Susep regulatory updates in Brazil

The Superintendência de Seguros Privados (Susep) has undertaken several regulatory initiatives in Brazil to enhance oversight and transparency within the insurance and financial sectors.

Initially, the agency introduced measures to strengthen financial auditing and cybersecurity. Through public consultations, Susep proposed new accounting regulations for S3 segment entities, which may include requirements for independent audits of interim financial statements. To bolster technological security, Susep instituted Resolution No. 95, establishing an Audit Log Management Policy (PGRAC) to mandate the collection and analysis of audit trails for both internal and third-party systems.

Following these efforts, Susep completed studies to revise regulations for capitalization bonds. These studies, based on Regulatory Impact Analyses, focused on improving the payment of rights to holders, resource allocation in philanthropy modalities, and advertising transparency. One analysis highlighted significant issues regarding the statute of limitations on redemption rights and prize winnings, noting that between 2019 and 2023, approximately R$ 1.4 billion in redemption values and R$ 62.6 million in prize winnings were identified as prescribed due to communication failures and registration difficulties.