SUSEP publishes new Circular on product registration

The Superintendence of Private Insurance (“SUSEP”) published SUSEP Circular No. 657/2022, which provides for the registration of insurance products with SUSEP by insurance companies, open supplementary private pension entities and capitalized savings companies.

The new Circular repeals SUSEP Circulars No. 438/2012, 449/2012, 466/2013, 533/2016 and 538/2016.

Among the amendments introduced by the new Circular, we highlight:

• INCLUSION OF MICROINSURANCE PLANS AND INSURANCE PLANS THROUGH INSURANCE CERTIFICATE

Microinsurance plans and insurance plans acquired through insurance certificate were included in the list of products subject to registration with SUSEP. There must be specific registration for each of these plans.

• EXCLUSION OF REINSURANCE PLANS FROM “SOCIETY” DEFINITION

The new Circular does not provide for reinsurance companies, thus limiting the definition of the term “society” to “insurance companies, capitalized savings companies or open supplementary private pension entities”.

• PROVISIONS ON SUBMISSION OF DOCUMENTS

The Circular establishes that documents concerning the registration of insurance products with SUSEP must be submitted exclusively through the Electronic Product Registration (REP) system. Additionally, there is no longer a provision establishing that SUSEP would eventually be allowed to request the physical files for any documents concerning the products, regardless of the provisions provided in the User Manual.

Notwithstanding, the new Circular maintains the main rules previously in force in regard to product registration, such as:    

1. Companies remain obligated to make available for public consultation the contractual conditions or the product regulation, via the SUSEP on-line portal. Such rules do not apply to insurance products that require prior approval from SUSEP, whose contractual conditions or regulation will only be made available after the approval of the product;
2. Requirement to include the process number corresponding to the product registration in all materials for informational, commercialization or promotional purposes; and
3. The contractual conditions and the regulation of the products can be consulted via SUSEP’s website (susep.gov.br), through its process number. Such information must be included in insurance policies, proposals, insurance certificates, individual certificates, participant certificates and capitalization bonds.

The Circular will enter into force on July 01, 2022.

Finally, regarding the same topic, SUSEP also published CNSP Resolution No. 437/2022, which repeals CNSP Resolution No. 143/2005. The Resolution establishes the obligation for insurance companies to register all insurance policies and endorsements issued, in addition to accepted coinsurance amounts in specific and exclusive accounts for this purpose. The new Resolution will come into force on January 02, 2023.

Demarest’s Insurance and Reinsurance team is available to provide more information on this and other related topics.