Public Consultation Notice No. 13/2026: SUSEP public consultation signals reforms to the Open Insurance system

Through Public Consultation Notice No. 13/2026, the Superintendence of Private Insurance (“SUSEP”) submitted to the market a proposal to amend CNSP Resolution No. 415/2021, which regulates the Open Insurance system (“Open Insurance” or “OPIN”).

The proposal introduces significant changes to the rules governing participation in the Open Insurance system, establishing mandatory participation for supervised entities with relevant market presence in their respective markets or that operate in priority lines of business, in addition to adjustments to the conditions for data sharing, consent, and service initiation.

New participation rules

Currently, under CNSP Resolution No. 415/2021, mandatory participation in Open Insurance is linked to the classification of supervised entities within prudential segments S1 and S2. Public Consultation No. 13/2026 proposes replacing this model with a criterion based on the economic relevance of an institution’s or prudential group’s operations in their respective markets or in lines of business considered priorities.

Under the draft regulation, prudential groups or independent entities that reach or exceed the 5% market relevance threshold will become mandatory participants:

• in the open private pension market;
• in traditional capitalization operations; or
• in at least one of the insurance lines classified as priorities, namely:
  • Property insurance: residential comprehensive, miscellaneous risks, and extended warranty;
  • Vehicle insurance: personal accident insurance for passengers, motor hull insurance, assistance and other motor coverages, and voluntary motor third-party liability insurance;
  • Group personal insurance: funeral, credit life, personal accident, life insurance, and survival coverage plans;
  • Housing insurance: credit life and other coverages;
  • Individual personal insurance: funeral, travel, credit life, personal accident, life insurance, and survival coverage plans; and
  • Microinsurance: personal and property microinsurance.

The assessment of the 5% market relevance threshold will be based on the following metrics:

• For open private pension: the aggregate amount of pension contributions.
• For capitalization: gross revenue derived from the sale of traditional capitalization bonds.
• For insurance: premiums issued in each line of business.

For institutions belonging to the same prudential group, the calculation must consider the aggregate values derived from the individual calculations, and mandatory participation will extend to all members of the group.

The assessment will be conducted semiannually, based on the reference dates of June 30 and December 31. An independent institution or prudential group will be classified as a mandatory participant when it meets the 5% threshold for two consecutive semesters.

Declassification from mandatory participation, in turn, will depend on remaining below the relevance threshold for at least four consecutive semesters.

SUSEP may anticipate declassification in situations such as portfolio transfers, mergers, demergers, incorporations, changes in control, or significant changes in business operations.

Entities newly classified as mandatory participants must register in the participants’ directory within 10 business days of SUSEP’s notification and implement the interfaces required by the regulation for user authentication, consent collection, and data sharing within 180 days.

Exceptions to mandatory participation

Supervised entities that do not meet the relevance criteria, are classified within prudential segment S4, or do not maintain technical provisions will not be mandatory participants. However, the regulation allows them to participate voluntarily in Open Insurance.

Consent and customer journey

The proposal also amends the consent rules applicable to personal data sharing and service initiation.

Among the most relevant changes is the removal of the current 12-month maximum validity period for consent. Under the new wording, the validity period must be compatible with the purpose disclosed to the customer.

New consent will be required only in the event of a change in the data-transmitting entity or the service-initiation receiving entity. Changes relating to purpose, validity period, or scope may be made with specific notification to the customer and the customer’s active agreement, without requiring additional authentication or confirmation steps.

The proposal also clearly distinguishes the roles performed in data transmission and reception activities from those involved in service initiation and reception. Authentication procedures applicable to service initiation and reception will be detailed by SUSEP in specific regulations or manuals.

In addition, the minimum scope of service-initiation activities will initially focus on the following customer journeys:

• quotation and contracting of insurance products, open private pension plans, and capitalization bonds; and
• portability of pension plans.

The roles of each participant, the operational procedures, and the implementation timelines will be detailed in specific manuals to be published by SUSEP for each customer journey.

Impacts on supervised entities

If the proposal is approved, insurance companies, open private pension entities, capitalization companies, SPOCs, and other Open Insurance participants must assess, among other aspects:

• whether they qualify as mandatory participants under the 5% relevance criterion;
• the impacts of mandatory participation extending to all companies within a prudential group;
• the products and lines of business subject to data-sharing obligations;
• the interfaces and customer journeys that will need to be implemented;
• the need to review consent, authentication, and confirmation processes;
• the financial impacts of the new governance structure funding model; and
• institutional representation and participation in the Open Insurance Governance Structure, addressed in Public Consultation Notice No. 12/2026.

Although the proposal limits mandatory participation to markets and participants considered most relevant under an operational criterion of 5% of the respective market, the classification is expected to affect prudential groups with diversified operations, as meeting the threshold in a given market or priority line of business will bind all supervised entities within the respective group.

Accordingly, the implementation of Open Insurance interface journeys may extend even to supervised entities that, individually, do not meet the threshold but belong to a prudential group classified as a mandatory participant.

If the draft regulation is approved, its main changes will take effect as of July 1, 2027.

The full text is available through SUSEP’s Public Consultation System and may be accessed through the links below:

• Draft regulation
• Suggestion matrix
• Statement of reasons

Demarest’s Insurance, Reinsurance, Health and Private Pension team is monitoring this matter and remains available to provide any necessary clarification.