As part of the pension reform, new competitors will enter the Private Pension System (SPP). For this reason, the Superintendency of Banking, Insurance and AFP (SBS) published the regulations for the entry of companies in the financial system to this market.
“As we announced, we have worked on a regulation that aims to have a very flexible, agile and fast procedure for new actors, whether from the financial or insurance sector, to manage pension funds,” said the head of the SBS, Sergio Espinosa.
Resolution SBS 04225 – 2025 establishes, among other things, a period of 40 business days for the superintendency to rule on the applications submitted by financial entities that want to join the SPP.
For an entity to obtain the permit, it must have a financial strength classification of no less than B+ in force at the time of submitting its application. In addition, it must maintain a financial strength classification of no less than B+ for one of every two consecutive periods.
Admission to the SPP will be carried out by recruiting members through the transfer process, in accordance with applicable regulations. Once the authorization to operate an Additional Business Line (LNA) is granted, the Company is subject to compliance with all provisions applicable to the SPP.
“We aim for a regulatory framework that makes the entry of new competitors more attractive, along with the centralization of processes,” explained the head of the SBS.
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