SBS undertakes to propose changes to credit life insurance following claims from users of the financial system – Communication

In a recent session of the Congressional Consumer Protection Commission, chaired by Congressman Manual García Correa, the director general of the Banking, Insurance and AFP Superintendent (SBS), Sergio Espinosa Chiroque, published important measures that they will be implemented to improve consumer protection. the financial and insurance system.

Next week, the SBS will publish a draft resolution that will establish the voluntary nature of credit life insurance, with the exception of mortgage loans. In the case of financial products such as credit cards, the acquisition will be optional and it will be prohibited to divide the main payment according to the type of currency or other criteria. In addition, the project will address the reduction of commissions paid for the marketing of this insurance.

During his speech, Espinosa also announced the presentation of a bill that aims to raise the cap on taxes established in Law No. 26702 – General Law of the Financial System and the Insurance System. Currently, the sanction limit is 200 UIT, an amount which, according to international organizations such as the Organization for Economic Co-operation and Development (OECD) and the Basel Committee of Inquiry, is not a restriction. Therefore, it is being assessed to increase this limit to 5,000 UIT, with the aim of improving regulatory compliance in the sector.

In response to the report submitted by the president of the Commission, on the high levels of complaints in the financial system, which reached 42,283 complaints in 2023 and already a total of 19,538 until June 2024, Espinosa pointed out the reduction in complaints per 10 thousand activities, which is a reduction from 7.3 in 2019 to 2.2 in June 2024. This data shows the progress achieved as a result of the actions promoted by the Commission and guidelines the SBS, which aims to improve care. and consumer protection.

The Consumer Protection Commission has placed vital issues for citizens on the public record. Its goal is to guarantee greater transparency and fairness in the financial system, protecting consumer rights and improving service for all Peruvians.

OFFICE OF MANUEL GARCÍA CORREA