The Superintendence of Private Insurance (SUSEP) published Resolution No. 03/2021, which repeals SUSEP Deliberation No. 183/2016, establishing new procedures for handling queries made by individuals or legal entities.
The new Resolution maintains the definition of query as “a request that has the objective of obtaining a technical and/or legal statement about the provisions of legislation and rules that govern the insurance, reinsurance, capitalization and open complementary pension fund markets”, and provides for the following main changes:
- Requirement that queries be presented by means of a motion to SUSEP, under the terms of the specific regulations;
- Requirement that when made by a legal representative of the querying party, the queries must be followed by documents proving such status;
- Provision for the rejection of queries by a querying party whose justification of the interest is restricted to the need for guidance to consumers in making consumption decisions or those involving a statement on the regularity of the activities of entities and agents supervised by SUSEP;
- Definition of a period of 20 (twenty) days for providing an answer to the querying party, as of the date of receipt of the query, with the possibility of extension of up to 10 (ten) days by means of a grounded justification;
- Provision that the rules and deadlines set forth in the new Resolution are not applicable to queries originating from the Public Prosecutor’s Office and the Executive, Legislative and Judiciary Branches, as well as from diplomatic institutions and international organizations, all of which must be answered according to the terms requested by these entities.
The SUSEP Resolution came into force on October 1, 2021, and the full text of such Resolution can be accessed through this link.
Demarest’s Insurance and Reinsurance team is available to provide any clarifications on the subject.