New regulations will require insurers to report guarantee letters and policies to the SBS.

Starting in January 2025, insurance companies in the country will be required to report information on surety letters and bond policies to the Superintendence of Banking, Insurance, and AFP (SBS). This measure, driven by the need to create a centralized information system, aims to address the growing concern over the forgery of these documents, especially in the context of public procurement. Luis Miguel Garrido, senior associate at Rubio Leguía Normand, highlighted that the lack of a reliable registry has generated a climate of distrust in the market, leading to a recurring request from state entities for guarantees to be sent directly by the issuers, namely banks or insurers.

Surety letters and bond policies are financial instruments primarily used by companies in the construction sector and those related to exports. They serve as a backing for the contractor's obligations, ensuring that in the event of a breach, the insurer will assume the corresponding debt. However, the absence of a verification system has facilitated irregularities that jeopardize transparency and trust in bidding processes.

Arturo García, a finance professor at Esan, agreed with Garrido that bond policies are essential in tenders for public works or state services, where bidders are required to present a compliance guarantee equivalent to a percentage of the contract, often around 10%. However, until now, there has been no centralized information system that gathers data on surety letters issued by insurance companies, complicating the risk assessment process.

The new regulation not only seeks to verify the validity of surety letters but also aims to collect information on claims related to these instruments. This will allow insurers to better understand the behavior of the companies to which they issue bond policies, thus facilitating the identification of non-compliance patterns. For example, the SBS will be able to obtain data on claims in specific sectors, such as roads during climatic phenomena like El Niño, which will contribute to a better risk assessment in future contracts.

Moreover, García emphasizes that this measure will improve the available information in the market regarding business obligations. Banks, when considering the granting of loans, will be able to review not only the client's debts in the financial system but also the surety letters they have acquired. This highlights the importance of these policies, which act as indirect credits and are executable under adverse conditions, even though they do not represent a direct obligation.

The reporting process will be governed by a strict timeframe. Insurers will have a period of ten business days to correct and submit erroneous information to the SBS from the moment a claim's validity is determined or an error is detected, ensuring continuous data updates in the central registry. This control mechanism will benefit not only state entities and insurers but also citizens participating in bidding and public procurement processes.

The implementation of this regulation represents a significant step towards the formalization and transparency of the insurance market, particularly in the realm of public procurement. The creation of a centralized information system that collects accurate data on surety letters and bond policies will foster a safer and more reliable environment, where companies can operate with greater security and state agencies can make informed decisions.

It is worth noting that this measure also responds to a broader context of financial regulation, where protecting consumer interests and fighting corruption are priorities. The supervision of surety letters and bond policies is a crucial component of this effort, as these instruments are frequently the target of dishonest practices that undermine the integrity of bidding processes.

In conclusion, the announcement by the SBS marks a milestone in the regulation of the insurance sector, establishing a new framework that not only seeks to mitigate the risk of fraud but also aims to empower companies through more equitable access to information. As the implementation date approaches, it will be essential for insurers to prepare to comply with the new requirements and for state entities to benefit from a more robust and reliable system.