(June 3, 2009) On May 8, 2009, the President of the Congress of Peru signed Law No. 29355, creating the National Registry of Information on Contracts of Life Insurance and Personal Accidents with Coverage of Death or Accidental Death. The purpose of the Registry is to provide information on the insured and, at their death, to facilitate letting possible beneficiaries know of the contract, so that they may request from the insurer the benefits deriving from the contract.
The Registry will incorporate information on life insurance contracts with death coverage, personal accident contracts with death coverage, and annuities. Excluded from the Registry are life insurance mandated by law and insurance associated with the Private Pensions System.
The Law stipulates that insurance companies must update their databases at the moment a life insurance contract is signed, amended, or revoked. A company must also update its database at the time payment of compensation is made to the beneficiaries.
The Law deals with proceedings involving life insurance and accident insurance contracts, including submission of requests for information; requirements for submission of a death certificate; and imposition of sanctions in cases involving violations of the Law's provisions. (Creacion del Registro Nacional de Informacion de Contratos de Seguros de Vida y de Accidentes Personales con Cobertura de Fallecimiento o de Muerte Accidental, EL PERUANO (May 9, 2009), available at http://www.congreso.gob.pe/ntley/Imagenes/Leyes/29355.pdf.)