Brazil

The Brazilian insurance regulatory authority is the Superintendência de Seguros Privados (SUSEP), a Brazilian regulator of private insurance, reinsurance, open private pensions, and capitalization markets valued at several billion dollars. Established on November 21, 1966, under Decree-Law No. 73, the SUSEP operates as an independent and autonomous legal entity, the federal autarchy attached to the administration of the Ministry of Finance. In terms of culture, the SUSEP is responsible for being the main defender of consumers' rights and market solvency in the non-banking financial system since it oversees insurance brokers, provides liquid capital for risk-bearing companies, and makes all the adjustments in the country's policy framework according to legal changes, including the Brazilian Insurance Law (Law No. 15,040). The head of the SUSEP is the chief superintendent Alessandro Octaviani, who runs a collegiate board of directors for the implementation of strategic frameworks such as the Open Insurance ecosystem, sustainable finance data compliance, and microprudential supervision.

The Superintendência de Seguros Privados (SUSEP) represents the regulatory body overseeing insurance in Brazil. It is the main institution responsible for regulating insurance, reinsurance, open private pensions, and capitalization markets in Brazil, worth many billions of dollars. The institution was created on November 21, 1966, through Decree-Law No. 73. It is an independent federal autarky which operates within the legal framework of the Ministry of Finance. From the cultural perspective, SUSEP represents the main protection body for consumers and market solvency within the financial market without banking operations. It assesses and registers insurance brokers, imposes liquid capital requirement regulations on risk-taking companies, and regularly harmonizes local policy with drastic legal reforms.