Regulatory Alerts2024-09-26 | Resolução Conjunta 12Joint Resolution No. 12 — Establishes Conditions for Using the Redemption Right of Open Pension Plans, Life Insurance, and Capitalization Bonds as Credit Collateral
The Superintendence of Private Insurance and the Central Bank of Brazil issued Joint Resolution No. 12 to establish the conditions and procedures for allowing participants of open supplementary pension plans, life insurance, and capitalization bond holders to use their redemption rights as collateral for credit operations. The regulation defines eligible products, primarily those with variable contribution survivorship coverage, and mandates the use of authorized electronic systems for information exchange between financial institutions and operating entities. It further outlines strict protocols for data disclosure, collateral blocking and release, and the liquidation process in cases of default or death, ensuring economic rationality and transparency throughout the credit lifecycle.