On April 9, 2021, the Superintendence of Private Insurance (SUSEP) published Circular 626/2021, providing new rules applicable to documents made available in the subsection “Documents for the Market” of the Authority’s website, which are directed to insurance companies, capitalization companies, admitted or occasional local reinsurers, open pension plan entities, reinsurance brokers, special regime companies and registering entities.
By repealing SUSEP Circulars 473/2013 and 482/2013, the new rule brings as its main change the starting point of the term for compliance with the documents made available on this portal.
The previous Circulars provided that, in the case that the supervised entities did not download the document made available in the subsection “Documents for the Market” within 5 (five) business days, the term to meet the requirements contained in the document would automatically commence from the 6th business day.
With the new Circular, the term for such compliance will have as its starting point the date the document is made available by SUSEP as registered in the “Documents for the Market” portal system, regardless of whether the supervised entity has read it or not.
It should be emphasized that the new Circular makes provisos with respect to the notifications related to the Sanctioning Administrative Proceeding and, as a result of which, the supervised entities must observe the provisions of the specific regulation, namely Resolution CNSP No. 393/2020.
In view of the new change concerning the starting point of the term for fulfillment of requirements by SUSEP’s supervised entities, we recommend that their respective attorneys-in-fact maintain routine and regular access to the referred portal, in order to be aware of the availability of documents and to have enough time to take the appropriate measures.
SUSEP Circular 621/2021 will come into effect on May 3, 2021.
Demarest’s Insurance and Reinsurance team is available to provide any further clarifications that may be necessary.