The Brazilian Superintendence of Private Insurance has launched Public Consultation Notice No. 3/2025 on a draft National Council of Private Insurance Resolution setting rules and criteria for the design, distribution and operation of Universal Life Insurance. The proposal is intended to replace the current framework under National Council of Private Insurance Resolution No. 344/2016, which is expected to be revoked. The revised draft follows an earlier consultation (No. 12/2024) that generated 28 suggestions, of which 11 were accepted, four partially accepted and 13 not accepted. In addition to changes reflecting those submissions, the text has been amended to align with Law No. 15.040/2024, the new legal framework for insurance contracts, which enters into force on 11 December 2025. The proposal also aims to make the product easier for policyholders to understand, clarify that Universal Life Insurance is not a pension product and should not be treated as an investment product to support appropriate tax treatment, increase operational flexibility and update technical elements to reflect domestic market practice. Stakeholders can submit comments through SUSEP’s public consultation system during the 15-day consultation window running from publication of the notice.

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