Peru's Superintendence of Banking, Insurance and Pension Fund Administrators (SBS) has amended the Private Pension System (SPP) Compendium rules on benefits linked to the Disability Evaluation System (SEI), updating the regulatory model for disability-related services and assessments. The changes are intended to mitigate operational and legal risks, as well as risks to the quality of information and services, for members and their families in cases of illness or common accident. Within the SPP, loss of work capacity triggers pension insurance, which finances disability pensions where applicable. The revised framework introduces three main elements: governance standards for the operation of the medical committees, so that policies for determining disability are comprehensive and involve the whole organisation; an updated risk management approach for committee processes, oriented primarily toward service quality; and a clearer delineation of responsibilities between pension fund administrators (AFPs) and the committees, covering member guidance and information services on the one hand, and disability determinations and their substantiation on the other.
Superintendencia de Banca, Seguros y AFP del Peru 2025-02-25
Peru's Superintendence of Banking, Insurance and Pension Fund Administrators updates disability evaluation rules for the private pension system
Peru's SBS has updated the Private Pension System (SPP) Compendium rules for the Disability Evaluation System (SEI) to reduce operational, legal, and information quality risks. Changes include improved governance standards for medical committees, an updated risk management approach focused on service quality, and clarified responsibilities between pension fund administrators and committees regarding member guidance and disability determinations.