insured amount of the coverage whose indemnification has been requested.
Dates of requests for clarification or expansion of information related to the claim, made by the adjuster to the insured, if pertinent.
Date on which the insured completes the additional information required by the adjuster.
Date on which the adjuster informs the insurance company that it has received all the information and documentation required for the claim settlement process.
Estimated amount of the claim settlement.
Date of the adjustment and claim settlement reports.
Dates of delivery of each of the reports to the insured and the insurance company.
Date of the extension requested from the Superintendence and deadline granted, if applicable.
Amount of the claim settlement or otherwise regarding the rejection of coverage.
Date of issuance of the adjustment agreement, in case the claim has coverage.
Fees and other payments received from insurance companies.

Article 61. Claim files
Claims adjusters must keep available to the Superintendence the files of claims handled with the following minimum information:

Date of notice of the claim, if applicable.
Information on the insurance policy.
Communications sent to the policyholder, insured, and/or beneficiary, which must contain the dates and receipts of receipt corresponding, in case of communications sent to their physical addresses indicated in the policy; or confirmations of receipt, when it comes to communications sent to electronic addresses.
Communication made to the insurance company that it has received all the documentation and information required to initiate the claim settlement process, within twenty-four (24) hours following its receipt.
Adjustment reports.
Support for having delivered all adjustment reports, whether partial or final, simultaneously to the parties, at the physical or electronic addresses indicated by the parties in the policy.
Adjustment agreement, if applicable, signed by the insured.
Information on the rejection of the claim, if applicable.

SUBCHAPTER III
INSURANCE APPRAISERS

Article 62. Functions of insurance appraisers

62.1 Insurance appraisers are experts who can act as risk inspectors, risk forecasters, and/or damage inspectors, individually or comprehensively considering all the mentioned profiles.

62.2 Their functions, in concordance with the General Law, are the following:

Examine and qualify a good, a liability, or an operation, as a prior action to the insurance process, with the object that the insurance company evaluates the risk it is requested to cover.
Alert about the possibility of damage or loss occurring, recommending actions to avoid or reduce them.
Investigate damages and losses, estimating their magnitude, as well as the value of the damaged objects.

Article 63. Prohibitions applicable to insurance appraisers

63.1 Insurance appraisers are prohibited from:

Performing actions that could harm or harm the policyholders, insured, or insurance and/or reinsurance companies.
Exercising their functions in risks or activities for which authorization other than that granted by this Superintendence is required.
Using, in the exercise of their functions, a denomination other than that appearing in the Resolution of registration issued by the Superintendence.
Assuming the representation of insurance companies before the insured.

63.2 The prohibitions indicated in this article are also applicable to the qualified professionals and technicians who provide them with services indicated in Article 53.

COMPLEMENTARY FINAL PROVISIONS

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239 First.- For the purposes of the segmentation referred to in Article 36 of this Regulation, the first measurement will take as a basis the annual income obtained on December 31, 2016 and 2017. Second.- The documents and information required from insurance brokers or auxiliaries may be kept under their custody in electronic or physical files. Likewise, the provisions established in SBS Resolution No. 5860-2009, the norm that creates the Registry of Companies specialized in Microarchive services (REMA) and establishes provisions regarding the substitution and conservation of files and the retention period for books and documents, are applicable to insurance brokers and auxiliaries. Third.- Insurance brokers may market the Mandatory Traffic Accident Insurance – SOAT, for which they must sign a marketing contract with the insurance company. Likewise, insurance brokerage companies may market the SOAT in places other than their Main Office and branches, for which there must be a marketing contract signed with the company in charge of offering the product, detailing the characteristics of this marketing modality, with insurance brokerage companies being responsible for all related acts regarding this form of marketing, especially for the damages that may occur to insurance policyholders, insured persons and/or beneficiaries, as a consequence of errors or omissions, incompetence or negligence of said marketing form.”
Article Second.- Annex I “Model of appointment letter” forms part of the Regulation approved by the first article and is published on the Institutional Portal (www.sbs.gob.pe), in accordance with what is established in Supreme Decree No. 001-2009-JUS.
Article Third.- Modify numeral 8 of section C of Chapter I “General Provisions” of the Chart of Accounts for Companies of the Insurance System, approved by SBS Resolution No. 348-95 and modifying norms, according to the following text:
“8. Intermediaries and insurance auxiliaries present the trial balance and financial statements, whose formats are incorporated into chapter V of the Chart of Accounts, according to the provisions established by the Superintendency. In the case of insurance brokers, the presentation of audited financial statements within one hundred twenty (120) calendar days following the closing of each fiscal year is applicable to those that meet the conditions established by the Superintendency. The information sent must be signed by the general manager and the general accountant, according to the provisions established by the Superintendency. The submission of complementary information and the corresponding presentation deadlines will be regulated by this Superintendency through specific norms”.
Article Fourth.- Modify article 1° and literal c) of article 14 of the Regulation on Transparency of Information and Insurance Contracting, approved by SBS Resolution No. 3199-2013 and modifying norms, according to the following text:

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239 “Article 1°.- Scope The provisions of this norm are applicable to the insurance companies referred to in literal D of article 16° of the General Law, hereinafter the companies, as well as to insurance brokers, in accordance with the Regulation on Supervision and Control of Insurance Brokers and Auxiliaries. Likewise, the regulation will apply subsidiarily in the case of contracting mandatory insurance and those regulated by special laws. (…)
Article 14°.- Delivery of insurance policies or certificates
The insurance application must be presented to the company, to the marketer or to the insurance promoter, if applicable, and if there is no rejection from this, within the period of fifteen (15) days, the company must:
(…)
c. In the event that an appointment has been made to an insurance broker, the insurance company must send the policy to the insurance broker simultaneously to the insured and/or policyholder.”
Article Fifth.- Repeal articles 6° and 7° of the Regulation for the Management and Payment of Claims, approved by SBS Resolution No. 3202-2013.
Article Sixth.- Modify Annex 3 of the Regulation on Infractions and Sanctions of the Superintendency of Banks, Insurance and Private Pension Fund Administrators, approved by SBS Resolution No. 2755-2018, incorporating the following infractions:
I. MINOR INFRACTIONS
Intermediaries, Auxiliaries and Representatives of foreign reinsurance companies
32) In the case of insurance auxiliaries, failing to update information on their exclusive auxiliaries, within the deadlines established by current regulations.
33) Failing to comply with the obligation to maintain the Records of information on intermediated contracts and adjustment reports established in current regulations and/or failing to make the supporting documents available to the Superintendency.
34) Failure of insurance brokerage companies to provide training to their staff and sales promoters required by current regulations.
35) Failing to inform the Superintendency about the opening, transfer and/or closure of offices or failing to attach the documentation or failing to meet the requirements established by current regulations.
36) Failing to attach to the appointment letter the annex that indicates the obligations as an insurance broker, in accordance with what is established in current regulations.
37) Failing to comply with the provisions regarding Corporate Governance according to article 38 of the Regulation on supervision and control of insurance brokers and auxiliaries.
38) Failing to communicate or communicating outside the deadline, statutory modifications other than those that current regulations require prior authorization.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239
II. SERIOUS INFRACTIONS
Insurance system companies
89) Paying insurance brokers commissions for the intermediation in the contracting of insurance whose regulations expressly prohibit such payment.
Intermediaries, Auxiliaries and Representatives of foreign reinsurance companies
90) Having a professional civil liability policy that does not contain the coverages established in current regulations
91) Modifying the social statute without having prior authorization from the Superintendency, in accordance with current regulations.
92) In the case of insurance brokerage companies, failing to update information on their exclusive brokers within the deadlines established by regulations.
93) Failing to comply with the adaptation plan with measures to strengthen equity to reverse a situation of negative equity.
94) Failing to inform the Superintendency, within the deadline established in current regulations, of the corporate reorganizations agreed upon.
95) Using insurance intermediation modalities established in current regulations for legal entity insurance brokers, by natural persons registered as insurance brokers.
96) Insurance brokers failing to comply with the requirements of insurance intermediation modalities, provided for in the Regulation.
97) Failing to meet the conditions established in current regulations to carry out insurance intermediation through distance communication systems.
98) Failing to send the Superintendency the required information on the transfer of portfolio.
99) Failing to implement the policies and procedures established in article 40 of the Regulation on supervision and control of insurance brokers and auxiliaries.
100) Failing to deliver in the proposals presented by the insurance broker to potential policyholders and/or insured persons, the information related to the coverage established in article 41 of the Regulation on supervision and control of insurance brokers and auxiliaries.
101) In the case of exclusive insurance brokers or auxiliaries of an insurance brokerage company or an insurance auxiliary company, providing services to other companies registered in the Registry of intermediaries and insurance auxiliaries and cross-border insurance activities,
102) In the case of claims adjusters, failing to implement alert systems for counting the deadlines they must meet for the preparation of adjustment reports and/or systems for delivering said reports simultaneously to the insured and the insurance company.
103) Failing to comply with the communication plan to clients in the case of insurance brokers suspended for non-compliance with current regulations
104) Failing to have supporting information regarding commissions or fees for insurance intermediation or advisory services.
External Audit Firms
105) Failing to comply with the provisions established in the Regulation on supervision and control of insurance intermediaries and auxiliaries, related to annual examinations on the reasonableness of annual financial statements.
II. VERY SERIOUS INFRACTIONS

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239 Intermediaries, Auxiliaries and Representatives of foreign reinsurance companies
3) Inducing the policyholder and/or insured to hide information or present an incorrect declaration and/or information to obtain insurance coverage.
Article Seventh.- Modify in the Single Text of Administrative Procedures of the Superintendency of Banks, Insurance and Private Pension Fund Administrators, approved by Resolution No. 1678-2018 and its modifying norms, procedure No. 151 “Authorization to modify the social statute of intermediaries and insurance auxiliaries”, which is regulated according to the text attached to this resolution and published on the institutional portal (www.sbs.gob.pe).
Article Eighth.- From the entry into force of this Resolution, insurance brokers cannot sign new agency contracts with insurance companies, due to the impact on their independence from the insurance company considering the obligations of brokers as representatives of the policyholders and/or insured.
Existing agency contracts must be adapted to the provisions of the Regulation on Marketing of Insurance Products, approved by SBS Resolution No. 1121-2017 within a period of one hundred eighty (180) days, counted from the entry into force of this Regulation.
Article Ninth.- Insurance brokers must send to the Superintendency within a maximum period of thirty (30) days from the entry into force of this Regulation an updated list of their joint intermediation agreements that they maintain in force.
Article Tenth.- This resolution enters into force on August 1, 2019, on which date the “Regulation on the Registry of intermediaries and insurance auxiliaries”, approved by SBS Resolution No. 1797-2011 and modifying norms, is repealed, with the exception of article 43 of the Regulation approved by the First Article which enters into force on January 1, 2020.
Register, communicate and publish.
SOCORRO HEYSEN ZEGARRA
Superintendent of Banks, Insurance and
Private Pension Fund Administrators

Resolution SBS No. 809-2019: Approves the Regulation for the Supervision and Control of Insurance Brokers and Auxiliaries

Lineage: Amended

Timeline