SUSEP Public Consultation: Circular on registration of financial assistance operations by open supplementary private pension entities and insurance companies

The Superintendence of Private Insurance (“SUSEP”) opened Notice No. 20/2022 for Public Consultation, introducing a SUSEP Circular draft.

The Circular provides for conditions regarding the registration of financial assistance operations by open supplementary private pension entities and insurance companies, to be carried out in official registration systems approved and managed by registering entities certified by SUSEP.

In this regard, we highlight the following proposals introduced by the Circular:

Mandatory registration:

• As of March 01, 2023, registration is mandatory regarding financial assistance operations relating to contracts issued from such date onwards by open supplementary private pension entities and insurance companies.
• Operations related to contracts issued prior to March 01, 2022, and still in force on such date must be registered in up to 30 working days, counted from March 01, 2022.
• Operations related to contracts terminated by March 01, 2022, must be registered in up to 15 working days, counted from the first financial operation carried out after March 01, 2023.
• In regard to contracts terminated prior to January 01, 2023, supervised companies are exempted from registering information requested in an Annex of the draft, provided that they are not related to financial operations.
• Optionally, registering can be carried out prior to the effective mandatory registration date, provided that they include the minimum information required in the abovementioned Annex of the draft.
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General provisions on the registration:

• The registration of financial operations must be carried out in registering systems approved by SUSEP and managed by certified registering entities.
• The registrations must include the minimum information required in the Annex of the Circular.
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Triggering events:

• Financial assistance operations must be registered in up to two working days subsequent to the following triggering events:

a) issuance of a financial assistance contract;

b) amendment to the financial assistance contract; and

c) closing of the monthly balance.

• Registration deadlines related to triggering events not provided for in the Circular will be established in a list of guidelines made available on SUSEP’s website.
• In addition, any information regarding asset freezing or liens that incur on financial assistance contracts must also be registered.
  

Interested parties can submit contributions through the e-mail corec.rj@susep.gov.br, in alignment with the duly filled out specific standardized table, by December 23, 2022.

Demarest’s Insurance, Reinsurance, Health and Private Pension team will follow-up on the progress of this public consultation until the publication of the final text and is available to provide any further clarifications that may be necessary.