Peru’s insurance regulator, the Superintendencia de Banca, Seguros y AFP (“SBS”), recently announced that it has completed its drafting of new proposed regulations regarding microinsurance, which will now be opened for comment. Armando Caceres, the Adjunct Superintendent of Insurance, reportedly stated that “the intention [the project] is to generate a more flexible regulatory structure that permits the spreading of group risks, for example, by the general public without cost restrictions.”
Among other things, the new regulations remove maximum costs restrictions for microinsurance and permit additional modes of distribution for microinsurance products. It is hoped that the new regulations will result in more Peruvians purchasing microinsurance beyond the 600,000 that already have such policies.
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