SUSEP Regulates D&O Insurance Policies And Engineering Products

After a long time of expectation from the market, SUSEP regulates the D&O insurance policies

SUSEP Circular No. 541, of October 17, 2016, establishes the guidelines to the D&O insurance coverages and provides for the definitions and concepts to be adopted, besides the coverage limit, scope and form of commercialization of the D&O insurance policies.

The new insurance policies to be submitted to SUSEP for approval shall be compliant with the new Circular. Insurers that already sell D&O insurance products shall submit new products in accordance with Circular No. 541, until February 28, 2017. The products developed before the enactment of the Circular shall be terminated by June 1, 2017, except in case of products that will expire before March 31, 2017, the policy may be renewed once to be in force for a maximum term of one year.