Brazilian Superintendence of Private Insurance issues immediate-effect portfolio transfer rules requiring prior approval and introducing joint liability safeguards

The Brazilian Superintendence of Private Insurance (SUSEP) published Resolution No. 73/2026, with immediate effect, setting new rules for portfolio transfers between insurance companies, capitalization companies, insurance cooperatives, open pension entities and reinsurers. The resolution replaces SUSEP Circular No. 456/2012 and aims to align the assignment of contractual positions with Law No. 15.040/2024 and National Council of Private Insurance (CNSP) Resolution No. 422/2021. Key changes include a requirement for SUSEP’s prior approval of the transaction and subsequent homologation after completion, permission for transfers between insurance cooperatives and insurance companies subject to legal requirements, and an explicit framework for transfers between local reinsurers. The rules also broaden the technologies that can be used to notify customers while maintaining requirements to evidence the communication and to publish notices in the Official Gazette of the Union or a widely circulated newspaper, as well as on the transferor’s website and social media. By incorporating Article 3 of Law No. 15.040/2024, the regime reflects that if a portfolio transfer occurs without prior consent of insureds and without SUSEP authorisation, the transferor insurer becomes jointly liable with the transferee, and the same joint liability applies if the transferee is or becomes insolvent during the policy term or within 24 months from the transfer, whichever is shorter.