Joint Resolution No. 12 — Establishes Conditions for Using the Redemption Right of Open Pension Plans, Life Insurance, and Capitalization Bonds as Credit Collateral

JOINT RESOLUTION NO. 12, OF SEPTEMBER 26, 2024

Establishes the option to grant, as collateral for credit operations, the redemption right assured to participants of open supplementary pension plans, to insured persons of life insurance, and to holders of capitalization bonds, as provided for in Law No. 14,652, of August 23, 2023.

The Superintendence of Private Insurance (Susep) and the Central Bank of Brazil make public that the National Council of Private Insurance, in its 231st Ordinary Session, held on September 24, 2024, based on Art. 32, caput, items I and II, of Decree-Law No. 73, of November 21, 1966, Arts. 2, 5, and 74 of Complementary Law No. 109, of May 29, 2001, and Art. 3, § 1, of Decree-Law No. 261, of February 28, 1967, and the National Monetary Council, in a session held on September 26, 2024, based on Art. 4, caput, item VIII, of Law No. 4,595, of December 31, 1964, having in view the provisions of Law No. 14,652, of August 23, 2023, and considering what is contained in Susep Process No. 15414.612026/2024-96,

RESOLVE:

CHAPTER I

OF THE OBJECT AND DEFINITIONS

Art. 1. This Joint Resolution establishes conditions and procedures for granting, as collateral for credit operations, the redemption right assured to participants of open supplementary pension plans, to insured persons of life insurance, and to holders of capitalization bonds.

§ 1. This Joint Resolution does not apply to the option to grant, as collateral for credit operations, the redemption right assured to unitholders of Individual Programmed Retirement Fund – Fapi.

§ 2. For the purposes of this Joint Resolution, consider:

I - deferred loading: value charged upon redemption of resources, calculated proportionally to the balance of the nominal value of contributions or premiums paid, contained in the redeemed amount;

II - client: the participant or insured of the pension and insurance plans mentioned in Art. 2, caput, items I and II, respectively, or the holder of the capitalization bond mentioned in Art. 2, caput, item III;

III - communicability: institution that, in the regulated manner, allows the use of resources from the mathematical provision of benefits to be granted regarding survivorship coverage for the funding of risk coverages, including the value of taxes and loading, when applicable;

IV - operating entity: the insurance company, the open supplementary pension entity, or the capitalization company;

V - FIE: the investment fund specially constituted or the investment fund in quotas of specially constituted investment funds, whose only unitholders are, directly or indirectly, insurance companies and open supplementary pension entities, which may provide for the existence of different classes or subclasses of quotas, with distinct rights and obligations;

VI - guarantor: the client who grants the redemption right related to the resources of the plan or capitalization bond, of their ownership, as collateral for their own or third-party credit operations;

VII - credit operation: any contract, obligation, or commitment with a credit nature contracted or assumed by the effective credit borrower before a financial institution, such as loans and financings that have a previously established, owed, and expressly contracted debt value, according to regulation by the National Monetary Council and the Central Bank of Brazil, excluding operations related to the granting of revolving limits for checking accounts and credit cards;

VIII - plan: the open supplementary pension plan or the life insurance plan mentioned in Art. 2, caput, items I and II;

IX - product: the plan, defined in item VIII, or the capitalization bond mentioned in Art. 2, caput, item III;

X - mathematical provision: the mathematical provision of benefits to be granted, the mathematical provision of capitalization, and the mathematical provision of redemption defined in the products;

XI - credit borrower: the natural or legal persons contracting a credit operation;

XII - value available for redemption: the value subject to redemption at the moment of providing information to the financial institution; and

XIII - eligible value for redemption: the value available to be redeemed after fulfilling the product's waiting period.

CHAPTER II

OF THE ELIGIBILITY OF THE REDEMPTION RIGHT FOR CREDIT COLLATERAL GRANTING

Art. 2. The option to grant the redemption right as collateral for credit operations provided for in this Joint Resolution applies exclusively to the following products:

I - open supplementary pension plans with survivorship coverage structured in the variable contribution modality;

II - life insurance plans with survivorship coverage structured in the variable contribution modality; and

III - capitalization bonds structured in the traditional modality.

Sole Paragraph. The granting of the redemption right of the mathematical provisions of capitalization bonds as collateral for credit operations provided for in this Joint Resolution is not subject to the prohibition of assignment of the redemption right to companies or institutions of the same economic group provided for in specific regulation.

Art. 3. The granting of the redemption right of the mathematical provisions as collateral for credit operations is conditioned on the credit policy of each financial institution and on the existence of an eligible value for redemption at the time of granting the collateral, even if not immediately available for redemption due to waiting periods.

§ 1. For the purpose of calculating the eligible value for redemption, defined in Art. 1, § 2, item XIII, the amounts of mathematical provisions are excluded:

I - of collective plans that have not fulfilled the waiting period of resources corresponding to each of the contributions and premiums made by the sponsor or establishing-sponsor and that have not fulfilled the vesting conditions established in the plan contracts;

II - that are guaranteeing other credit operations or financial assistance;

III - that are unavailable for redemption due to ongoing judicial action or judicial order of blockage, attachment, constraint, or transfer determined to the provisions of the products; or

IV - of capitalization bonds that do not allow partial redemption and have already been given as collateral.

§ 2. The use of more than one product to guarantee a credit operation, as well as the use of one product to guarantee more than one credit operation, is permitted, observed the provision of item IV of § 1.

§ 3. When a product is used as collateral for more than one credit operation, it must be observed that:

I - the financial institution that previously granted the credit, regarding the values of the mathematical provisions granted as collateral for its credit operation, will have priority over the financial institution that subsequently granted the credit; and

II - the liquidation of the collateral to be carried out by the financial institution that subsequently granted the credit is not conditioned on the liquidation of the previously granted collateral, provided that the value of the mathematical provision granted as collateral previously is preserved.

CHAPTER III

OF THE GRANTING OF COLLATERAL FOR CREDIT OPERATIONS

Art. 4. Formalized by the client at the financial institution the intention to provide the redemption right of the product as collateral for a credit operation, the operating entity must provide to the financial institution, at minimum, the following data, where applicable to the respective product:

I - the denomination of the product whose redemption right is intended to be given as collateral and the respective process number at the Superintendence of Private Insurance – Susep process;

II - the number of the capitalization bond or the policy or certificate number, as applicable;

III - information on whether the plan is individual or collective;

IV - information on whether the client has already fulfilled or not the waiting period established in the product regulation for redemption and, as applicable, the remaining term;

V - the eligible value for redemption of the product on the date of information;

VI - the value available for redemption of the product on the date of information;

VII - the values given as collateral in other credit operations or financial assistance, if applicable, with respective dates of constitution of the collaterals;

VIII - in the case of the plans mentioned in Art. 2, caput, items I and II, the remuneration criterion of the product's provision and, if applicable, the National Register of Legal Entities – CNPJ number of the FIE, of the class or subclass in which the resources of the respective mathematical provision are invested;

IX - the end date of the plan's accumulation period or the end date of validity of the capitalization bonds;

X - the value or percentage of deferred loading of the plan in case of redemption, if applicable;

XI - the tax regime chosen by the client, if applicable;

XII - the percentage of penalty in case of early redemption of capitalization bonds, if applicable; and

XIII - information on whether the capitalization bond allows partial redemption, if applicable.

§ 1. The operating entity must provide the financial institution with the information referred to in the items of the caput within a period of up to two business days from the date of request, which must be accompanied by the client's formalization referred to in the caput.

§ 2. The client's formalization referred to in the caput:

I - must contain express and clear consent regarding the sharing of their information provided in the items of the caput; and

II - will serve as authorization for sharing their information provided in the items of the caput.

§ 3. The financial institution may request additional information from the operating entity, provided that expressly authorized by the client, as established in complementary norm.

§ 4. In the case of a conjugated plan, for the purposes of the information referred to in items III to V of the caput, the operating entity must consider the need to maintain part of the mathematical provision of benefits to be granted available for eventual application of the communicability institute provided for in the plan.

§ 5. The information referred to in this article must also be provided by the operating entity to the client in case of request by the latter.

Art. 5. The value established by the financial institution for the collateral of the credit operation must maintain economic rationality with the risk intended to be mitigated in the credit operation, particularly regarding the maintenance, throughout the validity of the operation, of the relationship between the blocked value and the debtor balance of the credit operation.

Art. 6. The contractual instrument of the collateral must be signed by the parties involved in the collateral operation, which may be physical or electronic.

§ 1. The operating entity may agree to the contractual instrument of the collateral in a separate term, which will be an integral part of the instrument.

§ 2. In addition to information required by current legislation, the contractual instrument of the collateral must contain, at minimum, the following items:

I - the value established by the financial institution for the collateral of the credit operation;

II - the client's authorization for sending information about the operation to the operating entity or to the system referred to in Art. 10;

III - the criteria and deadlines for exercising the redemption right;

IV - information on the obligation of prior communication to the client by the financial institution, at minimum, after forty-five days of default and, furthermore, ten days before any liquidation of the collateral;

V - information that the redeemed value for liquidation of the collateral has an irreversible nature, not being possible, under any hypothesis, the return of the resource to the product;

VI - the criteria and deadlines for the financial institution to request the release, total or partial, of the blocked value to the operating entity, after settlement of the credit operation or after evaluation of partial release;

VII - the existence or not of early maturity of the installments of the credit operation;

VIII - the provisions of Art. 3, § 3;

IX - the existence of credit insurance for the credit operation and the respective insured capital, if applicable; and

X - the conditions for partial release of the blocked value in collateral, due to reduction of the debtor balance of the credit operation.

§ 3. The term of the credit operation cannot exceed the end of the plan's accumulation period or the end of validity of the capitalization bonds, as applicable.

§ 4. The use of capitalization bonds with validity inferior to the maturity term of the credit operation is permitted, in case of reinvestment of the redemption value in another bond, provided that previously and expressly agreed by the holder, or the balance of mathematical provision granted as collateral remains blocked until the settlement of the credit operation.

§ 5. Changes in the credit operation contract that impact the contractual instrument of the collateral, exclusively those related to renegotiations and changes in the collateral, must be previously communicated to the operating entity, which must, when applicable, inform the financial institution of the new eligible and available values for redemption, and must be subject to an addendum to the contractual instrument of the collateral.

§ 6. The value referred to in item I of § 2 cannot undergo an increase without formal alteration of the contractual instrument of the collateral.

Art. 7. Financial institutions must ensure to the credit borrower, prior to the granting of credit operations, clear and precise information on:

I - the restrictions on the blocked value provided in Art. 9; and

II - the costs and consequences of payment delay, regarding the availability of liquidation of the redemption right collateral in favor of the financial institution, deducting any due taxes and deferred loading, for the settlement of overdue and unpaid debts.

Art. 8. Concomitantly with the formalization of the contractual instrument of the collateral, the operating entity will block the value indicated by the financial institution for the collateral of the credit operation, which can only be unblocked, totally or partially, upon request of the financial institution, formalized with the operating entity.

§ 1. The financial institution must formalize the request for total release of the collateral with the operating entity within two business days after the settlement of the credit operation.

§ 2. In the case of request by the guarantor to the financial institution for partial release of the collateral due to reduction of the debtor balance of the credit operation, the financial institution must, within a period of up to five business days:

I - carry out the evaluation;

II - inform the guarantor of the evaluation result; and

III - formalize, in case of approval, the request for partial release to the operating entity.

§ 3. The total or partial release of the blocked values in collateral for credit operation must be carried out by the operating entity within two business days after the formalization of the release request by the financial institution.

§ 4. For products that do not allow partial redemption, there will be no partial release of blocked values provided in § 3.

Art. 9. The value blocked as collateral cannot be redeemed, transferred to another fund of the same plan or used for granting income while the collateral has not been released, with the cancellation of the respective plan and the anticipation of the end of the accumulation period being prohibited until the release of the collateral.

CHAPTER IV

OF THE INFORMATION EXCHANGE SYSTEM

Art. 10. The sending and receiving of information and documents between financial institutions and operating entities provided for in this Joint Resolution must be carried out through electronic systems administered by financial market infrastructure authorized by the Central Bank of Brazil to exercise the activity of financial asset registration.

§ 1. It is the responsibility of the operating entity to choose the electronic system responsible for the exchange of information and documents regarding the use of its products as collateral in credit operations.

§ 2. The systems mentioned in the caput must:

I - provide transparency on the operating entities participating in their systems;

II - allow access by participating financial institutions to information and documents regarding the products used as collateral in credit operations;

III - provide equal conditions to all financial institutions, not being able to restrict in any way the access of any institutions;

IV - adopt procedures to ensure the uniqueness of records in their systems;

V - adopt reconciliation procedures so that stored information faithfully reflects the respective information maintained in the controls of each participating operating entity;

VI - intermediate the sending and receiving of information and documents referred to in the caput;

VII - allow the exchange of updated information; and

VIII - allow the Central Bank of Brazil and the Superintendence of Private Insurance access to the information and documents necessary for the performance of their legal duties.

§ 3. It is prohibited for the infrastructures mentioned in the caput to charge fees from operating entities for the performance of the service provided for in this Joint Resolution.

CHAPTER V

OF THE LIQUIDATION OF THE COLLATERAL

Art. 11. The granting in collateral of the redemption right makes the blocked value available for redemption in favor of the financial institution that granted the credit for the settlement of overdue and unpaid debts, respecting the waiting period of the product.

Art. 12. The request for liquidation of the collateral is the responsibility of the financial institution and can only occur according to the criteria established in the contractual instrument of collateral, observed, furthermore, a default period of at least ninety days.

Sole Paragraph. It is optional for the guarantor to expressly request the financial institution for the liquidation of the collateral before the term established in the caput.

Art. 13. The redemption will be carried out by the operating entity through formal request of the financial institution, with the information of the value to be redeemed.

§ 1. The redemption will be carried out by the operating entity in the name of the guarantor, and the redeemed value, deducting any due taxes and deferred loading, will be paid directly to the financial institution, applying the same deadlines established in regulation for the effective redemption requested by clients.

§ 2. The redemption, for the purposes of liquidation of the collateral, is not subject to the observation of a minimum interval between redemptions established in the contractual conditions or in the regulations of the plans.

§ 3. The redeemed value must appear in the information provided by the operating entity to the client or beneficiaries, according to regulation, including for the purposes of the Annual Declaration of Individual Income Tax – IRPF.

§ 4. The financial institution is responsible for the request for liquidation of the collateral and for the value it requests for redemption.

Art. 14. In the case of existence of credit insurance with death coverage linked to the credit operation, the insurance must be triggered by the financial institution prior to the liquidation of the collateral.

Art. 15. Occurring the request for redemption by beneficiaries due to death of the guarantor, the operating entity must, within two business days, from the recognition of the triggering event:

I - inform the beneficiaries about the value blocked for collateral of the credit operation and respective financial institution; and

II - communicate the death of the guarantor to the financial institution.

§ 1. The values of mathematical provision not blocked must be made available to the beneficiaries under the terms and deadlines of specific regulation.

§ 2. In case of liquidation of the collateral, the operating entity will proceed with the availability of any remaining resources to the beneficiaries under the terms and deadlines provided in specific regulation.

Art. 16. At the moment of the request for liquidation of the collateral, if the value of the provision subject to redemption is insufficient to effectively, totally or partially, the value requested by the financial institution, due to fluctuations in the profitability of the provision or non-fulfillment of the product's waiting period, the operating entity must prioritize the collection of taxes and deferred loading, when provided, and the remaining value must be paid to the financial institution.

CHAPTER VI

OF FINAL AND TRANSITORY PROVISIONS

Art. 17. Until the full functioning of the electronic system referred to in Art. 10, operating entities must present, on their respective websites, within ninety days from the entry into force of this Joint Resolution, the manner in which the granting in collateral of redemption rights in favor of financial institutions will be operationalized.

Sole Paragraph. The operationalization referred to in the caput must be standardized, with no distinction of procedures for different financial institutions.

Art. 18. Operating entities cannot refuse requests for granting of collateral that observe the provisions of legislation and current regulation.

Art. 19. The Central Bank of Brazil and the Superintendence of Private Insurance, in their respective areas of competence, may issue complementary norms necessary for the execution of the provisions of this Joint Resolution.

Art. 20. The effects of this Joint Resolution are automatically applicable to clients and beneficiaries of products already marketed, with eventual collaterals celebrated prior to its entry into force being preserved.

Art. 21. This Joint Resolution enters into force:

I - in twelve months counted from the date of its publication, regarding Art. 10; and

II - on the date of its publication, regarding the other provisions.

ALESSANDRO SERAFIN OCTAVIANI LUIS Superintendent of the Superintendence of Private Insurance

Roberto de Oliveira Campos Neto President of the Central Bank of Brazil