Governance, Risk and Compliance - The Peruvian Insurance Industry

Governance, Risk and Compliance - The Peruvian Insurance Industry

  • April 2019 •
  • 62 pages •
  • Report ID: 3299960 •
  • Format: PDF
Governance, Risk and Compliance - The Peruvian Insurance Industry

Summary
The Superintendent of Bank and Insurance (Superintendencia de Banca, Seguros y AFP ? SBS) is the government authority for supervising and regulating insurance and reinsurance businesses in Peru. It was established as a public institution in accordance with the Constitution of Peru to regulate the financial, insurance, and private pension systems in Peru.

The regulatory functions and powers of the SBS are stipulated in the General Law of the Financial and Insurance Systems and Organic Law of the Superintendent of Banking and Insurance or Law No. 26702. In order to implement a risk-based supervisory regime in line with international standards, the SBS is in the process of developing tighter risk management regulations covering the insurance and private pension industries.

Key Findings
- The SBS regulates and supervises the insurance industry in Peru
- Composite insurers are permitted in Peru
- 100% foreign direct investment is allowed in the Peruvian insurance industry
- Third-party liability insurance for public transport vehicles, motor third-party liability, aviation liability and workmen’s compensation insurance are some of the compulsory classes of insurance
- Non-admitted insurance is not permitted in the Peruvian insurance industry

The report "Governance, Risk and Compliance - The Peruvian Insurance Industry", is the result of extensive research into the insurance regulatory framework in the Peru.It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance.

The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides -
- An overview of the insurance regulatory framework in the Peru
- The latest key changes, and changes expected in the country’s insurance regulatory framework
- Key regulations and market practices related to different types of insurance product in the country
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the Peru
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
- Details of the tax and legal systems in the country.

Scope
- The report covers details of the insurance regulatory framework in the Peru.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to buy
- Gain insights into the insurance regulatory framework in the Peru.
- Track the latest regulatory changes, and expected changes impacting the Peruvian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
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