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(Jul 01, 2009) On May 13, 2009, Javier Velasquez Quesquen, the President of the Congress of Peru, enacted a law amending Law No. 28515 on the promotion of transparency of information concerning the mandatory insurance to cover traffic accidents (known as SOAT). The amendment establishes the obligation of insurance companies to provide written notification to beneficiaries for collection of indemnification from the SOAT.

The objective of the law is to establish the mandatory publication by insurance companies of the roles in a traffic accident, whether they were occupants of the vehicles involved or not, played by the parties who die as a result of the accident, to allow the beneficiaries to exercise their rights to compensation in a timely manner, pursuant to Law No. 27181, the General Law on Transportation and Land Transit, and other regulatory and complementary norms.

The law stipulates that insurance companies should notify the beneficiaries in a timely manner and through written communication that they [the beneficiaries] may exercise their right to the corresponding indemnity after 15 days have transpired without their having claimed the right to indemnity and provided that the physical address of the beneficiaries or of the deceased is known to the company. The information the company provides must contain the name of the deceased, the number of the premium, the date and place of the accident, and the period of time granted to collect the compensation.

Finally, the law specifies that the Superintendencia Nacional de Banca, Seguros y Administradoras de Fondos de Pensiones (the National Superintendent of Banks, Insurance, and Entities Managing Pension Funds) is responsible for monitoring the fulfillment of the provisions of the law. (Law No.29361, EL PERUANO [the official gazette], May 14, 2009, available at http://www.congreso.gob.pe/ntley/Imagenes/Leyes/29361.pdf.)

Author: Dario Ferreira More by this author
Topic: Insurance More on this topic
Jurisdiction: Peru More about this jurisdiction

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Last updated: 07/01/2009