Peru's Superintendency of Banking, Insurance and Private Pension Fund Administrators has published a draft regulation that would allow financial system firms and insurance companies to participate in the pension system as Pension Fund Administrator Companies (Empresas Administradoras de Fondos de Pensiones, EAF), under the Modernization of the Peruvian Pension System Law (Law No. 32123). The proposal would broaden the set of entities that can manage pension funds, with the stated objective of increasing competition. Eligible entrants would include banks, finance companies, municipal savings and credit banks (CMAC), rural savings and credit banks (CRAC), investment banks and insurance companies. Applicants would need to meet prudential and risk management conditions and hold a credit rating of at least B+, in line with the regulation of Law No. 32123 (Supreme Decree No. 189-2025-EF). Firms would apply to add an additional line of business, supported by documentation such as a feasibility study and assessments of financial and non-financial risks; after receiving a complete submission, the SBS may conduct a verification visit and must issue its decision within a maximum of 40 business days. The draft also sets corporate governance and conflict-of-interest expectations, and outlines an alternative process for entities intending to enter via a tender for new affiliates. The draft is open for public comments until 16 October 2025.
Superintendencia de Banca, Seguros y AFP del Peru 2025-10-01
Peru's Superintendency of Banking, Insurance and Private Pension Fund Administrators consults on rules enabling banks and insurers to become pension fund administrators
Peru's Superintendency of Banking, Insurance and Private Pension Fund Administrators has released a draft regulation allowing financial and insurance firms to become Pension Fund Administrator Companies under the Modernization of the Peruvian Pension System Law. The proposal aims to increase competition by broadening eligible entities, including banks and insurance companies, which must meet specific prudential and risk management criteria. The draft also outlines corporate governance expectations and an alternative entry process via tender for new affiliates.