SUSEP updates rules for special regimes of fiscal oversight, intervention, and liquidation applicable to supervised entities

On March 12, 2026, Brazil’s Superintendence of Private Insurance (“Susep”) published CNSP Resolution No. 489, which establishes the special regimes of fiscal oversight, intervention, and extrajudicial and ordinary liquidation applicable to supervised entities, and repeals CNSP Resolution No. 395/2020.

In addition to insurers, capitalization companies, open private pension entities, and local reinsurers, the resolution also applies to insurance cooperatives and administrators of mutual asset-protection operations, in compliance with Supplementary Law No. 213/2025.

See below the main changes:

Broader grounds for initiating a special regime

The resolution introduces new grounds for initiating fiscal oversight, intervention, and liquidation, such as:

• recurring failures to provide operational information to Susep;
• repeated breaches of accounting legislation, in addition to insurance legislation;
• inadequate corporate governance practices (applicable in the case of liquidation); and
• risks incompatible with capital structure and internal control frameworks.

Operational and procedural timelines

The resolution eliminates and relaxes previous deadlines, vesting Susep with the authority to establish timeframes, as applicable. This includes, for instance, deadlines for submitting an action plan for fiscal oversight and extrajudicial liquidation, as well as for the submission of reports by the Fiscal Director and the liquidator.

Fiscal Director

The resolution now allows legal entities to be designated to serve as Fiscal Director from a three-candidate shortlist nominated by the Technical Committee for Special Regimes.

Classification of supervised entities

For remuneration purposes, the resolution sets out that the classification of supervised entities will follow the criteria established in CNSP Resolution No. 388/2020. Reclassification will be possible as the special regime advances.

Ranking of claims and consistency with the insolvency regime:

The resolution now directly governs the priority of claims in the context of extrajudicial liquidation, moving away from the generic reference to Law No. 11,101/2005 and maintaining consistency with the current insolvency framework, as amended by Law No. 14,112/2020.

Provisions (liabilities):

The resolution states that provisions (liabilities) now form part of the asset sufficiency analysis and must be considered for the purposes of verifying insolvency and authorizing a bankruptcy filing. Once materialized and entered on the general schedule of creditors, claims are subject to an increase in value under IPCA-15, in accordance with the applicable general rules.

CNSP Resolution No. 489 will enter into force on June 10, 2026, 90 days after its publication.

Demarest’s Insurance, Reinsurance, Health and Private Pension team is available to provide further clarification about the resolution.