CIRCULAR SUSEP No. 562 of 24 December 2017 (versão inglês/LegisMap)

CIRCULAR SUSEP No. 562 of 24 December 2017 (*)

Provides for the limit of reinsurance cession and the form of calculation of the percentage fixed in Art. 16 of CNSP Resolution No. 168, of 17 December 2017.

THE SUPERINTENDENT OF THE PRIVATE INSURANCE SUPERINTENDENCY - SUSEP, in the form of Art. 36, item "b", of Decree-Law No. 73, of 21 November 1966, in Art. 3^rd, sole paragraph, of Complementary Law No. 126, of 15 January 2007, and in Art. 47 of CNSP Resolution No. 168, of 17 December 2007, and considering SUSEP Process No. 15414.621371/2017-91, resolves:

Art. 1^st To dispose on the limit of reinsurance cession and the form of calculation of the percentage fixed in Art. 16 of CNSP Resolution No. 168, of 17 December 2007.

Art. 2^nd For purposes of calculating the limit of reinsurance cession referred to in Art. 16 of CNSP Resolution No. 168 of 2007, in addition to the provisions of § 1^st of the said Resolution, the written premiums and reinsurance premiums ceded will not be considered to the following branches:

I – Named Perils and Operational All Risks;

II – Aviation (hull);

III – Non-Compulsory Third-Party Liability for Aircrafts; and

IV – Oil & Gas Risks.

Sole Paragraph. The exception established in the heading for the branches listed in items from I to IV does not apply to local reinsurers.

Art. 3^rd For purposes of calculating the limit established in Art. 16 of CNSP Resolution No. 168 of 2007, it must be considered the quotient between reinsurance ceded premiums/retrocession and written premiums, subtracting from both the ceded premiums and the written premiums the amounts referring to the excludedbranches or groups of branches.

Sole Paragraph. The amounts related to reinsurance/retrocession commissions should not be deducted from the respective reinsurance/retrocession ceded premiums.

Art. 4^th SUSEP Circular No. 495, of 8^th September 2014, is revoked.

Art. 5^th This Circular shall enter into force on 1^st January 2018.

JOAQUIM MENDANHA DE ATAÍDES

 (Official Gazette “DOU” of 29 December 2017 – page 72 – Section 1)

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(*) The information provided in this publication is general and may not apply to a specific situation or person. Every effort has been made to ensure that matters of concern to readers are covered. Although the information provided is accurate, be advised that this is a developing area. The information contained herein is not intended to be relied upon or to be a substitute for legal advice in relation to particular circumstances. Specific legal advice should always be sought from experienced local advisers. Accordingly, Editora Roncarati accepts no liability for any loss that may arise from reliance upon this publication or the information it contains.

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