Lima, 03 July 2024

S.B.S. Resolution No. 2378-2024

The Superintendent of Banking, Insurance and Private Pension Fund Administrators

WHEREAS:

That, by SBS Resolution No. 3198-2013, the Regulation on the Payment of Premiums for Insurance Policies was approved, with the purpose of adapting the regulations to the provisions of the Insurance Contract Law - Law No. 29946, hereinafter LCS;

That articles 21 and 23 of the LCS regulate the possible scenarios that may arise from the failure to pay premiums, which are independent of each other by virtue of their effects: (i) Suspension of coverage, (ii) Suspension of coverage and termination of the contract, and (iii) Extinction of the contract;

That it is considered necessary to amend the articles of the Regulation on the Payment of Premiums for Insurance Policies, approved by SBS Resolution No. 3198-2013, in order to reiterate the clarifications made regarding the conditions under which the extinction of the insurance contract applies, as established in article 21 of the LCS;

That, in exercise of the powers of the Superintendency of Banking, Insurance and AFP, in accordance with the provisions of numeral 6 of article 349 of the General Law, it interprets the provisions of article 21 of the Insurance Contract Law;

That this Resolution is published on the basis of the exception conditions established in article 14 of Supreme Decree No. 001-2009-JUS and its amending norms;

With the approval of the Deputy Superintendencies of Insurance, Legal Affairs, and Market Conduct and Financial Inclusion; and,

In exercise of the powers conferred in numerals 7 and 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 amending norms;

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RESOLVES:

Article One.- To amend the Regulation on the Payment of Premiums for Insurance Policies, approved by SBS Resolution No. 3198-2013, as indicated below:

1. Replace literals a) and b) of article 6, as well as articles 7, 9 and 11 in accordance with the following text:

"Article 6.-Payment of premiums

The contracting parties of the policies must make the payment of premiums, subject to the following provisions:

a) When the parties agree on deferred payment, the companies may grant as a payment term up to thirty (30) days counted from the start of the policy's validity, an aspect that must be specified in the payment agreement signed by the contracting party. In case of non-compliance in the payment of the premium and provided that no additional term for payment has been agreed, articles 7, 8, 9 and 11 of this Regulation shall apply, as appropriate.

b) In the case of premium installments, within the first thirty (30) days of the insurance's validity, the contracting party must make an initial payment that cannot be less than the proportion corresponding to thirty (30) days of coverage calculated pro rata on the agreed premium. The other installments shall be paid in accordance with the facilities granted by the companies in the payment agreement. In case of non-compliance in the initial payment or any of the installments, and provided that no additional term for payment has been agreed according to the following subparagraph, articles 7, 8, 9 and 11 of this Regulation shall apply, as appropriate.

(…)

Article 7.-Suspension of coverage for non-payment

The non-payment established in the payment agreement causes the automatic suspension of the insurance coverage, once thirty (30) days have elapsed from the due date of the obligation, provided that no additional term for payment has been agreed.

For this purpose, before the expiration of the thirty (30) day term indicated in the preceding paragraph, the insurance company must communicate the suspension of coverage as a consequence of the non-payment of the premium. Likewise, it shall indicate the term available to the contracting party to pay the premium before the suspension of the insurance coverage.

The communication must be made in accordance with the provisions of articles 35 and 36 of the Regulation on Market Conduct Management of the Insurance System and must comply with the content indicated in article 8 of this Regulation.

The suspension of coverage is not applicable in cases where the contracting party has paid, proportionally, a premium equal to or greater than the elapsed period of the contract; or when the

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communication for the suspension has not occurred within thirty (30) days counted from the due date of the obligation.

Article 9.-Termination of the contract for non-payment

In case the insurance coverage is suspended due to non-compliance in the payment of premiums, the companies may opt for the termination of the contracts, not being responsible for claims occurring during the period in which the coverage is suspended.

The insurance contract shall be considered terminated within thirty (30) days counted from the day the contracting party receives a written communication from the company informing it of this decision, in accordance with articles 35 and 36 of the Regulation on Market Conduct Management of the Insurance System and must comply with the content indicated in article 10 of this Regulation.

Article 11.- Extinction of the contract

When the insured has not paid the premium within ninety (90) days following the expiration of the term established in the contract or payment agreement, and the company does not claim it, the insurance contract is extinguished without requiring prior suspension.

The termination of the insurance contract referred to in the preceding paragraph is equally applicable when the company has suspended the insurance coverage, in accordance with the provisions of article 7 of this Regulation and furthermore has not claimed payment of the premium.

The termination does not require communication on the part of the company, and the right to collect the accrued premium through the corresponding claim is maintained.

Claim is understood as the initiation of a judicial or arbitral process for the collection of premium payments, on the part of the company.”

Article Second.- This Resolution enters into force as of 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