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  4. > Governance, Risk and Compliance – The Peruvian Insurance Industry

Synopsis
Timetric’s 'Governance, Risk and Compliance – The Peruvian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in 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 Timetric’s 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.

Summary
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Peru, including:

- An overview of the insurance regulatory framework in 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 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 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 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.

Key Highlights
- The Peruvian insurance industry is regulated by the Superintendent of Bank and Insurance.

- The Peruvian insurance industry is governed by the provision of the General Law of the Financial and Insurance Systems and Organic Law of the Superintendence of Banking and Insurance – the Law No. 26702.

- The Peruvian government permits up to 100% foreign direct investment in the insurance industry.

- Third-party liability insurance for public transport vehicles, motor third-party liability, aviation liability and workmen’s compensation insurance are compulsory classes of insurance.

- Non-admitted insurers and intermediaries are not permitted in the Peruvian insurance industry, with a few exceptions.


Table Of Contents

Governance, Risk and Compliance - The Peruvian Insurance Industry
Table of Contents
1 Introduction
1.1 What is this Report About?
1.2 Definitions
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
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 Insurance for risky work
2.4.4 Group life insurance for all employees with more than four years service
2.4.5 Aviation liability
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
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Superintendent of Bank and Insurance
2.5.3 Peruvian Association of Insurance (LA Asociación 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 Types of insurance organization
2.7.2 Establishing a domestic 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 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric'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 for Aircraft Third-Party Liability Per Accident Per Aircraft
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 2016


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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