On November 24, 2020, the Superintendence of Private Insurance (SUSEP) published Circular No. 618/2020, which repeals SUSEP Circular No. 40/1998 and introduces a small but important change to the Compulsory Liability Insurance for Multimodal Transport Operators (“RC-OTM” in Portuguese).
Although the text of the previous Appendix I, which contains the General Terms and Conditions of this type of insurance, has been duly maintained without any significant changes, there has been a change to the way of presenting pricing criteria.
As an update, insurance companies no longer need to send to the regulatory agency the annual statistics with the calculation of the rates and the insurance pricing criteria, in accordance with the old table in Appendix II of SUSEP Circular No. 40/98, but rather to present, as of the effectiveness of the new Rule, an actuarial technical note of the insurance plan that contains the pricing criteria used by the companies.
The full text of the Circular can be accessed at this link and the Rule will come into effect on January 4, 2021.
Demarest’s Insurance and Reinsurance team is available to assist you in the implementation of procedures related to the changes brought by SUSEP Circular No. 618/2020, and makes itself entirely available to provide any clarifications on the subject.