SUSEP Notice provides for the deadline for custody and storage of documents of insurance operations

The Superintendence of Private Insurance (SUSEP) has put Notice No. 06/2020 for public consultation, presenting a draft of a new normative rule that shall regulate the term for custody and storage of documents related to insurance, co-insurance, reinsurance, capitalization, retrocession, private pensions and intermediation operations.

If enacted, the aforementioned rule will repeal SUSEP’s Normative No. 74/1999 and promote several changes, among which we highlight the main ones in the comparative table below:

 

SUSEP’s Normative No.  74/1999

Draft

Establishes rules for insurance and capitalization companies, open private pension entities and insurance brokers.It is more comprehensive, since, in addition to all the figures contained in Normative No. 74/1999, it also includes local reinsurers, representative offices of admitted reinsurers, stipulators and intermediaries, those defined as being responsible for raising, promoting, intermediating or distributing insurance, reinsurance, capitalization or private pensions, such as brokers, representatives, among others.

 

 

Presents, in article 2, items I, II and III, separately, the list of documents related to capitalization bonds, insurance and private pension contracts, respectively.

 

Presents a single and broader list, valid for all operations, without the subdivision previously presented (capitalization bonds, insurance and private pension contracts).
 

Establishes, in articles 3 to 7, specific minimum terms for keeping documents, being 5 years for property insurance policies and 20 years for capitalization bonds, life insurance and private pension contracts. The term counting is suspended in case of filing an administrative or judicial proceeding.

 

Establishes, in articles 3 and 4, a minimum period of 5 years common to all operations for keeping documents, regardless of their nature or form (digital or physical), being suspended in the event of an extrajudicial liquidation of any of the concerned parties or in case of filing an administrative or judicial proceeding.
It is silent on the elimination of documents and establishes that the documents must be kept in original or microfilmed copies, with electronic or magnetic recording of the documents being provided. 

It allows the permanent elimination of physical documents that are digitized or microfilmed, as well as that digital documents must be stored in any record that allows confirmation of authenticity, with no need for printing.

 

It is silent on the requirement for document control and governance procedures. 

It provides for control and governance procedures, specifically for scanned documents, which must have backup copies stored in a different location, with traceable and controllable access, as well as an audit trail.

 

 

The complete draft of the normative put in consultation is available at this link. Interested parties can send comments or suggestions to its content by e-mail addressed to corac.rj@susep.gov.br until 12 May 2020, by filling in SUSEP’s standard form.

Demarest’s Insurance and Reinsurance team will monitor the development of this consultation until the release of the new Normative and remains available to provide any clarifications on the subject.