SBS Resolution No. 02260-2026: Approve Regulations on Parametric Insurance and amend the Regulations on the Commercialization of Insurance Products and the Internal Audit Regulations

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Lima, September 11, 2026 SBS RESOLUTION No. 02260-2026 The Superintendent of Banking, Insurance and Private Pension Fund Administrators WHEREAS:
Article 345 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 rules, hereinafter the General Law, establishes that the purpose of the Superintendency of Banking, Insurance and Private Pension Fund Administrators is to protect the interests of the public in the scope of the financial and insurance systems;
Article 349 of the General Law establishes as an attribution of this Superintendency to issue the necessary rules for the exercise of financial and insurance operations and for their supervision;
Parametric insurance is developing internationally as risk transfer instruments complementary to traditional insurance in disaster risk management due to the increased frequency and severity of natural and climatological events in recent years; Due to its geographical location, Peru is a country with high exposure to natural risks of catastrophic magnitudes throughout its territory, with a high potential impact on the economy and the well-being of Peruvians; Parametric insurance represents an agile, objective and transparent solution to obtain coverage against the occurrence of catastrophic risks, allowing insured parties access to protection against the most immediate needs after the natural event has occurred; Although the legal and technical configuration of parametric insurance is based on predetermined activation mechanisms supported by the verification of parameters and the overcoming of objective thresholds established in the policy, unlike those insurances where the determination of the benefit is linked to the occurrence and quantification of actual damage or economic loss; the Insurance Contract Law, Law Nº 29946, is applicable, with the purpose of ensuring adequate standards of information, contractual clarity and coherence in the relationships between the parties and in what is pertinent to regulate aspects of formation, execution and fulfillment of contractual obligations in parametric insurance, while preserving the technical principles that support this modality of coverage; Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Although parametric insurance may be aimed at legal entities, public entities or other types of contractors not included within the direct protection scope of the Consumer Protection and Defense Code, it is necessary to ensure that its commercialization and management are carried out under standards of transparency, suitability and adequate information, in line with good market practices; in this sense, it is necessary to expressly establish the supplementary and adaptable application of the provisions of the Regulations on Market Conduct Management of the Insurance System, approved by SBS Resolution N° 4143-2019 and its amendments, to the processes of design, offer, commercialization and claims handling of parametric insurance, in those aspects that are compatible with its technical nature; however, the aforementioned regulations are fully applicable in cases where the beneficiaries of this insurance are natural persons; In this context, parametric insurance presents particular characteristics that respond to the nature of its operation, making it necessary to issue provisions on its definition, characteristics and product scope, target audience, insurable risks, external agents participating in risk measurement, specific policy conditions and technical note, notice, settlement and payment of claims, as well as to establish a periodic information report; As a consequence of the foregoing, it is necessary to modify the Regulations on the Commercialization of Insurance Products, approved by SBS Resolution N° 1121-2017 and its amendments, in order to specify that marketers and insurance companies must provide clear, sufficient and understandable information on the operation, activation and main characteristics of parametric insurance; It is necessary to modify Annex “Programmed Activities” of the Internal Audit Regulations, approved by SBS Resolution N° 11699-2008 and its amendments, in order to include the evaluation of compliance with provisions related to parametric insurance within the programmed activities carried out by the Internal Audit Unit; In order to gather public opinions, the draft resolution on the matter was published by SBS Resolution N° 01454-2026 in the official gazette El Peruano and on the digital headquarters of the Superintendency, under the provisions of the Thirty-Second Final and Complementary Provision of the General Law and Supreme Decree Nº 009-2024-JUS; With the approval of the Assistant Superintendencies of Insurance and of Regulation and Legal Affairs, as well as the Economic Studies, Risks and Market Conduct and Financial Inclusion Managements; and In use of the powers conferred by numerals 7, 9 and 13 of article 349 of the General Law; RESOLVES:
Article First.- Approve the Regulations on Parametric Insurance, as indicated below:
Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 “REGULATIONS ON PARAMETRIC INSURANCE
CHAPTER I
GENERAL PROVISIONS
Article 1.- Scope
The provisions of these Regulations are applicable to insurance companies referred to in literal D of article 16 of the General Law, hereinafter the companies.
Article 2.- Definitions
For the purposes of the provisions of these Regulations, the following definitions and references are considered:

1. Calculation agent: unit of the company or a third party designated by it, responsible for monitoring the information published or provided by the data provider agency, determining the value of the parameter according to the established methodology, verifying compliance with the threshold and calculating the payment of the insured sum that corresponds according to the conditions established in the policy.
2. Data provider agency: a national or international agency or organization, with expertise and competence in the matter, that monitors, collects and publishes technical information on climatological, meteorological, geotechnical, geological or environmental conditions. The referred information is used as a reference to determine the value of the parameter associated with the insured event.
3. Primary data provider agency: a data provider agency that has sufficient information for the determination of the value of the parameter associated with the insured event, and that is indicated as the main reference source of said information in the insurance policy and technical note of the parametric insurance.
4. Secondary data provider agency: a data provider agency that has sufficient information for the determination of the value of the parameter associated with the insured event, and that is indicated as a substitute or alternative reference source of said information in the insurance policy and technical note of the parametric insurance. Information provided by this agency is resorted to only in case the primary data provider agency does not have the necessary information to determine the value of the parameter associated with the type of insured event for objective and verifiable technical reasons, which must be duly supported and documented.
5. Calculation of the payment of the insured sum: process that allows determining the obligation and the amount of payment to the insured and/or beneficiary according to the policy conditions, after the occurrence of the insured event that constitutes the claim.
6. Elements of parametric insurance: includes the insurable interest, previously agreed amount and payment structure, the insured event, the parameter, the predefined threshold, the geographical area of the risk, the coverage period and its relationship with the covered risk, the data provider agencies, among other relevant aspects related to the nature of this type of insurance.
7. Insured event: also called risk event or trigger, refers to the occurrence of the insured phenomenon, understood as any external and fortuitous event of nature, whether meteorological, climatological, geotectonic, geological, oceanographic or others that produce environmental impacts, which is not controllable by the contractor, insured or beneficiary of the insurance. This event must be specified in the policy and be subject to recognition and validation, as well as the exact and objective measurement of its magnitude or intensity, by means of parameters, by a data provider agency.
   Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000
8. Official publication date of the parameter: is determined by counting the number of days agreed and defined in the policy and in the technical note, from the date of occurrence of the insured event, after which the value of the parameter published by the data provider agency acquires definitive character.
9. Product guide: document that contains information about parametric insurance including the essential characteristics of the product, the description of the elements and the operation of parametric insurance, the concept of basis risk, the main coverages and exclusions, the data provider agencies, the calculation agent and its main functions, as well as the channels enabled to provide information, customer service and receive complaints. Likewise, the guide must detail the premium, its periodicity and the payment conditions of the product.
10. Insurable interest: real and lawful economic or financial relationship that the insured maintains with the object of the insurance, and that grants them the legal right to receive the payment of the insured sum in case the claim occurs. The existence of insurable interest guarantees that the insured has a legitimate reason to seek the security, preservation or integrity of the insured object against exposure to suffering damage or loss.
11. Insurance Contract Law: Insurance Contract Law, approved by Law N° 29946.
12. Parametric insurance technical note: document that describes the methodology and bases applied for the actuarial calculation of the pure risk premium and the commercial premium of parametric insurance, as well as all relevant information used in said calculation typical of parametric insurance.
13. Parameter: objective, independent, standardized and verifiable measure, used to quantify the magnitude or intensity of an insured event, whose value can be obtained directly from the information published by a data provider agency or be determined by the calculation agent based on said information through the methodology established in the policy. This measure must be technically correlated with the potential impact of the insured event and be sufficiently representative to activate the payment of the insured sum of the insurance without the need to perform a direct loss assessment.
14. Regulations: Regulations on Parametric Insurance.
15. Commercialization Regulations: Regulations on the Commercialization of Insurance Products, approved by SBS Resolution N° 1121-2017 and its amendments, or the rule that replaces it.
16. Market Conduct Regulations: Regulations on Market Conduct Management of the Insurance System, approved by SBS Resolution N° 4143-2019 and its amendments, or the rule that replaces it.
17. Actuarial Management Regulations: Regulations on Actuarial Management for Insurance Companies, approved by SBS Resolution N° 3863-2016 and its amendments, or the rule that replaces it.
18. Premium Payment Regulations: Regulations on the Payment of Insurance Policy Premiums, approved by SBS Resolution N° 3198-2013 and its amendments, or the rule that replaces it.
19. Policy and Technical Note Regulations: Regulations on the Registration of Policy Models and Minimum Requirements for Technical Notes, approved by SBS Resolution N° 7044-2013 and its amendments, or the rule that replaces it.
20. Regulations on the Reserve for Unearned Premiums: Regulations on the Reserve for Unearned Premiums, approved by SBS Resolution N° 6394-2016 and its amendments, or the rule that replaces it.
    Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000
21. Regulations on the Technical Reserve for Claims: Regulations on the Technical Reserve for Claims, approved by SBS Resolution N° 1856-2020 and its amendments, or the rule that replaces it.
22. Regulations for the Contracting and Management of Reinsurance and Coinsurance: Regulations for the Contracting and Management of Reinsurance and Coinsurance, approved by SBS Resolution N° 4706-2017 and its amendments, or the rule that replaces it.
23. Regulations on the Catastrophic Risk Reserve: Regulations for the Constitution of the Catastrophic Risk Reserve, approved by SBS Resolution N° 3661-2021, or the rule that replaces it.
24. Basis risk: possibility of a discrepancy between the actual loss suffered by the insured and the payment received under policy coverage. This risk arises because the payment of the insured sum is determined exclusively based on the occurrence and magnitude or intensity of a specific insured event, measured by a parameter that reaches or exceeds a predefined threshold. Said parameter must comply with the characteristics indicated in article 5 of these Regulations.
25. Adverse basis risk: when the insured event occurs and generates losses for the insured and the threshold stipulated in the policy is not reached or exceeded.
26. Claim: occurrence of the insured event, which manifests when the parameter reaches or exceeds the threshold defined in the policy conditions within the coverage period, generating the obligation of payment to the insured and/or beneficiary.
27. Type of payment: modality by which the payment of the insured sum is made, once the parametric insurance coverage is activated. This can adopt various structures that include, but are not limited to, the following: fixed payment, proportional payment, incremental payment and layered payment. Fixed payment grants the payment of the total insured sum once the parameter reaches or exceeds the predefined threshold to activate the insurance coverage. Incremental payment consists of different payment amounts for different levels or tranches of the parameter value. Proportional payment consists of the payment amount increasing based on how much the parameter value exceeds the predefined threshold to activate coverage. While, in layered payment, multiple levels of coverage are provided, each with its own threshold and payment amount.
28. Threshold: also called trigger, is the predefined reference point or value in the policy that the parameter must reach or exceed to activate the insurance coverage.
    Article 3.- Definition of parametric insurance
    3.1 An insurance modality that grants a predefined insured sum payment to the insured and/or beneficiary based on the occurrence of a specific insured event, whose parameter value must reach or exceed a previously established and defined threshold in the policy. The payment of the insured sum is determined if said threshold is activated and does not depend on the direct quantification of the damages or losses suffered.
    3.2 All parametric insurance must comply with the following conditions:
29. Insurable interest must exist.
30. The costs of verifying the existence of insurable interest must not be passed on to contractors and/or insured parties through additional charges to the commercial premium.
31. Conditions related to overinsurance or underinsurance according to articles 85 and 86 of the Insurance Contract Law do not apply, given that verification of actual economic loss is not required.
    Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000
32. Conditions related to claims notice developed in articles 68, 69, 70, 71, 72 and 73 of the Insurance Contract Law do not apply.
33. The right of repentance applies in accordance with article 41 of the Insurance Contract Law, as long as the company has not given notice of the claim.
34. It is structured based on objective data from independent sources.
35. It is not enabled for negotiation in secondary markets nor for use as a financial speculation or arbitrage instrument.
36. No deductibles, franchises, co-insurance or co-payments that reduce the payment of the insured sum through an economic participation by the insured apply to it.
    Article 4.- Naming of parametric insurance products and covered risks
    4.1 Companies may only use the denomination “parametric insurance” for those products within the scope of these Regulations that, due to their design and characteristics, comply with the elements typical of this type of insurance. Said denomination must be indicated in the summary of the contracted coverage and the insurance certificate indicated in articles 22 and 23 of the Market Conduct Regulations, in the product guide indicated in article 19 of these Regulations, as well as in the product name required in paragraph 23.1 of article 23 of the Policy and Technical Note Regulations.
    4.2 Parametric insurance is exclusively aimed at covering risks derived from natural phenomena, including those of meteorological, climatological, geological, geophysical, oceanographic or other origins that produce environmental impacts. The events covered by this insurance must have parameters to measure their magnitude or intensity.
    Article 5.- Characteristics and conditions of the parameter
    The parameter used in parametric insurance associated with a predefined threshold to activate insurance coverage must meet the following characteristics and conditions:
37. It must be linked to a fortuitous and measurable event, associated with natural phenomena.
38. It must present a significant correlation with the damage or losses it seeks to cover with the insurance.
39. It must be standard, so it is calculated according to recognized and uniformly used norms, methodologies or scales at a technical or sectoral level.
40. It must be reliable and transparent, so the information used for its calculation must be in charge of a data provider agency of national or international prestige and technical credibility.
41. It must be independent, that is, it must be based on information from sources external to the company, in order to avoid risks that may affect impartiality in determining the payment of the insured sum.
42. It must be objective, so the determination of the parameter does not depend on discretionary interpretations or valuations by the parties to the insurance contract.
43. It must be verifiable over time, in order to guarantee the traceability and monitoring of the value and credibility of the parametric mechanism.
44. It must be timely, that is, it must be available within a reasonable period after the occurrence of the insured event, allowing to determine with certainty whether the defined threshold was reached or exceeded.
    Article 6.- Conditions for the data provider agency

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The data-providing agency whose information is used to determine the value of the parameter must have national or international recognition for its reliability and technical rigor, for which it must meet the following requirements:

1. The information it generates, collects, or publishes must come from exact, complete, and adequate data, generated through transparent and technically verifiable processes. This information constitutes the input for the following: i) calculating the value of the parameter, ii) determining the occurrence of the claim, and iii) activating coverage, without it being necessary for the policyholder, insured, or beneficiary to file a formal claim.

2. It must have platforms that allow continuous monitoring, tracking, and real-time verification or with the appropriate periodicity and timeliness, according to the behavior and nature of the parameter.

3. The information generated by these agencies may be public or private. In the latter case, the agreements entered into by the company to access such information must allow for the disclosure to the policyholder, insured, and/or beneficiary of those data necessary to support the determination of the parameter's value, when requested and especially when situations involving controversies or disputes related to contract compliance arise.

4. It must be external and independent of the company.

5. It must be indicated as the primary or secondary data-providing agency in the insurance policy to be considered in the evaluation of the parameter's value.

Article 7.- Calculation Agent Requirement

7.1 The calculation agent may be a unit of the company or a third party designated through subcontracting in accordance with Article 17 of this Regulation. The responsibility regarding the functions of said agent always rests with the company. The calculation agent must have the technical capacity to perform its functions according to the nature, complexity, and geographic scope considered in the design of the parametric insurance.

7.2 The calculation agent must perform, at a minimum, the following functions:

1. Monitor the information published or provided by the data-providing agencies.
2. Determine the value of the parameter using the information from the data-providing agencies and applying the procedure, formula, or methodology established in the policy.
3. Verify whether the value of the parameter reaches or exceeds the coverage activation threshold.
4. Formally communicate to the company the value of the parameter and the result of the threshold verification, within the timeframe established in the policy.
5. Perform the calculation of the payment of the insured sum in accordance with the conditions established in the policy.
6. Maintain formally established and documented procedures that guarantee the objectivity, traceability, and reproducibility of the calculation.
7. Keep updated and available to the Superintendency the information and documentation that support the calculation performed and the compliance with its functions.

7.3 When the determination of the parameter requires the application of estimates, modeling, interpolation, aggregation, or other technical procedures, the methodology used must be previously defined in the policy and supported by technically recognized criteria. Likewise, it must be transparent, reproducible, and subject to review as agreed upon by the parties.

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

7.4 In the event that the calculation agent is a designated third party, the companies must validate that the calculation of the payment of the insured sum has been performed in accordance with the defined methodology and the information obtained from the data-providing agency indicated in the policy. The documentation supporting said calculation must be available to the Superintendency.

7.5 The value of the parameter determined by the calculation agent, in accordance with the conditions established in the policy, constitutes sufficient proof to determine the activation of coverage.

7.6 The contract signed by the company with the calculation agent must specify the maximum timeframe available to the calculation agent to inform the value of the parameter, the result of the threshold verification, and the calculation of the payment of the insured sum.

7.7 The company is directly responsible to the policyholder, insured, and/or beneficiary for the activities performed by the calculation agent. Once the value of the parameter is determined, the company must provide them, when applicable or upon request, information on said value, the methodology applied, and the result of the threshold verification, including, at no additional cost or charge, the private disclosure information provided by the data-providing agency that was used for said calculation.

Article 8.- Target Audience

Public entities and legal persons or private organizations may be policyholders of parametric insurance, provided they contract the product for the benefit of a community or for the entity they represent, have the institutional capacity to evaluate, contract, and manage these coverages directly or through specialized advice, and for which the existence of an insurable interest is verified.

CHAPTER II
CONDITIONS OF THE PARAMETRIC INSURANCE POLICY

Article 9.- Minimum Content of the Insurance Application

9.1 The application for parametric insurance must consider, in addition to the minimum elements established in paragraph 24.2 of Article 24 of the Market Conduct Regulation, the following specific aspects:

1. The company's obligation to communicate to the policyholder, insured, and/or beneficiary that the latter are not responsible for notifying the occurrence of the claim.
2. The conditions for rehabilitation, suspension, and termination of the policy in case of non-payment of the premium; which are governed by the provisions of the Premium Payment Regulation.
3. The channels to communicate the disappearance of the insurable interest, the consequences derived from such an event, and that the policyholder, insured, and/or beneficiary are responsible for such communication.
4. That the policyholder, insured, and/or beneficiary is responsible for keeping updated, throughout the validity of the policy, the relevant data for proving the insurable interest, communication, and payment of the insured sum, if applicable.

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

9.2 A product guide containing the information indicated in Article 19 of this Regulation must be delivered and made available to the insured.

Article 10.- Minimum Content of the Policy

The policy for parametric insurance must contain, in addition to the minimum elements established in Article 26 of the Insurance Contract Law, the following specific aspects:

1. The product denomination, explicitly indicating that it is a parametric insurance.
2. The definition of parametric insurance as established in this Regulation.
3. General definitions for the correct understanding of the scope, operability, and technical terms associated with parametric insurance in accordance with this Regulation, as well as any other information the company considers necessary.
4. Description of the insured event.
5. The parameter or set of parameters used to measure the occurrence and magnitude or intensity of the insured event related to the activation of coverage. In case the values of the parameter or set of parameters are updated constantly, the frequency and form or means of publication of the value of the parameter or set of parameters must be indicated; as well as the timeframe in number of days defined in the policy to determine the official publication date of the parameter.
6. The right of the policyholder, insured, and/or beneficiary to request the information that was necessary for the determination of the parameter's value when it is not publicly accessible.
7. The threshold that constitutes the claim and activates the payment of the insured sum.
8. The insurable interest that justifies the legitimate economic exposure of the policyholder and/or insured to the occurrence of the claim, even though the payment is not linked to the verification of actual damage.
9. The geographic area over which the insurance coverage extends.
10. The type and structure of payment.
11. The primary data-providing agency and the secondary data-providing agency used to corroborate the occurrence of the claim.
12. The calculation agent and its functions, indicating whether it corresponds to a unit of the company or a third party designated by it.
13. The explicit mention of the existence of basis risk and its implications; informing the insured and/or beneficiary of the possibility that the insurance coverage is not activated despite having suffered a loss.
14. The clarification that, in the event of the activation of the insurance coverage, the insured and/or beneficiary receives the payment of the insured sum provided for in the policy.
15. The indication that the policyholder, insured, and/or beneficiary are not responsible for notifying the occurrence of the insured event and that the company is responsible for monitoring the parameter and communicating the activation of the insurance coverage, if applicable.
16. The steps required for the calculation of the payment of the insured sum, as well as the functions of the data-providing agencies and the calculation agent involved in the claim verification process.
17. The conditions for the rehabilitation, suspension, and termination of the policy in case of non-payment of the premium. In case of non-payment of the premium and provided that no additional timeframe has been agreed upon for such payment, Articles 7, 8, 9, 10, and 11 of the Premium Payment Regulation apply, as appropriate.
18. The obligation of the insured and/or beneficiary, throughout the validity of the policy, to keep updated the relevant data for the communication and determination of the covered risk and insurable interest, as well as for the payment of the corresponding insured sum. In case there are changes in the relevant data in the policy, the timeframe to communicate them must be indicated, as well as the communication mechanisms or channels, whether physical or electronic, in accordance with the Insurance Contract Law and Article 35 of the Market Conduct Regulation.
19. The channels to communicate the disappearance of the insurable interest, the consequences derived from such an event, and that the policyholder and/or insured is responsible for such communication;
20. The claim handling timeframe, which must be in accordance with what is established in this Regulation.
21. The calculation method for the payment of the insured sum according to its relationship with the magnitude or intensity of the insured event. It must include the payment structure according to the established thresholds, if applicable.
22. The clarification that the provisions indicated in Articles 101, 102, and 103 of the Insurance Contract Law apply in cases where the insured presents situations leading to total or partial loss of the insurable interest.
23. Dispute resolution mechanisms in accordance with the Insurance Contract Law.

Article 11.- Insurance Certificate

11.1 Companies must keep the complete texts of group or collective insurance policies available to the insured, directly or through the policyholders, so that the insured can take note of the insurance conditions.

11.2 The company, insurance broker, or marketer, as applicable in each case, must deliver to the insured the insurance certificate that accredits the contracting of the insurance at the time of their incorporation into the insured group. The insurance certificate must explicitly indicate that the insured has the right to access the group or collective insurance policy or to request a copy. If requested, the copy of the policy must be delivered within a maximum of fifteen (15) calendar days counted from the date the company or marketer receives the request from the insured and/or beneficiary.

Article 12.- Updated Information

Companies must keep updated, throughout the validity of the policy, the relevant data for the communication and determination of the covered risk. This information includes, but is not limited to, the following:

1. The physical address of the insured and/or beneficiary.
2. The email address and contact phone number of the insured and/or beneficiary.
3. The geographic location of the insured area where the threshold compliance is measured.
4. The account number of the insured and/or beneficiary in a financial system company or electronic money issuing company for the payment of the insured sum, if applicable.
5. Any other data necessary to guarantee agile, direct, and timely communication with the company, especially in the event of the claim, allowing it to effectively perform the corresponding payment.

CHAPTER III
CONDITIONS OF THE TECHNICAL NOTE

Article 13.- Technical Notes for Parametric Insurance

Companies must apply what is established in Article 21 of the Policies and Technical Notes Regulation for the preparation of technical notes, considering their application on each of the elements of the parametric insurance.

Article 14.- Content of the Technical Notes

Companies must apply what is established in Chapter III of the Policies and Technical Notes Regulation. The technical note must include the following information:

1. Product Characteristics

Companies must indicate within the general name of the product that it is a parametric type insurance. Likewise, they must specify how the coverage period relates to the covered risk, as well as any other special characteristic that may influence the functioning of the product.

2. Coverages

Companies must include a description of the coverage conditions and the insured sum granted upon the occurrence of the insured event, once it is verified that the payment condition has been met in relation to the previously defined threshold. Likewise, companies must include practical examples with numerical and graphical content, if necessary, that include the elements of the parametric insurance, to demonstrate the calculation of the payment of the insured sums for each coverage contemplated in the product.

3. Minimum Statistical Information Requirements

a) Companies must indicate the type of format through which data is obtained, the information sources that were used, the spatial and temporal resolution of the corresponding data, and the length of the historical series of all information sources used for the determination of the parametric model.

b) Companies must technically justify the choice of the primary and secondary data-providing agency, explaining its adequacy compared to other available sources to reliably represent the covered risk. This justification must contemplate, at a minimum, the criteria of availability, precision, update frequency, historical consistency, and data traceability.

c) Companies must identify the calculation agent responsible for monitoring the parameter's value, verifying threshold compliance, and calculating the payment of the insured sum.

d) Companies must archive the historical file where the parameters, tests, analyses, considerations, and in general, any other technical element that was considered at the time of valuation and that is relevant for the analysis, review, and understanding of the product's results are indicated.

e) The statistical information used to determine the product's parameters must be available to the Superintendency.

4. Product Elements and Variables

Companies must indicate the coverage periods, the parameters related to the insured event, the predefined thresholds, the coverage zones, the insurable interest that entitles the payment of the insured sum in case of activation of the insurance coverage, the geographic areas used to determine if the magnitude or intensity of the insured event activates the insurance coverage, as well as the method to determine the location of said areas. Companies must demonstrate how location variables (latitude, longitude, or similar) influence the determination of the model, as well as any other variable or criterion that is necessary or has implications for defining the payment of the insured sum.

5. Procedures and Basis of the Pure or Risk Premium

a) Companies must quantify the basis risk using simulations and historical correlation analysis between the parameter and actual losses. Such analysis must include the actuarial analysis of historical claim frequency on which the risk pure premium is based, as well as contemplate the correlation between hypothetical historical claim frequency and observed historical losses, with the purpose of demonstrating that there is a significant correlation of said parameters with the historical impacts of the modeled risk.

b) Companies must perform, when information on damages and losses is available, a post-event evaluation of the events that have activated the payment of their parametric insurances, in order to verify the correspondence between the established parameter threshold and the losses actually recorded. Modifications to the technical note resulting from this evaluation must be brought to the knowledge of the Superintendency.

c) It must be considered that for this insurance, deductibles, franchises, co-insurance, or copayments do not apply. Companies cannot charge additional fees to the policyholders on top of the commercial premium amount, in accordance with what is indicated in Article 12 of the Market Conduct Regulation.

CHAPTER IV
MARKETING OF PARAMETRIC INSURANCE

Article 15.- Offering of Parametric Insurance

15.1 The marketing of parametric insurance can be carried out through the company and through marketers, exclusively through the bancassurance modality, in accordance with what is established in Article 14 of the Marketing Regulation. Companies must guarantee that their own personnel or that of the marketer is duly trained, in accordance with Article 5 of said Regulation, to inform users about the characteristics of the parametric insurance.

15.2 Insurance brokers may intermediate parametric insurance.

Article 16.- Responsibility towards the Policyholder, Insured, and/or Beneficiary

16.1 Companies cannot design the parametric insurance as part of hybrid products; that is, parametric coverages cannot be integrated as part of traditional policy coverages.

16.2 Companies must ensure that the policyholder, insured, and/or beneficiary understand the need for the participation of independent data-providing agencies and calculation agents, the form of access to parameter data, the methodology for activating the insurance coverage, the elements of the parametric insurance, and the existence of basis risk.

16.3 Companies must verify the insurable interest during the product marketing stage and prior to the contracting of the insurance, in accordance with their internal procedures. Furthermore, they must notify the insured and/or beneficiary of the occurrence of the claim.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000
16.4 Companies that use any of the commercialization modalities established by the Regulations are directly responsible for all commercialization acts carried out on their behalf during the exercise of their functions, especially for infringements of the rules issued by the Superintendency and for damages caused to policyholders, insureds, and/or beneficiaries, as a consequence of errors or omissions, inexperience or negligence, as specified in Article 4 of the Commercialization Regulations.
16.5 Insurance brokers are responsible for fulfilling the responsibilities assumed in the exercise of their functions, especially for damages and/or losses caused to policyholders, insureds, and/or beneficiaries as a consequence of errors or omissions, inexperience or negligence.
16.6 Companies must ensure that the insured is aware that the payment of the insured sum, according to the type and payment structure predefined in the policy, does not depend on the actual economic loss suffered.
Article 17.- Risk Management
17.1 Companies must manage risks related to parametric insurance, considering their entire life cycle. Companies must manage risks related to services provided by third parties, as well as evaluate risks related to the launch of new products and significant changes in the business, operational, or IT environment related to parametric insurance, covering the different stages of their development, from the conception of the idea until the completion of its implementation, in accordance with the provisions of the Corporate Governance and Comprehensive Risk Management Regulations, approved by SBS Resolution N° 272-2017 and its amendments, as well as the Operational Risk Management Regulations, approved by SBS Resolution N° 2116-2009 and its amendments.
17.2 Risk reports for the launch of new products or significant changes in the business, operational, or IT environment related to parametric insurance, submitted to the Superintendency in accordance with Circular N° G-165-2012 and its amendments, must include information regarding the source of the parameter, its statistical reliability, and other aspects consistent with the nature of the product.
17.3 When the functions of the calculation agent are performed by a third party, these constitute subcontracting.
17.4 Companies must evaluate whether the services provided by the calculation agent qualify as significant subcontracting. If so, these services must be managed considering the treatment applicable to subcontracts.
CHAPTER V
INFORMATION TRANSPARENCY
Article 18.- Information at the Pre-Contracting Stage
18.1 Companies must obtain sufficient and relevant information about the potential policyholder and insured. To do this, they must consider the following aspects: (i) information about their needs and insurable interest; (ii) their levels of knowledge regarding parametric insurance; and, (iii) their levels of risk tolerance. The information and documents supporting compliance with this obligation must be available to this Superintendency.
18.2 Companies, under any commercialization modality, must offer products in accordance with their evaluation of the policyholder's and insured's profile. Likewise, they must provide sufficient, concrete, and timely information about parametric insurance, mainly regarding covered risks, insured sum, commercial premium, exclusions, and other elements of the insurance.
Article 19.- Product Guide
In addition to the information established in the Market Conduct Regulations, companies must deliver and/or make available to potential policyholders, insureds, and/or beneficiaries, at the stage of evaluating the insurance application, and regardless of the commercialization modality used, a product guide that specifies information about parametric insurance, with the aim of communicating in a practical way and with examples, the essential characteristics of the product, including, at a minimum, the following:

1. Product name.
2. Description of the elements of parametric insurance.
3. The concept of insurable interest.
4. How parametric insurance works.
5. How the payment structure works according to the type of insurance payment.
6. Explanation of the concept of basis risk and didactic examples of this concept.
7. The main coverages and exclusions of the insurance.
8. The data provider agencies for the parameter of the insured event, the frequency of parameter publication, and the official publication date of the parameter.
9. The calculation agent, its functions, and the deadline it has for calculating the payment of the insured sum.
10. The channels enabled to provide information, customer service, and receive complaints.
11. The amount of the premium, its periodicity, and payment conditions.
    CHAPTER VI
    CLAIMS MANAGEMENT AND PAYMENT
    Article 20.- Parameter Compliance
    20.1 The calculation agent must monitor and determine the value of the parameter using the information published or provided by the primary data provider agency established in the policy and verify if said value reaches or exceeds the coverage activation threshold. Only when the primary data provider agency has been prevented from publishing the information corresponding to the parameter that involves the activation of the insurance coverage, can the secondary data provider agency established in the policy be resorted to.
    20.2 The deadlines for information delivery by the calculation agent must be defined in the policy and must not exceed two (2) calendar days from the official publication date of the parameter.
    20.3 It is the right of the policyholder, insured, and/or beneficiary of the insurance to request information about the compliance with the threshold in accordance with the conditions considered in the policy and during its validity, through the communication channels that the company has defined for said request in the aforementioned policy.
    Article 21.- Claim Settlement
    21.1 Companies are responsible for determining the activation of insurance coverage based on the information communicated by the calculation agent.
    21.2 A claim is considered settled when the insured sum to be paid to the insured has been calculated in accordance with the steps that must be indicated in the policy.
    Article 22.- Claim Notification
    Without prejudice to the insured and/or beneficiary being able to notify the occurrence of the insured event through the communication channels defined in the policy, the company is responsible for ensuring the monitoring of the information corresponding to the parameter. The company must communicate to the insured and/or beneficiary about the activation of the insurance coverage if the parameter reaches or exceeds the threshold within a period not exceeding two (2) calendar days from the date on which the calculation agent determines the value of the parameter that activates the coverage. Said communication must include the period within which the payment of the insured sum will be made.
    Article 23.- Claim Payment
    23.1 The payment of the insured sum to the insured and/or beneficiary must be made within ten (10) calendar days following the date on which the calculation agent communicates to the company the value of the parameter that activates the coverage or within eight (8) calendar days following the date of claim notification.
    23.2 Companies must consider the payment of parametric insurance claims as a prioritized service in the business impact analysis and include it in the design of their business continuity strategy, in accordance with the provisions of the Business Continuity Management Regulations, approved by SBS Resolution N° 877-2020 and its amendments; in order to ensure compliance with the deadlines provided in the previous paragraph.
    23.3 When one or more insured events simultaneously activate the coverage of more than one parametric insurance policy over the same geographical area and/or over the same insured risks, each of said insurance policies must make the corresponding payment, in accordance with the parameter, threshold, and other conditions established in each policy.
    23.4 In the event that the same geographical area is covered by traditional insurance and parametric insurance, the payment for each coverage must be made in accordance with the conditions established in each insurance contract.
    23.5 Companies must implement the necessary mechanisms to allow payments, after validation of the activation of insurance coverage, to be made massively among the beneficiaries of the insurance involving the same parameter and threshold.
    23.6 Companies must keep updated the account number information of the insured and/or beneficiary in a financial system company or electronic money issuer. Likewise, they must request contact details such as email and phone number, in order to guarantee the adequate and timely payment. In case such information is not available, the payment will be made to the account stated in the policy.
    CHAPTER VII
    TECHNICAL RESERVES
    Article 24.- Constitution of Technical Reserves
    24.1 Companies that commercialize parametric insurance must constitute unearned premium reserves, the deferred premium reserve (if applicable), for 100% of the retained premium, which must be maintained in full until the extinction of the covered risk.
    24.2 Companies must constitute technical claims reserves, as well as the catastrophic risk reserve, in accordance with the current regulations issued on the matter by this Superintendency.
    24.3 If the regulatory methodology for technical reserves is not applicable, companies must use their own methodology, with prior authorization from this Superintendency, in accordance with the provisions of Article 5 of the Unearned Premium Reserve Regulations, Article 5 of the Technical Claims Reserve Regulations, or Article 5 of the Catastrophic Risk Reserve Regulations, as applicable.
    24.4 Companies must evaluate the reasonableness of the technical reserves constituted in accordance with the provisions of Article 11 of the Actuarial Management Regulations.
    CHAPTER VIII
    CESSION TO REINSURANCE
    Article 25.- Cession to the Reinsurance Market
    Companies may subscribe to reinsurance contracts for parametric insurance policies, provided that the contracts consider substantially consistent conditions and without material mismatches that prevent recognizing an effective transfer of the insured risk. Otherwise, such reinsurance contracts are not considered risk transfer instruments for regulatory purposes. Companies must specifically detail the contracting of reinsurance for the parametric insurance portfolio in the Annual Reinsurance Plan, in accordance with the Regulations for the Contracting and Management of Reinsurance and Coinsurance.
    CHAPTER IX
    INFORMATION TO THE SUPERINTENDENCY
    Article 26.- Information to be Submitted to the Superintendency
    26.1 Companies must submit, on a quarterly basis, within 15 calendar days after the end of each quarter, the information required in Annex N° ES – 37 “Information on Parametric Insurance Policies”, which contains information on parametric products registered with the Superintendency, and other insurance products registered with active coverage before the entry into force of these Regulations that comply with the conditions indicated in Articles 3 and 4.
    26.2 The aforementioned annex contains fields such as: risk, registration code, commercial name of the product, policyholder's company name, contract type, start date of validity, end date of validity, ubigeo, parameter name, threshold or trigger, data provider agent, calculation agent, amount of the insured sum, number of policies, number of certificates, and insurance premium; it forms part of these Regulations and is published on the institutional portal of the Superintendency (www.sbs.gob.pe), in accordance with Supreme Decree N° 009-2024-JUS and its amending regulations.
    FINAL PROVISIONS
    SOLE.- Adaptation of parametric insurance policies commercialized prior to the entry into force of the Regulations Companies have a period of one hundred eighty (180) calendar days, counted from the entry into force of these Regulations, to adapt the models of parametric insurance policies registered in the Insurance Policy Registry, if applicable.”
    Article Second.- Amend the Regulations on the Commercialization of Insurance Products, approved by SBS Resolution N° 1121-2017 and its amendments, as indicated below:
12. Include in Article 2 “Definitions” of Chapter I “General Provisions” literal s), according to the following text:
    “s) Parametric Insurance: in accordance with the definition in Article 3 of the Parametric Insurance Regulations, approved by SBS Resolution N° 02260 -2026.”
13. Amend the first two paragraphs of Article 5 “Training” of Chapter I “General Provisions”, according to the following text:
    “Companies must provide due training in the different commercialization modalities they establish regarding the applicable regulatory framework for market conduct and consumer protection, as well as general aspects of the products, in order to provide adequate and effective disclosure of information to potential policyholders and/or insureds about the characteristics and conditions of the products they are promoting or offering. In this regard, companies must implement training programs consistent with the nature of each commercialization modality, taking into account, at a minimum, the following aspects regarding the products:
    a) Main coverages, benefits, and exclusions of the products commercialized through the commercialization modalities. b) Procedures regarding the right of repentance, its execution, and consequences. c) Procedures regarding premium payment and the effects of non-compliance (suspension of coverage, contract termination, and contract extinction). d) Procedures for requesting policy coverage due to the occurrence of a claim. e) Procedures and deadline for the payment of the indemnity or benefit established in the policy. f) Procedure for handling requirements and complaints; as well as programs for adequate user attention. For parametric insurance, companies must include in their training programs, at a minimum, the following topics:
    a) Definition of parametric insurance and its main differences from traditional indemnity insurance. b) Explanation of basis risk, including possible discrepancies between actual losses and automatic payments derived from the activation of parametric insurance. c) Description of the functioning of the parameters used and the thresholds that trigger and determine payment. d) Detail of the automatic payment mechanism, activation conditions, and claim notification and payment times. e) Other aspects that impact the understanding of the product by potential policyholders and/or insureds; such as limitations of parametric insurance, critical assumptions used in its design, excluded events, and possible sources of controversy or misunderstandings in payment activation. (…)
14. Amend the third paragraph of Article 14 “Commercializers” of Chapter III “Commercialization through Commercializers”, according to the following text:
    “Through bancassurance, companies may promote, offer, and commercialize insurance products for the following risks included in literal b) of Article 6 of these Regulations: mortgage life, home, fire and allied lines, earthquake, theft and/or assault, agricultural, livestock, miscellaneous, multi-insurance, vehicle, SOAT, funeral, life insurance, as well as personal accident and medical assistance. Likewise, all-risk contractor insurance, machinery breakdown, all-risk erection, all-risk contractor's equipment, electronic equipment insurance may be commercialized, only when these are related to financial products. The commercialization of parametric insurance is also permitted in accordance with the provisions of the Parametric Insurance Regulations, approved by SBS Resolution N° 02260 -2026.”
15. Incorporate into Article 16 “Obligations applicable to sales through commercializers” of Chapter III “Commercialization through Commercializers”, literal n), according to the following text:
    “n) Commercializers of parametric insurance must have product guides, in accordance with Article 19 of the Parametric Insurance Regulations, that sufficiently explain the functioning of parametric insurance, its activation, and its limitations.”
16. Incorporate into Article 23 “Minimum information for insurance promotion” of Chapter IV “Commercialization through the use of distance systems” literal i), according to the following text:
    “i) In the case of parametric insurance, the insured event, coverage area, parameter, data provider agencies, threshold or trigger, and illustrative examples of the functioning and activation of insurance coverage.”
    Article Third.- Include numeral 24) in section II “Insurance and/or Reinsurance Companies” of the Annex “Scheduled Activities” of the Internal Audit Regulations, approved by SBS Resolution N° 11699-2008 and its amending regulations, according to the following:
    “(24) Evaluation of the following aspects of parametric insurance regulations:
    a) Compliance with the characteristics established by the Superintendency regarding products registered as parametric insurance. b) Compliance with the procedures carried out for the commercialization, monitoring, and verification of the parameter, as well as for the determination of parametric insurance claims. c) Evaluation of the technical capacity of the calculation agent and the fulfillment of the functions assigned to it.”
    Article Fourth.- This Resolution enters into force the day after its publication in the official gazette El Peruano.
    Register, communicate, and publish.
    SERGIO JAVIER ESPINOSA CHIROQUE
    SUPERINTENDENT OF BANKING, INSURANCE AND AFPS