INSURANCE AND OPEN SUPPLEMENTARY SOCIAL SECURITY
1) DECREE No. 9446, OF 7/11/2018
On 7/12/2018, the Federal Official Journal published Decree no. 9446, of 7/11/2018, which enacts the Amendment to Annex II to the Agreement on International Road Transportation of Passengers and Cargoes between the Federative Republic of Brazil and the Co-operative Republic of Guyana.
The Amendment changes art. 5 of Annex II to the Agreement — on the international transportation companies' obligation to contract insurance — establishing new minimum coverages and eliminating the limit amounts for losses or catastrophes.
It also changed art. 6 of that Annex establishing the validity of the civil liability insurance covered by insurers of the country of origin, provided that they maintain agreements with the insurers of the other country for the liquidation and payment of indemnities (instead of losses as previously provided).
2) Private Insurance Superintendence - SUSEP CIRCULAR No. 572, OF 7/10/2018
On 7/11/2018, the Federal Official Journal published SUSEP Circular no. 572, of 7/10/2018, which amends SUSEP Circular no. 517, of 7/30/2015.
The recently published Circular inserted art. 112-A in SUSEP Circular no. 517/2015 establishing that the sending of reloads whose reference months are not June and December must be previously authorized by the area responsible for the table to be reloaded and the authorization will be given upon the supervised company's request to the area responsible for the table to be reloaded or upon SUSEP's initiative where the need to change the data previously sent is identified.
Although those cases requiring the modification of the data previously sent were not defined or exemplified, the provision has a great practical importance given that the supervised companies are required to send the information to SUSEP but many times this obligation generates practical problems. The express possibility of authorization to send the reloading brings more certainty to the supervised companies (and additionally, allows them a better control of compliance).
SUSEP Circular no. 572 also amended art. 113 of SUSEP Circular no. 517, providing that where the limit date for the information delivery is a holiday at the place of SUSEP head office (or should it be Saturday, Sunday or a national holiday), that date will be the subsequent business day.
Finally, SUSEP Circular no. 572 also changed art. 114 of SUSEP Circular no. 517. The processing protocol issued by the system in regard to a valid load will serve as a proof of the delivery, but it is not valid for the sending protocol issued by the system. The loads not validated by the system will be disregarded by SUSEP to all effects.
The rule took effect on its publication date, therefore, it must be observed as from August/2018. The circular may be checked at http://www.imprensanacional.gov.br/materia/-/asset_publisher/Kujrw0TZC2Mb/content/id/29493695/do1-2018-07-11-circular-n-572-de-10-de-julho-de-2018-29493687
3) Ministry of Finance - MF ADMINISTRATIVE RULE No. 351, OF 7/24/2018
On 7/25/2018, the Federal Official Journal published MF Administrative Rule no. 351, of 7/24/2018 addressing the designation and selection of the members of the Appeals Board of the Brazilian Private Insurance, Open Private Social Security and Capitalization System (CRSNSP), as well as the creation, formation, and activities of the Committee for the Evaluation and Selection of the CRSNSP Members; it also amends CRSNSP Internal Regulation.
This Administrative Rule sets the conditions and criteria for the appointment of the CRSNSP members, by both the public sector and the entities representing the insurance, open social security, capitalization, reinsurance and insurance brokerage markets.
It also creates the Committee for the Evaluation and Selection of the CRSNSP members (CAS), which will be responsible for the selection of the CRSNSP members, will monitor and evaluate the performance reports and indicators of the members, and will propose changes in the CRSNSP formation and the criteria for the selection of its members to the Ministry of Finance, among other functions.
The CAS will be presided over by the CRSNSP chair and will be composed of one representative of SUSEP, one representative of the Office of the General Counsel for the National Treasury (PGFN), and one representative of the National Confederation of Insurers (CNseg).
Unquestionably, this means a significant improvement to the Governance of that Collective Board.
This administrative rule is available at http://www.imprensanacional.gov.br/materia/-/asset_publisher/Kujrw0TZC2Mb/content/id/34027125/do1-2018-07-25-portaria-n-351-de-24-de-julho-de-2018-34027013
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