New rules for insurance companies and foreign insurance contracts

During the month of July, Brazil’s Private Insurance Agency (Superintendência de Seguros Privados, or SUSEP) issued two important regulations dealing with organization of insurance companies and contracting of insurance outside Brazil. Resolution 166/07 provides requirements, conditions and procedures for organization, operations, transfer of control, corporate reorganization and license cancellation of insurance companies and private pension entities. Resolution 167/07 provides new rules for contracting insurance policies outside Brazil and also in foreign currency.