Circular Susep nº , del 30 de julio de The Superintendence of Private Insurance (SUSEP) is an autarchy created by the Decree-law #73/66 directly. The Superintendence of Private Insurance (SUSEP) – the body responsible . are based on internal controls set out in SUSEP Circular / by the Insurance SUSEP Circular / and Capitalization Companies, implementation of internal controls SUSEP Circular / systems within the .

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Which re insurers must obtain authorisation from the regulator before operating on the market and what is the circularr for doing so? The right to sue is guaranteed to the insured by Article 5 XXXV of the Federal Constitution, which provides that any threats or damages to rights will be considered by the judiciary. Which government bodies regulate the re insurance industry in your jurisdiction and what is the extent of their powers?

There are no other applicable operating requirements specifically relating to reporting and disclosure.

Austral Resseguradora » Corporate Governance

As a rule, suits relating to insurance issues are filed before cicrular common civil court and the special civil courts. Third-party actions On what grounds can a third party file a claim directly with the re insurer? Some actions can be seen in terms of digital platforms, but these are strongly limited by the regulatory authority.

The procedures for filing insurance claims are set out in the conditions of the contract, usually in a specific chapter of the insurance contract. Changes in Control and Portfolio Transfers. Due to the various courts spread across brazil, with each governed by a specific administration and with its own volume of work, estimating the duration of an insurance litigation is hard.


BrazilGlobal September 7 Other requirements Do any ciecular operating requirements apply in your jurisdiction? Share Facebook Twitter Linked In. Establishes rules for the remittance of the technical note of the insurance plans portfolio. Provides about reinsurance and retrocession activities and their brokerage and other provisions.

Publicações Técnicas\Microinsurance in Brazil Research Series – Volume 1 – Pag: 96

Both bodies report to the Ministry of Finance. Register now for your free, tailored, daily legal newsfeed service.

Rules the requirement and the authorization by the supervised market to SUSEP circylar 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.

Even circula several law firms write on the same topic, I can often glean new viewpoints and perspectives from the different firms.

Publicações Técnicas\Microinsurance in Brazil Research Series – Volume 1 – Pag: 96

Non-compliance with operational requirements may subject re insurers to administrative penalties applied by the regulatory authority. Dispute resolution Litigation Are there any compulsory or preferred venues for insurance litigation in your jurisdiction? The most common issues dealt with by the judiciary are those arising from the denial of compensation, disallowance or reimbursement.


In reinsurance relationships, coverage is essentially denied in case of: Some insurance modalities also provide for alternative loss recovery methods eg, performance bonds. Accountability of the directors insurers, capitalization companies and open private pension funds. Reporting and disclosure What ongoing regulatory reporting and disclosure requirements apply to re insurers?

Must re insurers adopt a certain legal structure in order to operate? Insurers must be incorporated in the form of a corporation and cannot exploit any other branch of commerce or industry. Insolvency Regulation What regime governs the insolvency of re insurers? Breach What rules and procedures govern breach of contract for both re insurer and insured? What consumer protection regulations are in place to safeguard the rights of purchasers of insurance products and services?

Provides about minimum capital requirements for authorization and operation of local reinsurance companies and other subjects. Intermediaries Circulsr How are the services of insurance intermediaries regulated in your jurisdiction?

Denial of claim On what grounds can the re insurer deny coverage? Breach of contract is primarily governed by: