Lima, 17 July 2024

SBS Resolution No. 02538-2024 The Superintendent of Banking, Insurance and Private Pension Fund Administrators

WHEREAS:

That, Law No. 30822 amended 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 (General Law), replacing the Twenty-Fourth Final and Complementary Provision, referring to Savings and Credit Cooperatives Not Authorized to Raise Funds from the Public (Coopac);

That, numeral 8 of the aforementioned Final and Complementary Provision constitutes a Cooperative Deposit Insurance Fund exclusive to Coopac (FSDC), in whose numeral 8.6 the Superintendency of Banking, Insurance and Private Pension Fund Administrators is empowered to issue the Regulation of the Cooperative Deposit Insurance Fund (FSDC Regulation);

That, by SBS Resolution No. 5061-2018 and its amendments, the FSDC Regulation was approved, and by SBS Resolution No. 0158-2020 and its amendment, in accordance with the provisions of numeral 8.1 of the Twenty-Fourth Final and Complementary Provision of the General Law, the constitution of the FSDC was formalized as a legal person under private law whose main purpose is to protect those who make deposits in the Coopac under the scope established in the General Law and the FSDC Regulation;

That, numeral 8.2 of the Twenty-Fourth Final and Complementary Provision of the General Law establishes that all Coopac that receive deposits from their members and that are registered in the National Registry of Savings and Credit Cooperatives Not Authorized to Raise Funds from the Public and of the Central Entities are members of the FSDC; furthermore, it indicates that Coopac that join the FSDC, complying with the aforementioned requirements, must make contributions to it for twenty-four months, at minimum, so that the deposits of their members are backed;

That, numeral 4-B.4. of the Twenty-Fourth Final and Complementary Provision of the General Law indicates that, in the event that the lifting of the cause that gave rise to the declaration of intervention of a level 1 or 2 member Coopac does not occur, the FSDC proceeds to pay the covered deposits, subrogating itself into the legal position of the depositors, in accordance with what is established in the FSDC Regulation and taking into account the nature of the Coopac;

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That, however, in some cases, the dissolution of a level 1 or 2 Coopac may be declared directly, for causes other than the non-lifting of the cause that gave rise to the declaration of intervention of the entity, in accordance with the provisions of article 9 of the Regulation of Special Regimes and of the Liquidation of Savings and Credit Cooperatives Not Authorized to Raise Funds from the Public, approved by SBS Resolution No. 5076-2018 and its amendment;

That, considering that the FSDC is designed to protect the deposits of the members of all Coopac that comply with the requirements to be members, its coverage must also operate in cases of dissolution for causes other than the non-lifting of the cause that gave rise to the declaration of intervention of the entity;

That, in that sense, it is noted that numeral 1 of article 3, numeral 12.3 of article 12, literal a. of article 13 and numeral 18.1 of article 18 of the FSDC Regulation, as well as literal a) of article 5 and article 31 of the Statute of the Cooperative Deposit Insurance Fund, approved by SBS Resolution No. 0158-2020 and its amendment (FSDC Statute), establish the procedure and conditions for the payment of covered deposits only upon the declaration of intervention of a level 1 or 2 member Coopac, which is not consistent with the purpose of the FSDC contemplated in the General Law;

That, consequently, it is necessary to amend the aforementioned provisions of the FSDC Regulation and the FSDC Statute, in order to guarantee that the FSDC acts in accordance with its purpose established in numeral 8.1 of the Twenty-Fourth Final and Complementary Provision of the General Law;

That, on the other hand, by SBS Resolution No. 925-2024, the maximum deadlines for sending Annex No. 17-A "Deposit Control for Coopac of Levels 1, 2 and 3" and Annex No. 17-B "Control Sheet for Payment of Premiums to the Cooperative Deposit Insurance Fund for Coopac of Levels 1, 2 and 3" of the Accounting Manuals for Coopac, established in article 4 of the Operating Procedure for the Calculation and Payment of Premiums to the Cooperative Deposit Insurance Fund, approved by SBS Resolution No. 494-2020 and its amendments, were amended;

That, in accordance with the aforementioned recital, it is necessary to amend the maximum deadlines for sending Annexes No. 17-A and No. 17-B indicated in numeral 13-F.1 of article 13-F of the FSDC Regulation, in order to align them with the deadlines established in the Operating Procedure for the Calculation and Payment of Premiums to the Cooperative Deposit Insurance Fund and the Accounting Manuals for Coopac;

Having the prior technical report and positive feasibility of the norm of the Deputy Superintendency of Cooperatives and with the approval of the Deputy Superintendencies of Cooperatives and Legal Advice; and

In use of the powers conferred in numerals 7 and 9 of article 349 and numerals 4-A and 8 of the Twenty-Fourth Final and Complementary Provision of the General Law, and on the basis of the exception conditions provided in article 14 of Supreme Decree No. 001-2009-JUS and its amendments;

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RESOLVES:

Article One.- Amend numeral 1 of article 3, numeral 12.3 of article 12, literal a. of article 13, numeral 13-F.1 of article 13-F and numeral 18.1 of article 18 of the Regulation of the Cooperative Deposit Insurance Fund, approved by SBS Resolution No. 5061-2018 and its amendments, in accordance with the following:

"Article 3- Functions of the FSDC

The functions of the FSDC are the following:

1. Cover the deposits in favor of the members as soon as required by the Superintendency, upon the non-lifting of the cause that determined the intervention or the dissolution of a member Coopac of level 1 or 2, or declared dissolution and liquidation of a member Coopac of level 3, in accordance with the maximum coverage amount that is established. The payment of the deposits is made in equal amounts.

(…)

"Article 12- Deposits backed by the FSDC

(…)

12.3 If the member of a Coopac member of the FSDC, upon the non-lifting of the cause that determined the intervention or the dissolution of a member Coopac of level 1 or 2, or declared dissolution and liquidation of a member Coopac of level 3, were to maintain overdue obligations with said Coopac, the corresponding compensation shall be made for said obligations and only the balance that may result in its favor shall be credited to it."

"Article 13.- Deposits not covered by the FSDC

The FSDC does not cover deposits whose holders are:

a. Persons who during the two (2) years prior to the non-lifting of the cause that determined the intervention or the dissolution of a member Coopac of level 1 or 2, or to the declared dissolution and liquidation of a member Coopac of level 3, had served as directors or managers thereof.

(…)

"Article 13-F.- Reports

13-F.1 The member Coopac must simultaneously submit to the Superintendency and to the FSDC Annexes No. 17-A and 17-B of the Accounting Manual for the Coopac, in accordance with the following schedule:

Annex 17	Nomenclature	Periodicity
Annex No. 17-A	Deposit Control for Coopac of Levels 1, 2 and 3	Monthly (within twenty calendar days after the close of the respective month)
Annex No. 17-B	Premium Payment Control Sheet to the Cooperative Deposit Insurance Fund for Coopac of Levels 1, 2 and 3	Quarterly (within twenty calendar days after the close of the respective quarter)

(…)

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"Article 18.- List of covered insured

18.1 Upon declaration of the non-lifting of the cause that determined the intervention or upon declaration of the dissolution of a member Coopac of level 1 or 2, or the dissolution and liquidation of a member Coopac of level 3, the Superintendency shall ensure that, within a period no greater than sixty (60) calendar days, a list of the covered insured is prepared and submitted to the FSDC, indicating the amount to which their rights amount, discriminating principal and interest, which must be of a public nature. (…)

Article Two.- Amend literal a) of article 5 and article 31 of the Statute of the Cooperative Deposit Insurance Fund approved by SBS Resolution No. 0158-2020 and its amendment, in accordance with the following1:

"Article 5. Functions

The Fund has as functions, among others considered in the FSDC Regulation, the following:

a) Cover the deposits in favor of the members as soon as required by the Superintendency of Banking, Insurance and Private Pension Fund Administrators, considering for such purpose the provisions of article 12 of the FSDC Regulation, upon the non-lifting of the cause that determined the intervention or the dissolution of a member Coopac of level 1 or 2, or declared dissolution and liquidation of a member Coopac of level 3, in accordance with the maximum coverage amount established; provided that they have made contributions to the Fund for more than twenty-four (24) months.

(…)

"Article 31. Coverage of the Fund

Upon declaration of the non-lifting of the cause that determined the intervention or upon declaration of the dissolution of a member Coopac of level 1 or 2, or the dissolution and liquidation of a member Coopac of level 3, the Fund shall pay the insured deposits up to the limit permitted in accordance with the provisions of the FSDC Regulation and in accordance with the provisions issued by the Superintendency of Banking, Insurance and Private Pension Fund Administrators.

Article Three.- This Resolution enters into force on the day following its publication in the Official Gazette El Peruano.

Register, communicate and publish.

MARIA DEL SOCORRO HEYSEN ZEGARRA
Superintendent of Banking, Insurance and AFP

[1] Amended by Errata requested by Official Letter No. 45943-2024-SBS, published on 22 July 2024.