Brazil: Santos Bevilaqua Newsletter – September 2018

Last Updated: 10 October 2018
Article by Santos Bevilaqua Advogados


1) SUSEP CIRCULAR No. 577, OF 9/26/2018

SUSEP Circular No. 577, published on September 26, amended SUSEP Circular no. 477, of September 30, 2013. In particular, the new Circular (which also made small adjustments to the text of the Annexes to SUSEP Circular no. 47/2013) provides for the inclusion of chapter IV (Particular Conditions of the Specific Clauses - line 0775 containing the Specific Clause I Labor and Social Security Lawsuits) in the Annex I to SUSEP Circular no. 477.

Basically, the new text makes it clear the need for coverage of labor and social security-related obligations irrespective of court ruling or settlement. SUSEP collective board approved the Circular, following the opinion of the rapporteur: "once the contractor has not paid the portion of the labor and social security charges related to the workers, the idea-value that the performance bond may be used as a caution prevails since the peril and damage are latent, although in the last phase of a court demand already exhausted."

In the understanding of SUSEP, the Circular was enacted due to the conflict of the rules on the contractual guarantee in agreements executed with the Administration (SUSEP Circular no. 477/2013 and Normative Instruction no.5/2017 of the Management Department of the Ministry of Planning, Development and Management) and due to the analysis of Technical Note no. 2428/2017/CGLCD/DGI/SE (SEI no. 0230584), forwarded by the Federal Government
– Federal Controller Office (CGU).

The new SUSEP Circular no. 577/2018 may be checked here.

2) SUSEP CIRCULAR No. 578, OF 9/26/2018

SUSEP Circular no. 578, published on 9/26/2018, included paragraph 6 in article 2 of SUSEP Circular no. 574, of August 17, 2018; which reads as follows: Art. 2 The Lead Insurer must submit until September 30 of each year for the approval of the SUSEP Managing Board an estimate detailing all expenses for the following fiscal year.


Par. 6 Exceptionally, in the first year of the effectiveness of this rule, the term to send the estimate referred to in the head provision will be November 30, 2018.

The rule results from a series of discussions among the Lead Insurer, representatives of the insurance market, SUSEP and others about the forms to adjust the Compulsory Insurance against Personal Injury caused by Land Vehicles (DPVAT) in view that the society, in general, and the Federal Accounting Court, in particular, questioned the adjustments. The decision determining that the estimate of the Lead Insurer is subject to SUSEP seems an adequate solution, especially to the extent that it rejects other measures based on inadequate premises regarding the structure and operation of the DPVAT,

The Circular may be checked here.

3) SUSEP STATEMENT No. 209, OF AUGUST 30, 2018

Published on August 30, SUSEP Statement no. 209 amends the Regulation Plan for 2018. Among the new proposals listed by SUSEP for 2018 are: (i) to make it clear in a legal rule that the portfolio of social security Student Funds (FIEs) must be marked to market; (ii) to make the grouping table for the capital calculation compatible with the current code lists; (iii) an adjustment to Resolution no. 321/2015 issued by the National Council of Private Insurance to guarantee the safety of the transactions with derivatives and investment funds preserving the feasibility of investments advantageous to the supervised entities and the participants in social security and survival life insurance plans; (iv) to adapt item 13.1 of the General Standard Conditions of the Optional Civil Liability Insurance for Land Transportation Companies covering Cargo Disappearance (RCF-DC) to the new names and documentation according to version 3.0 do MDF-e/CT-e that took effect in 10/2/2017; and (v) drafting of SUSEP Statement that will regulate the applications for the Special Regime.

SUSEP Statement no. 209/2018 may be accessed here.


SUSEP Accounting Commission published in September the minutes of the meetings held on 6/19/2018 and 7/26/2018.

On 6/19/2018, the Commission addressed the changes of the accounting rules for 2019, the dissemination of the final report issued by the DPVAT sub-commission, the updates related to the expectation of salvage reimbursed, and the accounting manual for the markets supervised by SUSEP.

The minutes may be checked here.

At the meeting of 7/26/2018, the Commission approved the report and the end of the activities of the DPVAT sub-commission. The Commission also informed that, given the results of the subcommission's discussions about the expected receipt of salvage reimbursed, the Substitute Coordinator of the Currency and Credit Technical Commission (Comoc) proposed a ruling amending SUSEP Circular no. 517/15; the proposed ruling will be submitted to the Managing Board for approval.

The minutes may be checked here.


SUSEP Superintendent submitted to public inquiry the draft of a CNSP Resolution to amend CNSP Resolution no. 296/2013, which sets the rules and criteria for the extended warranty insurance at the time the goods are purchased or during the supplier's warranty period, and CNSP Resolution no. 306/2014, which regulates the payment of the extended warranty insurance premiums and insurance contracted with insurance representatives.

The period for suggestions ends on 9/26/2018. The proposed draft may be checked here.


 SUSEP Superintendent submitted to public inquiry the draft of a SUSEP Circular that establishes rules and criteria to develop and sell insurance plans of the Lease Surety line.

Suggestions may be sent until 10/11/2018 via e-mail to, using the standard table available on SUSEP Internet page The proposed draft may be checked here.

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