Lima, 7 November 2007

S.B.S. Resolution No. 1597 -2007

The Superintendent of Banking, Insurance and
Private Administrators of Pension Funds

WHEREAS:

That, by means of SBS Resolution No. 1041-2007, the Operating Regulations for the Informed Free Disaffiliation and Special Early Retirement Regime of the Private Pension Fund Administration System, hereinafter SPP, was approved, which establishes the applicable procedures with respect to the treatment provided by Law No. 28991 and its Regulations approved by Supreme Decree No. 063-2007-EF;

That, on the basis of the evaluations and supervision work carried out, it is necessary to establish provisions that make the disaffiliation process more efficient;

In accordance with the opinion of the Deputy Superintendencies of Private Pension Fund Administrators and of Legal Counsel; and,

In use of the powers conferred by numeral 9 of article 349 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 amendments, subsection d) of article 57 of the Single Ordered Text of the Law of the Private Pension Fund Administration System, approved by Supreme Decree No. 054-97-EF;

RESOLVES:

Article One. Reduction of deadlines in the generation of the SPP Situation Report by the AFP.- To amend the last paragraph of numeral 1.4 of article 5 of the Operating Regulations, in the following terms:

“The AFP must provide the member with a written report of the RESIT-SPP, within the deadline provided in this numeral. In this sense, if the member does not agree with the RESIT-SPP, they may request its review, attaching for this purpose the evidence supporting their request, within a period no greater than fifteen (15) days counted from the receipt of the aforementioned information. In such circumstance, the AFP must notify the ONP on the third business day of the week following that of the filing of the claim, regarding the referred fact and shall have a maximum period of ten (10) days from receipt of the review request in order to make available to the member a new RESIT-SPP, considering the result of the requested review. In those cases in which the member has not made any transfer throughout their pension trajectory, the AFP must issue the RESIT-SPP within a period no greater than five (5) days from receipt of Section II of the application. A similar period shall apply in those cases in which the members file a claim.”

Article Two. Simplification of the procedure in case of conformity of the RESIT-SPP.- To amend numeral 1.5 of article 5 of the Operating Regulations, in the following terms:

“1.5 The AFP shall send the ONP the RESIT-SPP, within five (5) days of receipt of the conformity to said report by the member –under the conditions established by the Superintendency– or of the expiration of the period to file a claim regarding the referred document, so that the process of evaluation of the member's application may be completed and it may determine whether the member meets the requirements that will allow them to disaffiliate, as well as for the determination of the contribution differential and the estimated pension value in the SNP.”

Article Three. Reduction of the deadline for issuance of the RESIT-SNP by the ONP.- To amend numeral 2.1 of article 5 of the Operating Regulations, in the following terms:

“2.1 The ONP, once the file referred to in subsection i) of numeral 1.4 is received, shall proceed to carry out the verification tasks related to the contributions made by the member within the SNP. Likewise, said entity shall have a maximum period of thirty (30) days counted from the receipt of the RESIT-SPP, delivered by the AFP, in order to evaluate and rule on the application. Said period shall be twenty (20) days counted from the receipt of the RESIT-SPP in those cases in which the member has substantiated their contributions based on obtaining the Recognition Bond.”

Article Four. Reduction of the deadline in the issuance of the disaffiliation resolution.- To amend numeral 5.2 of article 5 of the Operating Regulations, in the following terms:

5.2 The SBS, once the documentation referred to in the previous numeral is received, issues the corresponding SPP Disaffiliation Resolution, notifying it to the AFP. The issuance of the resolution and its respective notification must not exceed fifteen (15) days counted from the receipt of the information noted in numeral 5.1.

Article Five. Entry into force.- This resolution shall enter into force as of the day following its publication in the Official Gazette “El Peruano”.

Final and Transitory Provisions

Sole. Complementary provisions related to information and attention to members.- The Superintendency, by means of a general provision, shall establish the regulations that allow: 1) strengthening the transparency mechanisms in the

information to members who request access to the SPP disaffiliation procedure, so that they may exercise their right within a framework of reasonable protection; and 2) improving the mechanisms of attention to members who request to avail themselves of the provisions of Law No. 28991.

Register, communicate and publish.

FELIPE TAM FOX
Superintendent of Banking, Insurance and
Private Administrators of Pension Funds