The Superintendence of Private Insurance (SUSEP) published Resolution No. 11/2022, approving the Agency’s Regulation Plan for 2022, which includes:
- REINSURANCE AND RETROCESSION
Revision, consolidation, and simplification of rules, including the limits for assignment, coinsurance operations, transactions in international currencies and contracting of insurance abroad.
- CARGO INSURANCE
SUSEP Circular No. 354/2007 and rules related to Civil Liability of the Carrier will be revised.
- RURAL INSURANCE
Revision of a requirement included in Decree No. 5.121/2004, regarding SUSEP’s analysis and approval of rural insurance products for participation in the “Rural Insurance Premium Subsidy Program” ( (“PSR”)).
- CASH VALUE LIFE INSURANCE COVERAGE
Revision of the regulation regarding cash value coverage offered in life insurance and Supplementary Private Pension Funds, aimed at stimulating the annuities industry and facilitating the development of products that meet the needs of consumers.
- MORTGAGE INSURANCE
Update of the regulation presently in force regarding mortgage insurance, aiming to bring more clarity for consumers regarding the coverage they are offered and the true purpose of said coverages.
- MONITORING INSTRUMENTS
Issuance of complementary rules referring to administrative inquiries and regulation of Prudential Measures to be taken by SUSEP.
- FINANCIAL INSTRUMENTS
Development of studies and proposals focusing on the implementation of CPC 48 – Financial Instruments (IFRS9) and the management of their effects on the measurement of insurance, pension, reinsurance and capitalization liabilities.
- OPERATIONS REGISTRATION SYSTEM
Follow-up on measures taken to implement the registration of insurance, pension plan, capitalization and reinsurance operations, into registration systems approved by SUSEP and managed by accredited registration entities.
- OWN RISK AND SOLVENCY ASSESSMENT
Development of studies and proposals aimed at regulating the Own Risk and Solvency Assessment (ORSA), to be carried out by the supervised entities.
The Resolution came into force on January 17,2022, and the complete draft can be accessed here.
Demarest’s Insurance, Reinsurance and Pension Plans team is closely monitoring SUSEP´s Regulation Plan and is available to provide any clarifications on the subject.