The Brazilian Superintendence of Private Insurance (SUSEP) issued guidance on the implementation of Brazil’s new legal framework for insurance contracts under Law No. 15,040/2024, emphasising that statutory provisions will prevail over any conflicting sub-legal rules once the law enters into force on 11 December 2025. SUSEP stated that insurers, reinsurers, insurance cooperatives, brokers and other market participants should follow the law’s requirements even while SUSEP and National Council of Private Insurance (CNSP) regulations are still being updated. Work underway includes reviewing existing SUSEP and CNSP rules, drafting complementary regulation where needed, and assessing the operational and regulatory impacts of the new framework, which SUSEP flagged as a priority given its technical and structural scope. SUSEP also indicated that public consultations will be opened as draft rules are developed and approved by its Board of Directors, and noted that the supervised sector has been notified of these clarifications via a circular letter.

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