INSURANCE AND OPEN SUPPLEMENTARY SOCIAL SECURITY
1) National Council of Private Insurance - CNSP RESOLUTION No. 374, OF AUGUST 28, 2019 (RECTIFICATION)
Rectifying Art. 2 of CNSP Resolution, of 8/28/2019 on the Internal Regulation of the Private Insurance Superintendence - (SUSEP) now reads as follows:
"Art. 2 This Resolution takes effect on the date of publication, revoking CNSP Resolution no. 346, of 5/2/2017, SUSEP Administrative Rule no. 7361, of 5/21/2019, and SUSEP Administrative Rule no. 7371, of 5/29/2019."
When it was first published, the article only mentioned the revocation of SUSEP Administrative Rule no. 7371/ 2019.
2) SUSEP CIRCULAR No. 592, OF AUGUST 26, 2019 (RECTIFICATION)
SUSEP Circular no. 592/2019 on the structuring of insurance plans with reduced effectiveness and/or intermittent effectiveness was re-published in the Federal Official Journal (D.O.U.) on 10/4/2019. It rectifies art.13 of that circular as transcribed below:
"Art. 13. Includes art. 9-A in SUSEP Circular no. 251, of April 15, 2004, which will read as follows:
"Art. 9-A. The policy, certificate, or endorsement will be issued within fifteen (15) days as from the proposal acceptance". (New Wording)
The first publication mentioned the inclusion of article 9, and not article 9-A, in SUSEP Circular no. 251/2004.
To access the Circular, click here.
3) CALLS FOR SUSEP PUBLIC INQUIRY No. 9, 10, AND 11, OF 9/30/2019
SUSEP Board submitted to public inquiry the draft of a National Council of Private Insurance - CNSP Resolution, draft of a Circular, and draft of a Call that establishes the rules applicable to the regulatory sandbox of SUSEP, which may be defined as a space for SUSEP's approval of innovative processes with little chances to be put into practice without a specific regulation.
The proposed drafts are part of a series of measures of the Government aiming to implement a new model of regulatory sandbox in Brazil in the insurance area, financial system, and in the stock market.
This measure is very positive, especially because, in the case of insurance, it limits the sandbox benefits to the insurers, and does not refer to initiatives of the incumbent insurers promoted without SUSEP's intervention, such as claim adjudication and subscription.
Draft In the insurance sector, the focus is placed on short-term mass products, excluding, among others, the segments of life, social security, reinsurance, great risks, and civil liability.
Comments and suggestions may be sent to SUSEP until 10/31/2019.
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