On June 4, 2023, Law Nº 31763 was published in the Official Gazette El Peruano, which amends paragraph 88.1 of Article 88 of Law No. 29571, Consumer Protection and Defense Code (“the Code”).
Specifically, through the referred amendment, it is established that the entities of the financial and insurance system, in all their offices in the Republic, must resolve the claims within a term no longer than fifteen (15) fifteen working days. However, it is also established that the Superintendence of Banking, Insurance and Pension Fund Administrators of Peru (“SBS”) may exceptionally extend this term, when the nature and complexity of the operation, product or service that is the subject of the claim or requirement justifies it. This must be made known to the consumer before the expiration of the initial term and does not limit the consumer’s right to appeal directly to the Consumer Authority.
Likewise, the SBS is granted a term of no more than thirty calendar days to issue the necessary complementary regulations, or adapt the existing ones, for the effective application of the amendment to the Code under comment.
With this regulatory change, the purpose of the Code is to standardize the terms of attention to claims of all types of products and services regulated by such regulatory body.
The modification provided by Law Nº 31763 will become effective in 60 working days, that is, on September 1, 2023.
