INSURANCE AND OPEN SUPPLEMENTARY SOCIAL SECURITY

1) National Council of Private Insurance - CNSP APPROVES DPVAT VALUE FOR 2019

CNSP approved on 12/12/2018 CNSP Resolution no. 371/2018 reducing the premiums of the Compulsory Insurance against Personal Injury caused by Land Vehicles (DPVAT) by 63.3%, on average, for 2019.

This measure, resulting in a series of effectiveness gains to the Lead Insurer, was widely criticized because it was an opportunity to increase the benefits which are below the market value and not updated

2) CNSP RESOLUTION No. 368, OF DECEMBER 13, 2018

CNSP Resolution 368/2018 published on December 19 in the Federal Official Journal amends CNSP Resolution 321/2015 and sets, among others, a retention limit for local reinsurers.

This rule also replaced the requirement for rotation of the independent accounting audit firms with the mandatory rotation of their responsible members in regard to the supervised market.

3) CNSP RESOLUTION No. 369, OF DECEMBER 13, 2018

CNSP Resolution 369/2018 published on December 19 in the Federal Official Journal, provides for the extended warranty insurance and amends CNSP Resolutions 296/2013 and 306/2014. The amendments are intended to limit the time the insurer takes to settle the loss, facilitate the exercise of the insured's right to regret and make the purchase of insurance more transparent with the inclusion of information in the authorization for collection of the insurance premium. To this end, the insurers will inform the insured the rate and value of the insurance representative's remuneration and this information will be included in the policy.

4) CNSP RESOLUTION No. 370, OF DECEMBER 13, 2018

CNSP Resolution no. 370/2018 , published on 12/19/2018, addresses the conditions for the operation of insurers specialized in contracts on continued income payment.

In order for the establishment of an insurer specialized in contracts on continued income payment to make sense, additional rules must establish advantages for these insurers whose purpose is more restricted.

5) CNSP RESOLUTION No. 372, OF DECEMBER 14, 2018

CNSP Resolution no. 372/2018 provides for the minimum characteristics to be adopted in the agricultural insurance plan named Varied Risk Rural Insurance ("MultiSeg-Rural").

According to the Ministry of Finance , "the offer of this product by the insurers will allow the insureds and beneficiaries to compare similar substitute products contributing to the competition and, consequently, reducing the costs of insurance with broad coverage able to ensure the rural producers protection against multiple risks to which their cultures are exposed."

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