Insurance and Reinsurance Alert - October 2026
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Amendments to the Regime Governing Disability, Survivorship, and Burial Expense Insurance in the Private Pension System
SBS Resolution No. 02471-2026
Published in the Official Gazette El Peruano on October 10, 2026
1. Regulatory Background
Law No. 32123, the Law on the Modernization of the Peruvian Pension System, established that the Private Pension System is administered by Fund Management Companies (Empresas Administradoras de Fondos), a category that includes Private Pension Fund Administrators and certain financial system companies, among them insurance companies.
The Regulation of that law, approved by Supreme Decree No. 189-2025-EF, provided that insurance companies operating as Fund Management Companies that decide to participate as bidders in the tender for the pension insurance must refrain from taking part in the organization of that process. It also entrusted the Superintendency with determining the scope of such abstention.
Furthermore, the Superintendency noted that the maximum period for granting preliminary pensions under Article 64-A was not consistent with the actual duration of judicial proceedings in labor and pension matters. This caused insurance companies to settle the additional contribution while the dispute was still pending final judicial resolution.
2. Provisions of the Prior Regulation
- Article 64-A: Payment of the preliminary pension ceased, among other circumstances, upon the expiration of a period of forty-eight months, counted from the month following the insurance company’s response regarding coverage.
- Article 249: It did not specify what the duty of abstention in the organization of the tender entailed.
- Article 250: It did not require that documentation on the management of conflicts of interest during the tender be retained.
- Article 260: It did not clarify whether the contract was binding on Fund Management Companies that had not participated in the organization of the process.
- Article 262: The minimum content of the contract did not include segregation or confidentiality obligations regarding information.
3. Provisions of the Current Regulation
- Article 64-A: The maximum period for the preliminary pension is extended to seventy-two months. The other two grounds for termination remain unchanged: notification of a final and binding (consentido o ejecutoriado) judicial ruling, and the lapse of twelve months without the insurance company having evidenced that it has initiated the corresponding judicial actions.
- Article 249: Abstention consists of not serving on the Awarding Committee and not participating in the preparation of the tender Terms and Conditions (Bases).
- Article 250, subsection a.4): Every decision or action of the Awarding Committee and of the entities administering the pension insurance must be duly substantiated, give priority to the pension-related interests of members and beneficiaries, and ensure the suitability, efficiency, and quality of the service. The grounds for the decisions and actions of the Awarding Committee and the entities administering the pension insurance must be made available to the Superintendency.
- Article 250, subsection a.8), new: Fund Management Companies and the Awarding Committee must retain sufficient documentation evidencing the identification, assessment, and management of conflicts of interest arising during the tender.
- Article 260: Execution of the contract extends to all Fund Management Companies, including those that did not participate in the organization of the process or in the Awarding Committee.
- Article 262, subsection r), new: Fund Management Companies and awarded insurance companies must implement functional and information segregation mechanisms, access controls, traceability records, and confidentiality measures. The purpose is to ensure that information obtained in the administration of the pension insurance is used solely for the performance of the contract.
Entry into Force
The resolution has been in force since October 11, 2026, the day following its publication.