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Peruvian regulator presents new standards for insurance processes, investments

Peruvian banking and insurance regulator SBS released new standards that aim to simplify processes and increase investment alternatives for insurance companies.

In a statement, the SBS said it will allow investments made by insurance companies in double-currency fixed-exchange financial instruments and structured securities with protected capital that meet certain eligibility requirements. This measure will enable insurers to rely on other alternatives to improve their portfolios' diversification and profitability while maintaining a limited risk level, the regulator said.

The new standards also aim to expedite the process of obtaining approval for a new type of instrument or asset by allowing an insurance company to submit a single request for the same group or type of instruments or operations, instead of submitting separated requests.

In addition, the SBS introduced new criteria for the evaluation of insurers' investment risks, especially in real estate. These include requiring complementary aspects to be carried out by the insurer's risk unit, such as monitoring the management and valuation of properties and early warning of risks associated with the investments.

The regulator added that newly added criteria will better identify exposures from transferring investments in real estate through lease, usufruct or other similar contracts.