Recently, the Superintendency of Banking, Insurance and AFP (S.B.S.) presented the project that proposes changes in the credit life insurance that the bank charges. Here we tell you what these modifications consist of.
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The proposal establishes that this insurance will be optional for personal, vehicle, Mype and credit card loans, but it will be mandatory for mortgage placements.
“In the case of mortgage loans, companies in the financial system maintain the possibility of requiring credit insurance as a condition for contracting the credit product. It should be noted that users maintain their right to endorse life insurance to replace credit insurance,” the SBS explained to this newspaper.
They also detailed that, under the proposed proposal, companies must have at least one in their portfolio of credit products that does not require the contracting of insurance.
For people who already have a card or loans with the financial institution today, they will have the option of going to the company and consulting the options it offers to choose the one that best suits their needs.
“Companies must have a product without credit life insurance as part of their credit product portfolio. If you do not have this, it will be considered an abusive practice,” the superintendency stated.
To have an estimate of how many people would benefit, the SBS specified that the total number of people with consumer loans as of December 2023 is approximately 5.4 million, while the number of cardholders is 4.4 million (includes those who have a product but do not debt).
Likewise, they detailed that once the resolution is published in the legal regulations, the entities of the financial system will have a period of time to adapt their processes and develop new products.
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