Santos Bevilaqua Newsletter – August 2019

INSURANCE AND OPEN SUPPLEMENTARY SOCIAL SECURITY

1) NOTICE OF Private Insurance Superintendence - SUSEP PUBLIC INQUIRY No. 5/2019

On July 15, 2019, as previously decided, SUSEP Managing Board submitted to public inquiry the draft of a Circular, which, if approved, will regulate how the open supplementary social security entities and insurers will grant financial assistance and will operate as correspondents.

According to the proposed regulation, financial assistance will be granted only to the owners of open supplementary social security plans or personal insurance plans structured within the financial regime of capitalization (art. 1, sole paragraph). It seems to us that there are no legal and practical reasons for this limitation.