The Brazilian Superintendence of Private Insurance (SUSEP) used an industry event hosted by the National School of Insurance Business to outline its approach to implementing Law No. 15.040/2024, the new Insurance Contract Law. Director Jessica Bastos said SUSEP is reviewing the affected secondary (infralegal) regulations to bring them into line with the statute and then intends to submit proposed amendments to public consultation. SUSEP is prioritising reviews that, according to market feedback, are expected to require the greatest systems changes by supervised entities. Bastos framed the regulatory work as (i) amending provisions that conflict with the new law and (ii) regulating legal points that require further specification, while avoiding requirements that go beyond Law No. 15.040/2024 given the limits of infralegal rulemaking. She also addressed questions on the use of artificial intelligence in claims handling and fraud prevention, the scope for innovative products under the new law, potential rules for complex claims adjustment, transparency in product offering, and the technical role of insurance brokers in product offering and recommendation.

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