New Legal Insurance Framework published on December 10, 2024

Supervised markets must comply with the new provisions of Law 15,040/2024 within one year of its entry into force on December 11, 2025

On December 10, 2024, Law No. 15,040/2024 was published in the Federal Official Gazette of Brazil to introduce the new Legal Insurance Framework in Brazil.

The regulation was sanctioned without veto to Bill No. 2,597/2024 (formerly Bill No. 19/2017) after its approval by the Brazilian House of Representatives on November 5, 2024.

The New Legal Insurance Framework repeals a chapter of the Brazilian Civil Code that provides for insurance contracts. It also makes significant amendments that impact operations, subscriptions, products, losses, reinsurance, and statute of limitations, and imposing new obligations, deadlines and legal consequences for insurers, reinsurers and insurance brokers.

We have listed the main changes introduced by the new regulation in our Client Alert published on November 06, 2024.

Demarest’s Insurance, Reinsurance, Health, and Private Pension team has been closely monitoring the development of this topic and the impacts of the regulation on the entire insurance market and remains available to provide further clarifications.