CNSP RESOLUTION No. 494, OF 17 JULY 2026
Provides for reinsurance cession and acceptance operations and retrocession, and their intermediation; coinsurance operations; foreign currency operations; and the taking out of insurance policies abroad.
THE SUPERINTENDENT OF THE SUPERINTENDENCY OF PRIVATE INSURANCE (Susep), in the exercise of the powers conferred upon him by art. 48, item XI of CNSP Resolution No. 490 of 12 March 2026, in conjunction with art. 34, item XI of Decree No. 60.459 of 13 March 1967, hereby announces that the NATIONAL COUNCIL FOR PRIVATE INSURANCE – CNSP, at an ordinary meeting held on 10 July 2026, having regard to the provisions of items II, VII and VIII of art. 32 of Decree-Law No. 73 of 21 November 1966; Decree No. 10.167 of 10 December 2019; art.11, par. 2 of Law No. 9.432 of 8 January 1997; art.. 13 of Law No. 6.453 of 17 October 1977; art. 12 of Complementary Law No. 126 of 15 January 2007; Law No. 15.040 of 9 December 2024; and the provisions of Susep File No. 15414.632309/2025-35, resolves:
CHAPTER I
PRELIMINARY PROVISIONS
Art. 1 This Resolution provides for:
I – reinsurance cession and acceptance and retrocession operations, and their intermediation;
II – coinsurance operations;
III – operations in foreign currency; and
IV – insurance contracts concluded abroad.
Art. 2 For the purposes of the operations covered by this Resolution, the following definitions shall apply:
I - spiral risk acceptance: the acceptance of retrocession contracts covering risks already accepted by the insurance company itself under insurance or retrocession contracts, and the acceptance of reinsurance or retrocession contracts covering risks already accepted by the reinsurer itself under reinsurance or retrocession contracts;
II – cedant: the insurance company, the cooperative insurance society and the administrator of mutual asset protection operations that enter into a reinsurance operation, and the reinsurer that enters into a retrocession operation;
III – coinsurance commission: the amount payable to the lead coinsurer by the other coinsurers, relating to the commercial, administrative and operational costs borne by the lead coinsurer in connection with the administration of the insurance;
IV - reinsurance contract: a physical or electronic document whereby the reinsurer, upon payment of the respective premium, guarantees the cedant’s interests against the risks inherent in its business, arising from the conclusion and performance of underlying contracts;
V – reinsurance broker: a legal entity duly incorporated and domiciled in Brazil, in accordance with the legislation in force, authorised to act as an intermediary in reinsurance and retrocession operations;
VI - lead coinsurer: an insurance company or cooperative insurance society that administers the coinsurance, representing the other coinsurers in the formation and performance of the contract, and substituting for them, either as claimant or defendant, in arbitration proceedings and legal proceedings;
VII - coinsurance: an operation in which two or more insurance companies or cooperative insurance societies, by express agreement amongst themselves and the insured or the policyholder, cover the same interest against the same risk at the same time, each assuming a share of the cover;
VIII - endorsement: a document issued by the reinsurer, by means of which amendments to the reinsurance contract are formalised, forming an integral part thereof;
IX - cover note: a document issued by the reinsurance broker summarising the cover and limits agreed and confirming that the reinsurance placement has been effected;
X - preferential offer: a legal requirement obliging the cedant to submit a reinsurance proposal to local reinsurers before entering into a reinsurance contract with foreign reinsurers, with the aim of enabling the former to effectively exercise their right of first refusal;
XI - reinsurance proposal: a document formalising a cedant’s intention to arrange reinsurance with the reinsurer(s) identified therein, and containing details of the proposed risk for assessment and acceptance or rejection by the reinsurer(s);
XII – foreign reinsurer: a reinsurer registered with Susep as an admitted or occasional reinsurer;
XIII - foreign reinsurer specialising in nuclear risks: a foreign reinsurer, consortium or mutual association operating exclusively in nuclear risks;
XIV - local reinsurer: a reinsurer headquartered in Brazil, authorised to carry out reinsurance and retrocession operations in accordance with the legislation in force;
XV - reinsurance: an operation involving the transfer of risks accepted by a cedant, for the purpose of its own protection, or, in the case of an administrator of mutual asset protection operations, for the protection of risks within the mutual asset protection group, to one or more reinsurers, subject to the provisions of item XVIII;
XVI - automatic reinsurance: a reinsurance operation whereby the cedant agrees with the reinsurer or reinsurers to cede a portfolio of risks previously defined between the parties, comprising more than one policy, slip, benefit plan or mutual asset protection participation contract underwritten during the period predetermined in the reinsurance contract;
XVII - facultative reinsurance: a reinsurance operation whereby the reinsurer or reinsurers provide cover for risks relating to a single policy, slip, benefit plan or mutual asset protection participation contract, or to a group of policies, slips, benefit plans or mutual asset protection participation contracts previously defined in the reinsurance contract;
XVIII - retrocession: an operation whereby reinsurers transfer reinsurance risks they have accepted, for their own protection, to other reinsurers or to insurance companies;
XIX - retrocessionary: a reinsurer or insurance company that accepts retrocession risks; and
XX - nuclear risks: risks relating to property damage and third-party liability arising from nuclear energy activities.
Par. 1. The following shall be treated as cedants: open supplementary pension schemes (EAPC), closed supplementary pension schemes (EFPC) and private healthcare plan operators that enter into reinsurance arrangements, without prejudice to the powers of their respective regulatory and supervisory bodies; the powers of Susep, in relation to EFPCs and private healthcare plan operators, shall be limited to the supervision of reinsurance operations.
Par. 2. For the purposes set out in this Resolution, retrocession shall be classified, where applicable, as a reinsurance operation.
CHAPTER II
CONDITIONS FOR ENTERING INTO REINSURANCE AND RETROCESSION CONTRACTS
Art. 3 Unless otherwise provided for in the contract, reinsurance shall cover the entirety of the reinsured interest, including the cedant’s interest relating to the recovery of losses arising from default in the performance of the underlying contracts, as well as containment or salvage costs and those incurred in connection with the adjustment and settlement of claims and events covered by the reinsurance contract, up to the contractually agreed limits of cover.
Art. 4 The arrangement of reinsurance and retrocession, whether in Brazil or abroad, shall be effected through direct negotiation between the cedant and the reinsurer or retrocessionaire, or through the intermediation of a reinsurance broker.
Art. 5 The cedant may place its surplus with reinsurers of its own choosing, subject to compliance with legal and regulatory requirements.
Par. 1. The placement of reinsurance and retrocession referred to in this article must ensure the effective transfer of risk between the parties.
Par. 2. Reinsurance and retrocession operations carried out between affiliated companies or those belonging to the same economic group, in accordance with current legislation, must take place under balanced competitive conditions; it is the responsibility of the parties involved to demonstrate, where required, that such conditions are no different from the terms and conditions prevailing in the market between independent parties.
Par. 3. Insurance companies, cooperative insurance societies and administrators of mutual asset protection schemes, as well as other entities treated as cedants under the terms of art. 2, par. 1, are prohibited from accepting reinsurance.
Par. 4. Cooperative insurance companies and administrators of mutual asset protection schemes, as well as other entities treated as cedants under the terms of art. 2, par. 1, are prohibited from accepting retrocession.
Art. 6 For the purposes of complying with the preferential offer, the cedant shall submit a reinsurance proposal to local reinsurers, offering preferential placement of at least 40 per cent (forty per cent) of each automatic or facultative reinsurance cession.
Par. 1 The preferential offer must ensure the provision of identical information regarding the risk and the terms and conditions of the placement, including the price, and equitable treatment of all consulted reinsurers, whether local or foreign, whilst complying with the provisions of the supplementary regulations issued by Susep.
Par. 2. Should any breaches of conduct be identified in the fulfilment of the preferential offer, including, but not limited to, unequal treatment of the reinsurers consulted, failure to provide identical information for the assessment of risk, alteration of the contractual terms or conditions offered, or the issuance of endorsements that deviate from the contractual terms or conditions originally agreed, the cedant and the reinsurance broker responsible for the intermediation shall be subject to the applicable sanctions, in accordance with the specific regulations.
Par. 3. The preferential offer does not apply to retrocession operations.
Art. 7 Insurance companies, cooperative insurance societies, EAPCs and local reinsurers shall manage their reinsurance and retrocession operations appropriately by developing and implementing a risk transfer policy.
Par. 1 The risk transfer policy shall complement the risk management policy, in accordance with the specific regulations governing the internal control system, the risk management structure and the internal audit function, and must be aligned with the cedant’s underwriting policy.
Par. 2. For the purposes of developing their risk transfer policies, insurance companies, cooperative insurance societies, EAPCs and local reinsurers shall establish, without prejudice to the requirements set out in the specific regulations governing the internal control system, the risk management structure and the internal audit function, at a minimum:
I – the objectives of the risk transfer policy adopted;
II – the technical criteria used in drawing up reinsurance and retrocession programmes, with due justification for the protection structures adopted;
III – the tolerated limits of risk exposure;
IV – mechanisms designed to ensure that risk exposure limits are consistent with the business strategy of the insurance company, the cooperative insurance society, the EAPC or the local reinsurer, as applicable;
V – the criteria for selecting and monitoring counterparties and intermediaries, including in relation to the management of credit and liquidity risks;
VI – the procedures for monitoring, analysing and managing high levels of concentration with counterparties;
VII – the procedures for monitoring, analysing and managing risk transfers with related companies, in accordance with current regulations;
VIII – the management of risk accumulation in relation to a specific product, line of business or group of lines of business, geographical region or a single policyholder;
IX – the management of the accumulation of individual losses that may result from catastrophic events and the acceptance of spiralling risks;
X - the management of accumulation in the transfer of risks to the same counterparty or to counterparties belonging to the same economic group, taking into account the possibility of significant concentrations of exposures and potential contagion effects;
XI – control and monitoring measures aimed at mitigating risks inherent in the mismatch between the terms and conditions of reinsurance and retrocession contracts and underlying contracts; and
XII – the operational procedures and systems designed to ensure the internal control of operations and the management of risks, thereby ensuring compliance with the risk transfer policy.
Art. 8 Insurance companies, cooperative insurance companies, EAPCs, administrators of mutual asset protection schemes and local reinsurers shall submit to Susep, by 31 March of the following calendar year, technical justifications for:
I – reinsurance cessions exceeding 90 per cent (ninety per cent), taking into account their total operations for the calendar year, in the case of insurance companies, cooperative insurance companies, EAPCs and administrators of mutual asset protection schemes; and
II – retrocession of more than 70 per cent (seventy per cent), taking into account the totality of their operations in the calendar year, in the case of local reinsurers.
Par. 1 For the purposes of calculating the cession percentages set out in items I and II of the main text, the ratio of premiums ceded in reinsurance/retrocession to premiums or contributions written shall be taken into account; reinsurance/retrocession commissions received shall not be deducted from the respective ceded premiums.
Par. 2. Any cedant that fails to submit the technical justification referred to in the main text, or submits an incomplete version thereof, shall be subject to sanctions in accordance with the regulations in force.
Art. 9 Without prejudice to the provisions of art. 7, cedants and local reinsurers shall maintain effective control over the contracts entered into, their ceded and accepted risk portfolios, as the case may be, intermediaries, estimated and actual premiums, recoveries from claims and covered events, as well as other relevant information, and shall keep such information available to Susep.
Art. 10 Reinsurance operations relating to endowment life insurance and supplementary pension schemes are the exclusive preserve of local reinsurers.
Sole paragraph. Reinsurance operations relating to risk cover marketed under endowment life insurance schemes or supplementary pension schemes, either on their own or in conjunction with endowment cover, are not subject to the restriction set out in the main text.
CHAPTER III
REINSURANCE CONTRACTS
Art. 11 A reinsurance contract shall be formed immediately upon acceptance by the reinsurer(s) of the reinsurance proposal or, within twenty days of receipt of the proposal, by their silence.
Par. 1. Susep may provide for an extension of the period for the formation of the reinsurance contract by the reinsurer’s silence, in cases of proven technical necessity.
Par. 2. Susep shall lay down the rules and minimum requirements relating to the reinsurance proposal.
Par. 3. The rule regarding the formation of the contract by virtue of the reinsurer’s silence does not apply to endorsements to the reinsurance contract.
Art. 12 The formalisation of reinsurance operations must take place within ninety days of the commencement of cover, failing which the applicable sanctions shall be imposed, in accordance with the specific regulations.
Par. 1. For the purposes of the provisions of the main clause, ‘contractual formalisation’ is deemed to be the signing of the reinsurance contract by the duly identified reinsurer(s), containing the date and identification of its signatory representative(s), with the use of remote means being permitted.
Par. 2. Any amendment to the existing terms, conditions or contractual clauses requires the issue of an endorsement, whether in physical or electronic form, which shall form an integral part of the original reinsurance contract, subject to the provisions of par. 1.
Par. 3. The time limit for the formalisation of the endorsement shall be the same as that set out in the main provision, counted from the date of acceptance of the risk or the commencement of the cover, whichever occurs later; this shall not be confused with, nor shall it replace, the time limit for the formalisation of the original contract.
Par. 4. The cedant’s agreement to the terms and conditions set out in the reinsurance contract, as well as in its respective endorsements, must be evidenced to Susep, if so required by the supervisory authority.
Par. 5. The waiver of the cedant’s signature for the purposes of fulfilling the contractual formalisation does not prevent the cedant or the reinsurer from requiring it should they consider it necessary for their protection.
Par. 6. The reinsurance broker’s declaration of acceptance of the terms and conditions of the contract does not replace the cedant’s express consent, nor does it replace the reinsurers’ express acceptance.
Par. 7. The cover note, when issued by the reinsurance broker, does not replace the reinsurance contract.
Par. 8. For the purposes of proving the formalisation of the contract, the ceding insurer’s receipt of a scanned copy of the formalised contract shall be accepted.
Par. 9. Until the contract or endorsement is formalised, in accordance with the time limit set out in the main provision, the acceptance by the reinsurer or reinsurers of the reinsurance proposal, including that sent electronically, shall constitute proof of the contracted cover.
Par. 10. In the event of silence on the part of the reinsurer regarding the reinsurance proposal, proof of the reinsurer’s receipt of the reinsurance proposal sent by the cedant or the reinsurance broker shall constitute proof of the contracted cover, under the terms set out in the proposal.
Art. 13 The advance payment of reinsurance recoveries to the cedant may be provided for in the contract.
Sole paragraph. Specifically, in cases where the advance payment relates directly to the performance of an underlying contract, the amounts advanced must be used immediately to make an advance payment or to pay the indemnity or the sum assured to the insured, the beneficiary, the participant, the person receiving assistance or the aggrieved third party.
Art. 14 The cedant bears full and exclusive liability towards the insured, the beneficiary, the participant, the person receiving assistance or the aggrieved third party, and is responsible for ensuring compliance with the insurance contract, irrespective of the provisions of the reinsurance contract or any breach of obligations on the part of the reinsurer.
Par. 1. The cedant may not transfer to the reinsurer any obligations or decision-making powers relating to the performance of the insurance contract.
Par. 2. In the formation, performance or termination of the reinsurance contract, any contractual clause or practice that excludes, limits or conditions the cedant’s liability towards the insured, the beneficiary, the participant, the as e or the aggrieved third party is prohibited, including in the adjustment or settlement of claims or covered events.
Art. 15 Without prejudice to other provisions laid down in current legislation, the terms of reinsurance contracts shall be freely agreed between the contracting parties; however, provisions must be included setting out:
I – the commencement and termination of each party’s rights and obligations, including provisions on how these liabilities shall cease in the event of cancellation;
II – the criteria for cancellation;
III – the risks covered and the risks excluded;
IV – the period of cover, specifying the commencement of the reinsurer’s liability and the exact point at which losses become covered under the contract; and
V – the procedures necessary for the recovery of reinsurance.
Par. 1. The parties shall structure the respective clauses and terms of the reinsurance contract with a view to clarity and objectivity, avoiding the use of wording that gives rise to subjective interpretations.
Par. 2. An facultative reinsurance contract shall specify whether, when required to review or comply with a contract that gave rise to the reinsurance arrangement, the cedant shall, within the response period, serve judicial or extrajudicial notice on the reinsurer, informing it of the filing of the action, or whether another procedure shall be adopted.
Art. 16 Reinsurance contracts intended to cover risks situated in Brazil must include a clause stipulating that any disputes shall be subject to Brazilian law and jurisdiction.
Sole paragraph. Any legal proceedings or arbitration proceedings brought between the insurer, the reinsurer and the retrocessionaire which may directly affect the performance of insurance contracts entered into by an insurer authorised to operate in Brazil, where the insured or the policyholder is resident or domiciled in Brazil or which cover interests situated in Brazil, must be brought in Brazil, in the court of the defendant’s domicile.
Art. 17 Reinsurance contracts must include a clause stipulating that, in the event of the cedant’s liquidation, the reinsurer’s liabilities to the estate in liquidation shall remain in force, limited to the amount of reinsurance due under the terms of the reinsurance contract, regardless of whether or not payments, indemnities or benefits to insured persons, policyholders, beneficiaries or assisted s have been made by the cedant, except in cases where this provision is not applicable under the law.
Par. 1. In the event of the cedant’s insolvency, direct payment to the insured, policyholder, beneficiary or person receiving assistance of that portion of the indemnity or benefit corresponding to the reinsurance not yet paid by the cedant is permitted.
Par. 2. The obligation set out in the main provision shall not apply to reinsurance contracts involving exclusively risks accepted from abroad.
CHAPTER IV
TRANSFERS OF RISKS TO REINSURERS NOT AUTHORISED TO OPERATE IN THE COUNTRY
Art. 18 The transfer of risks in reinsurance and retrocession operations by local insurance companies and reinsurers, respectively, to reinsurers not authorised to operate in Brazil is permitted only where it is demonstrated that there is an insufficient supply of capacity from local and foreign reinsurers, irrespective of the prices and conditions offered by all such reinsurers.
Par. 1. Subject to the provisions of par. 3, the situation of insufficient capacity referred to in the main clause must be demonstrated by consulting all reinsurers authorised to operate in Brazil, whether local or foreign, in accordance with criteria established by Susep.
Par. 2. Where there is partial acceptance of the risk by any reinsurers authorised to operate in Brazil, whether local or foreign, only that portion of the risk for which cover cannot be found may be ceded to reinsurers not authorised to operate in Brazil.
Par. 3. For the transfer of risks under reinsurance by insurance companies and under retrocession by local reinsurers, relating exclusively to nuclear risk operations, the insufficiency of capacity referred to in the main clause shall be characterised by the absence of any foreign reinsurer specialising in nuclear risks being registered in Brazil, in accordance with the regulations in force.
Par. 4. Should any misconduct be identified in the process of demonstrating the insufficiency of capacity offered by local and foreign reinsurers, including, but not limited to, unequal treatment of the reinsurers consulted, failure to provide identical information for the risk assessment, alterations to the contractual terms or conditions offered, or the issuance of endorsements that deviate from the contractual terms or conditions originally agreed, the cedant and the reinsurance broker responsible for the intermediation shall be subject to the applicable sanctions, in accordance with the specific regulations.
Art. 19 The risk transfer operations referred to in Art. 18 may only be carried out with entities incorporated under the laws of their country of origin to underwrite local and international reinsurance in the line(s)covered by the cession and which meet the requirements regarding net assets, rating and solvency compliance with the supervisory authority of their country of origin, corresponding to the requirements for occasional reinsurers set out in the specific regulations governing the authorisation to operate as a reinsurer.
Par. 1. Transfers referred to in art. 18 of the main text are prohibited to entities based in tax havens, that is, countries or dependencies which do not tax income or which tax it at a rate lower than the percentage established in the specific regulations of the Brazilian Federal Revenue Service, or whose domestic legislation imposes secrecy regarding the corporate structure of legal entities or their ownership, in accordance with the specific regulations of the Brazilian Federal Revenue Service.
Par. 2. In the event of a transfer of risks to a foreign reinsurer not authorised to operate in Brazil and specialising in nuclear risks, organised as a consortium or mutual association, the sum of the net assets of the entities comprising the consortium or mutual association shall be taken into account; and, where there is a joint and several liability clause between the companies-members of the consortium or a specific fund for its operations, Susep may accept the solvency rating of one of the consortium’s members.
Par. 3. Susep may, on an exceptional basis, authorise the transfer of risks to reinsurers not authorised to operate in Brazil which do not meet the requirements set out in the legislation in force or the provisions of this article, provided there is a technically justifiable reason aimed at safeguarding the national interest or national security; it may establish additional requirements to those set out in supplementary regulations.
CHAPTER V
ON THE ACCEPTANCE OF REINSURANCE AND RETROCESSION BY CEDENTS ABROAD AND THE ACCEPTANCE OF INSURANCE FROM ABROAD AND RETROCESSION BY INSURANCE COMPANIES
Section I
Acceptance of reinsurance and retrocession from a ceding company abroad by local reinsurers and the intermediation thereof
Art. 20 The acceptance of reinsurance or retrocession from a ceding company abroad by a local reinsurer may be effected through direct negotiation with the ceding company abroad or through a reinsurance broker based in Brazil or an intermediary abroad.
Sole paragraph. A company or entity authorised to enter into reinsurance or retrocession contracts in the manner determined by the supervisory authority of the cedant’s country of domicile shall be deemed equivalent to a foreign cedant, irrespective of whether it is registered with Susep.
Art. 21 Retrocession operations ceded by a local reinsurer relating to risks covered by reinsurance and retrocession contracts accepted from a foreign cedant shall comply with the regulatory provisions applicable to retrocession operations relating to risks accepted under reinsurance and retrocession from cedants based in Brazil.
Section II
Acceptance of insurance from abroad and retrocession by insurance companies and their intermediation
Art. 22 Insurance companies are authorised to accept direct risks from abroad in the same classes of business in which they operate in Brazil.
Art. 23 The acceptance of retrocession by insurance companies is permitted, including that originating from reinsurers based abroad that are not registered in Brazil.
Par. 1. The intermediation of the operations referred to in the main clause by a reinsurance broker based abroad and not registered in Brazil is permitted.
Par. 2. Open supplementary pension schemes, cooperative insurance companies and administrators of mutual asset protection schemes are prohibited from accepting retrocession.
Art. 24 Insurance companies shall comply, in accepted retrocession contracts, with the regulatory requirements relating to contractual clauses applicable to reinsurance contracts.
Art. 25 Insurance companies may not accept in retrocession more than 2 per cent (two per cent) of the premiums written for insurance relating to the risks they have underwritten, taking into account the totality of their operations, in each calendar year.
Section III
Provisions common to Sections I and II
Art. 26 Local reinsurers may only accept reinsurance contracts or retrocession from ceding companies abroad, and insurance companies may only accept retrocession from ceding companies abroad if the risks accepted relate to the groups of classes in which they operate in Brazil, without prejudice to compliance with the regulations in force regarding retention limits.
Sole paragraph. Local reinsurers may accept reinsurance or retrocession from cedants abroad in classes or groups of classes of business with which there is no direct correlation in Brazil, provided that the risks covered have technical characteristics similar to those of the classes of business in which they operate in Brazil.
CHAPTER VI
OPERATIONS OF REINSURANCE BROKERS
Art. 27 In the course of their activities, without prejudice to other duties, reinsurance brokers shall provide Brazilian cedants with:
I – by the commencement of the risk, confirmation of reinsurance cover and the respective conditions, including the acceptance percentages;
II – within a maximum of five working days from the date of the cedant’s request, provided that the risk has been accepted, the duly signed cover notes documenting the operations; and
III – within a maximum of five working days from the date of the formalisation of the contract referred to in art. 12, the duly signed reinsurance or retrocession contracts.
Sole paragraph. Reinsurance brokers shall, in accordance with the timeframe agreed between the parties, pass on the amounts of premiums, recoveries and any other sums due and received by them, as well as documents and information relating to claims and covered events, in connection with the contracts they have brokered.
Art. 28 Reinsurance brokers shall maintain current accounts in Brazil for the brokering of reinsurance and retrocession.
Par. 1. The accounts referred to in this article must be used exclusively for payments and receipts relating to brokered reinsurance and retrocession operations.
Par. 2. Operations relating to amounts arising from the brokering of reinsurance and retrocession contracts in foreign currency must be carried out in a specific account set up for this purpose, in accordance with the provisions of the National Monetary Council (CMN) and the Central Bank of Brazil (Bacen).
Art. 29 Reinsurance brokers shall keep on file, in the manner set out in specific regulations, supporting documents for the reinsurance and retrocession operations they have brokered, which must include the reinsurers’ acceptance, such as:
I – business communications;
II – evidence of reinsurance and retrocession placements;
III – statements of cash flows relating to premiums, recoveries and any other amounts transacted; and
IV – statements of the current accounts referred to in art. 28.
CHAPTER VII
CO-INSURANCE OPERATIONS
Art. 30 Coinsurance may be documented in one or more contractual instruments issued by each of the coinsurers with the same content.
Art. 31 Failure to fulfil obligations between the coinsurers shall not prejudice the insured, the beneficiary or a third party.
Art. 32 A coinsurance arrangement is not permitted unless the coinsurers assume liability.
Art. 33 There is no joint and several liability amongst the coinsurers; each shall bear exclusively its own share of the cover, unless otherwise provided for in the contract.
Art. 34 Coinsurance arrangements involving cooperative insurance societies shall also comply with the general rules applicable to them.
CHAPTER VIII
FOREIGN CURRENCY OPERATIONS AND INSURANCE ABROAD
Section I
Operations in Foreign Currency
Art. 35 Insurance contracts in foreign currency within Brazil, characterised by the setting of insured sums or maximum indemnity limits in foreign currency, may be entered into by agreement between the parties, unless otherwise provided for by law or subordinate legislation.
Art. 36 Reinsurance and retrocession may be contracted in foreign currency.
Art. 37 Where the sum insured or the maximum limit of indemnity is set in foreign currency:
I – the corresponding premium may be paid in foreign currency or in the national currency, converted on the date and in the manner set out in the contractual terms; and
II – payment of the indemnity may be made, as set out in the contractual terms and conditions, in foreign currency or in the national currency, with the amount converted and adjusted for inflation, in accordance with the supplementary criteria established by Susep, based on the date:
a) of the actual payment made by the insured, in the case of cover providing for the reimbursement of expenses; or
b) of the occurrence of the event, for the purposes of determining the sum insured or the maximum limit of indemnity, in the case of cover providing for the payment of indemnity in cash.
Art. 38 The supplementary rules of the CMN and Bacen must be observed, where applicable.
Section II
Insurance taken out abroad
Art. 39 The taking out of insurance abroad by natural persons resident in Brazil or by legal persons domiciled in the national territory is restricted to the following situations:
I – cover for risks for which no insurance is available in Brazil, provided that taking out such cover does not constitute a breach of current legislation;
II – cover for risks abroad where the insured is a natural person resident in Brazil, for which the term of the insurance policy is restricted exclusively to the period during which the insured is abroad;
III – insurance policies that are the subject of international agreements ratified by the National Congress; or
IV - hull, machinery and third-party liability insurance taken out by Brazilian shipping companies for their own or chartered vessels, in accordance with the provisions of par. 2 of art. 11 of Law No. 9,432 of 8 January 1997.
Par. 1. Proof that no insurance is available in Brazil, as provided for in item I of the main text, shall comply with the supplementary rules issued by Susep.
Par. 2. In the circumstances referred to in item I of the main text, cover may be taken out abroad exclusively for those types of cover for which no underwriting has been available in Brazil; in such cases, the issuance of an endorsement relating to the insurance taken out abroad shall not constitute a new contract, provided that the terms of the contract’s validity and the original conditions offered to Brazilian insurance companies and contracted abroad are maintained, in accordance with the provisions of this Section.
Par. 3. Exclusively in respect of nuclear risk insurance as referred to in art. 13 of Law No. 6,453 of 17 October 1977, the absence of an insurance offer in Brazil shall be deemed to exist where only one tender is submitted in the relevant tendering procedure or in consultations prior to the conduct of the relevant tender.
Par. 4. The provisions contained in Par. 3 shall also apply to insurance cover for property damage and other nuclear risk cover, where such cover is taken out in conjunction with the cover referred to in art. 13 of Law No. 6,453 of 17 October 1977.
Par. 5. Brazilian law shall apply exclusively to insurance contracts entered into abroad where the insured or the proposer is resident or domiciled in Brazil, or where the property in respect of which the insured interests arise is situated in Brazil.
Art. 40 In addition to the situations provided for in art. 39, legal persons may take out insurance abroad to cover risks abroad, provided they notify Susep of such arrangements, in accordance with the supplementary regulations.
Art. 41 The provisions of this Section do not apply to insurance policies taken out abroad by persons resident or domiciled abroad to cover risks abroad, even if such policies are paid for by natural persons resident in Brazil or legal entities domiciled in Brazil.
Art. 42 The provisions contained in this Chapter do not apply to health insurance operations.
CHAPTER IX
FINAL AND TRANSITIONAL PROVISIONS
Art. 43 All public or private documentation required by Susep originating from another country must comply with the requirements set out in the specific regulations governing the authorisation to operate of supervised entities.
Art. 44 Susep is authorised to issue supplementary rules necessary for the implementation and enforcement of the provisions of this Resolution.
Art. 45 Reinsurance and retrocession cessions and their intermediation, coinsurance operations, foreign currency operations and insurance contracts concluded abroad where the cover commences on a date prior to the entry into force of this Resolution shall comply with this Regulation upon renewal.
Sole paragraph. Contracts relating to the operations referred to in the main text, entered into from the date this Resolution comes into force, must comply with the criteria set out herein.
Art. 46 CNSP Resolution No. 451 of 19 December 2022 is hereby repealed.
Art. 47 This Resolution shall enter into force on 2 January 2027.
ALESSANDRO SERAFIN OCTAVIANI LUIS
(Official Gazette of 21 July 2026 – pages 8 to 10 – Section 1 – Extra Edition A)
