Peru’s Superintendency of Banking, Insurance and Pension Funds (SBS) has amended the registration and ongoing registration framework for regional or provincial traffic accident fund associations (Afocat) to require SBS prior authorisation for any change to their bylaws. Under the revised rules, an Afocat must obtain SBS approval before registering any bylaw modification in the Public Registries. The SBS noted that, unlike other supervised systems, Afocat previously did not have an authorisation procedure for changes to their statutes; Afocat manage regional or provincial traffic accident funds funded by member contributions and issue the Traffic Accident Certificate (CAT) valid in the province or region where the public transport unit operates.
Superintendencia de Banca, Seguros y AFP del Peru 2025-06-23
Peru’s Superintendency of Banking, Insurance and Pension Funds requires prior approval for Afocat bylaw changes
Peru’s Superintendency of Banking, Insurance and Pension Funds (SBS) has revised the registration framework for regional or provincial traffic accident fund associations (Afocat), mandating SBS prior authorisation for bylaw changes. Previously, Afocat did not require such authorisation, despite managing traffic accident funds and issuing Traffic Accident Certificates (CAT) for public transport units.