The three remaining Directors of the Private Insurance Superintendence - SUSEP were removed: CARLOS ALBERTO DE PAULA - Conduct Supervision Director, MARCELO AUGUSTO CAMACHO ROCHA - Private Insurance System Organization Director, PAULO DOS SANTOS - SUSEP Management Director. Also on 3/29/2019, ÍCARO DEMARCHI ARAÚJO LEITE, appointed by SUSEP, was removed from the position of substitute member of the Committee for the Evaluation and Selection of Members (CAS) of the Appeals Board of the Brazilian Private Insurance, Open Private Social Security and Capitalization System (CRSNSP),

It should be noted that ÍCARO DEMARCHI ARAÚJO LEITE had already been removed from the position of SUSEP Solvency Supervision Director on February 11, 2019; the related decree was published in the Federal Official Journal of 2/27/2019.

Probably the new SUSEP Directors will be appointed in alignment with the new SUSEP Superintendent Solange Vieira.

2) SUSEP STATEMENT No. 219, OF 2/26/2019

Published in the Federal Official Journal of 3/1/2019, SUSEP Statement no. 219 implements the IT and Communications Governance Policy (PGTIC) of SUSEP.

The PGTIC is intended to reiterate the principles and guidelines for IT and Communications governance within the ambit of SUSEP and define the roles and responsibilities of those involved in the decision-making process as well as the structures related to IT and Communications governance, the transparency mechanisms and accounting of investments, and the interfaces between IT and Communications governance and management functions.

Check the full text of the Statement.

3) SUSEP CIRCULAR No. 585, OF 3/19/2019

Published in the Federal Official Journal of 3/20/2019, SUSEP Circular no. 585 amends SUSEP Circulars no. 563 and 564, of December 24, 2017.

Specific points were amended and, among them, we highlight the following:

  • a distinct Investment Fund Especially Constituted (FIE) for qualified and non-qualified participants to protect all participants;
  • reversion of the provision balance originated from the settlor's contributions exclusively to the participants existing on the date the plan is extinguished (and not to beneficiaries that no longer have a connection with the plan settlor);
  • determination of a maximum term instead of a fixed term for the valuation of the FIE quota for redemption and portability, expediting the transfers of funds;
  • possibility of an initial grace period before redemptions allocated to programmed financial payments;
  • maintenance of funds in the Mathematical Provision for Benefits to be Granted (PMBaC) after the end of the deferral period until the participant takes a position or the qualification of beneficiaries only regarding plans structured according to the financial capitalization regime since this rule is technically applicable to plans structured according to the actuarial capitalization regime;
  • prohibition preventing insurers and Open Supplementary Social Security Entities (EAPC) from signing any instrument that may affect the independence of the management of the FIEs due to a potential conflict of interests;
  • requirement for express provision in the plan regulation on the possibility of replacement of the FIE on the EAPC's initiative, with change of Corporate Taxpayer ID (CNPJ) and denomination, where the investment policy is maintained, the maximum management rate and/or the maximum performance rate is not raised and provided that no charge is imposed on the participants.

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