Insurance - Chapter 18 - Doing Business in Brazil
Have a question? Email us about this product!
Doing Business in Brazil - Looseleaf
Doing Business in Brazil - Electronic
A. SUPERVISORY AGENCIES
18.101 The Brazilian insurance system1 comprises the Brazilian Private
Insurance Council (CNSP) and the Private Insurance Authority (SUSEP);
the reinsurers, companies authorized to provide private insurance; and
qualified insurance or reinsurance brokers.
1 Article 8 of Decree-law No. 73 of Nov. 21, 1966, as amended by Supplementary Law
No. 126 of Jan. 15, 2007. Decree-law No. 73 was regulated by Decree No. 60459 of
Mar. 13, 1967, as amended.
1. The Brazilian Private Insurance Council
18.102 The powers of the Brazilian Private Insurance Council (CNSP)1
derive from legislation, and include, for example, the formation of policy
and making of rules for private insurance and reinsurance by reference to
the conditions of the Brazilian insurance and reinsurance market, and
prescribing of the general form of insurance contracts.
1 CNSP is a coordinating and advisory body.
2. The Private Insurance Authority
18.103 The Private Insurance Authority (SUSEP)1 implements the policies
laid down by CNSP, and regulates the insurance and reinsurance industries.
It has the following responsibilities, inter alia:2 to examine applications for
authorization of the constitution, organization, functioning, merger,
consolidation, grouping, transfer of share control and amendment to the
bylaws of insurance and reinsurance companies; to issue instructions with
regard to insurance and reinsurance transactions; to prescribe the conditions
of policies, special coverage, methods of operation and rates which must be
used by the insurance and reinsurance companies; and to approve, in
accordance with the criteria laid down by CNSP, the operational limits of
insurance and reinsurance companies.3
1 SUSEP is an autarquia (independent agency) created by Decree-law 73/66. It is
subordinate to CNSP, which in turn reports to the Minister of Finance.
2 The functions of SUSEP are regulated by Decree No. 60459, as amended.
3 Decree No. 60459, art. 34, and CNSP Act No. 12 of Apr. 29, 2008.
Pinheiro Neto - Advogados, established in 1942, is Brazil's leading commercial law firm with offices in Sao Paulo, Rio de Janeiro and Brasilia. The founding Editor of this publication, the late J.M. Pinheiro Neto, was the Legal Advisor to the British Chamber of Commerce in Brazil.
J.M. Pinheiro Neto, K.B.E. Law degree, University of São Paulo, class of 1938; State
Attorney for taxes, 1945-1955; worked for the BBC during 1940-41 in England;
awarded the Medal for Services to the Cause of Freedom in 1945; President of the
Anglo-Brazilian Cultural Society, São Paulo, since 1965; Member of the Council of the
British Chamber of Commerce in São Paulo and of the American Chamber of
Commerce, for many years; Director of numerous Brazilian companies; Senior
partner of the firm.
Aleksas Juocys. Law degree, University of São Paulo, class of 1958; Specialized in
tax matters, and head of the tax section of the firm.
Hélio Nicoletti. Law degree, Catholic University, São Paulo, class of 1963,
Postgraduate course in business administration, Fundação Getulio Vargas, São
Paulo, 1967; Head of one of the mergers and acquisitions groups, corporate work,
of the firm.
Antonio Mendes. Law degree, University of Franca, São Paulo class of 1964; Master
of Comparative Law, Duke University, Durham, North Carolina, U.S.A.; Head of the
banking and finance group of the firm.
Celso Cintra Mori. Law degree, University of São Paulo, class of 1968; Head of the
litigation group of the firm.
José Roberto Pisani. Law degree, University of São Paulo, class of 1972; postgraduate
courses in tax law, Catholic University, São Paulo. Head of one of the tax groups of the
Antonio J. Peres Picolomini. Law degree, Catholic University, Campinas, class of
1968; Head of the labor and labor litigation group of the firm.
Noemia C.M. de Oliveira Novaes. Law degree, University of São Paulo, class of
1971; Specialization in International Law, University of Geneva, Switzerland; Partner
with Pinheiro Neto-Advogados; Experience in the computer science, technology
transfer, and trademark and patent areas.