CNSP Resolution No. 492/2026: SUSEP establishes regulatory framework for insurance cooperatives in Brazil

The Brazilian Superintendence of Private Insurance (SUSEP) published CNSP Resolution No. 492/2026, which provides for the general rules applicable to insurance cooperative associations. 

Published on May 6, 2026, the regulation comprehensively governs the organization, operation, and supervision of insurance cooperatives, consolidating a dedicated regulatory framework for the segment and providing for the subsidiary application of the rules applicable to insurance companies when they are compatible with the cooperative structure. 

The resolution is part of a broader trend of convergence between the cooperative model and the regulated insurance system in Brazil, ensuring greater legal certainty for these entities, which have historically operated under a less structured and specific regulatory framework. 

Expected impacts of the regulatory framework 

CNSP Resolution No. 492/2026 significantly reshapes the insurance cooperatives segment. The regulation encourages the institutionalization and standardization of cooperative structures, establishing more stringent governance and internal control requirements, and strengthening the role of central cooperatives and confederations in system-wide supervision. 

At the same time, the regulation imposes operational restrictions that bring the cooperative model closer to the traditional insurance regime, ultimately improving legal certainty and strengthening the protection of members. 

Key developments of CNSP Resolution No. 492/2026 

Organizational structure of the cooperative system 

• The resolution defines three levels of organization: primary cooperatives, central cooperatives, and confederations (Article 2). 

• Each level has specific, complementary functions that form an integrated, cooperative system. Primary cooperatives are responsible for direct operations with members, while central cooperatives and confederations perform coordination, support, and supervision functions over affiliated entities, reinforcing the systemic logic of the cooperative model. 
• The activities of central cooperatives and confederations are aimed at providing services and coordinating affiliates, and they are not allowed to perform brokerage activities (Article 6). 

Restrictions on activities and operational scope 

• Insurance cooperatives may not operate in certain lines of business of increased complexity or risk, such as oil, named perils and operational risks, nuclear risks, marine, bankers blanket bond (global banking), and aviation (Article 7). 

• Transactions must not be structured under a typical insurance procedure, based on capitalization and pooling regimes (Article 7, sole paragraph). 
• Primary cooperatives may operate exclusively with their members and must not engage in operations with third parties (Article 8). 

Operating rules and risk distribution 

• The offering of insurance contracts may be carried out only by primary cooperatives, i.e., those that maintain direct contact with members (Article 8). 

• The regulation sets out specific rules for coinsurance (when risk is shared among more than one entity), defining with whom such arrangements may be carried out and how responsibilities must be allocated (Article 9). Notably, primary cooperatives may not accept coinsurance risks from insurance companies, although they may cede risks to such entities. 
• Cooperatives may purchase reinsurance, provided they comply with the regulations applicable to the insurance sector (Article 10). 

Relationship with members and economic operation 

• CNSP Resolution No. 492/2026 strengthens transparency in the relationship with members, requiring clear disclosure of rights, duties, and rules on the allocation of surplus and the sharing of losses – core elements of the cooperative model (Article 11). 

• The admission of new members must comply with objective and non-discriminatory criteria (Article 12). 

• From an economic standpoint, the resolution establishes more stringent criteria for share capital and its movement, conditioning the reimbursement of capital quotas and the distribution of results on compliance with prudential requirements; at a minimum, it requires (Articles 13 to 15): 

• Maintaining Adjusted Net Worth (PLA) at a level higher than the required minimum capital;
• Sufficiency in the coverage of technical provisions.
• Share quotas of share capital are not subject to attachment. This reinforces members’ asset protection in the context of individual enforcement proceedings (Article 14, paragraph 4). 

Governance, administrative structure, and bylaw requirements 

• The regulation imposes structured governance standards, requiring the adoption of a specific policy and the existence, at a minimum, of the following statutory bodies (Articles 16 and 17): 
• Board of Directors;
• Executive Management;
• Fiscal Council.
• CNSP Resolution No. 492/2026 provides for detailed rules on composition, terms of office, and segregation of governance roles, including the possibility of independent directors, aligning the model with governance best practices (Articles 18 to 25). 
• The bylaws must provide for the cooperative’s operation, governance, members’ rights, and fundraising and capitalization policies (Articles 26 and 27). 

Equity interests, conflicts of interest, and controls 

• CNSP Resolution No. 492/2026 establishes limits on cooperatives’ equity interests in other entities, restricting their participation to structures compatible with cooperative logic and sector regulation (Article 29). 

• The regulation restricts the activities of members of statutory bodies in other supervised institutions, mitigating potential conflicts of interest and reinforcing management independence (Article 30). 
• Regarding controls, auditing will cover not only accounting aspects, but also operational aspects, including the assessment of governance, risks, and relationships among entities within the cooperative system, with the possibility of additional interventions by Susep (Articles 31 and 32). 

System-wide supervision and reorganization of the cooperative system 

• Central cooperatives and confederations are responsible for supervising affiliated entities, including risk monitoring, performance assessment, and the proposal of corrective measures (Articles 38 to 41). 

• The central insurance cooperative or the confederation of cooperatives will act as an intermediate regulatory and control body, with a duty to notify SUSEP of irregularities or material risks (Article 42). 
• Institutional reorganization is also reinforced by strict disaffiliation rules, conditioning a cooperative’s exit from the central system or confederation on approval at a general meeting, maintenance of prudential requirements, and SUSEP’s consent (Articles 47 to 50). 

Intervention mechanisms and operational continuity 

• CNSP Resolution No. 492/2026 establishes internal intervention mechanisms within the cooperative system, allowing central cooperatives or confederations to temporarily assume management or operate under a co-management regime in risk situations, with the aim of ensuring continuity of operations and protecting members (Articles 55 and 56). 
• In addition, SUSEP may adopt direct measures, such as suspending the admission of new members in cases of operational deficiencies (Article 58). 

Democratic governance and integration into the prudential regime 

• The regulation governs representation mechanisms through assemblies with delegates, establishing proportionality and vote-binding rules to ensure adequate representation of members in cooperative governance (Article 57). 

• Members are organized into sections that elect delegates responsible for representing them at general meetings, in accordance with criteria to be defined in the bylaws;
• The delegate’s vote at the general meeting must reflect the decisions previously taken at the sectional level;
• The weight of the delegate’s vote may be proportional to the number of members represented, ensuring greater alignment between representation and the membership base.
• CNSP Resolution No. 492/2026 requires that relevant matters be deliberated in advance at the sectional level, including: 
• Approval of accounts;
• Allocation of surplus and sharing of losses;
• Election of officers/directors;
• Corporate reorganizations (merger, incorporation, dissolution);
• Material structural changes to the cooperative.
• Finally, cooperatives were formally integrated into the prudential regime supervised by SUSEP, treated as equivalent to prudential groups, thereby strengthening regulatory consistency across the sector (Articles 60 to 64). 

CNSP Resolution No. 492/2026 entered into force on its date of publication. 

Demarest’s Insurance, Reinsurance, Health and Private Pension and Corporate are available to provide further clarification and advise on the implementation and adaptation to the rules.