Peru SBS financial and insurance regulatory updates

The Superintendency of Banking, Insurance, and AFP (SBS) has implemented several regulatory changes to expand service offerings and refine due diligence processes in Peru.

In late October, the SBS incorporated four types of agricultural insurance, including catastrophic, yield, plantation, and direct damage insurance, as well as livestock insurance, into a simplified due diligence regime. This measure aims to align the legal framework with international standards for combating money laundering and terrorism financing, noting that these products, which are subsidized by Fogasa, present a low risk level.

By early November, the SBS issued new regulations allowing pension fund administrators (AFPs) to facilitate the contracting of insurance policies from insurance companies. Similarly, insurance companies were permitted to market third-party financial products, such as banking services and mutual fund distributions. While investment banks and bancaseguros also received an expanded list of sellable insurance products, the regulation maintains a prohibition on the commercialization of crypto-assets or virtual assets through these channels without specific SBS authorization.