New Legal Insurance Framework approved by the National Congress in Brazil

The new law is pending presidential sanction, which should occur in the coming days. The new legislation will come into force within one year of its publication. This is the adjustment term for the entire regulated market (Insurers, Reinsurers and Brokers).

The Insurance Legal Framework repeals the chapter of the Brazilian Civil Code on insurance contracts, and introduces a series of significant changes, affecting operations, underwriting, products, claims, reinsurance, time limitation, and imposing new obligations, deadlines and legal consequences for insurers, reinsurers and brokers.

We have listed below the main changes introduced by the upcoming legislation:

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