Peru
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Population & Scope
Population & Scope Statistical population Statistical populationGeneral remarks:
An insurance company may request an authorisation to operate as a reinsurer. But, the financial statements and portfolio investment information are sent to the Superintendency, as a single company, without distinction between insurance and reinsurance business.
Definition of foreign-controlled companies:
A foreign-controlled company refers to that controlled by foreign interests. According to the Superintendency Rules of Peru, “Control” is defined as the ability to influence predominantly and continuously in the decision making of the governing bodies of a company.
Control can be direct or indirect. The direct control is when a person has more than half of the voting power at the shareholders meetings through direct or indirect ownership, usufruct contracts, pledge, trust, association or other.
Control is considered indirect when a person has the power to appoint, remove or veto the majority of the members of the board or its equivalent, to exercise a majority of votes, or to govern the operational and financial policies, even if he doesn´t have more than half of the voting power at shareholders meetings.
It is presumed, unless proven otherwise, that an economic group exercises the control over a legal person when most of the members of the board or equivalent body are linked by economic group risk.
Also, the Superintendency of Bank, Insurance and Private Management of Pension Fund, for prudential reasons may establish additional assumptions than those considered above.
1.1 Insurance business written in the reporting country:
The discrimination between gross and net premiums for “Single Premiums” and “Periodical Premiums” is not available.
Business Written in the Reporting Country includes premiums of risks situated outside the reporting country and business written abroad by branches, agencies and subsidiaries, because these are not possible to breakdown.
2.2 Number of employees:
The number of intermediaries’ employees is not available. Only the number of intermediaries registered in the SBS is available.
An insurance company may request an authorisation to operate as a reinsurer. But, the financial statements and portfolio investment information are sent to the Superintendency, as a single company, without distinction between insurance and reinsurance business.
Definition of foreign-controlled companies:
A foreign-controlled company refers to that controlled by foreign interests. According to the Superintendency Rules of Peru, “Control” is defined as the ability to influence predominantly and continuously in the decision making of the governing bodies of a company.
Control can be direct or indirect. The direct control is when a person has more than half of the voting power at the shareholders meetings through direct or indirect ownership, usufruct contracts, pledge, trust, association or other.
Control is considered indirect when a person has the power to appoint, remove or veto the majority of the members of the board or its equivalent, to exercise a majority of votes, or to govern the operational and financial policies, even if he doesn´t have more than half of the voting power at shareholders meetings.
It is presumed, unless proven otherwise, that an economic group exercises the control over a legal person when most of the members of the board or equivalent body are linked by economic group risk.
Also, the Superintendency of Bank, Insurance and Private Management of Pension Fund, for prudential reasons may establish additional assumptions than those considered above.
1.1 Insurance business written in the reporting country:
The discrimination between gross and net premiums for “Single Premiums” and “Periodical Premiums” is not available.
Business Written in the Reporting Country includes premiums of risks situated outside the reporting country and business written abroad by branches, agencies and subsidiaries, because these are not possible to breakdown.
2.2 Number of employees:
The number of intermediaries’ employees is not available. Only the number of intermediaries registered in the SBS is available.
General remarks:
An insurance company may request an authorisation to operate as a reinsurer. But, the financial statements and portfolio investment information are sent to the Superintendency, as a single company, without distinction between insurance and reinsurance business.
Definition of foreign-controlled companies:
A foreign-controlled company refers to that controlled by foreign interests. According to the Superintendency Rules of Peru, “Control” is defined as the ability to influence predominantly and continuously in the decision making of the governing bodies of a company.
Control can be direct or indirect. The direct control is when a person has more than half of the voting power at the shareholders meetings through direct or indirect ownership, usufruct contracts, pledge, trust, association or other.
Control is considered indirect when a person has the power to appoint, remove or veto the majority of the members of the board or its equivalent, to exercise a majority of votes, or to govern the operational and financial policies, even if he doesn´t have more than half of the voting power at shareholders meetings.
It is presumed, unless proven otherwise, that an economic group exercises the control over a legal person when most of the members of the board or equivalent body are linked by economic group risk.
Also, the Superintendency of Bank, Insurance and Private Management of Pension Fund, for prudential reasons may establish additional assumptions than those considered above.
1.1 Insurance business written in the reporting country:
The discrimination between gross and net premiums for “Single Premiums” and “Periodical Premiums” is not available.
Business Written in the Reporting Country includes premiums of risks situated outside the reporting country and business written abroad by branches, agencies and subsidiaries, because these are not possible to breakdown.
2.2 Number of employees:
The number of intermediaries’ employees is not available. Only the number of intermediaries registered in the SBS is available.
An insurance company may request an authorisation to operate as a reinsurer. But, the financial statements and portfolio investment information are sent to the Superintendency, as a single company, without distinction between insurance and reinsurance business.
Definition of foreign-controlled companies:
A foreign-controlled company refers to that controlled by foreign interests. According to the Superintendency Rules of Peru, “Control” is defined as the ability to influence predominantly and continuously in the decision making of the governing bodies of a company.
Control can be direct or indirect. The direct control is when a person has more than half of the voting power at the shareholders meetings through direct or indirect ownership, usufruct contracts, pledge, trust, association or other.
Control is considered indirect when a person has the power to appoint, remove or veto the majority of the members of the board or its equivalent, to exercise a majority of votes, or to govern the operational and financial policies, even if he doesn´t have more than half of the voting power at shareholders meetings.
It is presumed, unless proven otherwise, that an economic group exercises the control over a legal person when most of the members of the board or equivalent body are linked by economic group risk.
Also, the Superintendency of Bank, Insurance and Private Management of Pension Fund, for prudential reasons may establish additional assumptions than those considered above.
1.1 Insurance business written in the reporting country:
The discrimination between gross and net premiums for “Single Premiums” and “Periodical Premiums” is not available.
Business Written in the Reporting Country includes premiums of risks situated outside the reporting country and business written abroad by branches, agencies and subsidiaries, because these are not possible to breakdown.
2.2 Number of employees:
The number of intermediaries’ employees is not available. Only the number of intermediaries registered in the SBS is available.