Within the framework of the process of adaptation to the Law that protects consumers of financial services from usury (Law No. 31143), approved by Congress, the Superintendence of Banking, Insurance and AFP (SBS) published this week a project of resolution that modifies some norms referred to the sector insurance.
Among the main modifications, the mandatory use of a tariff as a mandatory mechanism for disseminating information is extended to all insurance products offered to users. Currently, this obligation is only applicable to mass insurance.
Among the information that the rate must have is the amount of the commercial premium, disaggregating the cost for each main coverage, additional coverage and assistance services. Also the costs for deductible, deductible, copay or coinsurance, as appropriate.
In case of offering installments of the commercial premium, the tariff must indicate the interest rate that applies and the amount for interest. In addition, the periodicity of the product (annual, monthly or other) must be specified.
“In case the intermediation of insurance brokers applies; or the commercialization of insurance through promoters, banking, insurance or another marketer, indicate the charge of the corresponding commission for each one. Likewise, detail the applicable taxes, the established percentage and, if applicable, the amount, ”says the document.
In this regard, María del Pilar Sánchez, specialist in financial regulation at the Rebaza Alcázar & De Las Casas law firm, stated that the use of the tariff was already mandatory in cases of mass insurance such as SOAT, but now it will be extended to non-mass insurance, such as life or credit insurance.
Another change will remove the insured’s obligation to give 30 days notice to terminate the policy without cause. But this period of anticipation of 30 days is maintained in case it is the company that wants to terminate the contract.
In the case of non-massive insurance, in case the contract is resolved, the company must proceed with the reimbursement of the premium based on the term not elapsed and within the return period agreed with the user.
The start of the calculation of the term for the return is calculated from the request for termination of the contract communicated by the user, underlines the draft standard.
Sánchez explained that the return will depend on the period of coverage of the premium. “For example, if it is a monthly coverage premium, a corresponding proportional amount will be returned from the day the application was submitted until the end of the month. Or if it is an annual premium, then it will be returned for all the months until the end of the year, ”he indicated.
On the other hand, it is also proposed to incorporate into the policy model registration regulation a 60-day response period from the SBS to the policy registration procedure, in the event that the policy model has previously approved minimum conditions, in by virtue of the use of general contracting clauses for the risk or branch applicable to the product. If this is not the case, the duration of the original procedure of 90 days is maintained.
The draft resolution will be available on the SBS portal (www.sbs.gob.pe) for comments and suggestions from representatives of the industry and the general public, until April 18.