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ARTICLE · 03 JANUARY 2012

Global Corporate Insurance & Regulatory Bulletin – December 2011

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A year after the enactment of Resolutions 223/2010 and 224/2010 by the Brazilian National Private Insurance Council ("CNSP"), Brazilian insurance regulators are pointing out that the number of local reinsurers (licensed to carryout reinsurance in Brazil) has doubled from 6 to 12.

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Originally published 21 December 2011

Keywords: insurance, corporate, reinsurance, EIOPA, Omnibus II, Test-Achats judgement, swap regulation,

Brazil - Brazilian Reinsurance Market Outlook

A year after the enactment of Resolutions 223/2010 and 224/2010 by the Brazilian National Private Insurance Council ("CNSP"), Brazilian insurance regulators are pointing out that the number of local reinsurers (licensed to carryout reinsurance in Brazil) has doubled from 6 to 12.

This set of controversial regulations, initially scheduled to become effective on 31 March 2010, directly affected the reinsurance market, including foreign reinsurers with branches in Brazil. The regulations provided two significant changes: (i) local reinsurers would no longer have the right of first offer on 40% of reinsurance cession, instead there would be the obligation to contract at least 40% of any reinsurance risk with local reinsurers; and (ii) local reinsurers could no longer transfer

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