SUSEP consolidates the regulatory framework for insurance brokers and strengthens self-regulation and continuing education

The Brazilian Superintendence of Private Insurance (“SUSEP”) has published CNSP Resolution No. 493/2026, which consolidates the rules applicable to insurance brokers, self-regulatory entities in the insurance brokerage market, and accredited educational institutions.

Expected impacts of the new regulatory framework

In practice, the changes require the review of processes relating to the engagement of brokers, the payment and chargeback of commissions, as well as the contractual instruments entered into with brokers. Particular attention must be given to the new rules governing the proportional refund of commissions in cases of policy cancellation, premium refunds, and extrajudicial liquidation, which may require operational, accounting, and contractual adjustments.

The resolution also reinforces the duty to report irregularities to SUSEP and to self-regulatory entities, requiring a review of compliance policies, reporting channels, and distribution agreements. In addition, supervised entities will be required to adapt their procedures to the new broker registration regime and to the expressly established situations in which the payment of commissions is prohibited.

Main changes

Qualification and registration

• Qualification continues to be obtained through approval in a national examination or through a qualification course offered by accredited institutions. The resolution now expressly distinguishes between full qualification, which authorizes intermediation in any segment, and specific qualification, restricted to certain segments. In addition, SUSEP may create qualifications by line of business (Article 4).
• Brokers will now hold a single registration valid throughout the national territory, which may be granted by SUSEP or by a self-regulatory entity (Article 5, main section), a significant change from the previous regime, under which this authority was, as a rule, exclusively vested in the regulator.
• SUSEP and self-regulatory entities may carry out the periodic re-registration of market participants, while ensuring the regulator’s unrestricted and immediate access to updated information (Article 14).

Eligibility requirements

• The restrictions on affiliations with supervised entities have been expanded to expressly include mutual property protection administrators and insurance cooperatives (Articles 6 and 8).
• Directors and officers must demonstrate technical qualifications compatible with the position held, the size of the brokerage firm, and the complexity of the transactions intermediated. SUSEP may require certification for specific positions (Article 8, paragraphs 2 and 3).

Suspension, cancellation, and commissions

• Registration suspension: SUSEP may suspend a registration ex officio due to outdated registration information, non-compliance with applicable requirements, misrepresentation, or the imposition of an administrative sanction (Article 18).
• Cancellation by conversion introduced: Registration will be canceled ex officio (Article 20, I) if the broker fails to respond within 180 days after the suspension.
• Commissions: Commissions are not payable to brokers whose registration has been suspended or canceled, nor in cases involving premium refunds or policy cancellation, in which case the commission must be refunded on a pro rata basis to the insurer (Article 21).

Appointed representatives

The limit of ten appointed representatives per individual insurance broker has been maintained, as has the prohibition on acting independently and the submission of appointed representatives to administrative sanction proceedings, without prejudice to the liability of the broker who registered them (Articles 23 to 27). The regulation reinforces the duty to immediately remove the registration of any appointed representative who no longer satisfies the requirements for carrying out the activity (Article 26, paragraph 3).

Self-regulatory entities

With its publication, the resolution introduces the following changes:

• Requirement of at least 10,000 members, certified by an independent audit and updated every two years (Article 36).
• Recognition of the right to appeal to SUSEP and, ultimately, to the Appeals Council of the National System of Private Insurance, Open Private Pension and Capitalization (“CRSNSP”) against sanctioning decisions issued by a self-regulatory entity, except in the case of warnings (Article 55, paragraph 2).
• Requirement for prior authorization from SUSEP for the appointment of statutory officers, with tacit approval deemed granted after 60 days (Articles 44 to 47).

It is worth noting that SUSEP retains the authority to initiate its own proceedings, annul decisions for violations of due process, and directly impose sanctions (Article 55, paragraph 3).

Educational institutions and continuing education

• Accreditation will require, among other conditions, a coordinator holding at least a master’s degree, a qualified faculty, curriculum and course workload defined by SUSEP, a minimum passing grade and attendance rate of 70% for each subject, and safeguards ensuring the integrity and auditability of examinations (Article 59). The list of approved candidates must now be submitted not only to SUSEP, but also to self-regulatory entities (Article 62).
• The regulation also establishes the minimum subjects that must be included in the Technical-Professional Qualification Course, covering Law, Economics, Commercial Techniques, Ethics, and Business Management (Article 64, sole paragraph).
• The new regulation further requires brokers to remain up to date with legislative developments, regulations, market practices, and technical innovations (Article 15).

The regulation will enter into force on October 17, 2027.

Read CNSP Resolution No. 493/2026 in full.

Demarest’s Insurance, Reinsurance, Health and Private Pension team remains available to provide any further information regarding the new regulation.