On June 4, 2023, Law No. 31763 (the “Law”) was published in the Official Gazette “El Peruano”, a Law that modifies Law No. 29671, Consumer Protection and Defense Code (the “ CPDC”), standardizing the term for attention to claims for financial and insurance products or services, by means of which article 88.1 of the CPDC is amended, establishing that the entities of the financial and insurance system must resolve the claims presented by the consumers within a period not exceeding 15 business days.

On the other hand, the Law also indicates that, exceptionally, the Superintendence of Banking, Insurance and AFP (the “SBS”) may establish an extension term when the nature and complexity of the operation, product or service that is the subject of the claim or requirement justifies it. , a situation that must be made known to the consumer before the end of the initial term, without prejudice to the consumer’s right to appeal directly to the Consumer Authority.

Finally, it is established that the Law will enter into force sixty (60) business days from its publication in the Official Gazette El Peruano, and that the SBS, within a period not exceeding thirty (30) calendar days from Said publication must issue the necessary complementary norm or adapt the existing ones for its effective application.

For more information contact:

Mario Pinatte  | CPB Partner | mpinatte@cpb-abogados.com.pe