MICROCAPITAL BRIEF: Brazilian Insurance Regulator Superintendencia de Seguros Privados (SUSEP) to Release Microinsurance Regulatory Framework

Superintendencia de Seguros Privados (SUSEP), Brazil’s insurance regulator, recently announced that it will release a framework for the regulation of microinsurance by the end of October [1]. In April 2008, SUSEP constituted a Microinsurance Consultative Commission to develop and implement such a framework [2]. SUSEP also created the SUSEP Working Group on Microinsurance to provide support to the commission. Details about the contents of the framework are not yet available.

By Nisha Koul, Research Associate

About Superintendencia de Seguros Privados: The Superintendence of Private Insurance (SUSEP) is an authority directly linked to the Brazilian Ministry of Finance. It acts as the insurance commission, responsible for the supervision and control of insurance, open private pension funds and capitalization markets in Brazil. SUSEP aims to achieve consistency with international standards, strengthen the public’s confidence in the system and develop a sound insurance market. SUSEP’s supervisory authority does not cover health insurance or closed private pension funds.

Sources and Additional Resources:

[1] Business News Americas, “Regulatory framework for microinsurance to be ready in less than a month,” http://www.bnamericas.com/news/insurance/regulatory-framework-for-microinsurance-to-be-ready-in-less-than-a-month

[2] Susep, “Microinsurance,” http://www.susep.gov.br/english/microinsurance.asp

MicroCapital.org story, August 25, 2011, “MICROCAPITAL BRIEF: Central Bank of Brazil Publishes “Inclusão Financeira” Calling for Increased Financial Inclusion, Urging Microfinance Institutions (MFIs) to Boost Transparency, Product Innovation, Financial Education,” https://www.microcapital.org/microcapital-brief-central-bank-of-brazil-publishes-%e2%80%9cinclusao-financeira%e2%80%9d-calling-for-increased-financial-inclusion-urging-microfinance-institutions-mfis-to-boost-transparency-pro/

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