New Requirements To Operate Environmental Insurance Policies

On July 22, 2016, Resolution No. 256/2016 (the "Resolution") issued by the Ministry of Environment and Sustainable Development (the "Ministry"), was published in the Official Gazette. The Resolution modifies Resolution No. 999/2014 ¹ issued by the former Secretariat of Environment and Sustainable Development ("Resolution SAyDS No. 999/2014"), and provides new specific requirements to be fulfilled by insurance companies to sell insurance policies for environmental damages with a collective impact.

The Resolution maintains the obligation to obtain an environmental approval pursuant to Joint Resolution No. 98/2007 issued by the former Secretariat of Public Finance and No. 1973/2007 of the former Secretariat of Environment and Sustainable Development, with technical reports issued previously by the Hazardous Waste Directorate and the Environmental Risks Evaluation Unit. To obtain such environmental approval, insurance companies must: