Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) has cancelled the registration of AFOCAT-Centro Nor-Oriente, permanently barring it from issuing or renewing Traffic Accident Certificates (CAT). The SBS determined that the association’s fund had a deficit of more than 10% versus the solvency fund calculated as at 30 June 2024, which it said put at risk the AFOCAT’s ability to meet obligations to road traffic accident victims. The sanction was imposed through SBS Resolution No 03135-2025 published in the Official Gazette, in the context of the AFOCAT framework under which regional or provincial funds funded by member contributions issue CAT coverage that is only valid in the specific province where the public transport unit operates. People seeking payment of traffic accident coverage from the fund are required to submit duly supported indemnity requests to the SBS, which will validate them against the list of CATs validly issued and outstanding unpaid claims that the cancelled AFOCAT must provide.
Superintendencia de Banca, Seguros y AFP del Peru 2025-09-07
Peru's Superintendency of Banking, Insurance and Private Pension Funds cancels AFOCAT Centro Nor-Oriente over a solvency fund deficit above 10%
Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) has cancelled the registration of AFOCAT-Centro Nor-Oriente, prohibiting it from issuing or renewing Traffic Accident Certificates (CAT). The decision was due to a fund deficit exceeding 10% of the required solvency fund, jeopardizing its ability to fulfill obligations to accident victims. SBS Resolution No 03135-2025 mandates that indemnity requests be submitted to SBS for validation against valid CATs and unpaid claims.