The Senate approved this Tuesday, 17th, the bill that regulates the operation of insurance cooperatives and mutual asset protection operations. The project, endorsed by the Chamber in August, is part of the microeconomic agenda defended by the Ministry of Finance to improve the country’s business environment and will now be forwarded to presidential sanction.
Authored by former deputy Lucas Vergílio (Solidariedade-GO), it establishes the Private Insurance Superintendency (Susep) as the regulator of these markets.
“According to the proposed rules, insurance cooperatives must be created exclusively for this purpose; will operate insurance exclusively among their members, except for exceptions permitted by the CNSP; may cede risks in reinsurance; and will be regulated by general cooperative legislation and by legislation applicable to insurance companies”, says the text, in reference to the National Council of Private Insurance (CNSP).
Rapporteur of the project in the Senate, Senator Weverton (PDT-MA) stated that the project will generate important improvements to the infrastructure of regulation and supervision of the insurance sector. In the senator’s assessment, this scenario will reduce legal uncertainty and allow greater protection for contractors of products offered by insurance cooperatives and mutual asset protection associations.
