Brazilian Superintendence of Private Insurance launches consultation on draft rules for full and partial portfolio transfers across insurers, pension entities and local reinsurers

The Brazilian Superintendence of Private Insurance (SUSEP) opened Public Consultation Notice No. 08/2025 on a draft SUSEP Resolution governing full or partial portfolio transfers between insurers, capitalization companies, insurance cooperatives, open private pension entities and local reinsurers, and setting out the effects on the related plans. The proposal would revoke and replace SUSEP Circular No. 456/2012 to align the framework with National Council of Private Insurance Resolution No. 422/2021 and Law No. 15.040/2024. Key proposed changes include expressly allowing portfolio transfers between local reinsurers, introducing a two-step supervisory process with prior SUSEP approval and subsequent homologation after completion, and updating customer notification requirements. The draft would permit greater flexibility in how firms communicate transfers to customers through new technologies, while preserving requirements to evidence the communication and to publish notices in the Official Gazette or a widely circulated newspaper, as well as on the transferring firm’s website and social media. Comments can be submitted until 13 November through SUSEP’s Public Consultations System, with the consultation open for 30 calendar days from publication of the notice.