SUSEP resumes update and consolidation of brokerage regulations through public consultation

Deadline for submitting market contributions ends on November 1, 2025

On September 17, 2025, the Superintendence of Private Insurance (“SUSEP”) published Public Consultation Notice No. 5/2025 to gather market feedback on the draft CNSP Resolution that updates brokerage regulations. The proposed changes include provisions on (i) self-regulation of the sector, (ii) mutual fund asset protection, and (iii) accreditation of educational institutions for brokers.

This initiative builds upon Public Consultation No. 22/2022/SUSEP, which addressed a draft resolution aimed at consolidating sparse rules on the subject, in line with the guidelines established in Decree No. 10,139/2019, then in force.

However, despite the numerous contributions and suggestions submitted by market participants, Public Consultation No. 22/2022/SUSEP did not move forward, and the matter remained suspended until the update of brokerage regulations was included in SUSEP’s 2025 Regulatory Agenda, as provided for in item 8 of SUSEP Resolution No. 24/2024.

The main objective of the current draft resolution is to consolidate regulations currently scattered across different regulations into a single resolution, thereby promoting greater clarity, consistency, and regulatory systematization regarding insurance brokerage.

In addition, the proposal seeks to align the regulation with developments introduced by Law No. 14,430/2022 (which created the Insurance Risk Bond, assigned new responsibilities to brokers, and allowed accreditation by self-regulatory entities), and by Supplementary Law No. 213/2025 (concerning operations of mutual fund asset protection).

With respect to self-regulatory entities, the draft proposes updating the provisions of CNSP Resolution No. 233/2011, which will be repealed, with the aim of aligning them not only with recent legislative changes but also with modernization initiatives in authorization processes, in line with the current regulatory landscape.

Additionally, regarding mutual asset protection operations and insurance cooperatives, the draft resolution includes provisions that reflect the innovations introduced by Supplementary Law No. 213/2025. These provisions allow brokers to intermediate and support policyholders and participants in mutual asset protection groups before insurance cooperatives, associations, and administrators of mutual asset protection operations.

Regarding educational institutions, the proposed regulation updates the provisions of CNSP Resolution No. 249/2012, which is set to be repealed. The key amendments are as follows:

1. Inclusion of self-regulatory entities as supervisors of the process to revalidate brokerage licenses, alongside SUSEP;
2. Regulation of distance learning; and
3. Qualification requirements for teaching staff.

Among the new provisions introduced by the draft resolution, we highlight the following points:

Insurance Brokers

1. Registration by self-regulatory entities: The draft resolution authorizes self-regulatory entities to grant professional registration to insurance brokers (Art. 5), a function that, until now, was exclusively performed by SUSEP (Art. 2 of Circular No. 510/2015).
2. Qualification: The draft introduces the possibility of specific qualification of brokers by area of activity (Art. 4).
3. Broker cooperatives: The draft establishes requirements for the operation and registration of cooperatives, including a prohibition on registration if there are members without proper qualification (Arts. 10 to 12).
4. Continuing education: The draft establishes the obligation for brokers to remain up to date with legislation, market practices, and technical innovations (Art. 15).
5. Cancellation: The draft expands and details the grounds for suspension and cancellation, including document fraud and administrative sanctions (Arts. 16 to 18). It also introduces automatic registration cancellation after 180 days of suspension without any response from the broker within the respective administrative procedure (Art. 20).
6. Commission reimbursement: The draft provides that, in the event of policy cancellation or premium refund, the broker must proportionally reimburse the commission received to the insurance company. This includes cases where the policy is canceled due to SUSEP’s decree of extrajudicial liquidation of the insurer (Art. 21).
7. Consolidation of rules applicable to representatives: The draft incorporates the regulation of broker representatives currently established in CNSP Resolution No. 295/2013, maintaining the limit of ten representatives per individual broker and the possibility of applying administrative sanctions in case of irregularities, without prejudice to the liability of the broker who registered them (Art. 27).

Self-Regulatory Entities

1. Minimum number of members: The draft resolution requires self-regulatory entities to demonstrate a minimum membership of ten thousand individuals, certified by an independent audit (Art. 36, I, b).
2. Obligations: The draft establishes rules applicable to these entities, particularly regarding the publication of regulatory acts and sanctioning decisions in the entity’s official newsletter and website (Art. 55, XIII).
3.  Challenge to decisions issued against brokers: The draft resolution provides that appeals may be filed within the self-regulatory entity against sanctioning decisions targeting insurance brokers. Additionally, except in cases of a warning, appeals may also be submitted to SUSEP and to the Appeals Council of the National Private Insurance, Open Pension and Capitalization System (“CRSNSP”), in compliance with Art. 55, §1. This represents a significant change, given that decisions issued by self-regulatory entities were previously not subject to appeal before SUSEP or the CRSNSP.

Educational Institutions

1. Accreditation: The draft resolution provides for detailed requirements for the accreditation of educational institutions, including minimum qualifications for course coordinators and approval criteria (Art. 59), as well as accreditation revalidation for existing institutions (Art. 59, §1).
2. Distance learning courses: The draft mentions the possibility of offering courses in the Distance Learning (EAD) modality, in compliance with Art. 58, sole paragraph.
3.  List of approved candidates: The draft expands the obligation to submit the list of approved candidates to include self-regulatory entities, which was previously limited to SUSEP.

Lastly, as this regulation aims to consolidate scattered rules, the draft resolution includes an extensive list of circulars and resolutions to be repealed.

Interested parties may submit comments and suggestions to Public Consultation No. 5/2025 until November 1, 2025, through the Public Consultation System, in compliance with the guidelines provided in the published notice. In addition, all documents related to the public consultation are available in full on SUSEP’s official website and can be accessed via the following links:

• Public Consultation Notice No. 5/2025
• Statement of Reasons
• Draft Resolution

Demarest’s Insurance, Reinsurance, Private Pension, and Supplementary Health team is monitoring the topic and remains available to provide any necessary clarifications.