DLA Piper Perú

Written by: Gabriel Loli, Rabeth Pareja On September 12, 2026, Peru’s Superintendency of Banking, Insurance, and Pension Fund Administrators (SBS) published the Parametric Insurance Regulation (Regulation) in the nation’s official gazette, El Peruano, and it entered into force on the following day. The Regulation concludes the process initiated by the submission of the draft for public consultation in May 2026, which we discussed in a previous client alert, and amends the Regulation on the Marketing of Insurance Products and the Internal Audit Regulation. The Regulation reserves the term "parametric insurance" for products covering risks arising from natural phenomena, in which payment is triggered when an objective parameter reaches or exceeds a threshold defined in the policy, without verification of loss. Policyholders are limited to public entities and to private legal persons or organizations that obtain the coverage for the benefit of a group or for the entity that they represent; have the institutional capacity to assess, purchase, and manage such coverage directly or through specialized advice; and have an insurable interest. Parametric policy models already registered with the SBS must, where applicable, be brought into compliance within 180 calendar days, that is, by March 2027. Below, we discuss the Regulation and its implications for insurance companies and policyholders. Key requirements for insurance companies and policyholders Claim payments for parametric insurance policies are subject to mandatory deadlines. The policy and technical note must state the number of days, counted from the occurrence of the insured event, after which the data provider's published parameter value becomes final. From that date of official publication of the parameter, the calculation agent has a maximum of two calendar days to report; the insurer has two calendar days to notify the insured or the beneficiary of the activation of coverage, including the payment deadline; and payment must be made within ten calendar days following the calculation agent's communication or, where applicable, eight calendar days following notice of loss. Consistent with those timeframes, the Regulation requires that claim payments be treated as a priority service in the business impact analysis and establishes mechanisms that enable mass payments to beneficiaries who share the same parameter and threshold. Compliance with these deadlines is therefore a supervisory requirement rather than a service standard. The methodology must be set out in the policy. The parameter value may be taken directly from published information or determined by the calculation agent under the methodology set out in the policy. Where that determination requires estimates, modeling, interpolation, or aggregation, the Regulation requires the methodology to be defined in the policy in advance and to be transparent, reproducible, and open to review. An additional rule bears directly on disputes: the parameter value determined by the calculation agent in accordance with the policy constitutes sufficient evidence to determine whether coverage has been triggered. The insurer nevertheless remains responsible for determining the activation of coverage. Accordingly, disputes are likely to focus on data traceability and the proper application of the methodology rather than on quantification of the actual loss. Mismatches with reinsurance have regulatory consequences. The final text of the Regulation adjusted the standard that the draft had framed as identity of conditions: contracts must provide for substantially consistent conditions, with no material mismatches that would prevent recognition of an effective transfer of the insured risk. Failing that, they are not recognized as risk transfer instruments for regulatory purposes. Reinsurance for the parametric portfolio must be specifically detailed in the Annual Reinsurance Plan. The revised wording relaxes the strict mirroring requirement, but it raises a technical question as to when a divergence in wording, trigger, threshold, or geographic scope becomes material. The scope extends to the existing portfolio. Annex ES-37, due quarterly within 15 calendar days of each quarter-end, covers both registered parametric products and other registered products with coverage in force that meet the conditions set out in Articles 3 and 4. Consequently, the classification of a product does not depend on the designation given to it at the time of registration. Basis risk must be documented at three levels. The policy must expressly refer to basis risk and its implications; the technical note must quantify it through simulations and historical correlation analysis between the parameter and actual losses; and the product guide, with a minimum of 11 contents, must explain it with examples worked at the application review stage. The Regulation also introduces, where information on damages and losses is available, a post-event assessment following events that have triggered payment, to verify the correspondence between the parameter threshold and the losses actually recorded.  Distribution channels are restricted. Products may be sold directly by the insurer through brokers and marketers who are under bancassurance. Parametric coverage may not be embedded in traditional policies or designed as hybrid products. Training programs must address at least five topics, including basis risk and potential sources of dispute regarding the triggering of payment, and promotion through remote channels must disclose the insured event, the coverage area, the parameter, the data sources, and the threshold, with illustrative examples. Practical considerations for compliance For compliance with the Regulation, insurance companies and policyholders are encouraged to consider the following steps: Review registered portfolios to determine which products fall within the new scope Confirm that the policy, technical note, and the reinsurance contract are consistent Confirm that agreements with data provider agencies permit disclosure to the insured, at no additional cost, of the private information used in the calculation Appoint a calculation agent and, where it is a third party, make an assessment of the arrangement under the applicable outsourcing rules Establish payment and business continuity processes Establish, maintain, and review the applicable technical reserves Establish the annual internal audit plan, which must now assess compliance with the parametric insurance rules and the technical capacity of the calculation agent Looking ahead Annex ES-37 must be filed quarterly within 15 calendar days after each quarter-end. The Regulation does not establish a transitional rule for the first filing following its entry into force. Accordingly, insurers are encouraged to assess the filing requirement for the third quarter of 2026 unless the SBS provides further guidance. The 180-day period for bringing registered parametric policy models into compliance ends in March 2027. In the coming months, the SBS's practical approach will take shape on two points, which the Regulation does not address: what constitutes a material mismatch in reinsurance, and the level of methodological detail that will be required in technical notes for calculated or modeled parameters. For more information, please contact the authors. For additional background, please see DLA Piper's Global Parametric Insurance Law Guide.

Written by:Luis Vargas, Sergio Barboza The Peruvian Executive Branch has submitted a bill (Legislative Proposal No. 00098/2026-2031-CD) seeking 120 days of delegated legislative authority to enact decrees across eight policy areas, covering 66 specific measures. The proposal would empower the government to implement a broad range of regulatory reforms affecting sectors such as financial services, mining, energy, infrastructure, compliance, customs, and labor. Notably, the initiative expands upon the priorities outlined in President Keiko Fujimori's July 28, 2026 inaugural address and omits the anticipated public procurement reform previously identified as a key government objective. If approved by Congress, the delegation would allow the Executive Branch to enact substantial regulatory changes within a compressed timeframe and without undergoing the ordinary legislative process. Companies operating in Peru are encouraged to closely monitor developments. Financial services: Potential elimination of interest rate caps The bill proposes repealing the statutory interest rate caps introduced by Law No. 31143. The proposal also contemplates measures to advance open finance initiatives, support the introduction of new banking and insurance products, allow minors between the ages of 12 and 18 to open savings accounts, and authorize financial institutions to access national identity records maintained by the National Registry of Identification and Civil Status (Registro Nacional de Identificación y Estado Civil or RENIEC). If the bill is enacted, banks and other financial institutions may be required to revise their pricing structures, customer disclosures, contractual documentation, and compliance procedures on an accelerated timeline. Mining, energy, and environmental permitting The bill proposes sweeping reforms aimed at increasing legal certainty and encouraging private investment in the extractive industries. The Executive Branch seeks authority to modify rules governing the granting, duration, and forfeiture of mining concessions and to streamline formalization and administrative procedures. Existing concession holders are encouraged to monitor changes affecting concession maintenance and forfeiture requirements. Proposals also include measures to develop energy resources with optimized exploration and production contracts, increase the use of renewable energy and distributed generation, and support emerging technologies like green hydrogen. Further, the bill proposes to accelerate environmental permitting processes by adopting approval mechanisms that reflect the risk profile of regulated activities and by modernizing the environmental certification framework. Public–private partnerships and infrastructure The bill seeks to allow private investors to undertake activities traditionally performed by the public sector, including technical studies, land acquisition, and clearance of project interferences. Additional measures would allow public entities to delegate certain contract administration functions and would modify the governance structure of ProInversión, Peru’s investment promotion agency. The proposal also outlines reforms related to expropriation procedures, property valuations, and protections for funds earmarked for land acquisition. Compliance, AML, and supply chain risks The bill’s compliance implications extend beyond traditional criminal law reforms. Notably, the government seeks authority to establish a legal framework allowing certain criminal organizations to be formally designated as terrorist entities. Such designations could affect risk assessments, due diligence procedures, sanctions screening, and anti-money laundering (AML) controls, particularly in sectors exposed to informal or illicit economies. Another proposal would prohibit the importation of goods produced wholly or partially through forced labor. Multinational companies already subject to supply chain due diligence obligations in the United States and European Union are encouraged to evaluate how potential Peruvian requirements may interact with existing compliance frameworks and sourcing practices. Tax and customs measures If the bill is enacted, the Executive Branch would be granted authority to simplify tax regimes, refine corporate compliance obligations, and update customs procedures and digital platforms, with the objective of reducing costs and administrative burdens. The bill does not propose amendments to corporate income taxation or international tax rules. The proposal also includes measures related to intellectual property enforcement and expansion of Peru’s Works for Taxes framework to support infrastructure projects focused on disaster prevention and climate resilience. Labor and employment The bill’s labor chapter focuses on workforce formalization, youth employment initiatives, modernization of labor inspections, productivity bonus structures, and clarification of severance rules applicable to management and employees in positions of trust. Notably, the proposal does not address the previously announced plan to increase the monthly minimum wage to PEN1,300. Next steps The bill is under review by the Constitution Committee of the Chamber of Deputies, which is responsible for issuing the report to be submitted to the full Chamber. Seven standing committees have issued non-binding opinions finding the delegation unviable in their respective areas, citing insufficient justification and a lack of specificity. The Economy Committee – whose review covers the 16 economic and financial matters in the bill, including the repeal of interest rate caps – was scheduled to vote on its own report on September 16, 2026. The Constitution Committee has scheduled a debate on its draft report for September 28, after the September 18 deadline set by congressional rules. If the full Chamber approves the bill, it will move to the Senate, where a committee will have up to seven business days to issue its report before a floor vote. If authority is granted, legislative decrees could be enacted within the 120-day window. The positions taken so far point to a delegation narrower than the one requested, particularly on financial and labor matters. Key takeaways The proposed delegation reflects a broad regulatory agenda with potentially significant legal and operational implications across sectors. Companies with exposure to Peru – including investors, concessionaires, regulated entities, and multinational companies – are encouraged to assess potential impacts on financing arrangements, concession rights, infrastructure projects, compliance programs, supply chains, and labor practices. For more information, please contact the authors.

DLA Piper amplió su práctica de Seguros en Lima con la llegada de los socios Gabriel Loli y Rabeth Pareja, quienes se incorporan junto con cuatro asociados. El equipo, de seis abogados, asesora a aseguradoras, reaseguradoras, corredores, ajustadores y asegurados en materia de coberturas, gestión de siniestros y controversias complejas del sector. Loli tiene cerca de dos décadas de experiencia y trabaja en el cruce entre el riesgo de construcción e ingeniería y las coberturas. Asesora a aseguradoras, reaseguradoras, corredores, ajustadores y asegurados en la interpretación de pólizas complejas, con especial foco en las pólizas CAR, y los representa en arbitrajes ante los principales centros de arbitraje del país. Pareja centra su práctica en gestión de siniestros y en coberturas de responsabilidad civil. Anteriormente, dirigió el área de siniestros complejos de riesgos generales en una de las principales aseguradoras del Perú y resolvió siniestros en una aseguradora de crédito y caución, una experiencia que influye en la forma en que establece posiciones de cobertura para sus clientes. También brinda asesoramiento sobre el marco regulatorio aplicable a corredores, reaseguradoras y ajustadores. “El ciclo de infraestructura del Perú está cambiando la manera en que se asigna, se asegura y se discute el riesgo”, afirmó Sergio Barboza, socio codirector de la oficina de DLA Piper en Lima. “Un retraso, una pérdida material o un evento climático casi nunca se queda en una sola especialidad: puede activar a la vez cláusulas contractuales, garantías, coberturas de construcción y de interrupción y arbitrajes. La incorporación de Gabriel y Rabeth nos permite asesorar en ese recorrido, desde la redacción de la póliza hasta el siniestro más complejo”. “En el Perú, el financiamiento, la construcción y los seguros siempre se han visto como mundos separados, pero hoy los negocios y la inversión requieren una asesoría que los integre”, sostuvo Luis Vargas, socio codirector de la oficina de Lima. “En el último año invertimos en construir esa capacidad, atentos a cómo evolucionan las necesidades de nuestros clientes y las oportunidades del mercado peruano: primero ampliamos el equipo de proyectos e infraestructura y ahora incorporamos una práctica líder en seguros. Gabriel y Rabeth refuerzan la asesoría multidisciplinaria e integral que los clientes buscan cada vez más”. El sector de Seguros de DLA Piper abarca toda la cadena del negocio: asuntos transaccionales y regulatorios, controversias comerciales, siniestros, competencia, reestructuraciones y respuesta ante emergencias. Entre sus clientes figuran desde empresas emergentes hasta (re)aseguradoras multinacionales consolidadas de vida y de ramos generales, entidades de Lloyd’s, intermediarios, bancos, proveedores de capital (fondos de cobertura, de private equity y de venture capital), reguladores y otros actores de la industria aseguradora. DLA Piper en Latinoamérica brinda asesoría legal corporativa integral a empresas nacionales y multinacionales con intereses y operaciones en toda la región. Nuestro enfoque integrado de servicio al cliente combina el conocimiento local con los recursos de la plataforma global de DLA Piper. Con más de 400 abogados que ejercen en Argentina, Brasil, Chile, México, Perú y Puerto Rico, además de nuestros abogados especializados en asuntos transfronterizos con base en los Estados Unidos, nuestros equipos trabajan con frecuencia con nuestros profesionales en toda la región latinoamericana, la península ibérica y el resto del mundo. La plataforma global de DLA Piper, con más de 90 oficinas en más de 40 países, nos permite atender las necesidades legales y de negocio de nuestros clientes, ya sea que estén basados en Latinoamérica o que deseen hacer negocios en la región. Para más información, visite Latin America | DLA Piper.

Escrita por:Sergio BarbozaFarah Torres La Superintendencia de Banca, Seguros y AFP (“SBS”) ha puesto en consulta pública un proyecto normativo que propone aprobar el Reglamento de Seguros Paramétricos y modificar disposiciones vinculadas a la comercialización de productos de seguros y a la auditoría interna. El proyecto busca regular una modalidad de seguro en la que el pago no depende de la cuantificación directa del daño, sino de la verificación de un evento asegurado, medido mediante un parámetro objetivo, que alcanza o supera un umbral previamente establecido en la póliza. En esa lógica, la cobertura se activa con base en datos verificables, no mediante un ajuste tradicional de pérdidas. A continuación, analizamos la regulación propuesta, sus antecedentes e implicancias prácticas para las partes interesadas. ¿Qué son los seguros paramétricos? Los seguros paramétricos no son solo una nueva modalidad de póliza: su diseño combina regulación de seguros, datos, modelamiento técnico, conducta de mercado, reservas, reaseguro y gestión de riesgos naturales. La propuesta se inscribe en una tendencia regional orientada a crear mecanismos de protección financiera frente a riesgos climáticos y catastróficos. Organismos como el Banco Interamericano de Desarrollo y el CIAT han destacado su potencial para la adaptación al riesgo climático, aunque advierten sobre limitaciones como el riesgo base, los costos de diseño y la comprensión del producto. En el Perú, el gremio asegurador considera que el producto podría fortalecer la resiliencia y complementar las coberturas tradicionales. ¿Qué propone la SBS? El proyecto define el seguro paramétrico como una cobertura que paga una compensación preestablecida cuando un evento supera un umbral medido por un parámetro fijado en la póliza, sin necesidad de evaluación de daños. El régimen se limita a los riesgos de la naturaleza y excluye las coberturas basadas en índices o que requieran cálculo o modelación (como las de índice de rendimiento agrícola, regidas por su propia norma). Exige reglas claras sobre el evento e interés asegurado, el parámetro y el umbral, el área geográfica, las fuentes y los verificadores de datos, la estructura de pago, la nota técnica, el riesgo base, la comercialización, las reservas, el reaseguro y los reportes regulatorios. Más que una póliza con un mecanismo de pago distinto, supone un producto altamente dependiente de datos, de trazabilidad, de modelamiento técnico y de transparencia para el asegurado. En este tipo de póliza, el dato cumple una función central en la arquitectura del seguro: el parámetro debe ser objetivo, independiente, estandarizado, verificable, oportuno y correlacionado con el impacto del evento. La información debe provenir de agencias proveedoras de datos, con fuentes secundarias solo si la primaria no está disponible de manera técnica y verificable, lo cual plantea interrogantes ante fallas, retrasos, discrepancias o la intervención de terceros. El riesgo base, la posible diferencia entre la pérdida real y el pago previsto, es otro punto sensible. El asegurado puede sufrir una pérdida sin que el parámetro alcance el umbral, o cobrar pese a una pérdida baja o inexistente. El riesgo base inherente al producto debe explicarse claramente en la póliza, la nota técnica y la guía del producto. Además, es importante reforzar esta información durante la capacitación de la red comercial, para que el contratante o beneficiario comprenda que el seguro solo se activa y paga cuando se cumple el parámetro especificado. En el plano prudencial, las empresas deberán sustentar técnicamente el diseño del producto con información estadística, justificación de las fuentes de datos, resolución espacial y temporal, archivos históricos, simulaciones y análisis de correlación entre el parámetro y las pérdidas reales. En reservas, el proyecto prevé reservas de riesgo en curso y, cuando corresponda, de primas diferidas por el 100% de la prima retenida hasta la extinción del riesgo, además de las reservas por siniestros y por riesgo catastrófico. En el reaseguro, la propuesta establece que los contratos deberán contemplar las mismas condiciones de cobertura que la póliza paramétrica. De lo contrario, no serían reconocidos como instrumentos de transferencia de riesgo con fines regulatorios. Este punto puede ser especialmente relevante para estructuras internacionales de reaseguro, en las que será necesario revisar la consistencia entre el wording, el trigger, el parámetro, el umbral, la zona geográfica y la estructura de pago. La comercialización será otro frente crítico. Los seguros paramétricos podrán venderse de forma directa por la aseguradora, a través de comercializadores únicamente bajo la modalidad de bancaseguros y mediante corredores, con personal capacitado para explicar el producto, y no podrán diseñarse como productos híbridos ni integrarse con seguros tradicionales; los canales a distancia deberán informar sobre el evento asegurado, la zona de cobertura, el parámetro, las fuentes de datos, el umbral de activación y ejemplos. Aunque el producto es operativamente más ágil, su comunicación es más compleja. Si los materiales publicitarios, guiones, guías y disclaimers no explican con claridad la cobertura y sus límites, aumenta el riesgo de reclamos, disputas y cuestionamientos sobre la conducta de mercado. Implicancias prácticas para el mercado La propuesta establece requisitos de diseño, datos, documentación, conducta de mercado, reservas, reaseguro y reportes regulatorios. Las aseguradoras deberán verificar la coherencia entre evento, parámetro, umbral, área, pagos y datos, y sustentar técnicamente su selección con simulaciones. Las reaseguradoras deberán alinear sus contratos para garantizar condiciones equivalentes a la póliza. Los canales y corredores deberán explicar con transparencia que el pago se activa al cumplirse el parámetro y no por la pérdida real. Y las empresas con exposición a riesgos naturales podrán emplear estos productos como mecanismos de liquidez o de continuidad, siempre que el diseño refleje la exposición que buscan gestionar. Sectores relevantes Aunque el proyecto no especifica qué industrias podrían utilizar estos productos, las coberturas paramétricas son pertinentes para sectores expuestos a riesgos físicos, climáticos o de continuidad operativa, tales como infraestructura, energía, minería, agricultura, pesca, logística, comercio minorista, inmobiliario, hotelería, banca, telecomunicaciones, salud, educación, sector público y gobiernos. Estas soluciones de seguros pueden contribuir a gestionar la liquidez, la continuidad operativa, los riesgos climáticos, la exposición territorial o eventos catastróficos. Sin embargo, su adopción estará sujeta a regulaciones, disponibilidad de datos, viabilidad técnica y comprensión del producto. Aspectos a revisar durante la consulta pública Durante la etapa de comentarios, los interesados podrían concentrarse en varios frentes. En cuanto al producto, conviene evaluar si la definición delimita bien qué califica como seguro paramétrico y si la referencia a los riesgos de la naturaleza cubre suficientemente los eventos climáticos, geológicos y catastróficos relevantes para el Perú; y, en el plano de los datos, si las reglas de objetividad, independencia, disponibilidad y trazabilidad resultan aplicables a distintas zonas y tipos de evento. En el ámbito de mercado y prudencial, cabría revisar si las obligaciones de divulgación sobre el riesgo base necesitan fortalecerse mediante formatos o ejemplos estándar; evaluar si el régimen de comercialización se ajusta a bancaseguros, canales digitales y productos masivos; determinar si la exigencia de aplicar “las mismas condiciones de cobertura” en el reaseguro requiere mayor precisión; y si la metodología de reservas, las guías para reportes, la auditoría y los plazos de adaptación bastan para ajustar pólizas, notas técnicas, contratos, procesos y modelos ya inscritos. Ideas centrales Una nueva modalidad relevante para distintos actores del mercado. De aprobarse, el proyecto incorporaría formalmente los seguros paramétricos al mercado peruano. Aunque sus destinatarios directos son las aseguradoras y reaseguradoras, la propuesta también resultaría relevante para potenciales contratantes, entre ellos empresas con activos expuestos, entidades financieras, operadores de infraestructura y, en general, sectores con exposición física, climática o territorial, que podrían considerar estas coberturas en su estrategia de gestión de riesgos.   Sectores interesados. El proyecto no delimita las industrias destinatarias, pero las coberturas paramétricas suelen asociarse a sectores como infraestructura, energía, minería, agricultura, pesca, logística, comercio minorista, inmobiliario, hotelería, banca, telecomunicaciones, salud, educación y sector público. En estos casos, podrían contribuir a gestionar la liquidez, la continuidad operativa o los eventos catastróficos, si bien su adopción dependería de la regulación final, la disponibilidad de datos y el diseño contractual. Con todo, el proyecto reserva la contratación a organismos públicos, entidades corporativas y grandes empresas (además de otras organizaciones privadas con capacidad técnica suficiente), por lo que el interés sectorial debe leerse desde ese público objetivo.   El dato y el contrato adquieren un rol central. Según la propuesta, el parámetro objetivo, sus fuentes y verificadores, el umbral y el riesgo base deberían quedar reflejados con precisión en la póliza y en la documentación del producto. La revisión del wording, las fuentes de datos, los triggers y los disclaimers cobraría especial relevancia para reducir el riesgo de reclamos, disputas y cuestionamientos sobre la conducta de mercado.   Distribución regulada y deber reforzado de información. El proyecto plantea que la comercialización pueda realizarse de forma directa por la aseguradora, a través de comercializadores únicamente bajo la modalidad de bancaseguros y mediante la intermediación de corredores; además, los seguros paramétricos no podrían diseñarse como productos híbridos ni integrarse con seguros tradicionales. Todo ello con exigencias de capacitación y de materiales que expliquen el riesgo base (esto es, que el pago se activa al cumplirse el parámetro y no necesariamente por la pérdida real). Revisar y adecuar oportunamente los guiones de venta, las guías de producto y los disclaimers podría ayudar a mitigar la exposición a contingencias. Conclusión Más que una regulación de seguros, el proyecto de la SBS apuntaría a estructurar coberturas que transfieran riesgos de la naturaleza mediante datos objetivos, parámetros verificables y pagos potencialmente más rápidos. Su desarrollo podría depender del equilibrio que logre entre la innovación, la protección del asegurado y la viabilidad técnica de las empresas supervisadas. En esa línea, la consulta pública, abierta hasta el 24 de junio de 2026, podría ser una oportunidad para afinar un marco normativo claro, ejecutable y comprensible. ¿Cómo puede ayudar DLA Piper? Los seguros paramétricos se están consolidando a escala global, aunque su tratamiento legal aún varía entre jurisdicciones. La Guía Global de Seguros Paramétricos de DLA Piper ofrece una perspectiva comparada sobre cómo se abordan estos productos en otros países, por lo que podría ser útil para anticipar los desafíos que afrontará el mercado peruano. Para más información, por favor contacte a los autores. 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DLA Piper advised Nacional de Seguros S.A., a Colombian insurance and financial services company, in obtaining authorization from Peru's Superintendency of Banking, Insurance, and Private Pension Funds (SBS) to operate in the country. The authorization enables Nacional de Seguros to operate in Peru as a general insurer focused solely on surety bonds, extending the company's regional footprint in Latin America. The authorization also has the potential to strengthen competition and broaden the range of specialized insurance products available to businesses in Peru. The DLA Piper team, led by Partner Sergio Barboza and Associate Farah Torres (both Lima), provided legal, corporate, and transactional support throughout the licensing process, including guidance on compliance with the prudential and regulatory requirements applicable to Peru's insurance sector. DLA Piper’s Latin America team offers full-service business legal counsel to domestic and multinational companies with interests and operations throughout the region. Our integrated approach combines local knowledge with the resources of DLA Piper’s global platform. With more than 400 lawyers practicing throughout Argentina, Brazil, Chile, Mexico, Peru, and Puerto Rico, together with our US-based cross-border attorneys, our teams frequently collaborate with colleagues across the Latin America region, the Iberian Peninsula, and around the world. DLA Piper’s global platform of 90+ offices in more than 40 countries enables us to serve clients’ legal and business needs, whether they are based in Latin America or seeking to do business there. For more information, visit Latin America | DLA Piper.

Peru’s Superintendency of Banking, Insurance, and Pension Fund Administrators (SBS) has released for public comment a draft regulation that would approve the Parametric Insurance Regulation and amend provisions on the marketing of insurance products and internal audits. The regulation would establish a category of insurance in which remuneration does not depend on the direct assessment of loss. Instead, it would depend on the verification of an insured event, quantified by an objective parameter that meets or surpasses a predefined threshold specified within the policy. Under this method, coverage would be activated based on verifiable data rather than through conventional loss adjustment. Below, we discuss the proposed regulation, its background, and practical implications for interested parties. What is parametric insurance? Parametric insurance is not simply a new type of policy: its design brings together insurance regulation, data, technical modeling, market conduct, reserves, reinsurance, and natural catastrophe risk management. The proposal is part of a regional trend toward creating financial-protection mechanisms against environmental and catastrophic risks. Organizations such as the Inter-American Development Bank and Inter-American Center of Tax Administrations have highlighted its potential for environmental-risk adaptation, while cautioning about limitations such as basis risk, design costs, and product comprehension. In Peru, the insurance industry association holds that parametric insurance could strengthen resilience and complement traditional coverages. What is the SBS proposing? The draft defines parametric insurance as coverage that pays a predetermined amount when an event exceeds a threshold measured by a parameter set in the policy, without the need for a loss assessment. The regime is limited to risks from natural perils and excludes index-based coverages or those requiring calculation or modeling (such as agricultural yield-index products, which are governed by their own rules). It calls for clear rules on the insured event and insurable interest, the parameter and the threshold, the geographic area, the data sources and verifiers, the payment structure, the technical note, basis risk, marketing, reserves, reinsurance, and regulatory reporting. Rather than a policy with a different payment mechanism, it would amount to a product driven heavily by data, traceability, technical modeling, and transparency toward the insured. In this type of policy, data is a central feature of the insurance architecture. The parameter must be objective, independent, standardized, verifiable, timely, and correlated with the impact of the event. The information must come from data provider agencies, with secondary sources used only where the primary source is not available on a technical and verifiable basis, which would only come into play in the event of failures, delays, discrepancies, or third-party intervention. Basis risk – the potential gap between the actual loss and the contemplated payment – is another sensitive point. The insured may suffer a loss without the parameter reaching the threshold or may collect despite a low or nonexistent loss. Inherent to the product, basis risk must be clearly explained in the policy, the technical note, and the product guide, and reinforced in the training of the sales team, so that the policyholder or beneficiary understands that the insurance pays only when the parameter is triggered. On the prudential side, companies will have to provide technical support for the product design with statistical data, justification of the data sources, spatial and temporal resolution, historical records, simulations, and analysis of the correlation between the parameter and actual losses. As to reserves, the draft provides for reserves for risks in force and, where applicable, deferred premium reserves equal to 100 percent of the retained premium until the risk is extinguished, in addition to claims reserves and catastrophe risk reserves. On reinsurance, the proposal provides that the contracts must contemplate the same coverage terms as the parametric policy. Otherwise, they would not be recognized as risk-transfer instruments for regulatory purposes. This point may be particularly relevant for international reinsurance structures, where it will be necessary to review the consistency among the wording, the trigger, the parameter, the threshold, the geographic area, and the payment structure. Marketing will also be impacted. Parametric insurance may be sold directly by the insurer, through distributors only under the bancassurance model, and through brokers using personnel trained to explain the product. It may not be designed as a hybrid product or combined with traditional insurance; remote channels will have to provide information on the insured event, the coverage area, the parameter, the data sources, the activation threshold, and illustrative examples. Although the product is operationally more agile, communicating it is more complex. If the marketing materials, scripts, guides, and disclaimers do not clearly explain the coverage and its limits, the risk of claims, disputes, and market-conduct challenges increases. Practical implications for the market The proposal sets requirements for design, data, documentation, market conduct, reserves, reinsurance, and regulatory reporting. Insurers will have to verify the consistency among event, parameter, threshold, area, payments, and data, and provide technical support for their choices through simulations. Reinsurers will have to align their contracts to ensure terms equivalent to those of the policy. Channels and brokers will have to explain transparently that payment is triggered when the parameter is met, rather than by the occurrence of actual loss. And companies exposed to natural perils will be able to use these products as liquidity or continuity mechanisms, provided the design reflects the exposure they seek to manage. Relevant sectors Although the draft does not specify which industries might use these products, parametric coverages are relevant to sectors exposed to physical, environmental, or operational-continuity risks, such as infrastructure, energy, mining, agriculture, fishing, logistics, retail, real estate, hospitality, banking, telecommunications, healthcare, education, the public sector, and governments. These insurance solutions can help manage liquidity, operational continuity, environmental risks, territorial exposure, or catastrophic events. Their adoption, however, will be subject to regulation, data availability, technical feasibility, and product comprehension. Points to review during the public consultation During the comment period, interested parties may wish to focus on several key areas. As to the product, it may be useful to assess whether the definition adequately delimits what qualifies as parametric insurance and whether the reference to natural perils sufficiently covers the environmental, geological, and catastrophic events relevant to Peru; and, on the data side, whether the rules on objectivity, independence, availability, and traceability are workable across different areas and types of event. On the market and prudential front, it may be worth reviewing whether the disclosure obligations regarding basis risk should be reinforced with standard formats or examples; whether the marketing regime fits bancassurance, digital channels, and mass-market products; whether the requirement of “the same coverage terms” in reinsurance needs greater precision; and whether the reserving methodology, the guidance for reporting and audit, and the transition periods are sufficient to adjust policies, technical notes, contracts, processes, and models already on file. Key takeaways A new product type relevant to a range of market participants. If adopted, the regulation would formally introduce parametric insurance into the Peruvian market. While its direct addressees are insurers and reinsurers, the proposal would also be relevant to prospective policyholders – among them companies with exposed assets, financial institutions, infrastructure operators, and, more broadly, sectors with physical, environmental, or territorial exposure – that may wish to consider these coverages as part of their risk management strategy. Interested sectors. The draft does not restrict any industries from participation, but parametric coverages are typically associated with sectors such as infrastructure, energy, mining, agriculture, fishing, logistics, retail, real estate, hospitality, banking, telecommunications, healthcare, education, and the public sector. In these settings, they could help manage liquidity, operational continuity, or catastrophic events, although their uptake would depend on the final regulation, data availability, and the contractual design. That said, the draft limits the purchase of these products to public agencies, corporate entities, and large companies (in addition to other private organizations with sufficient technical capacity), which could impact applicability to any sector. Data and contracts are a key focus. Under the proposal, the objective parameter, its data sources and verifiers, the threshold, and the basis risk would have to be set out precisely in the policy and in the product documentation. Reviewing the wording, data sources, triggers, and disclaimers would take on particular importance in reducing the risk of claims, disputes, and market-conduct challenges. Regulated distribution and a heightened duty to inform. The draft contemplates that these products may be marketed directly by the insurer, through distributors under the bancassurance model, and through brokers. In addition, parametric insurance may not be designed as a hybrid product or combined with traditional insurance. An understanding of basis risk should underlie all training requirements and materials. Reviewing and promptly updating sales scripts, product guides, and disclaimers could help mitigate exposure to contingencies. Conclusion More than an insurance regulation, the SBS draft would aim to structure coverages that transfer risks from natural perils through objective data, verifiable parameters, and potentially faster payouts. How it develops could depend on the balance it strikes among innovation, policyholder protection, and the technical feasibility for supervised companies. In that vein, the public consultation – open until June 24, 2026 – could be an opportunity to refine a clear, workable, and understandable regulation. How DLA Piper can help Parametric insurance is gaining ground globally, although its legal treatment still varies across jurisdictions. DLA Piper’s Global Parametric Insurance Law Guide offers a comparative view of how different markets approach these products. Against that backdrop, the SBS proposal would place Peru among the jurisdictions moving toward an express framework for this product type. This comparative guide could help anticipate challenges that the Peruvian market will face. For more information, please contact the authors.   Leer este artículo en español. Written by:Sergio BarbozaFarah Torres