CIRCULAR SUSEP 691, OF 24 JULY 2023 (*)
Provides for the supply of certificates within the scope of SUSEP.
THE SUPERINTENDENT OF THE PRIVATE INSURANCE SUPERINTENDENCY - SUSEP, as provided for in art. 36, paragraphs "b" and "h", of Decree-Law 73, of 21 November 1966, in the use of the authority delegated to him under the sole paragraph of art. 3 of Complementary Law 126, of 15 January 2007, of art. 74 of Complementary Law 109, of 29 May 2001 and of art. 3, § 2 of Decree-Law 261, of 28 February 1967; and in view of what is contained in Susep File 15414.600169/2022-93, resolves:
Art. 1 - The system for providing certificates within the scope of Susep is hereby created.
Art. 2 - For the purposes of this Circular, insurers, open supplementary pension funds, savings bonds companies and local reinsurers are considered supervised companies.
Sole Paragraph. The definition used in this article excludes insurers participating exclusively in an experimental regulatory environment (Regulatory Sandbox).
Art. 3 - The system for providing certificates covers the provision of:
I - certificate of licences; and
II - certificate of notes.
§ 1. The licensing certificate shall cover the supervised companies defined in art. 2, the insurers participating exclusively in the experimental regulatory environment (Regulatory Sandbox), the admitted and occasional reinsurers, the insurance brokers, the reinsurance brokers and the companies accredited by Susep.
§ 2. The certificate of notes shall cover only the supervised companies defined in art. 2.
§ 3. Access to the system for providing certificates is public and must be carried out through Susep's website.
§ 4. The information contained in the certificates shall be updated whenever there is a change in the situation of any item contained in the respective certificate.
§ 5. The certificates shall contain the date of issue and shall be valid for a period of 30 (thirty) days from the date of issue, not prevailing over certificates generated later.
§ 6. The authenticity of each certificate may be confirmed through Susep's website.
§ 7. The certificates shall indicate the internet link where a manual will be available with explanation and description of the main technical concepts mentioned in the certificates.
Art. 4 - The licensing certificate comprises the authorisations, accreditations and registrations made by Susep and it shall contain, at least, the following information:
I - identification of the supervised company authorised to operate, as well as the modality of the operation, the region authorised to operate and the number and instrument that formalised the authorisation;
II - classification of the supervised company in relation to the prudential segmentation;
III - identification of the statutory directors of the supervised companies;
IV - indication of whether the supervised company is a participant in Open Insurance, and whether there is any effective limitation on the sharing of data and services under its responsibility;
V - identification of the admitted or occasional reinsurer, as well as the status of its authorisation and the number and instrument that formalised the authorisation;
VI - identification of the insurance broker, natural or legal person, as well as the products, the status of its registration and the State of its location;
VII - identification of the reinsurance broker, as well as the status of its authorisation and the number and instrument that formalised the authorisation;
VIII - identification of the entity accredited by Susep; and
IX - any limitation to operate, temporary or definitive, imposed by Susep.
§ 1. In the case of suspended or inactive licensing, due to extrajudicial or ordinary liquidation, bankruptcy, or other reasons, the certificate shall indicate only this situation, without the need to complement with the other points listed in the items of this article.
§ 2. In relation to insurers participating exclusively in the experimental regulatory environment (Regulatory Sandbox), a specific certificate must be made available for public access on Susep’s website, containing the status of the company's authorisation to operate in the supervised market.
§ 3. For the registrars, within the scope of item VIII, there will be an indication of whether or not the respective registration system has been approved.
Art. 5 - The certificate of notes shall be composed of a list indicating the existence or not of:
I - Adjusted Net Worth (PLA) lower than the Minimum Capital Requirement (CMR);
II - amount of guarantee assets lower than the need to cover technical provisions;
III - adjustments in the accounting and/or prudential reports required by Susep and not yet made, considering the deadline established by Susep;
IV - Solvency Regularisation Plan (PRS) in progress;
V - Coverage Sufficiency Regularisation Plan (PRC) in progress;
VI - Solvency Regularisation Plan (PRS) not complied with;
VII - non-compliance with the Coverage Sufficiency Regularisation Plan (PRC);
VIII - non-submission or incomplete submission of the periodic information form (FIP/Susep) or financial statements in accordance with the applicable legislation;
IX - non-compliance with the Process for Repair of Notes (PRA);
X - unavailability of authorisation to move freely the portfolio of securities given to cover technical provisions;
XI - preventive prudential measure and/or precautionary measure in force not complied with;
XII - establishment of a Special Inspection, arising from the provisions of art. 89 of Decree-Law 73/66;
XIII - establishment of a Fiscal Direction or Intervention regime;
XIV - non-payment of the inspection fee; and
XV - failure to forward documentation relating to general meetings and appointments of administrators.
§ 1. In the case of suspended or inactive licensing, extrajudicial or ordinary liquidation, bankruptcy, or other reasons, the certificate of notes will not be made available.
§ 2. The indications referring to items I and II shall consider any adjustments demanded by Susep, but not yet made.
§ 3. The existence of PRS and/or PRC in progress or not complied with, but whose object of the respective plan has already been regularised, remedied or, for any reason, has become unenforceable, shall not generate a note.
§ 4. Within the scope of item IX, the existence of a PRA that has not been complied with, but whose object of the respective plan has already been regularised, remedied or, for any reason, has become unenforceable, shall not generate a note.
§ 5. In the event of a note related to item XI, the certificate must indicate which preventive prudential measure and/or precautionary measure the respective note refers to, if there are no legal hypotheses restricting access to this specific information.
§ 6. In the event of the restriction mentioned in § 5 of this article, the respective legal hypothesis used must be indicated.
§ 7. Except for the cases provided for in items IV, V, X, XII and XIII, the inclusion of notes in the certificate must be preceded by communication to the supervised company, which will have the opportunity to comment on the note within a maximum period of 10 (ten) days from the date of receipt of the communication.
§ 8. If the supervised company does not prove its regularity within the period defined in § 7, the note will be recorded in the certificate.
§ 9. The certificate must indicate that the existence of any notes does not imply loss of authorisation or impediment to the operation of the supervised company.
Art. 6 - Susep Circular 652, of 11 February 2022, is hereby revoked.
Art. 7 - This Circular enters into force on 1 January 2024.
Art. 7 - This Circular enters into force on 1 July 2024.
(Note: article 7 amended by Susep Circular No. 694, of 11/12/2023)
ALESSANDRO SERAFIN OCTAVIANI LUIS
(Official Gazette DOU of 28 July 2023 - pages 40 and 41 - 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.
