The SBS cancels the registration of two Afocat in Lima for serious infractions: Afocat Región Lima and Premium. Measures to protect victims of accidents.

The Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS) has decided to definitively cancel the registration of two Traffic Accident Funds Associations (Afocat) in the Lima Region: Afocat Región Lima and Premium (Afocat Premium). This decision is based on serious infractions committed by both entities, jeopardizing the fulfillment of their obligations towards traffic accident victims. The cancellation of Afocat Región Lima's registration is due to a very serious infraction of maintaining a deficit exceeding 10% in relation to the Solvency Fund since December 2022. On the other hand, Afocat Premium has been cancelled for failing to comply for the third time, within a 24-month period, with provisions related to the maintenance of the paying account. Both situations contravene the regulations established within the legal framework governing these associations. The SBS acts in accordance with Legislative Decree No. 1051, which establishes the supervision and regulation of Afocat by this entity, as well as in line with the General Law of the Financial System and the Insurance System. According to current legislation, an Afocat's Fund cannot be lower than the maximum between the Solvency Fund and the Minimum Fund, and any serious non-compliance may lead to the cancellation of the registration. It is important to highlight that Afocat, as supervised entities, have the responsibility to operate under a legal framework that ensures financial balance and solvency of their resources. In this sense, proper fund management and compliance with regulations are fundamental aspects to ensure their proper functioning and protect the rights of individuals affected by traffic accidents. The SBS has emphasized that Afocat must maintain a deposit account, called a "Paying Account," in an authorized financial institution to receive public deposits. Afocat Premium did not comply with this provision, despite having been sanctioned twice before for the same reason. In light of this situation, the association will need to modify its social purpose and its name. As a result of the registration cancellation, the liquidation process of the Fund administered by these associations has been initiated. Information about this procedure has been published in the Official Gazette "El Peruano" and in the most widely circulated local newspaper, in order to inform individuals and legal entities with pending claims or indemnifications from the Fund, as well as the general public, about the call to submit claims for credit recognition. Ultimately, it is crucial that financial and insurance entities comply with current regulations and obligations established to ensure the protection of users' rights and transparency in their operations. The SBS's action in cancelling the registrations of Afocat Región Lima and Premium responds to the need to ensure compliance with standards and the financial security of the beneficiaries of these associations.