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Chosen name now mandatory in contractual insurance documents

February 6th, 2024

Nome social em documentos contratuais do setor de Seguros

SUSEP has established that the sector must comply by the end of May 2024

On January 31, 2024, Electronic Circular Letter DIR2/SUSEP No. 001 was published in the Federal Official Gazette of Brazil, through which the Superintendence of Private Insurance (“SUSEP”) established a 120-day deadline for the sector to adjust proposals, policies, certificates, bonds and other contractual documents issued to clients who are individuals, with the insertion of a specific field for the inclusion of the chosen name.

The chosen name is the name by which a person self-identifies and is recognized by society, because they understand that their “legal name” does not match their gender identity. Therefore, the inclusion of a specific field for the chosen name aims to provide ethical and appropriate treatment to clients, in line with art. 3, paragraph 1, II of CNSP Resolution No. 382 and Decree No. 8,727/2016, ensuring the protection of human dignity, honor and personality rights of insurance clients.

The adjustment must be implemented in the systems and in the physical and digital document templates mentioned above by May 30, 2024. Once the adjustment has been implemented, entities supervised by SUSEP (insurance companies, capitalization companies, private pension plans and intermediaries) must submit documentary evidence of this implementation through an interim motion in SUSEP Proceeding No. 15414.647492/2023-10.

In the same proceeding, supervised entities that work exclusively with legal entities must submit a statement as to the inapplicability of this adjustment.

Demarest’s Insurance, Reinsurance, Health and Private Pension team will continue to monitor new developments in the sector and is available to provide any clarification regarding the new regulation.