Peru: General Law of the Financial and Insurance Systems

The regulatory and supervisory framework for financial and insurance systems in Peru
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This paper is the 'Law of the Financial and Insurance Systems' as legislated by the Government of Peru and updated till the year 2004. The preliminary title interprets the application of this law and defines the common terms used.

The document is divided into four sections that:

  • Describe in details the common provisions applicable on the financial and insurance companies, including incorporation, license, liquidation and other authorization mandatory for companies operating in this business;
  • Prescribe guidelines for entities operating in the financial system, including prohibitions, operations and the types of companies falling under this system;
  • Detail guidelines for entities operating in the insurance sector, which include:
    • Provisions for reinsurance companies;
    • Constitution of insurance equity for hedging risk;
    • The pre-requisites for insurance brokers to operate in this field.
  • Define the scope of the Regulator for financial and insurance systems, listing out the powers and functions vested with the Regulator to protect the interests of the general public.

The paper concludes with a chapter that deals with issues relating to suspicious financial transactions in the financial system.

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