Regulatory Alerts2024-07-12
Added · Updated
Compilation of Insurance and Reinsurance Regulations - Adaptation of Definitions for Pension Insurance Branches and Sub-branches in accordance with Law No. 20.130
The Financial Services Superintendence replaces Articles 1 and 2 of Book I to redefine insurance branches and sub-branches, specifically adapting pension insurance definitions to Law No. 20.130 and establishing detailed coverage classifications for property and personal lines. The resolution also substitutes Article 20 of Book II to set the minimum capital for Group II insurers, requiring an additional basic capital of 6,400,000 indexed units for those issuing collective disability and death insurance and pension annuities under the mandatory individual savings regime. Furthermore, it defines solvency margin calculations for personal insurance, including specific actuarial valuation rules for annuity obligations and minimum retention ratios for mathematical reserves and risk capitals.