Public Consultation Notice No. 12/2026: SUSEP outlines the framework for the definitive governance structure of the Open Insurance system

The Superintendence of Private Insurance (“SUSEP”) has published Public Consultation Notice No. 12/2026, through which it submitted to the market a draft resolution intended to establish the guidelines for the definitive governance structure of the Open Insurance system (“Open Insurance” or “OPIN”), whose period for submitting comments ended on November 9, 2026.

The draft submitted under Public Consultation No. 12/2026 proposes replacing the initial structure set forth in SUSEP Circular No. 635/2021, which was primarily focused on implementing the Open Insurance system, with a definitive and permanent governance structure constituted as a non-profit civil association responsible for managing and overseeing the ecosystem.

According to the proposal, the entity must adopt bylaws or articles of association, policies, internal regulations, and other rules necessary for its operation, in accordance with corporate governance best practices aligned with the objectives and principles of Open Insurance. The entity must also maintain an active transparency policy, ensuring the free and accessible disclosure of documents of public interest.

The new structure will consist of:

• General Assembly: composed of one representative from each institution or prudential group participating in Open Insurance, responsible for deliberating on institutional and financial matters, including accounts and financial statements, bylaws or articles of association, the annual budget, and the appointment of members of the Deliberative Council.
• Deliberative Council: composed of seven members representing institutions or prudential groups with mandatory and voluntary participation, customer order processing companies (SPOCs), insurance brokers, and consumers, in addition to one independent member selected by SUSEP’s Board of Directors from a shortlist approved by the council itself. Its responsibilities include approving internal policies and regulations, appointing the executive board, establishing technical committees, deliberating on technological standards, procedures, and changes to the scope of data and services associated with Open Insurance, as well as annually preparing the Innovation Plan, which must address new customer journeys, objectives, risks, implementation timelines, and the parties responsible for maintaining the system, subject to SUSEP’s approval.
• Executive Board: composed of three to seven directors serving two-year terms, with the possibility of reappointment. Its responsibilities include implementing the decisions of the Deliberative Council, managing administrative and budgetary matters, monitoring participants’ performance, developing technical studies, and managing risks and regulatory compliance.

The draft proposes that participating institutions be responsible for funding the governance structure.

Each prudential group’s contribution will be calculated based on its net equity, corresponding to the aggregate net equity of the institutions within the group, less their cross-holdings. For participants that are not part of a prudential group, individual net equity will be considered.

Contribution rates will be directly proportional to each institution’s or prudential group’s share of the total net equity of participating institutions, subject to a minimum contribution of 0.1% and a maximum contribution of 7% of the governance structure’s total expenses.

As an incentive for voluntary participation, the proposal grants new voluntary participants an exemption from governance costs during their first year of participation. Should a participant leave Open Insurance before completing five years in the system, they will be required to reimburse the amounts from which they had been exempted.

The draft provides that the proposed changes will take effect on July 1, 2027, and its content is available through SUSEP’s Public Consultation System. The public consultation documents are available in full on SUSEP’s website and may be accessed through the links below:

• Draft regulation
• Statement of reasons

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