The monthly premium charged by microinsurance in the local insurance market may not exceed 0.6% of the Tax Tax Unit (UIT), or about S/30.90 in 2024, reported the Superintendency of Banking, Insurance and AFP (SBS). ).
SBS Resolution No. 01438-2024 modifies the microinsurance policy regulations, established by SBS Resolution No. 2829-2016, to update and incorporate international best practices into the system.
Until before the modification published this Monday the 22nd in the Official Gazette El Peruano, The monthly premium for microinsurance could not exceed 2% of the Minimum Living Remuneration (RMV), that is, S/20.50 as long as it is not increased by the Ministry of Labor and Employment Promotion (MTPE).
“The UIT has been established as the reference base variable for the maximum premium to be charged for microinsurance because, unlike the RMV, it better reflects the economic situation of the country, according to the information published by the Ministry of Economy and Finance (MEF)”, he points out.
In addition, the superintendency explains that the ITU, which is updated year after year, is a less volatile variable “compared to the Consumer Price Index (CPI).”
In the case of the marketer, electronic money issuing companies are included as marketers, which will be added to the multiple operations entities (bancassurance).
SBS: insurers may terminate contracts without consultation
Another important modification is the incorporation of the “resolution without expression of cause” clause. Thus, it is established that, With the exception of life and health insurance, either party has the right to terminate the contract without giving cause.
“If the company exercises the power to terminate the contract, it must notify the insured and/or contracting party in advance, no less than 30 days in advance,” the institution clarifies.
In the event that the insured and/or contracting party requests termination of the contract, they must be informed of their right to request a refund of the premium based on the unexpired period, when applicable.
Finally, the content of the information report Regarding these products, which must be reported semiannually, and not annually, as was established.
SBS: what is microinsurance?
SBS explains that microinsurance are simple and easily accessible products, which are not subject to prior evaluation in relation to insurable people and/or assets, such as mass insurance, but whose main difference is that they are insurance focused on protection needs of low-income people and microentrepreneurs.
“In such a way that these products generate value for users by becoming a useful tool to improve the management of personal and/or property risks to which they are exposed. To do this, they have simple procedures for handling accidents and claims in shorter terms than those applied to traditional insurance, among others,” says the superintendency.
Source: Larepublica
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