Resolution SBS No. 976-2021: Modification of the Chart of Accounts for Insurance System Companies and Other Provisions

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 Lima, March 31, 2021 Resolution S.B.S.
No. 976-2021
The Superintendent of Banks, Insurance, and Private Pension Fund Administrators

CONSIDERING:

That, according to numeral 13 of Article 349 of the General Law of the Financial System and Insurance System and the Organic Law of the Superintendence of Banks and Insurance - Law No. 26702 and its amendments - hereinafter General Law, it is the attribute of the Superintendent to issue general norms to specify the preparation, presentation, and publicity of financial statements and any other complementary information, ensuring that the real economic-financial situation of the companies is reflected;

That, through Resolution SBS No. 348-95 and its amending norms, the Chart of Accounts for companies in the insurance system was approved;

That, it is considered necessary to modify the Chart of Accounts in order to establish clarifications regarding the submission of financial statements, update the definition of the "civil liability" risk, update the definitions of certain accounting accounts, as well as modify the format of the Income Statement for insurance intermediaries and auxiliaries;

That, through Circular No. S-614-2006, provisions were issued for the reporting of insurance debtors, which included information annexes, which were left without effect by Resolution SBS No. 2842-2012;

That, likewise, this Superintendence, in the process of resource optimization and with the aim of reducing operational burden, has considered it convenient to modify the frequency of submission of Annex No. 11 "Number of Personnel", as well as eliminate and modify certain Annexes and Reports applicable to companies in the insurance system;

That, through Resolution SBS No. 887-2018, the Regulation for the Establishment of Mathematical Reserves for Annuity Insurance and the Analysis of Asset Sufficiency was approved, which requires, among other aspects, that insurance companies perform quarterly the Asset Sufficiency Analysis (ASA) that support life annuities coming from the Private Pension System (SPP) and the Complementary Insurance for Work Risk (SCTR), to determine if it is necessary to establish an additional mathematical reserve due to asset insufficiency;

That, among the information requirements necessary to carry out the ASA, the Regulation approved the format and methodological notes of Annex No. SV-16 "Information on Asset Flows", sent through the External Capture and Validation Submodule - SUCAVE, which requires adjustment in order to optimize the submission, validation, and exploitation of information;

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

That, for the purpose of collecting public opinions, the publication of the draft Resolution on the matter was ordered on the electronic portal of the Superintendence, in accordance with what is established in the thirty-second final and complementary provision of the General Law and Supreme Decree No. 001-2009-JUS;

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

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

RESOLVES:

Article First.- Modify the Chart of Accounts for companies in the insurance system, approved by Resolution SBS No. 348-95 and its amending norms, in accordance with the Annex attached to this Resolution and which is published on the Institutional Portal (www.sbs.gob.pe), as established in Supreme Decree No. 001-2009-JUS.

Article Second.- Modify the numbering of Annex No. 11 "Number of Personnel" to Annex ES-31 "Number of Personnel", which must be submitted annually, within thirty (30) calendar days following the close of each year. The format of Annex ES-31 attached to this Resolution is published on the Institutional Portal (www.sbs.gob.pe), as established in Supreme Decree No. 001-2009-JUS.

Article Third.- Modify Annex SV-16 "Information on Asset Flows", which is part of the Regulation for the Establishment of Mathematical Reserves for Annuity Insurance and the Analysis of Asset Sufficiency, approved by Resolution SBS No. 887-2018. The format of Annex SV-16 is published on the Institutional Portal (www.sbs.gob.pe), in accordance with what is established in Supreme Decree No. 001-2009-JUS.

Article Fourth.- Repeal Circular No. S-614-2006, referring to the Report of Insurance Debtors – RDS.

Article Fifth.- Eliminate the following Annexes:

1. Annex ES-9 "Provisions for accumulated impairment of premiums receivable".
2. Annex SV-7 Workers' Life Insurance – D.Leg. No. 688.

Article Sixth.- Insurance companies must submit quarterly, within fifteen (15) calendar days following the close of each quarter, Annex No. ES-32 "Accounts Receivable from Insurance System Policies (Item 12)" and Annex No. ES-33 "Remuneration to Brokers, Promoters, Bancassurance, and Commercializers (Item 43)". The formats of the aforementioned annexes are published on the Institutional Portal (www.sbs.gob.pe), in accordance with what is established in Supreme Decree No. 001-2009-JUS.

Article Seventh.- This Resolution enters into force from the day following its publication in the Official Newspaper El Peruano, with the exception of the following:

1. Article First enters into force from the information corresponding to the month of June 2021.

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

2. Article Sixth enters into force from the report corresponding to the month of December 2021.

Register, communicate, and publish.

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