Brazil Insurance Industry – Governance, Risk and Compliance

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Published: September 20, 2023 Report Code: GDIS0052RR-ST

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Brazil Insurance Industry Regulation Overview

The Superintendent of Private Insurance (SUSEP) regulates the Brazil insurance industry along with other regulators and supervisors including the International Association of Insurance Supervisors (IAIS), Association of Insurance Supervisors Latin America (ASSAL), National Private Insurance Council (CNSP), National Federation of General Insurance (FenSeg), and National Federation of Open Private Pension and Life (FenaPrevi), among others.

The Brazil insurance industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident & health (PA&H), and marine, aviation & transit (MAT) insurance. The report specifies various requirements for establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.

Key Regulators ·        Superintendent of Private Insurance (SUSEP)

·        International Association of Insurance Supervisors (IAIS)

·        Association of Insurance Supervisors Latin America (ASSAL)

·        National Private Insurance Council (CNSP)

·        National Federation of General Insurance (FenSeg)

·        National Federation of Open Private Pension and Life (FenaPrevi)
Compulsory Insurances ·        Motor Third-Party Liability Insurance

·        Aviation Liability Insurance

·        Marine Liability Insurance

·        Professional Indemnity Insurance

·        Social Security Insurance
Key Taxes ·        Tax on Insurance Premium

·        Corporate Income Tax

·        Corporate Capital Gains Tax

·        Value Added Tax
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Brazil Insurance Industry – Key Regulators and Legislation

Superintendent of Private Insurance (SUSEP): SUSEP is under the direct oversight of the Ministry of Finance. A board of directors comprising a Superintendent and four directors administers it. Headquartered in Rio de Janeiro, it is responsible for implementing policies established by the CNSP. SUSEP is responsible for authorizing the requests for creation, organization, operation, merger, transfer of shareholders, and changes relating to the bylaws of insurers, in accordance with the CNSP. It also provides information and issues circulars regarding the regulation of transactions, according to the CNSP guidelines, among other responsibilities.

International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.

The laws regulating the Brazil insurance industry are:

  • Resolution No. 168 of 2007
  • CNSP Resolution No. 321/2015
  • Susep Circular No. 545 of 2017
  • CNSP Resolution No. 350/2017
  • CNSP Resolution No. 353/2017
  • CNSP Resolution No. 360/2017
  • Susep’s Circular No. 562 of 2017

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Brazil Insurance Industry - Compulsory Insurance

Some of the compulsory insurances required within the Brazil insurance industry are:

  • Motor Third-Party Liability Insurance
  • Aviation Liability Insurance
  • Marine Liability Insurance
  • Professional Indemnity Insurance
  • Social Security Insurance

Compulsory Insurance in Brazil

Compulsory Insurance in Brazil

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Brazil Insurance Industry - Company Registration and Operation

A license is required to operate in the Brazilian insurance industry. Article 78 of the Decree-Law 73 of 1966 stipulates that it is mandatory to obtain a license from the CNSP to operate any class of insurance business in the country. Onshore reinsurers operating in Brazil must be registered and authorized in accordance with Decree-Law 73 of 1966. All intermediaries must obtain prior authorization to promote or operate an insurance business in the Brazilian insurance industry.

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Brazil Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in Brazil. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.

Corporate Income Tax: Corporate tax in Brazil is imposed on the company based on its residential status. A company is considered a resident if it is incorporated in Brazil and is taxed on its global consolidated income, whereas foreign companies are taxed only on income earned in Brazil. Companies in Brazil either may opt for payment of tax on actual income or presumed income. The presumed income is calculated based on certain requirements and adjustments.

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Scope

  • The report covers details of the insurance regulatory framework in Brazil.

  • The report contains details of the rules and regulations governing insurance products and insurance entities.

  • The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.

  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

  • The report provides details of taxation imposed on insurance products and insurance companies.

Key Highlights

  • SUSEP governs the insurance industry in Brazil.

  • Non-admitted insurance is not permitted in Brazil, however, there are a few exceptions.

  • The state reinsurer Brasil Resseguros SA was privatized in September 2013.

  • Key classes of compulsory insurance include motor third-party liability, worker’s compensation, and domestic credit insurance.

Reasons to Buy

  • Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.

  • Gain insights into the insurance regulatory framework in Brazil.

  • Track the latest regulatory changes and expected changes impacting the Brazilian insurance industry.

  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.

  • Understand key regulations and market practices pertaining to various types of insurance products.

Table of Contents

  • 1. BRAZIL

    • 1.1. Legislation Overview

      • 1.1.1. Supervision and Control

      • 1.1.2. Legislation

    • 1.2. Compulsory Insurance

    • 1.3. Non-Admitted Insurance Regulations

    • 1.4. Company Registration and Operation

      • 1.4.1. License

      • 1.4.2. Foreign Direct Investment / Ownership

      • 1.4.3. Minimum Capital Requirements

      • 1.4.4. Solvency Margins

      • 1.4.5. Reserve Requirements

      • 1.4.6. Statutory Return Requirements

      • 1.4.7. Fee Structure

    • 1.5. Taxation

      • 1.5.1. Tax on Insurance Premium

      • 1.5.2. Corporate Income Tax

      • 1.5.3. Corporate Capital Gains Tax

      • 1.5.4. Value Added Tax

    • 1.6. Legal System

    • 1.7. Policy Practice

  • 2. About GlobalData

  • 3. Contact Us

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