SBS Resolution No. 1624-2022: Amending the Regulations on Special Regimes and Liquidation of Financial System and Insurance System Companies

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

Lima, May 16, 2022

SBS RESOLUTION
No. 01624-2022

The Superintendent of Banks, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, by means of SBS Resolution No. 455-99 and its amendments, the Regulations on Special Regimes and Liquidation of Companies of the Financial System and of the Insurance System were approved, which apply to companies of the financial system and of the insurance system that are subject, as the case may be, to supervision or intervention regimes or to a liquidation process;

That, by means of Legislative Decree No. 1531, articles 95, 103 and 114 of the General Law of the Financial System and of the Insurance System and Organic Law of the Superintendence of Banking and Insurance – Law No. 26702 and its amendments (hereinafter, General Law) are modified, establishing that the supervision regime, the intervention regime, as well as the dissolution and liquidation contemplated in the General Law, are applicable to companies of the financial system authorized to accept public deposits, to the companies referred to in article 7 of the General Law, and to companies of the insurance system;

That, likewise, by means of Legislative Decree No. 1531, the existence of companies without physical service offices is facilitated;

That, in that sense, it is necessary to modify the Regulations on Special Regimes and Liquidation of Companies of the Financial System and of the Insurance System, to establish that said Regulations apply to companies of the financial system authorized to accept public deposits, to the companies referred to in article 7 of the General Law and to companies of the insurance system;

That, it is also necessary to eliminate references in the Regulations on Special Regimes and Liquidation of Companies of the Financial System and of the Insurance System to publications that are carried out physically in the premises of the companies, since there may be cases of companies that operate without physical service offices;

Having the approval of the Adjunct Superintendencies of Banking and Microfinance, Insurance and Legal Advice; and,

In exercise of the powers conferred by items 7 and 9 of article 349 of the General Law, and based on the exceptional conditions established in article 14 of Supreme Decree No. 001-2009-JUS and its amendments;

RESOLVES:

First Article.- Substitute article 1°, items 7 and 15 of article 2°, the first paragraph of article 23°, the second paragraph of article 25°, the heading and item 10 of article 27° and second paragraph of article 32° of the Regulations on Special Regimes and Liquidation of Companies of the Financial System and of the Insurance System approved by SBS Resolution No. 455-99 and its amendments, and incorporate the Ninth Final Provision, as indicated below:

“Article 1°.- Scope
The rules of these Regulations are applicable to the companies included in item A of article 16 of the General Law authorized to accept public deposits, to the companies referred to in article 7 of the General Law and to companies of the insurance system, that are subject, as the case may be, to supervision or intervention regimes or to a liquidation process. Financial system companies not included in the previous paragraph are governed by what is established in the Ninth Final Provision.

Article 2°.- Definitions
For the purposes of this Resolution, the following terms are considered:
(…)
7. Companies: Companies included in item A of article 16 of the General Law authorized to accept public deposits, companies referred to in article 7 of the General Law and companies of the insurance system.
(…)
15. Liquidator: Is the natural or legal person in charge of conducting the liquidation process of a company included in item A of article 16 of the General Law authorized to accept public deposits, of a company referred to in article 7 of the General Law or of a company of the insurance system, by virtue of what is established in article 115° of the General Law. Hereinafter, any reference to the “liquidating legal person” or “liquidating company” in the Regulations is understood to be made to the Liquidator.

Article 23°.- Call for Creditors
Once the list of creditors referred to in item 7 of article 21° of these Regulations has been prepared, the representatives must display it so that it is accessible to the public. Likewise, the call to interested parties to verify the lists displayed by the company must be published two (2) times, with three (3) calendar days interval between each notice, in the official newspaper, and in one of the highest national circulation or by radio or television broadcasting. (…)

Article 25°.- Final Lists
(…)
The list must be published so that it is accessible to the public. The corresponding notices must be made in the manner indicated in the first paragraph of article 23°. The list must remain published until the payment of the company's obligations, or until its extinction is declared.

Article 27°.- Obligations of the Liquidating Company
The following are the obligations of the liquidating legal person:
(…)
10. To submit the Rehabilitation Plan to the consideration of the company's creditors if it has been approved by the Superintendence, in accordance with article 126° of the General Law. In the case of companies included in item A of article 16° of the General Law authorized to accept public deposits, prior opinion from the Central Reserve Bank is required.
(…)

Article 32°.- Approval of the Rehabilitation Plan by the Superintendence
(…)
If the Superintendence considers the implementation of the Plan feasible, it will send it with the corresponding report to the Central Reserve Bank for its opinion, when it concerns companies included in item A of article 16° of the General Law authorized to accept public deposits.

“NINTH- Companies not authorized to accept public deposits Financial system companies not authorized to accept public deposits are subject to the causes of revocation referred to in articles 28 and 28-A of the General Law, within the framework of what is stipulated in the Single Text of the General Administrative Procedure Law, approved by D.S. No. 004-2019-JUS. Likewise, they are subject to submission to a regime of voluntary dissolution and liquidation, in accordance with current legislation.

Second Article.- This resolution enters into force the day after its publication in the Official Newspaper El Peruano.

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

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MARIA DEL SOCORRO HEYSSEN ZEGARRA
SUPERINTENDENT OF BANKING, INSURANCE AND AFP