SUSEP Resolution No. 49/2025: guidelines for registering Insurance Cooperatives defined

On April 8, 2025, the Superintendence of Private Insurance (“SUSEP”) published SUSEP Resolution No. 49, which regulates Supplementary Law No. 213 of January 15, 2025, and establishes guidelines for registering insurance cooperatives and mutual asset protection associations.

Supplementary Law No. 213/2025 is the regulatory framework that legalized insurance cooperatives and mutual asset protection groups, including vehicle protection associations.

Article 9 of Law No. 213/2025 stipulates that associations and other entities engaged in activities regulated by the new legislation have 180 days from its publication to comply and register with SUSEP, that is, by July 14, 2023.

Among the obligations provided for in Law No. 213/2025 for mutual asset management associations are:

• Indicating, in the bylaws, the criteria used to incorporate the group and the selection and replacement of the mutual asset management company;
• Executing a service agreement with a mutual asset management company, an entity responsible for managing the assets protection operation and previously authorized to operate by SUSEP; and
• Establishing an operating fund independent of the association’s assets to handle the expenses covered by the group.

Therefore, the main provisions and guidelines established by SUSEP Resolution No. 49/2025 for registering associations with SUSEP are as follows:

1. registration must be carried out by an administrator with powers to represent the association through a specific system available on SUSEP’s website;
2. this administrator will be the officer responsible for any registration data and relations with SUSEP, to whom any correspondence and determinations from the agency will be addressed;
3. once the registration has been completed, the association will remain in the process of licensing until it has entered into a service agreement with a mutual asset management company authorized by SUSEP. The registration will only be deemed valid before SUSEP once the service agreement is included in the specific electronic system;
4. any changes to the documents required for registration must be updated in SUSEP’s registration system, especially concerning the bylaws and the service agreement entered into with the mutual asset management company and other documents required for registration; and 
5. in the event of discrepancies in the registered data, failure to update documents and declarations, or the absence of an officer responsible for registration with a current mandate, SUSEP will suspend the association’s registration for up to 180 days. 

SUSEP Resolution No. 49 has been in force since its publication on April 08, 2025, and the full text is available in SUSEP’s website.

Demarest’s Insurance, Reinsurance, Health and Private Pension team is available to provide any clarification on the new regulation and related legislation.