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Report: Peruvian insurance law reform could reduce coverage for clients, expert warns

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Report: Peruvian insurance law reform could reduce coverage for clients, expert warns

A proposedchange in Peru's insurance law, which would incorporate the concept of "largerisk," could negatively impact some insurance companies' clients, includingprivate and state entities, by reducing their coverage, El Comercio reported May 3, citing insurance expert Luis Meza.

Underthe reform, which will be debated in congress, Peru's insurance regulator SBS wouldbe responsible for establishing the criteria to identify those companies consideredto be a large risk.

However,Meza said that in reality the reform would reduce the legal rights of insured clients.For example, insurers could take more time to pay claims and offer policies thatreduce substantially the amount of any potential claims if the client has even asmall degree of responsibility for damages, the report said.

In addition,the insurer would set the rules for interpreting their policies and any error inthe claim declaration, however small, could void the client´s rights, the reportsaid.