CNSP RESOLUTION NO. 473 OF 27 NOVEMBER 2024 (*)
Providing for the classification of insurance and open supplementary pension plans as sustainable, to be observed by insurance companies and open supplementary pension entities.
THE PRIVATE INSURANCE SUPERINTENDENCY - SUSEP, using the powers conferred on it by art. 34, item XI, of Decree no. 60459, of 13 March 1967, hereby announces that the NATIONAL PRIVATE INSURANCE COUNCIL - CNSP, in an extraordinary session held on 27 November 2024, based on the provisions of art. 32, items I and II, of Decree-Law no. 73, of 21 November 1966; in articles 5, 73 and 74 of Complementary Law no. 109, of 29 May 2001; and considering what is contained in Susep File no. 15414.607601/2024-39,
RESOLVES:
Art. 1 This Resolution establishes guidelines to be observed by insurance companies and open supplementary pension entities - EAPCs for the classification of insurance and open supplementary pension plans as sustainable.
Sole Paragraph. The provisions of this Resolution also apply to damage insurance contracts covering large industrial risks.
Art. 2 For the purposes of applying this Resolution, the following are considered:
I- physical climate benefits: positive results or advantages that result from the implementation of actions, policies, technologies or practices that contribute to avoiding or mitigating losses caused by events associated with frequent or severe weather, or long-term environmental changes that can be related to changes in climate patterns;
II- transition climate benefits: positive results or advantages that result from the implementation of actions, policies, technologies or practices that contribute to the process of transition to a low-carbon economy, in which the emission of greenhouse gases is reduced or offset, and the natural mechanisms for capturing these gases are preserved;
III- environmental benefits: positive results or advantages that result from the implementation of actions, policies, technologies, scientific research or practices that contribute to avoiding or mitigating losses caused by events associated with environmental degradation, including the excessive use of natural resources; and
IV- social benefits: positive results or advantages that result from the implementation of actions, policies, technologies, scientific research or practices that contribute to avoiding or
mitigate losses caused by events associated with the violation of fundamental rights and guarantees, or acts harmful to the common interest.
Art. 3 Insurance companies may only classify insurance as sustainable and use references to climate, environmental and social factors, such as "ESG", "ASG", "environmental", "green", " social" or "sustainable", in the name of the plan and in their marketing and advertising material, if the coverage offered, or the insured goods, rights or guarantees,
are capable of generating climate, physical or transitional, environmental or social benefits for the insured, the beneficiaries or civil society.
Art. 4 Insurance companies and EAPCs may only classify plans with surviving coverage for personal insurance and open supplementary pension plans as sustainable and use references to climate, environmental and social factors, such as "ESG", "ASG", "environmental", "green", "social" or "sustainable", in the name of the plan and in their marketing and advertising material, if all the corresponding Specially Established
Investment Funds (FIEs) in which the resources of the Mathematical Provision for Benefits to be Granted (PMBAC) are invested following the regulations of the Brazilian Securities and Exchange Commission (CVM) for classifying funds with this same theme.
Art. 5 Insurance companies and EAPCs are prohibited from using any expression that could mislead the applicant, the insured or the participant as to the sustainable nature of the insurance and open supplementary pension plans marketed under the terms of this Resolution.
Art. 6 The classification of the plan as sustainable must be based on widely recognised methodologies, principles or guidelines.
Art. 7 The regulations and contractual conditions of the plans referred to in arts. 3 and 4 must establish:
I - what climate, environmental or social benefits are expected, and the indicators used for
their verification and measurement;
II - the target audience and their suitability for the cover offered; and
III - which methodologies, principles or guidelines are followed for the classification of the plan, according to its denomination.
Art. 8 The classification of insurance and open supplementary pension plans as sustainable must be monitored annually by the internal audit of insurance companies and EAPCs.
Art. 9 It is the responsibility of the director appointed as technical manager to ensure that insurance and open supplementary pension plans classified as sustainable comply with the provisions of this Resolution.
Art. 10 The registration of insurance and open supplementary pension plans with Susep should indicate their classification as sustainable, under the terms of this Resolution.
Art. 11 The classification, commercialisation and maintenance of products in breach of this Resolution will subject insurance companies and EAPCs to the appropriate administrative sanctions.
Art. 12: Susep is hereby authorised to issue complementary rules and guidelines for the implementation of the provisions of this Resolution.
Art. 13: This Resolution shall enter into force one hundred and eighty days after the date of its publication.
ALESSANDRO SERAFIN OCTAVIANI LUIS
(Official Gazette DOU of 28 november April 2024 - page 36 - Section 1)
(*) 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.
