As part of the reform of the pension systemthe Superintendence of Banking, Insurance and AFP (SBS), published the project that will allow banks, boxes, insurance companies, among others, to participate in the pension market.
The proposal requires that they can enter the market, to operate as pension fund managing companies (EAF), banks, financial, municipal savings and credit boxes (CMAC), rural savings and credit boxes (CRAC), as well as investment banks and insurance companies.
Similarly, it establishes patrimonial requirements, financial strength and adequate risk management. Therefore, those companies that prove a risk classification not less than B+may enter the pension market, in accordance with the Regulation of Law No. 32123.
These entities must formally request the authorization to incorporate an additional business line (LNA), accompanying their application with technical documentation that supports their viability (feasibility study, financial and non -financial risk assessment reports, among others).
Once the complete documentation is received, the SBS will be able to make a check visit as part of its evaluation and will have a maximum period of 40 business days to issue its pronouncement, thus ensuring a rigorous, transparent and agile process.
In case the EAF decides not to immediately enter the pension market, but through a process of bidding for new affiliates, an alternative procedure is required in order to guarantee its adequate participation, under the scope of the system of the system.
The standard project is published in the Institutional Portal of the SBS (https://www.sbs.gob.pe/normativa-y-estandares/normativa/Prepublicacion-de-projects-normativas) and will be available until October 16, 2025 to collect the comments and suggestions of the general public.
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