MAIN RULES BY SUBJECT
SUSEP
Main Rules by Subject
Subjects
General Rules
Juridical Form
Licensing
Suitability of Persons
Changes in Control and Portfolio Transfers
Corporate Governance and Internal Controls
Reporting to Supervisors and off-site Monitoring (Compulsory Reports)
Enforcement and Sanctions
Winding-up and Market Exit
Liabilities and Accounting
Investments
Capital Adequacy and Solvency
Intermediaries
Consumer Protection
Fraud
Microinsurance
Anti-money Laundering / Combating the Financing of Terrorism (AML/CFT)
Insurance abroad and Reinsurance
SUSEP's Bylaw
General Rules | |
Decree-Law # 73/1966 - Portuguese - English | Rules the Brazilian Private Insurance National System |
Regulates the Decree-Law #73/1966 | |
Rules the capitalization companies business | |
Rules the Complementary Pension Regime | |
Civil Code | |
Stock corporations | |
Establishes the supervision fee | |
Complementary Law # 126/2007 | Rules the Reinsurance, retrocession and its intermediation policies, the coinsurance operations, the consumption of insurance abroad and the transactions in foreign currency. Modifies the Decree-Law #73/1966. |
Juridical Form | |
Civil Code – article 1,134 | |
Stock corporations | |
Licensing | |
Rules the Brazilian Private Insurance National System | |
Rules the capitalization companies business | |
Rules the Complementary Pension Regime | |
Election and appointment of the members of the board of directors and others councils of insurers, capitalization companies and private pension funds | |
Minimum capital requirements | |
Circular SUSEP # 234/2003 | Accountability of the directors (insurers, capitalization companies and open private pension funds) |
Appointment of the insurer's responsible director before SUSEP | |
Circular SUSEP # 260/2004 | Corporate actions, societies’ constitution and control transfer. See Carta Circular SUSEP DECON 001/2005. |
Societies' corporate actions | |
Business Plan. See Resolution CNSP 121/2005. | |
Minimum Capital for the licensing of insurance companies | |
Resolution CNSP # 166/2007 | Establishes the minimum requirements and procedures for the constitution, authorization to operate, transfer of control, societary reorganization and cancellation of the authorization to operate of the companies specified in the resolution |
Suitability of Persons | |
Auditors: Resolution CNSP # 118/2004 | External auditors' services |
Actuaries: Resolution CNSP # 135/2005 | Actuarial evaluation, actuarial auditing and others actuarial services |
Technical Certification: Resolution CNSP # 115/2004 | Technical certification of employees and others |
Certification institutes | |
Resolution CNSP # 149/2006 | Technical certification of Broker’s employees and others |
Changes in Control and Portfolio Transfers | |
Societies' corporate actions | |
Portfolio's transfer | |
Portfolio's transfer | |
Portfolio's transfer | |
Establishes the minimum requirements and procedures for the constitution, authorization to operate, transfer of control, societary reorganization and cancellation of the authorization to operate of the companies specified in the resolution | |
Corporate Governance and Internal Controls | |
Circular SUSEP # 234/2003 | Accountability of the directors (insurers, capitalization companies and open private pension funds) |
Appointment of the insurer's responsible director before SUSEP | |
Circular SUSEP # 249/2004 | Internal Controls |
Resolution CNSP # 118/2004 | External auditors' services |
Circular SUSEP # 280/2004 | Internal controls and compliance audit reports’ requirements |
Actuarial report's minimum requirements | |
Fraud prevention specific internal controls | |
Establishes rules for the remittance of the technical note of the insurance plans portfolio | |
Reporting to Supervisors and off-site Monitoring (Compulsory Reports) | |
Rules the FIP (Periodical Information Report) | |
Circular SUSEP # 253/2004 Annex Modified by the Circular SUSEP # 342/2007 | Establishes the risks questionnaire for insurers |
Establishes the risks questionnaire for open private pension companies | |
Circular SUSEP # 280/2004 | Internal controls and compliance audit reports’ requirements |
Circular SUSEP # 285/2005 | Accounting and IT information |
Retention limits' data remittance | |
Actuarial evaluation, actuarial auditing and others actuarial services | |
Actuarial report's minimum requirements | |
Rules the data to be sent to SUSEP regarding the Mortgage Insurance (within the Housing Finance System) | |
Enforcement and Sanctions | |
Establishes administrative sanctions | |
Rules the administrative proceeding of punishment | |
Modifies the Resolution CNSP # 108/2004 | |
Rules the “Alert” System | |
Order the Resolution CNSP # 060/2001 | |
Winding-up and Market Exit | |
Rules the Brazilian Private Insurance National System | |
Regulates the Decree-Law #73/1966 | |
Rules the capitalization companies business | |
Intervention and extrajudicial liquidation of financial institutions | |
Rules the Complementary Pension Regime | |
Bankruptcy of insurers, capitalization companies and open private pension entities | |
On alternative pension products which provisions are shield in order to protect the policyholders' interest | |
Bankruptcy and Judicial recoveries | |
Liabilities and Accounting | |
Establishes rules and procedures for the technical provisions of local reinsurers | |
Accounting rules for insurers, capitalization companies and open private pension entities | |
Circular SUSEP # 424/2011 (Annex) | Modifies the Accounting rules for insurers, capitalization companies and open private pension entities |
On the adequacy to international accounting rules | |
Technical Provisions for insurers, capitalization companies and open private pension entities | |
Investments | |
Investment criteria | |
Guarantees the supervisor’s access to clearing and depository houses | |
Circular SUSEP # 284/2005 | Rules the registration, custody and transfer of securities and exchanges linked to provisions |
Capital Adequacy and Solvency | |
Minimum capital requirements, Corrective and Solvency Recovery Plans | |
Resolution CNSP # 158/2006 | Rules the additional capital based on the underwriting risks of the insurance societies and other provisions |
Circular SUSEP # 253/2004 | Establishes the risks questionnaire for insurers |
Establishes the risks questionnaire for open private pension companies | |
Rules the requirement and the authorization by the supervised market to SUSEP for the access to information of direct investments or of investments in the portfolio of special constituted investment funds in the assets register and assets financial liquidation systems authorized by the Central Bank of Brazil or in Institutions authorized by the Securities and Exchange Commission of Brazil to provide custody services. | |
Circular SUSEP # 284/2005 | Rules the registration, custody and transfer of securities and exchanges linked to provisions |
Resolution CNSP # 008/1989 | Insurer's solvency margin and liquid assets |
Resolution CNSP # 040/2000 | Technical limits calculation for insurers |
On the adjusted net equity required from insurance, capitalization and open complementary pension companies, constituted as stock corporations, and other subjects. | |
Intermediaries | |
Rules the insurance broker profession | |
Rules the broker's activities (life and non-life brokers, capitalization brokers and open private pension brokers) | |
Rules the insurance broker's activities | |
Consumer Protection | |
Registration of policies | |
Insurance consumer protection | |
Establishes the compulsory registration of policies | |
Rules the registration of policies | |
On alternative pension products which provisions are shield in order to protect the policyholders' interest | |
Consumer Protection Code | |
Fraud | |
Circular SUSEP # 249/2004 | Internal Controls and anti-fraud program |
On internal controls specific for fraud prevention. | |
On internal controls related to the crimes mentioned on Law # 9613/1998. (AML/CFT) | |
Circular SUSEP # 341/2007 | Establishes the procedures to be observed in the relationship with clients considered to be political exposed persons (PEPs), in addition to the procedures established by the Circular SUSEP # 327 of 2006 |
Circular SUSEP # 280/2004 | Internal controls and compliance audit reports’ requirements |
Microinsurance | |
Life microinsurance | |
Circular SUSEP #306/2005 | Auto microinsurance |
Anti-money Laundering / Combating the Financing of Terrorism (AML/CFT) | |
Confidentiality of financial institutions data | |
Anti-money laundering crime and others; creates COAF (Conselho de Controle de Atividades Financeiras), the Brazilian Financial Intelligence Unit | |
National Security Act | |
Rules the administrative proceeding and establishes the judgment criteria | |
Circular SUSEP # 327/2006 | Anti-money laundering |
Circular SUSEP # 341/2007 | Establishes the procedures to be observed in the relationship with clients considered to be political exposed persons (PEPs), in addition to the procedures established by the Circular SUSEP # 327 of 2006 |
Insurance abroad and Reinsurance | |
Complementary Law # 126/2007 | Rules the reinsurance, retrocession and its intermediation policies, the coinsurance operations, the consumption of insurance abroad and the transactions in foreign currency. Modifies the Decree-Law #73/1966. |
Establishes transitory rules for the IRB Brasil Re reinsurance and retrocession operations, for the acquisition of reinsurance directly or through brokers, for the acquisition of reinsurance in foreign currency | |
Rules the acquisition of insurance in foreign currency and the cross-border acquisition of insurance | |
Provides about reinsurance and retrocession activities and their brokerage and other provisions. | |
Provides about minimum capital requirements for authorization and operation of local reinsurance companies and other subjects. | |
Provides about the additional capital based on underwriting risks of local reinsurers and other subjects. | |
Resolution CNSP # 171/2007 | Sets up rules and procedures to the establishment of the technical reserves of local reinsurance companies. |
Resolution CNSP # 172/2007 | Sets up rules and procedures to the establishment of retention limits for local reinsurance companies. |
Resolution CNSP # 173/2007 | Reinsurance brokers and other provisions. |
SUSEP's Bylaw | |
Susep's bylaw | |
English translations kindly provided by CNSeg – National Confederation of Insurance Companies.
Other CNSP Resolutions and SUSEP Circulars and SUSEP “Carta-Circular”, in Portuguese, can be found at SUSEP's Library.
Other Laws, Complementary Laws and Decree-laws, in Portuguese, can be found at the Federal Government Legislation Page.
Last update: September, 2011.
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SUSEP SEDE, Av. Presidente Vargas, 730, Rio de Janeiro-RJ - CEP:20071-900 Telefone:(21) 3233-4000
