INSURANCE AND OPEN SUPPLEMENTARY SOCIAL SECURITY
1) SUSEP CIRCULAR NO. 591, OF 8/26/2019
On 8/29/2019, the Private Insurance Superintendence (SUSEP) published in the Federal Official Journal (DOU) Circular no. 591, of 8/26/2019, revoking Circular no. 580/2018.
The revoked Circular created the DPVAT Permanent Commission (DPVAT - Compulsory Insurance against Personal Injury caused by Land Vehicles), which held monthly meetings with representatives of SUSEP and the Lead Insurer, and often with other members and experts.
2) SUSEP CIRCULAR NO. 592, OF 8/26/2019
On 8/29/2019, SUSEP published in the DOU Circular no. 592, of 8/26/2019, which provides for the structuring of insurance plans with reduced and/or intermittent validity period.
This is good news because it shows that SUSEP is inclined to make the launching of new products viable.
The Circular came into effect on the date of its publication.
3) NATIONAL COUNCIL OF PRIVATE INSURANCE - CNSP RESOLUTION NO. 374, OF 8/28/2019
CNSP Resolution no. 374, of 8/28/2019, published in the DOU of 8/30/2019, approves SUSEP Internal Regulation, as provided in Appendices I and II.
This Resolution revokes Administrative Rule no. 7371, of 5/29/2019; the New SUSEP Internal Regulation took effect on the date of publication.
4) SUSEP INSTRUCTIONS NO. 102, 103, 104, 105, AND 106, OF 8/29/2019
These instructions regulate CNSP Resolution no. 374 (see item above) within the scope of the different SUSEP Boards.
Among the main innovations are the creation of (i) the IT Department (DETIC) linked to the Superintendent Office, ii) the Coordination Office of Great Risks and Reinsurance (CGRES), linked to Technical Board 1, (iii) and iii) the Coordination Offices of Regulation and Supervision of Mass, Personal, and Social Security Insurance (CGSEP), linked to Technical Board 2,
5) SUSEP ELECTRONIC CIRCULAR LETTER NO. 002, OF 9/16/2019, OF 9/16/2019
On 9/16/2019, SUSEP published Electronic Letter no. 2/2019/SUSEP addressing the payment of commission on direct contracts between the insurer and the insured.
According to it, in case of a direct contract through acceptance of an insurance proposal, the amount usually charged on account of commission to the Insurance Educational Development Fund is payable.
However, the Letter provides that in case of a direct contract through insurance cover note, the payment of the commission is not mandatory.
The reason is that articles 18 and 19 of Law no. 4594/64, which deal with acceptance of insurance proposal, establish that the commission is mandatory only where the proposal is accepted. In other words, insofar as the insurance is not contracted through a cover note, the commission is optional.
The Letter confirms that SUSEP is inclined to revise the positions that the insurance sector took, especially to make innovative sale processes and products viable.
6) SUSEP STATEMENT NO. 225, OF 9/16/2019
SUSEP Statement no. 225, of 9/16/2019, published in the DOU of 9/17/2019, amends article 4 of SUSEP Resolution no. 223, of 8/2/2019, which regulates the internal activities of the meetings of SUSEP Managing Board.
7) SUSEP STATEMENT NO. 226, OF 9/16/2019
On 9/17/2019, SUSEP published in the DOU Circular no. 226, of 9/16/2019, which regulates the procedures for examination, authorization to see records, and supply of physical copies of the records of administrative proceedings and the procedures for
access to electronic administrative proceedings within the ambit of SUSEP and makes other provisions.
8) SUSEP ADMINISTRATIVE RULE NO. 7524, OF 9/20/2019
Published in the DOU of 9/27/2019, SUSEP Administrative Rule no. 7524, of 9/20/2019 grants the powers provided in articles 55 and 59 of CNSP Resolution no. 335 of 2015.
Under this rule, the Head of the Coordination Office of Special Regimes and Authorizations (CGRAT) of SUSEP Technical Board 1 was granted powers to ratify a List of Creditors prepared by the Liquidator in Out-of-Court Liquidations and to authorize the payment of the credit assessed and approved by SUSEP to the creditors.
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