SUSEP regulates the imposition of coercive fines in supervisory proceedings

The Superintendence of Private Insurance (“SUSEP”) has issued SUSEP Resolution No. 102, which establishes the parameters and procedure for the imposition of the coercive fine provided for in Article 88-P of Decree-Law No. 73/1966 in cases involving noncompliance with prohibitions on the performance of acts, as well as notices, determinations, and requests issued by the authority in supervisory proceedings.

Expected impacts of the new regulation

In practice, the new resolution reinforces the need for timely monitoring of determinations and requests issued by SUSEP, as noncompliance may give rise to coercive fines imposed per day of delay or per act of noncompliance, without prejudice to the adoption of other administrative, coercive, precautionary, or sanctioning measures.

The regulation also requires attention to internal procedures for receiving, complying with, and evidencing compliance with the authority’s determinations, particularly considering that the responsible party must demonstrate, to SUSEP, compliance with the decision or determination within two business days from its effective occurrence.

Key developments

Scope of application

• • The resolution applies to activities subject to SUSEP’s supervision, including insurance, coinsurance, reinsurance, retrocession, capitalization, open private pension plans, mutual property protection, intermediation, policyholder representation, self-regulation of the brokerage market, independent auditing, fiscal management, intervention, liquidation, and the registration of operations and transactions through the Open Insurance system (Article 2).
  • The rules also apply to persons carrying out such activities without the registration, recordation, accreditation, or authorization required by SUSEP, as well as to individuals subject to the obligation, provided they demonstrably have the relevant authority or scope of action and the legal and practical ability to comply with it (Article 2, Paragraphs 1 and 2).

Requirements for the imposition of fines

• • Decisions and determinations subject to coercive fines must expressly indicate the applicable criteria, amount, legal basis, deadline for challenge, and responsible authority (Article 3).
  • The fine may be imposed per day of delay or per act of noncompliance (Articles 3 and 5).
  • Where there are multiple recipients, liability will be individual, and deadlines will run independently (Article 3, Paragraph 4).
  • Compliance with the obligation by one recipient does not exempt the others from any fine accrued up to that date (Article 3, Paragraph 5).

Challenge

• • Decisions and determinations resulting in the application of a coercive fine may be challenged, without suspensive effect, within ten days from official notice, excluding the first day and including the last day of the period (Article 4).
  • The challenge must be submitted in writing, setting out the facts and grounds and accompanied by the corresponding documentation, and must be addressed to the authority that issued the decision or determination (Article 4, Paragraphs 1 and 2).

Criteria and limits of the fine

• • The amount of the fine will be determined considering the recipient’s economic capacity, the seriousness of the noncompliance, and the relevance of the protected legal interest (Article 5).
  • The regulation establishes fine limits linked to the recipient’s revenue or that of its prudential group, as well as specific rules for calculating such amounts (Article 5, Paragraphs 1, 4, and 5).
  • The calculation of the fine will follow the criteria established under the current sanctioning regime, and SUSEP may apply reduction factors in specific circumstances, subject to a minimum amount of BRL 10,000 per day of delay or per act of noncompliance (Article 5, Paragraphs 2 and 3).

Time limit and other measures

• • The coercive fine may accrue for up to 60 days from the expiration of the deadline for compliance with the obligation or from the occurrence of the act of noncompliance (Article 6).
  • If the noncompliance persists after that period, SUSEP may adopt other administrative or sanctioning measures, without prejudice to the collection of the fine and the application of the applicable penalties (Article 6, Paragraphs 1 and 2).
  • The measure also does not preclude communication with the competent authorities in the event of evidence of administrative or criminal misconduct (Article 7).

Effectiveness

The resolution entered into force on October 22, 2026, and applies to decisions and determinations issued after its effective date. Omissions and questions will be resolved by SUSEP’s Board of Directors (Articles 8, 9, and 10).

Access SUSEP Resolution No. 102/2026 in full

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