RESOLUTION CNSP No 383, OF 20.03.2020
Registry of operations in insurance, open complementary pension, savings bonds and reinsurance.
The SUPERINTENDENCY OF PRIVATE INSURANCE – SUSEP, exerting powers granted by art. 34, item XI, of Decree no 60.459, of 13 March 1967, makes it public that the NATIONAL COUNCIL OF PRIVATE INSURANCE – CNSP, in the extraordinary session held on 20 March 2020, per item II of art. 32, of Decree-Law no 73, of 21 November 1966, to art. 73 and 74 of Complementary Law no 109, of 29 May 2001, to paragraph 1st of art. 3rd of Decree-Law no 261, of 28 February 1967, and to art. 2nd of Complementary Law no 126, of 15 January 2007, and considering the contents of SUSEP file no 15414.604927/2016-02, resolves:
CHAPTER I
SCOPE
Art. 1st This Resolution provides for the registry of operations in insurance, open complementary pension, savings bonds and reinsurance.
Art. 2nd For the provisions of this Resolution, are considered:
I - supervised companies: the insurers, open complementary pension entities, savings bonds societies and local reinsurers.
II - operations in insurance, open complementary pension, savings bonds and reinsurance: the group of events and transactions referring to a single policy, slip, contract, certificate, bond or series of a supervised company.
CHAPTER II
REGISTRY
Art. 3rd The supervised companies shall carry out the registry of their operations in insurance, open complementary pension, savings bonds and reinsurance in registry systems:
I – previously validated by the Superintendency of Private Insurance (Susep); and
II – managed by registry entities accredited by Susep.
Art. 4th The registry quoted in art. 3rd shall contain information allowing, at least:
I – the assessment of the operation’s inherent risks, classified according to the main features of the insured interests and the contracted coverages;
II – the assessment of the operation’s financial flows;
III – the identification of the parties involved; and
IV – the identification of the features of the registered events and transactions.
Art. 5th The registry quoted in art. 3rd shall be executed within a timeframe consistent with the complexity, risk and nature of the registered event or transaction, being Susep hereby authorized to establish closing dates of up to 30 (thirty) calendar days.
Art. 6th The supervised companies shall register all events and transactions related to a given operation in a single registry system.
Paragraph 1st To each operation shall correspond a unique and permanent identification code, capable of unequivocally identifying such operation in the registry.
Paragraph 2nd The criteria used for the definition of the identification code specified in paragraph 1st of this article shall be at Susep’s disposal.
Paragraph 3rd The numbering specified in paragraph 1st of this article shall be retained for any prospective migration of the registry to a different system.
Art. 7th The supervised companies are not allowed to maintain simultaneously registered in distinct registry systems one single operation in insurance, open complementary pension, savings bonds and reinsurance.
Art. 8th The registered data shall correspond exactly to the current operation conditions to which such data refer, at any time, taking into account the closing dates established for its registration.
CHAPTER III
RECONCILIATION PROCESS
Art. 9th The supervised companies shall adopt appropriate reconciliation processes to assure that the information stored in the registration systems accurately matches the information kept in their control systems.
Single Paragraph. The frequency and the level of detail of the reconciliation quoted in the head of this article shall be compatible with the objective of the stored information, being Susep hereby authorized to establish the relevant minimum criteria.
CHAPTER IV
PORTFOLIO TRANSFERS, TAKEOVERS, MERGERS AND DEMERGERS
Art. 10. The registries related to operations included in portfolio transfers between two supervised companies shall be tagged with such information and with the identification of the cedant and the cessionary.
Single Paragraph. The cedent of the operations quoted in the head of this article is responsible for the registration of the cession through a portfolio transfer, which should be ratified by the cessionary.
Art. 11. In the cases of takeovers, mergers, demergers or other corporate changes, the registries related to those operations of the concerned supervised companies shall be tagged with this information and with the identification of the originating supervised company, as well as of the succeeding supervised company.
Sole Paragraph. The succeeding supervised company is responsible for the registry of the information about the corporate changes specified in the head of this article, which should be ratified by the originating supervised company.
CHAPTER V
FINAL PROVISIONS
Art. 12. The total, partial or shared activities of data storage and processing, concerning the operations covered by this Resolution may be carried out directly by Susep, at its discretion.
Art. 13. The supervised companies shall nominate a director in charge of the compliance with the provisions of this Resolution.
Art. 14. The supervised companies are authorized to register their operations in insurance, open complementary pension, savings bonds and reinsurance, subject to the requirements of mandatory registry contained in specific regulations, following the provision of item II of the head of art. 16.
Art. 15. The supervised companies are not allowed to register their operations in registry entities controlled by such supervised companies.
Paragraph 1st The prohibition quoted in the head of this article is extended to the cases where the supervised company and the registry entity are both controlled by another single entity.
Paragraph 2nd For the effects of this article, control means direct or indirect ownership – severally or jointly with other partners – of sufficient partnership rights to permanently assure preponderance in corporate decisions and in the power to elect or dismiss the majority of the directors.
Art. 16. Susep will issue additional norms necessary to the enforcement of the provisions in this Resolution, including the following aspects:
I - rules for the accreditation of the registry entities for operations in insurance, open complementary pension, savings bonds and reinsurance, and of validation of the registry systems; and
II - dates for the start of the mandatory registry quoted in art. 3rd, considering the maximum time limit of 3 (three) years as of the date of publication of this Resolution.
II - dates for the start of the compulsory registry referred to in Art. 3, respecting the deadline of 31 December 2023; and
(Note: item II amended by CNSP Resolution No. 454, of 12/19/2022)
II - dates for the start of the compulsory registry referred to in Art. 3, respecting the deadline of 31 December 2025; and
(Note: item II amended by CNSP Resolution No. 461, of 21/12/2023)
III - mechanisms that ensure interoperability between the registry systems of the registry entities, as well as tools that enable the exploitation of registered data.
(Note: item III included by CNSP Resolution No. 454, of 12/19/2022)
Sole Paragraph. Paragraph 1st The dates for the start of the registry of the operations, as specified in item II of the head of this article may differ, according to the insurance branches, open complementary pension modalities, savings bonds modalities and types of reinsurance contracts.
(Note: paragraph renumbered by CNSP Resolution No. 454, of 12/19/2022)
Paragraph 2nd Susep is authorised to suspend, if it deems necessary, the registry of new branches until interoperability between the registry systems and respective data services are in operation for all branches that are already compulsory.
(Note: paragraph 2 included by CNSP Resolution No. 454, of 12.19.2022)
Art. 17. This Resolution enters into force:
I - as to art. 16, on the date of its publication; and
II - as to the other articles, on 1st April 2020.
SOLANGE PAIVA VIEIRA
Superintendent
(Official Gazette DOU of 24 march 2020 – pages 28 and 29 – Section1)
