The Brazilian Superintendence of Private Insurance (SUSEP) has published National Council of Private Insurance (CNSP) Resolution No. 484/2025, establishing rules and criteria for the structuring, marketing and operation of universal life insurance, with immediate effect. The measure replaces CNSP Resolution No. 344/2016. The revised framework is intended to increase product flexibility, recalibrate technical aspects to Brazil’s market conditions, align subordinate regulation with Law No. 15.040/2024 (the legal framework for insurance contracts), and make the product easier for policyholders to understand. It also clarifies that universal life insurance is not a pension product and should not be treated as an investment product, supporting appropriate tax treatment. The resolution follows internal and external discussions and two public consultations, held in late 2024 and mid-2025, and was previously included in SUSEP’s 2023/2024 Regulatory Plan.
Brazilian Superintendence of Private Insurance (SUSEP) 2025-11-05
Brazilian Superintendence of Private Insurance publishes new universal life insurance rules with immediate effect
The Brazilian Superintendence of Private Insurance (SUSEP) issued CNSP Resolution No. 484/2025, updating rules for universal life insurance to enhance flexibility and align with Brazil's market conditions. This replaces Resolution No. 344/2016 and clarifies that universal life insurance is not a pension or investment product, impacting tax treatment. The resolution follows extensive consultations and aligns with SUSEP’s 2023/2024 Regulatory Plan.