INSURANCE AND OPEN SUPPLEMENTARY SOCIAL SECURITY
1) Provisional Presidential Decree - MP No. 846, OF 7/31/2018
Amends MP no. 841, of June 11, 2018.
Among other provisions, this MP establishes that the expenses with life and personal accident insurance that the domestic sports management entities are required to contract will be funded, according to the event, by the proceeds of the lottery allocated to the Brazilian Olympic Committee (COB), Brazilian Paralympic Committee (CPB), Brazilian Clubs Committee (CBC), Brazilian School Sports Confederation (CBDE), and Brazilian University Sports Confederation (CBDU).
2) Private Insurance Superintendence - SUSEP CIRCULAR No. 573, OF 8/7/2018
Amends SUSEP Circular no. 435/2012, which, among other matters, provides for the conditions for the formation, organization, operation, and dissolution of self-regulating entities.
This new rule amends article 6 of the original Circular by eliminating the requirement for publication of the organizational documents approved by SUSEP and filed with the Civil Registry of Legal Entities in the official journals and widely circulated newspapers.
3) SUSEP ADMINISTRATIVE RULE No. 6964, OF 7/25/2017
This Administrative Rule sets up the Special Innovation and Insurtech Commission to be formed by representatives of the following bodies/institutions:
- Private Insurance Superintendence - SUSEP: Conduct Monitoring Coordination Office - CGCOM, Prudential Monitoring Coordination Office - CGMOP, Authorization and Settlement Coordination Office - CGRAL, IT Coordination Office - CGTI, General Department - SEGER and Office of the Counsel for SUSEP;
- National Confederation of the General Insurance, Private Social Security, Life Insurance, Supplementary Health and Capitalization Companies - CNSeg;
- National General Insurance Federation - FenSeg;
- National Private Social Security and Life Insurance Federation - FenaPrevi;
- National Capitalization Federation - FenaCap;
- National Federation of Reinsurance Companies - Fenaber;
- National Federation of Private Insurance and Reinsurance, Capitalization, Private Social Security Brokers of the Insurance and Reinsurance Broker Companies - Fenacor;
- National Insurance School - Funenseg; and
- National Insurance and Social Security Academy - ANSP.
According to this Administrative Rule, SUSEP representatives will be responsible for the coordination of the works and will report to the Conduct Supervision Board (DICON) and the SUSEP Superintendent.
The Commission has already held four meetings, whose minutes may be checked here, and set up important discussions about the remote sales of insurance (that generated amendments to Resolution no. 294/2013 issued by the National Council of Private Insurance) and the possibility of SUSEP creating a sandbox.
Our partner João Marcelo dos Santos, in the capacity of Chair of ANSP, is a member of the Commission and recently published an article addressing the sandboxes; the article is available here.
4) SUSEP ELECTRONIC CIRCULAR LETTER No. 001, OF 8/15/2018
On 8/16/2018, SUSEP published this Circular Letter that deals with the insertion of a private clause in the Contractual Conditions of Performance Bonds providing for the non-coverage of losses deriving from corruption practices.
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