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How is the writing of insurance contracts regulated in your jurisdiction?
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Are types of insurers regulated differently (i.e. life companies, reinsurers?)
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Are insurance brokers and other types of market intermediary subject to regulation?
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Is authorisation or a licence required and if so how long does it take on average to obtain such permission? What are the key criteria for authorisation?
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Are there restrictions or controls over who owns or controls insurers (including restrictions on foreign ownership)?
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Is it possible to insure or reinsure risks in your jurisdiction without a licence or authorisation? (i.e. on a non-admitted basis)?
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What penalty is available for those who operate in your jurisdiction without appropriate permission?
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How rigorous is the supervisory and enforcement environment? What are the key areas of its focus?
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How is the solvency of insurers (and reinsurers where relevant) supervised?
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What are the minimum capital requirements?
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Is there a policyholder protection scheme in your jurisdiction?
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How are groups supervised if at all?
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Do senior managers have to meet fit and proper requirements and/or be approved?
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To what extent might senior managers be held personally liable for regulatory breaches in your jurisdiction?
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Are there restrictions on outsourcing services relating to the business?
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Are there restrictions on the types of assets which insurers or reinsurers can invest in or capital requirements which may influence the type of investments held?
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How are sales of insurance supervised or controlled?
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Are there specific or additional rules pertaining to distance selling or online sales of insurance?
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Are consumer policies subject to restrictions? If so briefly describe the range of protections offered to consumer policyholders
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Are the courts adept at handling complex commercial claims?
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Is alternative dispute resolution well established in your jurisdictions?
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Is there a statutory transfer mechanism available for sales or transfers of books of (re)insurance? If so briefly describe the process.
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What are the primary challenges to new market entrants?
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To what extent is the market being challenged by digital innovation?
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To what extent is insurers' use of customer data subject to rules or regulation?
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Over the next five years what type of business do you see taking a market lead?
Peru: Insurance & Reinsurance
This country-specific Q&A provides an overview of Insurance & Reinsurance laws and regulations applicable in Peru.