Brazil, CAL - Costa, Albino & Lasalvia Advogados updates


Contributed by CAL - Costa, Albino & Lasalvia Advogados
Welcome changes to large-risks sector
  • Brazil
  • 10 November 2020

In a welcome move to distinguish large risks from 'seguros massificados' (ie, mass insurance), the Superintendence of Private Insurance has proposed changes to the regulation of large risks through the issuance of the Draft Resolution for Public Consultation 18/2020. The draft resolution represents an important potential turning point in the Brazilian insurance and reinsurance landscape, correcting an imbalance in favour of policyholders, at least to some degree.

Regulatory changes for reinsurers
  • Brazil
  • 08 September 2020

The National Council for Private Insurance – the Brazilian entity in charge of drawing up the country's reinsurance industry policies – recently introduced a series of changes to the regulatory landscape. Such changes aim to enforce the wider liberal agenda set out by the Ministry of the Economy and underline the federal government's commitment to a more liberalised economy.

Weak Brazilian real makes now a good time to settle Brazilian insurance and reinsurance claims
  • Brazil
  • 18 August 2020

The Brazilian real has devalued by more than 30% against the US dollar in 2020, making now an attractive time for Brazilian cedants supported by international reinsurers operating in US dollars to settle their claims. One of the salient features of Brazilian insurance claims is the accrual of significant levels of interest and monetary correction (ie, inflation-linked interest), which has the capacity to increase quantum at an alarming rate.

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