1) Private Insurance Superintendence - SUSEP CIRCULAR No. 609, OF 6/29/2020

SUSEP Circular no. 609, of 6/29/2020, amended SUSEP Circular no. 515, of July 3, 2015. Now, art. 2 of Circular no. 515 reads as follows: "The biometric tables addressed in this Circular will be in effect from 7/1/2015 to 6/30/2021."

2) SUSEP CIRCULAR No. 610, OF 7/7/2020

SUSEP Circular no. 610, of July 7, 2020, amended SUSEP Circular no. 601, of April 13, 2020, which provides for the conditions for the registration of performance bonds in the registration systems ratified and managed by the registering entities accredited by SUSEP.

SUSEP Circular no. 601/2020 should take effect on 8/3/2020. However, due to the amendment, article 8 of SUSEP Circular no. 601/2020 now establishes that the Circular will come into effect on 11/3/2020.

3) Private Insurance Superintendence/Technical Board 2 - SUSEP/DIR2 ELECTRONIC CIRCULAR LETTER No. 001, OF 7/1/2020

SUSEP/DIR2 Electronic Circular Letter no. 001, of 7/1/2020, provides for National Private Insurance Council - CNSP Resolution no. 382/2020. In the letter, SUSEP informs that, based on art. 15 of CNSP Resolution no. 382/2020 and its legal jurisdiction, it will perform conduct supervision activities only for educational and guidance purposes, and without imposing penalties, until December 31, 2020.

Art. 15 of the Resolution authorizes SUSEP to enact regulation and adopt the measures deemed necessary for the enforcement of the rule. Therefore, art. 15 of the Resolution does not grant SUSEP authority not to obey the Resolution but to enforce it only. Moreover, the Circular Letter is an instrument that interprets a rule and not a rule itself. Anyway, these are technical problems that do not prevent the supervised entities from presuming that the Circular Letter is lawful.


SUSEP Electronic Circular Letter no. 006, of July 28, 2020, was published in the Federal Official Journal - (DOU) and took effect on 7/29/2020. It clarifies that once Provisional Presidential Decree - MP no. 928/2020 lost effectiveness on 7/21/2020, the provision of the Circular Letter on the legal periods of administrative sanction procedures maintained before SUSEP, both those that were running when the MP was published and those that started during the effectiveness of the MP, is reestablished and the periods will start to run again on the day after the publication date of the Circular Letter in the DOU, that is, on 7/30/2020.

It is interesting to note that the Circular Letter goes beyond the MP, which addressed the suspension (and not the interruption to) the periods.

Also, SUSEP establishes that the documents must continue to be filed electronically.


SUSEP announces that three entities, B3, CERC, and CSD, have already been accredited to operate the Operation Registration System (SRO) built to increase the transparency, efficiency, and safety of the registration of insurance, open social security, reinsurance, and capitalization operations in the insurance market.

The process to define the protocol for the entities' interoperability started on 7/9/2020.

Concerning the insurers with registration in the SRO, SUSEP informs that the tables of FIP Q14A, Q14B, Q14C, Q14D, Q64A, Q74A, and Q100 may be deactivated as soon as the registration is confirmed. New FPI deactivations will be announced as the migrations are made.

The implementation model designed jointly with the sector has three phases and will be completed within 3 years; the Performance Bond line will integrate the system as from the beginning of November.

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6) SUSEP INSTRUCTION No. 115, OF 7/3/2020

SUSEP Instruction no. 115, of July 3, 2020, established the procedures to reset the Public Inquiry Module of the Electronic Information System of SUSEP (Sei/SUSEP) to allow any interested person with access to the Internet to check public documents of public proceedings stored in this System.

Any interested person may check, for an indefinite period, public proceedings and documents not subject to any legal restriction as to their access, printing, or saving in PDF format.


SUSEP submitted to public inquiry the draft of a CNSP Resolution on local reinsurers whose exclusive purpose is acceptance of risks through reinsurance or retrocession operations and their financing via debt issuance linked to (re)insurance risks.

The rule is intended to insert Section III - Independent Auditor's Report on Financial Statements and arts. 242-A and 242-B in Chapter III of Title III of SUSEP Circular no. 517/2015 concerning the independent auditor's report on financial statements of the supervised companies.


SUSEP submitted to public inquiry the draft of a rule that amends various circulars on damage insurance (see reasons).

This is the best and most important change in the rules on the structure of damage insurance sold in the Brazilian market in the past decades. The relevance of this change, although a change in the regulatory sphere, only compares with the opening of the reinsurance market, in the sphere of the structure of the products.

The significant innovation is that these rules, which are more detailed and protective, do not apply to great risks coverage (which, obviously, remains subject to the rules of the Civil Code and others), meeting an old demand of the sector, especially to the extent that the Brazilian economy became more complex and the open reinsurance market increased exponentially the possibility of more sophisticated products being offered in the Brazilian market.

Anyway, some rules have been reaffirmed, but the new rules introduced may be improved, such as the rule that generically holds the insurers responsible for their intermediaries. The solution may be limiting that responsibility to the cases in which the insurance has already been contracted, because before this, in the precontractual phase (which may imply responsibilities) and in the event of tacit acceptance of risks, the intermediary may not even been regarded as "intermediary of the insurer."

Now the important is that - and it seems that we are on the right path, the rules applicable to great risks must establish an environment favorable to the innovation and the offer of more sophisticated products in alignment with the best practices of the developed markets.

Those interested may send, within 50 consecutive days from the publication of the notice, comments and suggestions via e-mail to, using the specific standard table available on SUSEP website (

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