RESOLUTION CNSP NO. 451, OF 19 DECEMBER 2022 (*)
Provides for the operations of cession and acceptance of reinsurance and retrocession and their intermediation, coinsurance operations, operations in foreign currency and insurance contracted abroad.
The SUPERINTENDENCY OF PRIVATE INSURANCE - SUSEP, in the exercise of the powers conferred upon it by art. 34, item XI of Decree 60.459, of 13 March 1967, makes public that the NATIONAL COUNCIL OF PRIVATE INSURANCE - CNSP, in ordinary session held on 16 December 2022, considering the provisions of items II, VII and VIII of art. 32 of Decree-Law 73, of 21 November 1966; in art. 1 of Decree 10.167, of 10 December 2019; in art. 11, § 2 of Law 9.432, of 8 January 1997; in art. 13 of Law 6.453, of 17 October 1977; in Complementary Law 126, of 15 January 2007; in Decree 10.139, of 28 November 2019, and the contents of Susep File 15414.606181/2022-10, resolves:
CHAPTER I
PRELIMINARY PROVISIONS
Art. 1. To provide for:
I - cession and acceptance of reinsurance and retrocession operations and their intermediation;
II - coinsurance operations;
III - foreign currency operations; and
IV - contracting of insurance abroad.
Art. 2. For the purposes of the operations dealt with in this Resolution, the following are considered:
I - cedent: the insurance company that contracts reinsurance operations or the reinsurer that contracts retrocession operations;
II - leading insurer clause: the clause of the policy that appoints, in coinsurance contracts, the leading insurer and establishes its duties;
III - coinsurance commission: the commission that may be paid to the leading insurer, in contracts with coinsurance, by the other insurance companies, for the administration and operation of the policy;
IV - automatic contract: the reinsurance operation through which the cedent agrees with the reinsurer or reinsurers to cede a portfolio of risks previously defined between the parties and comprising more than one policy or benefit plan, underwritten over a period of time predetermined in the contract;
V - reinsurance contract: the physical or electronic document that represents an operation of risk transfer from a cedent to a reinsurer;
VI - facultative contract: the reinsurance operation through which the reinsurer or reinsurers provide coverage for risks referring to a single policy or benefit plan or group of policies or benefit plans already defined at the time of contracting between the parties;
VII - reinsurance broker: a corporate entity legally constituted and domiciled in Brazil, in accordance with the legislation in force, authorized to intermediate reinsurance and retrocession operations;
VIII - coinsurance: the insurance operation in which two or more insurance companies, with the consent of the insured or its legal representative, distribute among themselves, on a percentage basis, the risks of a certain policy, without joint and several liability among them;
IX - foreign reinsurer: the admitted or occasional reinsurer;
X - foreign reinsurer specializing in nuclear risks: foreign reinsurer, pool or mutual association operating exclusively in nuclear risks;
XI - local reinsurer: a reinsurer headquartered in Brazil, authorized to carry out reinsurance and retrocession operations, in accordance with the legislation in force;
XII - reinsurance: the operation of transferring risks from a cedent, for its own protection, to one or more reinsurers, through automatic or facultative contracts, except as provided in item XIII of this article;
XIII - retrocession: the operation of transferring of reinsurance risks from reinsurers, for their own protection, to reinsurers or to insurance companies;
XIV - retrocessionaire: reinsurer or insurance company that accepts retrocession risks;
XV - risks in spiral: acceptance of automatic or facultative contracts in retrocession containing risks already accepted by the insurance company itself in insurance or retrocession contracts, and in reinsurance or retrocession containing risks already accepted by the reinsurer itself in reinsurance or retrocession contracts;
XVI - nuclear risks: coverages for material damages and liability related to the nuclear energy activity; and
XVII - leading insurer: the insurance company in charge of the administration of the coinsurance operation before the insured.
§ 1. The cooperative society authorized to operate in private insurance and the open complementary pension entity (EAPC) that contract reinsurance operations are equivalent to an insurance company, provided that the conditions imposed to insurers by the CNSP are applied to them.
§ 2. The closed complementary pension entity (EFPC) and the operator of private health care plans that contract reinsurance operations are equivalent to a cedent, without prejudice to the powers of their regulatory and supervisory bodies, being Susep's powers with regard to EFPCs and operators of private health care plans limited to the supervision of those operations.
§ 3. For the purposes and effects provided for in this Resolution, retrocession fits, as applicable, into reinsurance operations.
CHAPTER II
CONDITIONS FOR REINSURANCE CONTRACTING
Art. 3. The reinsurance and retrocession contracting in Brazil or abroad should be carried out through direct negotiation between the cedent and the reinsurer or through a reinsurance broker.
Art. 4. The cedent may place its risk transfers in reinsurers of its free choice, in compliance with legal and regulatory requirements.
§ 1. The placement of reinsurance and retrocession referred to in this article should ensure the effective transfer of risk between the parties.
§ 2. Reinsurance and retrocession operations carried out between companies linked or belonging to the same financial conglomerate, under the terms of the regulations in force, should be carried out under balanced conditions of competition, and the parties involved should be responsible for proving, when applicable, that such conditions were carried out under terms and conditions prevailing in the market between independent parties.
Art. 5. The preferential offer consists in the right of preference that local reinsurers have in relation to other reinsurers, for purposes of acceptance of reinsurance contracts, whether automatic or facultative, provided that the local reinsurer accepts the respective reinsurance offer under conditions identical to those offered and/or accepted by the international market.
§ 1. For the purposes of compliance with the preferential offer, the insurance company should observe the percentage established in the legislation in force, applicable to each automatic or facultative contract.
§ 2. The preferential offer referred to in this article should ensure equal treatment to all reinsurers.
§ 3. If unfair practices are identified in the performance of the preferential offer, including, but not limited to, unequal treatment to the reinsurers consulted or any changes to the contractual terms and conditions offered, with the issue of endorsements that distort the final contractual terms and conditions of the placement, the reinsurance contract will be disregarded for prudential purposes, without prejudice to other applicable penalties.
Art. 6. Insurance companies and local reinsurers should properly manage their reinsurance and retrocession operations by developing and implementing a risk transfer policy.
§ 1. The risk transfer policy should complement the risk management policy, under the terms of the specific regulations governing the internal controls system, the risk management system and the internal audit activity, and should be aligned with its underwriting policy.
§ 2. For the purposes of developing their risk transfer policies, insurance companies and local reinsurers should establish, without prejudice to the requirements determined in the specific regulation that provides for the internal controls systems, the risk management system and the internal audit activity, comprising at least:
I - the objectives of the risk transfer policy adopted;
II - the technical criteria used in the preparation of reinsurance and/or retrocession programmes, with due grounds for the protection structures adopted;
III - the acceptable risk exposure limits;
IV - mechanisms aimed at guaranteeing the compatibility of the limits of exposure to risks with the business strategy of the insurance company or local reinsurer, as the case may be;
V - the criteria for selecting and monitoring counterparties and intermediaries, including the management of credit and liquidity risks;
VI - the procedures for the monitoring, analysis and treatment of high levels of concentration with counterparties and intermediaries;
VII - the procedures for the monitoring, analysis and treatment of the transfer of risks with linked companies, under the terms of the regulations in force;
VIII - the management of the accumulation of risks in relation to a determined product, line of business or group of lines of business, geographical region and/or a single insured;
IX - the management of the accumulation of individual losses that may result from catastrophic events and spiralling risks;
X - forms of control and monitoring aimed at mitigating risks inherent to the mismatch of terms and conditions of reinsurance and/or retrocession contracts and the underlying contracts; and
XI - the operating procedures and systems aimed at the internal control of operations and risk management, ensuring compliance with the risk transfer policy.
§ 3. Without prejudice to the provisions of this article, local reinsurers may not cede in retrocession more than 70% (seventy per cent) of the premiums written for the risks they have underwritten, considering the totality of their operations, in each calendar year, except for the following groups of lines of business:
I - financial risks;
II - rural; and
III - nuclear.
§ 4. The insurance companies should submit to Susep, until 31 March of the subsequent calendar year, a technical justification for a reinsurance cession percentage higher than 90% (ninety per cent), considering the totality of their operations, per calendar year.
§ 5. For the purposes of calculating the limits provided for in § 3 and § 4, the quotient between reinsurance/retrocession ceded premiums and written premiums should be considered, and reinsurance/retrocession commissions received should not be deducted from the respective ceded premiums.
§ 6. Susep may authorize cessions in a percentage higher than that dealt with in § 3, prior to the end of the calendar year, for a technically justifiable reason.
§ 7. The cedent that does not present the technical justification mentioned in § 4, above or presents it in an incomplete form, will be subject to penalties in the form of the regulations in force.
Art. 7. Without prejudice to the provisions of art. 6, cedents and local reinsurers should keep effective control of the contracts carried out, of their portfolio of risks ceded and/or accepted, as the case may be, of the intermediaries, of the estimated and actual premiums, of the claims recoveries, as well as other relevant information, keeping them at the disposal of Susep.
Art. 8. Reinsurance operations concerning life insurance with survival benefit, and complementary pension are exclusive to local reinsurers.
Sole paragraph. Reinsurance operations relating to risk coverages marketed in life insurance plans with survival benefit, or to complementary pension plans, separately or together with survival coverages, are not subject to the restriction provided for in this article.
CHAPTER III
CONTRACTS
Art. 9. Reinsurance contracts should include an insolvency clause providing that, in the event of liquidation of the cedent, the liabilities of the reinsurer to the estate should subsist, limited to the amount of reinsurance due under the terms of the reinsurance contract, regardless of whether or not payments, indemnities or benefits to the insured, participants, beneficiaries or assisted have been made by the cedent, except for cases in which this provision is not applicable, in accordance with specific regulations.
§ 1. In the event of insolvency, decree of liquidation or bankruptcy of the cedent, the direct payment to the insured, participant, beneficiary or assisted, of the portion of the indemnity or benefit corresponding to the reinsurance is permitted, provided that the payment of the respective portion has not been made to the insured by the cedent or by the reinsurer to the cedent, when there is a contractual clause of direct payment in the automatic reinsurance contract or, regardless of the clause, in the facultative contract.
§ 2. The obligation provided for in this article will not apply to reinsurance contracts involving exclusively risks accepted from abroad.
Art. 10. The contractual formalisation of reinsurance operations will take place within 180 (one hundred and eighty) days from the beginning of the validity period of the cover, under penalty of it being null and void, for all prudential purposes and effects, from its inception.
§ 1. For the purposes of the provisions of this article, acontractual formalisation will be deemed to be the signature of the reinsurance contract by the duly identified reinsurer, containing the date and identification of its signatory representative, with the use of remote means being allowed.
§ 2. The amendment of the terms, conditions and/or contractual clauses in force requires the issue of endorsement, physical or electronic, which will be an integral part of the original contract, in compliance with the provisions in § 1.
§ 3. The term for contractual formalisation of the endorsement will be the one established in the head of this article, counted as from the beginning of its validity, not being confused with or replacing the term for formalisation of the original contract.
§ 4. The acceptance of the reinsurer or reinsurers in the reinsurance offer will be evidence of the contracted cover.
§ 5. The cedent's agreement with the terms and conditions contained in the formal reinsurance contract should be proved to Susep, if so required by the supervising agency.
§ 6. The waiver of the cedent's signature for the purposes of compliance with the contractual formalisation does not prevent the cedent and/or the reinsurer from requiring it should they consider it necessary for its safeguard.
§ 7. The manifestation of the reinsurance broker for the acceptance of the terms and conditions of the contract does not substitute the express agreement of the cedent, nor does it substitute the express acceptance by the reinsurers.
§ 8. The cover note, issued by the reinsurance broker, does not replace the reinsurance contract.
§ 9. For the purposes of proof of contractual formalisation, it is admitted that the cedent receives a digitalised copy of the formalised contract.
§ 10. Until the contract or endorsement is formalised, in accordance with the term established in the head of this article, the acceptance of the reinsurer or reinsurers to the reinsurance proposal, including that issued by electronic means, is evidence of the contracted coverage.
Art. 11. Reinsurance contracts aimed at protecting risks located in Brazil should include a clause determining the submission of any disputes to Brazilian legislation and jurisdiction, except in the case of an arbitration clause, which should comply with the legislation in force.
Art. 12. The participation of the reinsurer in the adjustment of claims may be provided for, as well as the provision in reinsurance contracts of a claims control clause, without prejudice to the liability of the insurer towards the insured.
Art. 13. Without prejudice to other provisions established in the legislation in force, the terms of reinsurance contracts will be freely agreed between the contracting parties, provided, however, that the following provisions are established:
I - the beginning and end of the rights and obligations of each party, also foreseeing how these responsibilities will cease in cases of cancellation;
II - the criteria for cancellation;
III - the risks covered and the risks excluded; and
IV - the coverage period, identifying the beginning of the reinsurer's liability and the exact moment in which the losses are covered by the contract.
Sole paragraph. The parties should structure the respective clauses and terms of the reinsurance contract giving priority to clarity, objectivity, avoiding the use of wording that generates subjectivity of interpretation.
CHAPTER IV
RISK TRANSFERS WITH REINSURERS NOT AUTHORIZED TO OPERATE IN BRAZIL
Art. 14. Risk transfer in reinsurance and retrocession operations, with reinsurers not authorized to operate in Brazil, will be permitted exclusively when the insufficiency of capacity by local and foreign reinsurers is proven, regardless of the prices and conditions offered by all such reinsurers.
§ 1. With the exception of the provision in § 3, the situation of insufficiency of capacity referred to in this article should be proved by means of consultation carried out with all reinsurers authorized to operate in Brazil, in accordance with the criteria established by Susep.
§ 2. In the event of partial acceptance of risk by any reinsurers authorized to operate in Brazil, only the remaining portion of the risk not covered may be ceded to reinsurers not authorized to operate in Brazil.
§ 3. For risk transfers in reinsurance by insurance companies and in retrocession by local reinsurers, exclusively related to nuclear risk operations, the insufficiency of capacity referred to in this article is characterized by the lack of registration in Brazil of foreign reinsurers specialized in nuclear risks under the terms of the regulation in force.
§ 4. Should any unfair practices be identified in the process of proving insufficient offer of capacity by local and foreign reinsurers, including, but not limited to, unequal treatment of reinsurers consulted or possible changes in the contractual terms and conditions offered, with the issue of endorsements that disfigure the final contractual terms and conditions of the placement, the reinsurance contract may be disregarded for prudential purposes, without prejudice to the application of other applicable penalties.
Art. 15. For the purposes of the transfers of risks referred to in the previous article, cedents may only carry out operations with persons constituted in accordance with the laws of their country of origin to underwrite local and international reinsurance in the line(s) of business that are the object of the cession, and that meet the requirements of net worth, rating and regularity of solvency before the supervisory body of the country of origin, related to eventual reinsurers established in the specific regulation that deals with authorisation for the operation of reinsurers.
§ 1. The transfer referred to in this article is forbidden to corporate entities headquartered in tax havens, which are considered to be countries or dependencies that do not tax income or that tax it at a rate lower than 20% (twenty per cent) or, furthermore, whose internal legislation imposes secrecy with regard to the corporate structure of corporate entities or their ownership.
§ 2. In case of transfer of risks to a foreign reinsurer specialized in nuclear risks, constituted as a pool or mutual association, the sum of the net worth of the entities that compose the pool or mutual association should be considered and, in the case of existence of a joint and several liability clause among the member-companies of the pool or of a specific fund for its operations, Susep may accept the solvency rating of one of the members of the pool.
§ 3. Susep may, in exceptional circumstances, authorize the transfer of risks with reinsurers not authorized to operate in Brazil, which do not comply with the requirements provided for in the legislation in force, nor with the provisions of this article, provided that for technically justifiable reasons and which aim to safeguard national interest or security, and may establish additional requirements to those provided for in specific regulations.
CHAPTER V
ACCEPTANCE OF REINSURANCE AND RETROCESSION FROM CEDENT ABROAD AND ACCEPTANCE OF RETROCESSION BY INSURANCE COMPANIES
Section I
Acceptance of Reinsurance and Retrocession from Cedent Abroad by Local Reinsurers and its Intermediation
Art. 16. The acceptance of reinsurance or retrocession of cedent abroad by local reinsurer may be made through direct negotiation with the cedent abroad or through a reinsurance broker headquartered in Brazil or an intermediary abroad.
Sole paragraph. The company or entity authorized to contract reinsurance or retrocession in the form determined by the supervisory body of the country of domicile of the cedent is equivalent to the cedent abroad, regardless of registration with Susep.
Art. 17. Retrocession operations ceded by a local reinsurer relating to risks covered by reinsurance and retrocession contracts accepted from a cedent abroad should follow the regulatory provisions applicable to retrocession operations relating to risks accepted in reinsurance and retrocession from cedents headquartered in Brazil.
Section II
Acceptance of Retrocession by Insurance Companies and its Intermediation
Art. 18. The acceptance of retrocession by insurance companies is permitted, including that arising from reinsurers headquartered abroad not registered in Brazil.
§ 1. The intermediation of the operations set forth in this article by a reinsurance broker not registered in Brazil and headquartered abroad is allowed.
§ 2. It is forbidden for insurance companies to accept reinsurance from insurers, registered or not in Brazil and headquartered abroad.
§ 3. The operations of retrocession acceptance by open complementary pension entities and cooperative societies authorized to operate insurance are forbidden.
Art. 19. Insurance companies should comply, in the accepted retrocession contracts, with the regulatory requirements related with contractual clauses applied to reinsurance contracts.
Art. 20. Insurance companies may not accept in retrocession more than 2% (two per cent) of the written insurance premiums relative to the risks underwritten, considering their operations altogether, in each calendar year.
Section III
Provisions Common to Sections I and II
Art. 21. Local reinsurers may only accept reinsurance or retrocession contracts, and insurance companies may only accept retrocession contracts from foreign cedents related to the groups of lines of business in which they are authorized to operate in Brazil, without prejudice to the observance of the current rules regarding retention limits.
Sole paragraph. Local reinsurers may accept reinsurance or retrocession from cedent abroad in lines of business or groups of lines of business with which there is no direct correlation in Brazil, provided that the risks covered have technical characteristics similar to the risks of groups of lines of business in which they are authorized to operate in Brazil.
CHAPTER VI
REINSURANCE BROKERS OPERATIONS
Art. 22. In the course of their activities, without prejudice to other duties, reinsurance brokers should deliver to Brazilian cedents:
a) until the risk commences, confirmation of reinsurance cover and its respective conditions with the percentages of acceptance;
b) within a maximum period of 5 (five) working days from the date of formalisation, the cover notes documenting the operations duly signed: and
c) within a maximum period of 5 (five) working days from the date of formalisation, the reinsurance or retrocession contracts duly signed.
Sole paragraph. Reinsurance brokers should pass on, in a timely manner, all amounts of premiums, indemnities and benefits received by them for intermediation.
Art. 23. Reinsurance brokers should maintain in Brazil current accounts for the intermediation of reinsurance and retrocession.
§ 1. The accounts referred to in this article should be used exclusively for payments and receipts relating to intermediated reinsurance and retrocession operations.
§ 2. Transactions relating to amounts arising from intermediation of reinsurance contracts and retrocessions in foreign currency should be made in a specific account for this purpose, in accordance with the provisions of the National Monetary Council - CMN and/or the Central Bank of Brazil - Bacen.
Art. 24. Reinsurance brokers should keep in files, in the manner established in specific regulations, the supporting documents of the reinsurance and retrocession operations intermediated by them, in which the acceptance of reinsurers is stated, as well as:
I - business communications;
II - evidence of reinsurance placements and retrocessions;
III - statements of the flow of premiums and indemnities; and
IV - statements of the current accounts referred to in art. 23 of this Resolution.
CHAPTER VII
COINSURANCE OPERATIONS
Art. 25. Coinsurance operations should be freely agreed upon by two or more insurance companies, with the consent of the insured or its legal representative, with no joint and several liability among the insurance companies.
Sole paragraph. Coinsurance operations with the participation of an insurance company without assumption of liability are not permitted.
Art. 26. In the policy, individual certificate, proposal and any coinsurance promotional materials, the name of all participating insurance companies, their respective corporate tax payer codes – CNPJ – and, in full, the respective limits of maximum assumed liability should be included.
Sole paragraph. In the event that the number of insurance companies makes it unfeasible to mention the information in the manner set out in this article, the lead insurer should record, in a clear, legible, accurate and identifiable manner, the existence of the other insurance companies in these documents, with express reference to the place where all the participants of the risk and respective percentages of responsibility are perfectly identified.
Art. 27. The policy and the individual certificate should contain, besides other information defined in the legislation, specific information providing for
I - the leading insurer and its duties; and
II - the inexistence of joint and several liability among insurance companies.
Art. 28. The regulatory provisions in force for insurance operations apply to the cases not expressly provided for in this Chapter.
CHAPTER VIII
FOREIGN CURRENCY OPERATIONS AND INSURANCE ABROAD
Section I
Foreign Currency Operations
Art. 29. The contracting of insurance in foreign currency in Brazil, characterised by the establishment of amounts of insured capital/maximum limit of indemnity in foreign currency, may be effected through agreement between the insurance company and the insured, unless otherwise specifically regulated.
Art. 30. Reinsurance and retrocession may be contracted in foreign currency in Brazil.
Art. 31. When the insured capital/maximum limit of indemnity is established in foreign currency:
I - the corresponding premium may be paid in foreign currency or in Brazilian currency, converted on the contracting date, as established in the contractual conditions;
II - the payment of indemnification may be made, as established in the contractual conditions, in foreign currency or in Brazilian currency, with the value converted and monetarily restated, under the terms of the specific legislation, based on the date:
a) of the effective payment made by the insured, in the case of coverage that provides for reimbursement of expenses; or
b) of the occurrence of the event, for the purposes of determining the insured capital/maximum limit of indemnity, in the case of coverage that provides for the payment of indemnification in cash; and
III - the insurance contractual documents must inform the insured capital/maximum limit of indemnity defined in foreign currency.
Art. 32. Complementary rules from the National Monetary Council - CMN or from the Central Bank of Brazil - Bacen, where applicable, should be complied with.
Section II
Insurance Abroad
Art. 33. The contracting of insurance abroad by individuals resident in Brazil or by corporate entities domiciled in Brazil is restricted to the following situations:
I - coverage of risks for which there is no insurance offer in Brazil, provided that their contracting does not represent an infringement of the legislation in force;
II - coverage of risks abroad in which the insured is an individual resident in Brazil, for which the validity of the contracted insurance is limited, exclusively, to the period in which the insured is abroad;
III - insurance that is the object of international agreements endorsed by the Brazilian National Congress; or
IV - hull, machinery and liability insurance by Brazilian shipping companies for their own or chartered vessels, under the terms set out in § 2 of art. 11 of Law 9.432, of 8 January 1997.
§ 1. The characterization of the situation of non-acceptance of the risk in Brazil, foreseen in item I of this article, will occur by the denials for the insurance coverage obtained through consultations made to Brazilian insurance companies that operate in the line of business in which the risk classified, as established by Susep in specific regulation.
§ 2. In the hypothesis set forth in clause I, only those coverages for which there has been no acceptance may be contracted abroad.
§ 3. Exclusively for insurance of nuclear risks dealt with by art. 13 of Law 6.453, of 17 October 1977, the absence of offer of insurance in Brazil is characterized when only one proposal is presented in the corresponding bidding process or in consultations prior to the holding of the corresponding bidding process.
§ 4. The provisions contained in § 3 are also valid for the insurance coverage of property damage and other nuclear risks coverage, when contracted together with the coverage provided for in art. 13 of Law 6.453/1977.
§ 5. The issue of an endorsement referring to insurance contracted abroad does not characterise a new contracting, provided that the original conditions offered to Brazilian insurance companies and contracted abroad are maintained, in accordance with the provisions of this Section.
Art. 34. Besides the situations provided for in art. 33, corporate entities may contract insurance abroad to cover risks abroad, informing such contracting to Susep, under the terms of the specific regulation.
Art. 35. The contracting of insurance abroad, by individuals or corporate entities, resident or domiciled abroad, to cover risks abroad, even if supported by individuals resident in Brazil or corporate entities domiciled in Brazil, are not included in the provisions of this Section.
Art. 36. The provisions contained in this Chapter do not apply to health insurance operations.
CHAPTER IX
FINAL AND TRANSITIONAL PROVISIONS
Art. 37. Except for the situations provided for in this Resolution, the amounts insured, premiums, indemnities and all other amounts related to reinsurance operations and retrocession should be expressed in Brazilian currency.
Art. 38. All public or private documentation required by SUSEP, coming from another country, should be duly consularized or issued with an apostille, except for documents coming from countries with which Brazil has entered into an international agreement, and be accompanied, when written in another language, by a translation into Portuguese, made by a sworn public translator, in accordance with the legislation in force, except when otherwise expressly manifested by SUSEP.
Sole paragraph. The acceptance of documentation issued with an apostille, dealt with in this article applies only to documents that comply with the provisions of the Hague Convention, of 5 October 1961.
Art. 39. Susep is authorized to issue the additional rules necessary for the implementation and execution of the provisions in this Resolution.
Art. 40. Reinsurance and retrocession cessions and their intermediation, coinsurance operations, operations in foreign currency and insurance contracts abroad signed on a date prior to the entry into force of this Resolution should adapt to this norm upon their renewal.
Art. 41. Insurance companies are authorized to accept direct risks from abroad in the same lines of business in which they are authorized to operate in Brazil.
Art. 42. The insurance companies and local reinsurers shall have until 31 December 2023 to prepare the risk transfer policy referred to in art. 6.
Art. 43. The following are hereby revoked:
I - Resolution CNSP 68, of 3 December 2001;
II - Resolution CNSP 168, of 17 December 2007;
III - Resolution CNSP 173, of 17 December 2007;
IV - Resolution CNSP 189, of 8 October 2008;
V - Resolution CNSP 191, of 16 December 2008;
VI - Resolution CNSP 194, of 16 December 2008;
VII - Resolution CNSP 197, of 16 December 2008;
VIII - Resolution CNSP 203, of 27 April 2009;
IX - Resolution CNSP 206, of 17 December 2009;
X - Resolution CNSP 209, of 6 December 2010;
XI - Resolution CNSP 210, of 6 December 2010;
XII - Resolution CNSP 225, of 6 December 2010;
XIII - Resolution CNSP 241, of 1 December 2011;
XIV - Resolution CNSP 245, of 6 December 2011;
XV - Resolution CNSP 322, of 20 July 2015;
XVI - Resolution CNSP 324, of 30 July 2015;
XVII - Resolution CNSP 325, of 30 July 2015;
XVIII - Resolution CNSP 350, of 25 September 2017;
XIX - Resolution CNSP 353, of 20 December 2017;
XX - Resolution CNSP 363, of 11 October 2018;
XXI - Resolution CNSP 366, of 29 October 2018;
XXII - Resolution CNSP 379, of 4 March 2020;
XXIII - Resolution CNSP 380, of 4 March 2020;
XXIV - Resolution CNSP 394, of 30 October 2020; and
XXV - Resolution CNSP 418, of 20 July 2021.
Art. 44. This Resolution shall enter into force on 1 January 2023..
ALEXANDRE MILANESE CAMILLO
Superintendent
(Official Gazette DOU of 21.12.2022 – pages 221 to 223 – Section1)
(*) 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.
