Alert
Insurance and Reinsurance Alert - October 2026
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October 30, 2026
Regulatory Alert – SBS Resolution No. 02580-2026
The Superintendence of Banking and Insurance issued SBS Resolution No. 02580-2026, approving the regulation establishing the guidelines applicable to insurance products included in the simplified customer due diligence regime provided for in Article 31 of the Regulations for the Management of Money Laundering and Terrorist Financing Risks, approved by SBS Resolution No. 2660-2015. These guidelines apply to insurance companies covered by Article 16(d) of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance, Law No. 26702.
Key additions:
- Inclusion of subsidized agricultural insurance: The simplified regime is extended to catastrophe agricultural insurance, yield insurance, plantation insurance, direct damage insurance, and livestock insurance, provided that such products are subsidized by the Agricultural Guarantee and Insurance Fund (FOGASA), under the Ministry of Agrarian Development and Irrigation (MIDAGRI), taking into account their low exposure to money laundering and terrorist financing (ML/TF) risks.
- Inclusion of insurance products linked to credit transactions: Insurance products associated with credit transactions and offered through bancassurance arrangements are included in the simplified regime, provided that the financial system entity is designated as the beneficiary under the insurance policy.
- Possibility of including other insurance products: Insurance companies may request authorization from the SBS to include in the simplified customer due diligence regime insurance products other than those expressly covered by the regulation.
- Application of other customer due diligence regimes: Insurance companies must apply customer due diligence regimes other than the simplified regime whenever they identify higher ML/TF risks, thereby maintaining the application of measures proportionate to the level of risk identified.
- Entry into force and repeal of previous regulations: The Resolution entered into force on October 30, 2026, and repeals Circular No. S-661-2016, which governed insurance products subject to the simplified customer due diligence regime.