The Brazilian Superintendence of Private Insurance (SUSEP) has ordered, on a preventive basis, the immediate suspension of new issuances of surety bond insurance (seguro garantia) policies by Seguradora S/A Infinite. The measure follows SUSEP supervisory work examining possible irregularities involving the geographic areas authorised for policy issuance, alleged non-compliance with the insurer’s retention limit, and breaches of limits, exclusions and other requirements set out in reinsurance contracts in which the company acts as the ceding insurer. While the suspension remains in force, Infinite is barred from issuing new policies in the surety bond line, but may continue operating normally in other insurance lines in the geographic regions for which it is authorised, namely the 1st region (Amazonas, Pará, Acre, Roraima, Amapá and Rondônia), 2nd (Piauí, Maranhão and Ceará), 3rd (Alagoas, Pernambuco, Paraíba and Rio Grande do Norte), 4th (Sergipe and Bahia) and 5th (Goiás, Distrito Federal, Mato Grosso, Mato Grosso do Sul and Tocantins), as set out in SUSEP Ordinance DIR1/SUSEP No. 108 of 18 October 2023.

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