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Insurance and reinsurance in Peru: SBS licensing and capital, buying cover abroad, foreign reinsurers, brokers, and the insurance contract law on premiums and claims

Last verified: 2026-10-28 · Status: Stable

Insurers and reinsurers in Peru are SBS licensed sociedades anónimas with base capital from S/ 2,712,000 for a single line insurer to S/ 9,491,000 for a combined insurer and reinsurer, indexed quarterly; residents may lawfully buy insurance and reinsurance abroad, and foreign reinsurers that cover Peruvian risks register with the SBS showing equity of at least US$10 million. Brokers, loss adjusters and surveyors need SBS registration, insurers may not pay claims above the agreed cover or block renewal of health policies for age after five years of continuous renewal, and fees and policy conditions are subject to SBS approval and disclosure. The insurance contract law suspends cover 30 days after a missed premium if the insurer gave notice, extinguishes the contract if the insurer does not claim the premium within 90 days, and requires claims to be paid within 30 days of acceptance, with default interest at 1.5 times the average lending rate.

USD figures use S/ 3.452 per US dollar, the banking system selling rate published by the Superintendencia de Banca, Seguros y AFP for 27 October 2026 as shown in the Banco Central de Reserva del Perú statistics series PD04640PD. Amounts the law sets in soles, UIT or dollars are quoted as written; the 2026 UIT is S/ 5,500 under Decreto Supremo Nº 301-2025-EF. Conversions are for orientation only.

Key facts

Insurance supervisor	SBS textLey 26702, as of 1996-12-09 · in force
Insurer minimum capital, one line (base, indexed)	2712000 PENLey 26702 art. 16 D, as of 1996-12-09 · in force
Insurer minimum capital, both lines (base, indexed)	3728000 PENLey 26702 art. 16 D, as of 1996-12-09 · in force
Local reinsurer minimum capital (base, indexed)	5763000 PENLey 26702 art. 16 D, as of 1996-12-09 · in force
Residents may buy insurance abroad	Yes textLey 26702 art. 10, as of 1996-12-09 · in force
Foreign reinsurer minimum equity for SBS register	10000000 USDLey 26702 art. 324, as of 2008-06-27 · in force
Claim payment deadline after acceptance	30 daysLey 29946 art. 74, as of 2012-11-27 · in force
Cover suspension after missed premium (with notice)	30 daysLey 29946 art. 21, as of 2012-11-27 · in force

The rule

1. Insurers need fully paid cash capital of at least: single line insurer (general or life) S/ 2,712,000; insurer operating both lines S/ 3,728,000; insurer and reinsurer S/ 9,491,000; reinsurer S/ 5,763,000. These are constant values updated quarterly under art. 18, and organization follows the same two stage SBS procedure as other supervised firms.
Cost to do it: Base capital S/ 2,712,000 (US$785,632) to S/ 9,491,000 (US$2,749,421).
Example: A foreign group entering Peruvian life and general insurance plans for at least S/ 3,728,000 of base capital before indexation. / In dollars the base floor runs from about US$785,632 to US$2,749,421.Ley Nº 26702 (published 9 December 1996), art. 16 literal D; art. 12 and art. 18, Art. 16 D, art. 12 and art. 18, 1996-12-09 official text · verified 2026-10-28

2. Residents in Peru may contract insurance and reinsurance abroad. Insurers may freely buy reinsurance in Peru or abroad under SBS rules, and the SBS sets the minimum share of catastrophic risks to be reinsured abroad.
Cost to do it: No license needed for the resident buyer; local tax and accounting treatment should be checked.
Example: A Peruvian mining company may place its property cover with a London insurer directly. / A global program covering a US$500 million Peruvian plant can be written offshore by the parent's insurer.Ley Nº 26702, art. 10 and art. 323, Art. 10 and art. 323, 1996-12-09 official text · verified 2026-10-28

3. The SBS keeps a register of foreign reinsurers and supervises their representatives. To register, a foreign reinsurer files its bylaws, its latest annual report with audited financial statements and a power of attorney to a Peruvian resident representative, and shows it is lawfully incorporated and able to accept risks from abroad, has equity of at least US$10,000,000 and can pay its reinsurance obligations in freely convertible currency.
Cost to do it: Minimum equity US$10,000,000 (about S/ 34,520,000).
Example: A Bermuda reinsurer with US$300 million of equity registers with the SBS before accepting cessions from Peruvian insurers. / The US$10 million equity floor is far below most global reinsurers, so the filing is mainly documentary.Ley Nº 26702, art. 324 as amended by Decreto Legislativo Nº 1052 (27 June 2008), Art. 324, 2008-06-27 official text · verified 2026-10-28

4. Insurance and reinsurance brokers (intermediaries) and loss adjusters and surveyors (auxiliaries) are authorized and registered by the SBS, which records the lines in which each may operate. Insurers may not pledge assets backing technical reserves, deal in their own shares, lend to directors and staff except single home loans to staff, pay claims above the agreed cover, or refuse to renew a health or medical policy, or include a clause blocking renewal, because of the policyholder's age if the policy was renewed continuously for the last five years.
Cost to do it: Broker registration with the SBS; contributions to the SBS must be current.
Example: A 70 year old with a health policy renewed every year since age 64 cannot be refused renewal for age. / A foreign broker placing Peruvian risks through a local partner needs the partner to be SBS registered.Ley Nº 26702, art. 325 (numeral 5 added by Ley Nº 29878, 5 June 2012) and art. 335 as amended by Decreto Legislativo Nº 1052, Art. 325 and art. 335, 2012-06-05 official text · verified 2026-10-28

5. Insurers set policy conditions freely but tariffs and fees are regulated by the SBS and must be disclosed in detail and approved in advance; contracts, summary sheets, fees and the general and specific conditions of policies must be approved by SBS resolution and published on the insurer's website.
Cost to do it: Product filing work with the SBS before launch.
Example: A new travel insurance product sold online needs SBS approved conditions published on the insurer's website. / Global wording must be adapted and approved before sale in Peru.Ley Nº 26702, art. 9 as amended by Ley Nº 31143 (18 March 2021), Art. 9, 2021-03-18 official text · verified 2026-10-28

6. Missing a premium payment under the payment agreement suspends cover automatically 30 days after the due date unless an extra period was agreed, provided the insurer informed the insured of the default, its consequences and the deadline before suspension; the insurer is not liable for losses during suspension. If the insurer does not claim the premium within 90 days of the due date, the contract is extinguished. While suspended, the insurer may terminate on 30 days' written notice.
Cost to do it: No cost; a timing rule for premium collection.
Example: A company that misses a monthly premium due 1 March, after notice, loses cover from 31 March until it pays. / For a US$50,000 annual premium paid monthly, one missed instalment can suspend cover after 30 days.Ley Nº 29946, Ley del Contrato de Seguro (El Peruano 27 November 2012), original text as published, Art. 21 and art. 23, 2012-11-27 official text · verified 2026-10-28

7. Claims must be paid within 30 days after the claim is accepted. A claim is accepted when the insurer approves, or does not reject within 10 days, the adjustment agreement signed by the insured; without an adjustment agreement it is accepted if the insurer does not pronounce within 30 days of receiving all documents required by the policy, subject to one SBS approved extension. Late payment bears annual default interest of 1.5 times the average lending rate in the currency of the policy.
Cost to do it: Late payment costs the insurer 1.5 times the average lending rate.
Example: An insured that delivers all documents on 1 June and gets no answer by 1 July can treat the claim as accepted and demand payment within 30 days. / On a US$1 million property claim, each month of delay accrues default interest at 1.5 times the average dollar lending rate.Ley Nº 29946, Ley del Contrato de Seguro (El Peruano 27 November 2012), original text as published, Art. 74, 2012-11-27 official text · verified 2026-10-28

Firm	Soles	USD approx.
Single line insurer	S/ 2,712,000	US$785,632
Insurer, both lines	S/ 3,728,000	US$1,079,954
Reinsurer	S/ 5,763,000	US$1,669,467
Insurer and reinsurer	S/ 9,491,000	US$2,749,421

Insurer and reinsurer minimum capital (base values, indexed quarterly; USD at S/ 3.452)

Worked example

Entry budget for a combined life and general insurer: S/ 3,728,000 (US$1,079,954) of base capital plus indexation, SBS two stage licensing and product approvals.
Claims timing: documents complete on 1 August, no insurer response, claim deemed accepted on 31 August, payment due by 30 September, then default interest at 1.5 times the average lending rate.

Step by step

Decide whether to write locally (license) or cover Peruvian risks from abroad (resident purchase under art. 10 or reinsurance through the SBS register).
For a license, follow the SBS organization and operating procedure and fund capital.
Register foreign reinsurers and local brokers with the SBS before placing business.
File policy conditions, tariffs and fees for SBS approval and publish them.
Set claims workflows to meet the 10 and 30 day deadlines in art. 74.

Common traps

The insurance contract law text linked is the original 2012 publication; check later amendments before relying on a specific deadline.
Suspension for non payment only works if the insurer gave the prior notice required by art. 21.
Age based non renewal of long standing health policies is prohibited.

Sources

← Crowdfunding, electronic money and fintech in Peru: SMV licensed lending and securities platforms, project and investor limits, electronic money issuers and their capitalFinancial consumer protection and credit bureaus in Peru: effective cost disclosure, prepayment without penalty, payment imputation, complaints, Indecopi fines, the SBS risk registry and private credit bureaus →

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