Lima, 17 April 2024

S.B.S. Resolution No. 01438-2024

The Superintendent of Banking, Insurance and
Private Pension Fund Administrators (a.i.)

WHEREAS:

That, in accordance with the provisions of articles 345 and 347 of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance, Law No. 26702 and its amending norms, hereinafter the General Law, the Superintendency of Banking, Insurance and Private Pension Fund Administrators protects and defends the interests of the public in the field of the insurance system, safeguarding the economic and financial soundness of the natural and legal persons that make up said system;

That microinsurance are insurance products that can be accessible to low-income persons and microentrepreneurs, which must respond to their protection needs to enable them to improve the management of personal and patrimonial risks that may affect this sector of the population;

That, in accordance with the Twelfth Final and Amending Complementary Provision of the Insurance Contract Law, Law No. 29946, microinsurance, due to their special characteristics, are subject to the regulations on the matter issued by the Superintendency, to the extent applicable; without prejudice to the principles set forth in the aforementioned Law;

That, by means of SBS Resolution No. 2829-2016, the Microinsurance Policy Regulation was approved, which establishes the definition of microinsurance, its characteristics and the requirements to access them, the accounting record of provisions for uncollectibility of premiums, their forms of commercialization, the conditions of the policies and requirements for their modification, requirements for the registration of policy models, provisions on the management and payment of claims, among other aspects;

That, as a result of supervisory actions, as well as of the provisions of international standards, the need has been identified to: i) update the parameters that determine the maximum premium to be charged for these products; ii) specify the definition of the target public; iii) modify the information report regarding these products; iv) update the information that must be provided for the exercise of the right of withdrawal in the case of microinsurance marketed at a distance; and v) incorporate the power to terminate the contract, without expression of cause.

That, in order to gather the opinions of the general public regarding the aforementioned proposed modifications, the prepublication of the draft resolution on the matter was ordered on the Superintendency's electronic portal, under the protection of

the provisions of the Thirty-Second Final and Complementary Provision of the General Law and in Supreme Decree No. 001-2009-JUS; With the approval of the Deputy Superintendencies of Insurance, of Market Conduct and Financial Inclusion, of Economic Studies and of Legal Advice; and, In use of the powers conferred by numerals 7 and 9 of article 349 of the General Law;

RESOLVES:

Article One.- To modify the Microinsurance Policy Regulation, approved by SBS Resolution No. 2829-2016, in accordance with the following:

1. Modify literals c) and k) of article 2 "Definitions", in accordance with the following:

"c) Marketer: natural or legal person with which the company enters into a commercialization contract, for the purpose that the person is responsible for facilitating the contracting of an insurance product. Multiple operations companies (bancassurance) and electronic money issuing companies, indicated in the Insurance Product Commercialization Regulation, approved by SBS Resolution No. 1121-2017 and its amendments, are also considered marketers.

(…)

k) Claim: in accordance with the provisions of article 4 of the Claims and Requests Regulation approved by SBS Resolution No. 4036-2022 and its amendments."

2. Modify article 3 "Definition of microinsurance", in accordance with the following:

"Article 3.- Definition of microinsurance Microinsurance is the insurance to which low-income persons and/or microentrepreneurs may have access to cover personal and/or patrimonial risks, through proportional premium payments according to the risks covered by the policy, under the modality of individual insurance or group or collective insurance, and which complies with the following characteristics:

a) It is designed to respond to the protection needs of low-income persons and/or microentrepreneurs;

b) It is commercialized by the company itself, through the intermediation of insurance brokers and/or through the participation of marketers whose target public includes low-income persons and/or microentrepreneurs.

c) The monthly premium does not exceed 0.60% of the Tax Unit (UIT)."

3. Modify the second paragraph of article 8 "Microinsurance as individual insurance", in accordance with the following:

"Article 8.- Microinsurance as individual insurance

(...)

The simplified policies must be delivered to the contracting parties within a maximum period of ten (10) days counted from the date on which the company or the marketer receives the insurance application. For these purposes, companies may apply the provisions that regulate the use of electronic insurance policies, in accordance with the Market Conduct Management Regulation of the Insurance System, approved by SBS Resolution No. 4143-2019, to the extent applicable.

(…)"

4. Modify article 15 "Information that must be submitted to the Superintendency", in accordance with the following:

"Article 15.- Information that must be submitted to the Superintendency

Companies must submit the information required in Annex No. ES–16 "Information on current microinsurance policies" on a semiannual basis. In the aforementioned Annex, the microinsurance products registered with the Superintendency and other insurance products registered before the entry into force of this Regulation, which comply with the characteristics indicated in article 3, must be reported. Annex No. ES–16 must be submitted within thirty (30) calendar days following the end of the respective reporting semester."

5. Amend article 20 "Distance marketing system and the right of withdrawal", in accordance with the following:

"Article 20.- Distance marketing system and the right of withdrawal

Companies may also use distance marketing systems to promote, offer or market their microinsurance products, subject to the provisions of current regulations, to the extent applicable.

Provided that the microinsurances are not a condition for contracting credit operations, the company using the distance marketing system must inform the policyholder or insured, as applicable, regarding the right of withdrawal to terminate the contract, without stating a cause and without any penalty, considering at least the following information:

a) The policyholder and/or insured may exercise the right of withdrawal, as long as the coverages and/or benefits have not accrued before the expiration of the term to exercise this right.

b) The term to exercise the right of withdrawal, for microinsurances contracted under the individual insurance modality, may in no case be set at periods less than fifteen (15) days, counted from the date on which the policyholder receives the corresponding simplified policy.

c) The term to exercise the right of withdrawal in the case of microinsurances contracted under the group or collective insurance modality, may in no case be set at periods less than fifteen (15) days, counted from the date on which the insured receives the corresponding microinsurance application-certificate.

d) The channels and procedures available to exercise the right of withdrawal before the company.

e) If the policyholder or the insured exercises their right of withdrawal after having paid all or part of the premium, the company shall proceed with the return of the paid premium within the following thirty (30) days."

6. Amend Annex No. ES-16 "Information on current microinsurance policies", in accordance
   with the format attached to this Resolution and which is published on the Institutional Portal (www.sbs.gob.pe), in accordance with the provisions of Supreme Decree No. 001-2009-JUS.

7. Incorporate article 25 "Termination without stating a cause", in accordance with the following text:

"Article 25.- Termination without stating a cause In microinsurance contracts, with the exception of life and health insurance, it may be agreed that either party has the right to terminate the contract without stating a cause. If the company exercises the power to terminate the contract, it must previously notify the insured and/or policyholder, with no less than thirty (30) days' notice.

If the insured and/or policyholder requests the termination of a microinsurance contract, they must be informed of their right to request the return of the premium based on the untranscurred term, when applicable, considering the provisions of the Marketing Regulation."

Article Second.- This Resolution enters into force on the day following its publication in the Official Gazette "El Peruano". Companies have an adaptation period of 90 calendar days, counted from the date of publication of this resolution.

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SERGIO JAVIER ESPINOSA CHIROQUE
SUPERINTENDENT OF BANKING, INSURANCE AND AFP (A.I.)