CRSNSP publishes new Precedents on recurring common matters in administrative proceedings at SUSEP

On September 10, 2021, the Appeals Council of the National System of Private Insurance, Open Pension, and Capitalization (CRSNSP) published 4 (four) new Precedents on frequently recurring matters in Administrative Sanctioning Proceedings at the Superintendence of Private Insurance (SUSEP).

The measures, according to CRSNSP, will accelerate judgments on cases involving Periodic Information Forms (“FIP”) and defines the limits of liability for SUSEP Director of Relations, as follows:

  • Precedent CRSNP No. 001/2021 – establishes that late submission of the FIP to SUSEP, whose deadlines are provided for in SUSEP Circulars No. 364/08 and 517/2015, constitutes an infraction subject to a pecuniary sanction (fine), which may vary from BRL 30,000.00 to BRL 300,000.00 (article 37 of CNSP Resolution No. 393/2020);
  • Precedent CRSNP No. 002/2021 – determines that simply registering the protocol of the FIP with SUSEP is not sufficient, by itself, to demonstrate compliance with the obligation within the regulatory deadline. For such purpose, it is necessary to make the full transmission of the data before the end of the deadline;
  • Precedent CRSNP No. 003/2021 – sets forth that the transmission of FIP data to SUSEP made after the deadline stipulated in the regulations, even when the protocol has been carried out before the end of the period established in the legislation, is subject to a pecuniary penalty (fine), which may vary from BRL 30,000.00 to BRL 300,000.00 (article 37 of CNSP Resolution No. 393/2020);
  • Precedent CRSNP No. 004/2021 – states that the SUSEP Director of Relations will not be held liable for the non-compliance with obligations of other officers, even if the summons is issued in his name.

Demarest’s Insurance and Reinsurance team is available to provide any further clarifications that may be necessary.