Resolution SBS No. 00277-2021 was published in the Official Gazette “El Peruano” amending the Regulation on the Marketing of Insurance Products (Resolution SBS No. 1121-2017), the Regulation of Supervision and Control of Insurance Brokers and Auxiliary Insurance Companies (SBS Resolution No. 809-2019) and the Regulation of Market Conduct Management of the Insurance System (Resolution SBS No. 4143-2019).
The above in order to promote the use of remote insurance marketing systems and thus avoid physical contact to reduce the risk of contagion of Covid-19.
In this sense, the regulation contemplates, among others, the following amendments:
1. The products that may be provided through bancassurance are specified (tax relief, household, fire and allied lines, earthquake, robbery and/or assault, agricultural, livestock, miscellaneous, multi-insurance, vehicle, SOAT, burial, life insurance, as well as personal injury and medical care. Also, all risk insurance contractors, machinery breakage, all risk assembly, all risk contractors’ equipment, electronic equipment, only when these are related to financial products). Also, the products that may not be promoted, offered or marketed through marketers are determined.
2. The information to be provided by marketers to potential contractors/policyholders through remote marketing systems is regulated, as well as the duty to keep and safeguard the information provided to these potential contractors/policyholders, among others.
3. On the other hand, insurance brokers are now obliged to use methods to verify the identity of contracting parties and/or insured parties, in accordance with the provisions of the Regulation of Market Conduct Management. In addition, express mention is made of the possibility of marketing insurance through social networks and price comparison systems.
4. In addition, the Regulation of Supervision and Control of Insurance Brokers and Auxiliary Insurance Companies is amended to expressly state that brokers must timely process the transfer of the insurance policy or the insurance certificate, as appropriate, so that within fifteen (15) days after the acceptance of the insurance by the insurer, the insurer complies in sending it through physical or electronic means.
For further information, please contact Guillermo Puelles (gpueslles@estudiordodrigo.com) and/or Sabrina Montoya (smontoya@estudiorodrigo.com).
