SUSEP proposes a broad review of the rules applicable to capitalization bonds

The Superintendence of Private Insurance (“SUSEP”) has published Public Consultation Notices No. 8/2026 and No. 9/2026, submitting to the market complementary proposals for the review of the regulations applicable to the design, operation, distribution, assignment, subscription, advertising, and commercialization of capitalization bonds.

Public Consultation No. 9/2026 presents a draft resolution of the National Council of Private Insurance (“CNSP”) aimed at amending CNSP Resolution No. 384/2020, which establishes the general guidelines for capitalization transactions. Public Consultation No. 8/2026, in turn, presents a draft SUSEP resolution regulating the operational aspects of such guidelines and also revokes and replaces SUSEP Circular No. 656/2022.

The proposals stem from studies conducted by SUSEP regarding three main topics:

• the loss of the right to receive drawing prizes and redemption amounts not claimed by consumers;
• the manner in which resources arising from the award-linked philanthropy modality are allocated to charitable entities; and
• the use of images of goods and services in the advertising of capitalization bonds.

According to the authority, the changes seek to increase transparency, improve payment mechanisms, correct shortcomings in the assignment of rights, and prevent the distortion of the intended purpose of these products.

Among the main proposed changes are:

• Payment of drawing prizes and redemptions: establishment of objective and traceable payment procedures, with payments to be made available within 15 calendar days, preferably by crediting an account held by the beneficiary. If such credit is not possible, the capitalization company must attempt payment via Pix, using the holder’s CPF registration number as the key, including through additional monthly attempts until the expiration of the applicable limitation period. In modalities where the assignment of drawing prize rights is prohibited, payment must be made exclusively to the rights holder, and waivers, powers of attorney authorizing collection by third parties, and instruments with equivalent effects will also be prohibited.
• Communication with draw winners: implementation of graduated procedures to inform winners of their awards and the amounts available for redemption through an individual consultation system, verifiable communication channels and, when necessary, registered mail with acknowledgment of receipt.
• Audit: for each drawing conducted through proprietary processes established by the capitalization company, and for each series issued in cases involving instant prize draws, capitalization companies must maintain an independent audit report.
• Advertising: in the promotion of capitalization bonds for commercialization purposes, the use of images of goods or services will be allowed exclusively as a suggestion of how the cash prize may be used, provided that the following cumulative and objective requirements are met: the image may not exceed the size of the block displaying the prize (Article 33, I); it must be accompanied by the statement: “Prize paid exclusively in cash. Images for illustrative purposes only,” displayed in a font size corresponding to at least 30% of the largest font used for the prize amount; and, in audiovisual or audio media, the statement must be displayed and conveyed verbally, without acceleration, compression, or other artifices.

The draft also classifies as improper any advertising that presents the good itself as the prize, displays the specific good (for example, by license plate or chassis number) or physically exhibits it, or depicts a good with a value exceeding the advertised net prize, except in the programmed purchase and incentive modalities. In addition, the proposal details mandatory disclosures according to the type of media (print, audiovisual, interactive digital, and audio), including the series number and the possibility of payment via Pix, and requires that, in series with distinct contributions, the advertised prize be associated with the corresponding contribution amount. The rules apply to all forms of media, including social networks, and to distributors, promoters, advertisers, and contracted third parties. Capitalization companies must maintain auditable evidence of compliance and an updated list on their website of all digital channels used to advertise capitalization bonds.

• Award-linked philanthropy: requirement that at least 34% of the value of the capitalization bond be effectively allocated to the charitable entity’s core activities and that this percentage exceed both the loading quota and the drawing quota, even where advertising or promotional expenses are funded with campaign resources. The capitalization company must provide for this obligation in its agreement with the charitable entity and maintain supporting documentation. The charitable entity must have been established for at least five years and hold a Certificate of Charitable Social Assistance Entity (“CEBAS”). It must also provide a dedicated channel through which subscribers may express their intention to withdraw from the assignment of redemption rights, with immediate confirmation of receipt. The draft further expands transparency obligations, requiring monthly publication, by series, of the amounts transferred, advertising expenses, and resources effectively allocated to charitable purposes. Such information must be prominently disclosed in registration forms and advertising materials, including the average percentage effectively allocated in the previous three series and an electronic address or QR code for consultation.
• Incentive modality: reinforcement of the ancillary nature of drawings in relation to the promoted product or service, with a distortion of the intended purpose of the product being characterized, for example, by the sale of products at prices disproportionate to market averages or the promotion of products devoid of practical utility. The use of this modality to promote other capitalization bonds, games of chance, betting activities, lottery modalities, rewards clubs, loyalty programs, and similar structures is prohibited. The promoting company must collect and provide to the capitalization company, prior to the draw, the minimum identification data of assignees, and the commercial agreement must identify its ultimate beneficiaries and prohibit the commercialization or assignment of databases generated through promotional activities. The CNSP draft also provides that, once the right to a drawing prize becomes time-barred, the corresponding amounts shall revert to the capitalization company, without any payment to the promoting company or third parties.
• Guarantee instrument: replacement of the restrictive concept of “principal contract” with “principal object,” encompassing contractual, public procurement, procedural, or other legal relationships that generate rights and obligations between the holder and a third party. Assignment to the secured third party is perfected upon breach of the guaranteed obligation, at which point the assignee may redeem the bond. The registration form must reflect the new terminology and identify the secured third party, and the redemption provision, at the end of the term, must correspond to at least 95% of the amounts paid. The change expands the possibilities for using capitalization bonds as guarantees, including in public tenders and public procurement.
• Distributors and advertisers: establishment of prior and periodic integrity and fitness assessments of distributors, as well as the accountability of capitalization companies for the conduct of advertisers and for compliance of advertising materials, including those disseminated by influencers, agencies, and contracted third parties.
• Contributions, drawings and reinvestment: requirement that contributions be paid exclusively with the subscriber’s own funds, prohibiting offset arrangements with third parties; prohibition on charging any amounts for registration, enrollment, or assignment purposes; requirement of the holder’s prior and express consent, through a specific document, for the reinvestment of redemption amounts or drawing prizes into another capitalization bond; a 30-day limit for conducting substitute draws; and prohibition, except in the incentive modality, on the sale of all bonds within a series to a single subscriber.
• Prescription of rights: requirement for an annual technical study regarding revenue arising from prescribed liabilities relating to redemption and drawing rights recognized in the previous fiscal year, validated by the executive responsible for internal controls, accompanied by evidence of the communication measures and payment attempts undertaken and submitted to an independent audit.
• Product adaptation: granting of a 180-day period for the adjustment of capitalization plans registered prior to the entry into force of the new SUSEP resolution, under penalty of permanent suspension of plans that are not adapted.

The proposals also expand registration controls, regulate the identification of ultimate beneficial owners of legal entities, prohibit mechanisms equivalent to the assignment of rights where such assignment itself is prohibited, ban the direct or indirect association of capitalization bonds with other prize distribution operations, and reinforce the liability of capitalization companies for outsourced activities.

Interested parties may submit comments and suggestions until November 13, 2026, exclusively through the SUSEP Public Consultation System. Submissions made through other channels will be disregarded.

For more information, access:

• Public Consultation Notice No. 8
• Public Consultation Notice No. 9

Demarest’s Insurance, Reinsurance, Health and Private Pension team is closely monitoring this matter and remains available to assist in assessing the impacts of the proposals and preparing any contributions to the public consultations.