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Market Research Report

Governance, Risk and Compliance - The Peruvian Insurance Industry

Published by GlobalData Product code 833093
Published Content info 62 Pages
Delivery time: 1-2 business days
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Governance, Risk and Compliance - The Peruvian Insurance Industry
Published: April 22, 2019 Content info: 62 Pages

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.


  • 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.
Table of Contents
Product Code: GDIS0089RR

Table of Contents

  • 1.1 What is this Report About?
  • 1.2 Definitions
  • 2.1 Legislation Overview and Historical Evolution
  • 2.2 Latest Changes in Regulation
  • 2.3 Legislation and Market Practice by Type of Insurance
    • 2.3.1 Life insurance
    • 2.3.2 Property insurance
    • 2.3.3 Motor insurance
    • 2.3.4 Liability insurance
    • 2.3.5 Marine, aviation and transit insurance
    • 2.3.6 Personal accident and health insurance
  • 2.4 Compulsory Insurance
    • 2.4.1 Third-party liability insurance for vehicles carrying dangerous goods
    • 2.4.2 Motor third-party liability insurance
    • 2.4.3 Complementary insurance for risky work
    • 2.4.4 Group life insurance for all employees with more than four years' service
    • 2.4.5 Aviation liability insurance
    • 2.4.6 Professional indemnity insurance for insurance and reinsurance brokers, and loss adjusters
    • 2.4.7 Liability insurance for ships with respect to oil pollution
    • 2.4.8 Clinical trials liability insurance
  • 2.5 Supervision and Control
    • 2.5.1 International Association of Insurance Supervisors
    • 2.5.2 Association of Insurance Supervisors Latin America
    • 2.5.3 Superintendent of Bank and Insurance
    • 2.5.4 Peruvian Association of Insurance (LA Asociacion Peruana de Empresas de Seguros - Apeseg)
  • 2.6 Non-Admitted Insurance Regulations
    • 2.6.1 Overview
    • 2.6.2 Intermediaries
    • 2.6.3 Market practices
    • 2.6.4 Fines and penalties
  • 2.7 Company Registration and Operations
    • 2.7.1 Type of insurance organization
    • 2.7.2 Establishing a local company
    • 2.7.3 Foreign ownership
    • 2.7.4 Types of license
    • 2.7.5 Capital requirements
    • 2.7.6 Solvency margins
    • 2.7.7 Reserve requirements
    • 2.7.8 Investment regulations
    • 2.7.9 Statutory return requirements
    • 2.7.10 Fee structure
  • 2.8 Taxation
    • 2.8.1 Insurance premium or policy taxation
    • 2.8.2 Withholding taxes on premium paid overseas
    • 2.8.3 Corporate tax
    • 2.8.4 VAT
    • 2.8.5 Captives
  • 2.9 Legal System
    • 2.9.1 Introduction
    • 2.9.2 Access to court
    • 2.9.3 Alternative dispute resolution
  • 3.1 Methodology
  • 3.2 Contact GlobalData
  • 3.3 About GlobalData
  • 3.4 GlobalData's Services
  • 3.5 Disclaimer

List of Tables

  • Table 1: Insurance Industry Definitions
  • Table 2: Peru - Insurance Regulatory Framework Key Features
  • Table 3: Peru - Life Insurance Regulatory Framework
  • Table 4: Peru - Property Insurance Regulatory Framework
  • Table 5: Peru - Motor Insurance Regulatory Framework
  • Table 6: Peru - Liability Insurance Regulatory Framework
  • Table 7: Peru - Minimum Cover Limit for Aviation Third-Party Liability Insurance
  • Table 8: Peru - Maximum Cover for Professional Indemnity Insurance for Insurance Brokers
  • Table 9: Peru - Investment Limits by Types of Assets
  • Table 10: Peru - Corporate Tax Rates for the Financial Year 2019

List of Figures

  • Figure 1: Peru - Insurance Supervision and Control at Various Levels
  • Figure 2: Peru - Insurance Regulatory Frameworks for Company Registration and Operation
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