16 March 2020 – Allowed insurers to offset payments due against amounts owed to policy beneficiary

This item is sourced from COVID-19 Policy Watch co-ordinated by Policy. We are in the process of gathering further information and aligning taxonomies for these items.

Type of Intervention: Industry interventions
Sectors Involved:
Level of Jurisdiction: National
Lead People/Agency:

Overview: The The Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS) New power for insurance companies. They now have the power to offset premiums pending payment by the contractor and / or insured against compensation due to the insured or beneficiary of the insurance.
Full details here: https://www.sbs.gob.pe/Portals/0/jer/COVID19/OM_11159.pdf