Presidency of the Republic

Civil House

Undersecretariat for Legal Affairs

DECRETO-LEI No. 73, of 21 November 1966

Compiled text

Regulation (See Law No. 6,704, 1979)
(See Decree‑Law No. 2,420, 1988)

"Provides for the National Private Insurance System, regulates insurance and reinsurance operations and gives other provisions."

"Provides for the National Private Insurance System, disciplines insurance and reinsurance operations and mutual patrimonial protection operations and gives other provisions. (Text as amended by Complementary Law No. 213, 2025)"

THE PRESIDENT OF THE REPUBLIC, using the authority conferred by article 2 of Complementary Act No. 23, of 20 October 1966,

DECREES:

CHAPTER I – Introduction

Art. 1 All private insurance operations carried out in the Country shall be subordinate to the provisions of this Decree‑Law.

Art. 1 All private insurance and mutual patrimonial protection operations carried out in the Country shall be subordinate to the provisions of this Decree‑Law. (Text as amended by Complementary Law No. 213, 2025)

Art. 2 State control shall be exercised by the bodies instituted in this Decree‑Law, in the interest of policyholders and beneficiaries of insurance contracts.

Art. 2 State control shall be exercised by the bodies instituted in this Decree‑Law, in the interest of policyholders and beneficiaries of insurance contracts, as well as participants of mutual patrimonial protection groups. (Text as amended by Complementary Law No. 213, 2025)

Art. 3 Private insurance operations are considered to be insurance of things, persons, assets, liabilities, obligations, rights and guarantees.

Single paragraph. The provisions of this Decree‑Law do not apply to Social Security insurance, which is governed by the pertinent special legislation.

Art. 4 The system of co‑insurance, reinsurance and retrocession is integrated into private insurance operations, in order to spread risk and strengthen the economic relations of the market.

Single paragraph. The rules established for insurance companies shall also apply, where appropriate, to establishments authorized to operate in reinsurance and retrocession. (Inserted by Law No. 9,932, 1999)

Art. 5 The objectives of private insurance policy are:

I – Promote the expansion of the insurance market and provide the operational conditions necessary for its integration into the Country’s economic and social process.

II – Avoid foreign‑exchange evasion by balancing the results of foreign‑exchange transactions.

III – Establish the principle of reciprocity in insurance operations, conditioning the authorization for the operation of foreign companies and firms on equality of conditions in the country of origin.

IV – Promote the improvement of the supervised market operators.

V – Preserve the liquidity and solvency of the supervised market operators.

VI – Coordinate the policies referred to in the caput of this article with the federal government’s investment policy, observing the criteria established for monetary, credit and fiscal policies. (Text as amended by Complementary Law No. 213, 2025)

VII – Ensure the protection and defence of clients of the supervised markets, including the adequacy of products and services to their needs and interests, non‑discriminatory treatment and access to clear and complete information about product conditions and service provision. (Inserted by Complementary Law No. 213, 2025)

VIII – Promote the socio‑environmental and climate sustainability of the supervised market operators. (Inserted by Complementary Law No. 213, 2025)

Art. 6 The placement of insurance and reinsurance abroad shall be limited to risks that are not covered in the Country or that are not in the national interest.

Art. 6 The contracting of insurance abroad shall depend on authorization by SUSEP and shall be limited to risks that are not covered in the Country or that are not in the national interest. (Text as amended by Law No. 9,932, 1999) (Revoked by Complementary Law No. 126, 2007)

Single paragraph. The CNSP shall regulate the placement of reinsurance abroad. (Inserted by Law No. 9,932, 1999) (Revoked by Complementary Law No. 126, 2007)

CHAPTER II – The National Private Insurance System

Art. 7 It is the exclusive competence of the Federal Government to formulate private insurance policy, legislate on its general rules and supervise market operations.

Art. 7 It is the exclusive competence of the Union to legislate on authorization, operation, supervision and safety of the operations, products and services offered by the institutions covered by this Decree‑Law, to formulate private insurance and mutual patrimonial protection policy and to supervise market operations. (Text as amended by Complementary Law No. 213, 2025)

Art. 8 The National Private Insurance System is instituted, regulated by this Decree‑Law and composed of:

a) the National Private Insurance Council – CNSP;

b) the Private Insurance Superintendence – SUSEP;

c) the Brazilian Reinsurance Institute – IRB;

c) the reinsurers; (Text as amended by Complementary Law No. 126, 2007)

d) the institutions authorized to operate in private insurance; (Text as amended by Complementary Law No. 213, 2025)

e) the authorized brokers. (Revoked by Provisional Measure No. 905, 2019; Revoked by Provisional Measure No. 955, 2020)

e) the authorized brokers.

CHAPTER III – Special Provisions Applicable to the System

Art. 9 Insurance shall be contracted through proposals signed by the insured, its legal representative or an authorized broker, with issuance of the respective policies, except as provided in the following article. (Revoked by Law No. 15,040, 2024) Effective

Art. 10 The contracting of insurance by simple issuance of an insurance ticket, upon verbal request of the interested party, is authorized. (Revoked by Law No. 15,040, 2024) Effective

§ 1 The CNSP shall regulate the cases provided for in this article, standardising the clauses and the required forms. (Revoked by Law No. 15,040, 2024) Effective

§ 2 The provisions of article 1,433 of the Civil Code do not apply to such insurance. (Revoked by Law No. 15,040, 2024) Effective

Art. 11 When insurance is contracted in the manner established in the preceding article, the good faith of the Insurance Company, in its acceptance, constitutes a "juris tantum" presumption. (Revoked by Law No. 15,040, 2024) Effective

§ 1 In the event of a loss, proof of the occurrence of the covered risk and justification of its value shall be the responsibility of the insured or beneficiary. (Revoked by Law No. 15,040, 2024) Effective

§ 2 The Insurance Company may argue the existence of a circumstance relating to the insured object or interest that, if known beforehand, would have influenced its acceptance or the insurance rate, to exempt itself from the assumed responsibility, even in the case of loss. In such case, the insured or beneficiary must prove that the Insurance Company had prior knowledge of the alleged circumstance. (Revoked by Law No. 15,040, 2024) Effective

§ 3 Violation or non‑observance, by the insured, its representative or beneficiary, of any condition established for the contracting of insurance in the manner of article 4, releases the Insurance Company from the assumed responsibility.

§ 3 Violation or non‑observance, by the insured, its representative or beneficiary, of any condition established for the contracting of insurance in the manner of article 10 releases the Insurance Company from the assumed responsibility. (Text as amended by Decree‑Law No. 296, 1967) (Revoked by Law No. 15,040, 2024) Effective

§ 4 It is prohibited to have more than one insurance covering the same object or interest, unless each is contracted by simple certificate, except for personal insurance. (Revoked by Law No. 15,040, 2024) Effective

Art. 12 The obligation to pay the premium by the insured shall commence on the date stipulated in the policy or insurance ticket, and coverage shall be suspended until the premium and other charges are paid. (Revoked by Law No. 15,040, 2024) Effective

Single paragraph. Any indemnity arising from the insurance contract shall depend on proof of premium payment before the loss occurs. (Revoked by Law No. 15,040, 2024) Effective

Art. 13 Policies may not contain clauses that allow unilateral termination of insurance contracts or that, by any means, diminish their effectiveness and validity beyond situations provided for by law. (Revoked by Law No. 15,040, 2024) Effective

Art. 14 The contracting of insurance with a monetary correction clause for capitals and amounts is authorized, observing actuarial equivalence of future commitments assumed by the contracting parties, in accordance with the instructions of the National Private Insurance Council. (Revoked by Law No. 15,040, 2024) Effective

Art. 15 At the discretion of the CNSP, the Federal Government may assume catastrophic and exceptional risks through the IRB, provided they are of interest to the national economy and security.

(Revoked by Law No. 9,932, 1999) (Revoked by Complementary Law No. 126, 2007)

Single paragraph. The National Housing Bank may assume the risks arising from Housing Finance System operations that are not covered in the national market, under rates and conditions compatible with the needs of the Housing Finance System. (Revoked by Law No. 9,932, 1999) (Revoked by Complementary Law No. 126, 2007)

Art. 16 The Rural Insurance Stability Fund is created, with the purpose of guaranteeing the stability of these operations and providing supplemental coverage for catastrophe risks. (See Complementary Law No. 137, 2010)

Single paragraph. The Fund shall be administered by the IRB and its resources applied as established by the CNSP.

Single paragraph. (VETOED). (Text as amended by Complementary Law No. 126, 2007)

Art. 17 The Rural Insurance Stability Fund shall be constituted:

a) from the technically admissible maximum surplus, treated as profit, in rural credit insurance operations, their reinsurance and retrocession, according to limits set by the CNSP;

b) from the resources provided for in article 23, paragraph 3, of this Decree‑Law; (Text as amended by Decree‑Law No. 296, 1967)

c) from annual budgetary appropriations for ten years, starting from this Decree‑Law, or through the special credit necessary to cover the operational deficit of the previous fiscal year. (Text as amended by Decree‑Law No. 296, 1967)

Art. 18 Financial institutions of the National Rural Credit System listed in article 7 of Law No. 4,829, of 5 November 1965, which grant financing to agriculture and livestock, shall automatically promote financing contracts together with rural insurance contracts. (Revoked by Complementary Law No. 126, 2007)

§ 1 The insurance shall comply with the norms and limits set by the CNSP, and financing of premiums shall be mandatory for the institutions referred to in this article. (Revoked by Complementary Law No. 126, 2007)

§ 2 Mandatory insurance shall be limited to the amount of financing, with the financing institution constituting the beneficiary up to the extent of its credit. (Revoked by Complementary Law No. 126, 2007)

Art. 19 Rural Insurance operations enjoy unrestricted tax exemption from any federal taxes or levies. (See Complementary Law No. 137, 2010)

Art. 20 Without prejudice to special laws, the following insurances are mandatory (Regulation):

a) Personal injury to passengers of commercial aircraft;

b) Civil liability of owners of motor vehicles on land, river, lake and maritime routes, of aircraft and of carriers in general; (Text as amended by Law No. 6,194, 1974)

b) Civil liability of aircraft owners and air carriers; (Text as amended by Law No. 8,374, 1991)

c) Civil liability of builders of urban real estate for damage to persons or property;

d) Assets given as guarantee for loans or financing by public financial institutions; (Revoked by Law No. 13,986, 2020)

e) Guarantee of compliance with obligations of real‑estate developers and builders; (Revoked by Provisional Measure No. 2,221, 2001)

e) Guarantee of payment by the borrower of civil construction, including real‑estate obligations;

f) Buildings divided into autonomous units;

g) Fire and transport of goods belonging to legal entities located in the Country or transported therein;

h) Rural credit;

i) Export credit when granted by public financial institutions; (Text as amended by Decree‑Law No. 826, 1969)

l) Personal injury caused by motor vehicles on land routes or by their cargo to persons transported or not; (Inserted by Law No. 6,194, 1974)

l) Personal injury caused by motor vehicles on land routes and by vessels, or by their cargo, to persons transported or not; (Text as amended by Law No. 8,374, 1991) (See Provisional Measure No. 904, 2019) (Effect produced) (Suspended by ADIN No. 6262)

l) Personal injury caused by vessels, or by their cargo, to persons transported or not; (Text as amended by Complementary Law No. 207, 2024)

m) Civil liability of land, maritime, river and lake carriers for damage to transported cargo; (Inserted by Law No. 8,374, 1991)

Single paragraph. The Union is not subject to the mandatory provision in item “h” of this article. (Inserted by Law No. 10,190, 2001)

Art. 21 In cases of legally mandatory insurance, the stipulator is equated with the insured for the purposes of contracting and maintaining the insurance.

§ 1 For the purposes of this Decree‑Law, a stipulator is the person who contracts insurance on behalf of third parties, and may also be a beneficiary.

§ 2 In voluntary insurance the stipulator is the mandatary of the insured.

§ 3 The CNSP shall establish the rights and obligations of the stipulator, when appropriate, in the regulation of each branch or insurance modality.

§ 4 Failure to collect premiums received from insured parties within the due deadlines subjects the stipulator to a fine imposed by SUSEP, equal to double the amount of the retained premiums, without prejudice to any applicable criminal action. (Inserted by Law No. 5,627, 1970)

Art. 22 Public financial institutions may not grant credit operations to legal entities and individual firms that do not have the legally mandatory insurances up‑to‑date, except when the credit portion is granted for the payment of overdue premiums.

Art. 22 Public financial institutions may not grant credit operations to legal entities and individual firms that do not have the legally mandatory insurances up‑to‑date, except when the credit portion is granted for the payment of overdue premiums. (Text as amended by Decree‑Law No. 296, 1967)

Single paragraph. To participate in public tenders, it is indispensable to prove payment of premiums for legally mandatory insurances.

Art. 23 Insurance of assets, rights, credits and services of public‑sector bodies, as well as of third‑party assets that guarantee the operations of those bodies, shall be contracted directly with the National Insurance Company selected by lottery.

Art. 23 Insurance of assets, rights, credits and services of public‑sector bodies of the direct and indirect administration, as well as of third‑party assets that guarantee the operations of those bodies, shall be contracted directly with the National Insurance Company selected by lottery. (Text as amended by Decree‑Law No. 296, 1967)

(Revoked by Complementary Law No. 126, 2007)

§ 1 In cases of non‑tariffed insurance, the selection of the Insurance Company shall be made by public competition. (Revoked by Complementary Law No. 126, 2007)

§ 2 For lotteries and public competitions, the IRB shall annually determine the market coverage ranges for each branch or insurance modality, setting the acceptance limit for Insurance Companies according to their respective economic‑financial situations and the reinsurance index they can bear. (Revoked by Complementary Law No. 126, 2007)

§ 3 The Insurance Companies responsible for the insurances provided for in this article shall remit to the IRB the brokerage commissions admitted by the CNSP, for credit to the Rural Insurance Stability Fund. (Revoked by Complementary Law No. 126, 2007)

Art. 24 Only corporations or cooperatives, duly authorized, may operate in private insurance.

Art. 24 Only legal entities constituted as joint‑stock companies or cooperative societies, previously authorized by SUSEP, may operate in private insurance. (Text as amended by Complementary Law No. 213, 2025)

Single paragraph. Cooperative societies shall operate exclusively in agricultural, health and occupational accident insurance.

§ 1 (Revoked). (Inserted by Complementary Law No. 213, 2025)

§ 2 Insurance operations structured under capitalisation and capital‑distribution regimes shall be exclusive to legal entities constituted as joint‑stock companies. (Inserted by Complementary Law No. 213, 2025)

Art. 24‑A Insurance cooperative societies may be constituted as singular insurance cooperatives, central insurance cooperatives or federations of insurance cooperatives, in the form regulated by the CNSP. (Inserted by Complementary Law No. 213, 2025)

§ 1 Central insurance cooperatives and federations of insurance cooperatives shall be constituted, respectively, only by singular insurance cooperatives.

§ 2 The CNSP may prescribe conditions, requirements and limitations for the constitution of central insurance cooperatives formed by singular cooperatives of other segments.

§ 3 Central insurance cooperatives and federations of insurance cooperatives may provide services pertinent, complementary or necessary to the activities carried out by their affiliates, but they may not engage in insurance brokerage activities.

§ 4 Central insurance cooperatives and federations of insurance cooperatives may accept risks in co‑insurance from their singular cooperative affiliates and from the affiliates of their central cooperatives, respectively.

§ 5 In the operations referred to in § 4, singular insurance cooperatives shall administer the contracts and represent the others before the members, for all purposes.

Art. 24‑B No breach of confidentiality, under current legislation, occurs:

I – when central insurance cooperatives, federations of central insurance cooperatives and the entities referred to in item II of § 1 of article 88‑C of this Decree‑Law access data and information held by singular insurance cooperatives, provided the access is exclusively for supervision, audit, control and execution of operational functions of the insurance cooperatives;

II – when SUSEP shares data and information about an insurance cooperative with the entity performing the audit referred to in item II of § 1 of article 88‑C of this Decree‑Law, including information relating to operations carried out by audited institutions with other institutions authorized by SUSEP that are necessary for that activity;

III – when the entities referred to in item II of § 1 of article 88‑C share data and information with SUSEP that they obtained in the performance of their activities.

§ 1 The entity that performs the activities referred to in item II of § 1 of article 88‑C shall:

I – maintain confidentiality regarding the information obtained in the exercise of its duties, and shall also communicate to the competent authorities any indication of criminal or administrative offences or operations involving resources derived from any criminal practice;

II – not refuse or hinder access to records, books, documents and working papers, nor fail to exhibit or provide them to SUSEP.

§ 2 The sharing of data and information referred to in item II of the main clause of this article may be carried out regardless of authorization from the insurance cooperative or other persons to whom the information may refer.

(Included by Complementary Law No. 213, 2025)

Art. 24-C The restitution of capital shares of insurance cooperative societies depends, including, on compliance with prudential requirements in accordance with current regulations, and partial repayment is further conditioned on specific authorization by the society’s board of directors.

(Included by Complementary Law No. 213, 2025)

§ 1 Capital share‑parts of an insurance cooperative society are unseizable.

(Included by Complementary Law No. 213, 2025)

§ 2 While restitution remains non‑exigible due to non‑compliance with the requirements referred to in the main clause of this article, the capital shares shall remain recorded in the equity accounts of the insurance cooperative society.

(Included by Complementary Law No. 213, 2025)

Art. 25 The shares of Insurance Companies shall always be registered in the name of the holder.

Art. 26 Insurance Companies are not subject to bankruptcy, nor may they file for concordata.

Art. 26 Insurance companies may not request concordata and are not subject to bankruptcy, except, in the latter case, if extrajudicial liquidation is decreed, the assets are insufficient to pay at least half of the unsecured creditors, or there are founded indications of bankruptcy crime. (Amended by Law No. 10.190, 2001)

Art. 26 Insurance companies, insurance cooperatives, and administrators of mutual property protection operations are not subject to judicial recovery, extrajudicial recovery, or bankruptcy, except, in the latter case, if extrajudicial liquidation is decreed, the assets are insufficient to pay at least half of the unsecured creditors, or if there are founded indications of bankruptcy crime.

(Amended by Complementary Law No. 213, 2025)

Art. 27 Claims for insurance premiums shall be processed by executive means.

Art. 27 Claims for insurance premiums and the installments related to the mutual allocation of expenses in mutual property protection operations shall be processed through execution of an extrajudicial title.

(Amended by Complementary Law No. 213, 2025)

Sole paragraph. In the actions referred to in the main clause of this article, amounts corresponding to the costs incurred with their collection may be included.

(Included by Complementary Law No. 213, 2025)

Art. 28 From the entry into force of this Decree‑Law, the application of technical reserves of Insurance Companies shall be carried out in accordance with the guidelines of the National Monetary Council.

Art. 29 The compulsory investments of Insurance Companies shall follow criteria that guarantee adequate remuneration, safety, and liquidity.

Sole paragraph. In cases of insurance contracts with a monetary correction clause, it is mandatory to invest the respective reserves under the conditions established in this article.

Art. 30 Insurance Companies may not grant policyholders commissions or bonuses of any kind, nor special advantages that result in exemption or reduction of premium.

Art. 31 Broad defense is guaranteed in any proceeding instituted for violation of this Decree‑Law, and decisions rendered in violation of this provision shall be null and void.

Art. 31 Broad defense is guaranteed in any proceeding instituted for violation of this Decree‑Law, and decisions rendered in violation of this provision shall be null and void. (Amended by Decree‑Law No. 296, 1967)

CHAPTER IV Of the National Private Insurance Council

Art. 32 The National Private Insurance Council – CNSP – is created, with the following exclusive competences:

Art. 32 The National Private Insurance Council – CNSP – is created, with the following exclusive competences: (Amended by Decree‑Law No. 296, 1967)

I – Set the guidelines and norms of private insurance policy;

I – Set the guidelines and norms of private insurance policy and of mutual property protection operations; (Amended by Complementary Law No. 213, 2025)

II – Regulate the constitution, organization, operation, and supervision of entities subject to this Decree‑Law, as well as the application of the penalties provided;

III – Establish indices and other technical conditions concerning rates, investments, and other patrimonial relations to be observed by Insurance Companies;

III – Establish indices and other technical conditions concerning rates, investments, and other patrimonial relations to be observed by Insurance Companies, by insurance cooperatives, and by administrators of mutual property protection operations; (Amended by Complementary Law No. 213, 2025)

IV – Set the general characteristics of insurance contracts;

IV – Set the general characteristics of insurance contracts and of contracts for operation and participation in mutual property protection groups; (Amended by Complementary Law No. 213, 2025)

V – Set general accounting and statistical standards to be observed by Insurance Companies;

V – Set general accounting and statistical standards to be observed by Insurance Companies, by insurance cooperatives, by mutual property protection groups, and by administrators of mutual property protection operations; (Amended by Complementary Law No. 213, 2025)

VI – Delimit the capital of the IRB and of Insurance Companies, with a minimum periodicity of two years, determining the form of its subscription and realization;

VI – Delimit the capital of Insurance Companies and reinsurers; (Amended by Complementary Law No. 126, 2007)

VI – Provide for the capital of Insurance Companies, of insurance cooperatives, of administrators of mutual property protection operations, and of reinsurers; (Amended by Complementary Law No. 213, 2025)

VII – Establish the general guidelines for reinsurance operations;

VIII – Regulate co‑insurance operations in cases where the IRB does not accept reinsurance of the risk or when it becomes convenient to promote better direct distribution of business by the market;

VIII – Regulate co‑insurance operations; (Amended by Complementary Law No. 126, 2007)

IX – Review the decision resources of SUSEP and the IRB in the cases specified in this Decree‑Law; (Revoked by Complementary Law No. 126, 2007)

X – Apply to foreign Insurance Companies authorized to operate in the Country the same prohibitions or equivalent restrictions that apply in the home countries, in relation to Brazilian Insurance Companies established there or that wish to establish themselves there;

(Revoked by Provisional Measure No. 881, 2019)

(Revoked by Law No. 13.874, 2019)

XI – Prescribe the criteria for the constitution of Insurance Companies, with the setting of legal and technical limits for insurance operations;

XI – Establish the criteria for the constitution of Insurance Companies, of insurance cooperatives, and of administrators of mutual property protection operations, with the setting of technical limits for the respective operations; (Amended by Complementary Law No. 213, 2025)

XII – Regulate insurance brokerage and the broker profession;

(Revoked by Provisional Measure No. 905, 2019)

(Revoked by Provisional Measure No. 955, 2020)

XII – Regulate insurance brokerage and the broker profession;

XIII – Correct the monetary values expressed in this Decree‑Law, in accordance with the indices of the National Council of Economy;

(Revoked by Complementary Law No. 126, 2007)

XIV – Decide on its own organization, drafting the respective Internal Regulations;

XV – Regulate the organization, composition, and operation of its Consultative Commissions;

XV – (revoked); (Amended by Complementary Law No. 213, 2025)

XVI – Regulate the establishment and operation of Insurance Exchanges.

XVII – Set the conditions for the constitution and extinction of self‑regulatory entities of the brokerage market, their legal form, administrative bodies, and the filling of administrative positions; (Included by Complementary Law No. 137, 2010)

XVIII – Regulate the exercise of disciplinary power by self‑regulatory entities of the brokerage market over their members, including the power to impose penalties and to exclude members; (Included by Complementary Law No. 137, 2010)

XIX – Regulate the administration of self‑regulatory entities of the brokerage market and the setting of fees, commissions, and any other expenses charged by such entities, when applicable. (Included by Complementary Law No. 137, 2010)

XX – Regulate the sanction regime addressed in this Decree‑Law, including the rules for initiating administrative sanctioning processes by SUSEP, the penalties, appeals and their effects, the instances, deadlines, peremption, the celebration of commitment terms, and other procedural acts. (Included by Complementary Law No. 213, 2025)

Art. 33 The CNSP shall be composed of the following members:

I – Minister of Industry and Commerce, who shall be its President;

II – Minister of Finance or his representative;

III – Minister of Planning and Economic Coordination or his representative;

IV – Minister of Health or his representative;

V – Minister of Labor and Social Security or his representative;

VI – Minister of Agriculture or his representative;

VII – Superintendent of the Superintendency of Private Insurance;

VIII – President of the Brazilian Reinsurance Institute;

IX – One representative of the Federal Council of Medicine;

X – Three representatives of the private sector appointed by the President of the Republic, selected among Brazilians with the necessary personal qualifications, for a term of two years, renewable.

X – Three private‑sector representatives appointed by the President of the Republic, selected among Brazilians with the necessary personal qualifications, for a term of two years, renewable, and three alternates, likewise appointed for the same term of two (2) years. (Amended by Decree‑Law No. 296, 1967)

§ 1 The CNSP shall deliberate by majority vote, with a minimum quorum of six members, provided that at least four of the first enumerated members are present, and the President also holds a tie‑breaking vote.

§ 2 In the absence or impediment of the President, he shall be replaced by the State Ministers who are members of the CNSP, in the order established in this article.

§ 3 SUSEP shall provide the secretarial services of the CNSP, under its control.

Art. 33 The National Private Insurance Council – CNSP – shall be composed of the following members: (Amended by Provisional Measure No. 277, 1990)

I – Minister of State for Economy, Finance and Planning, as President; (Amended by Provisional Measure No. 277, 1990)

II – Superintendent of the Superintendency of Private Insurance – SUSEP – as Vice‑President; (Amended by Provisional Measure No. 277, 1990)

III – President of the Brazilian Reinsurance Institute (IRB); (Amended by Provisional Measure No. 277, 1990)

IV – President of the Central Bank of Brazil; (Amended by Provisional Measure No. 277, 1990)

V – President of the National Consumer Defense Council, Ministry of Justice; (Amended by Provisional Measure No. 277, 1990)

VI – a representative of the Ministry of Labor and Social Security; (Amended by Provisional Measure No. 277, 1990)

VII – a representative of the Ministry of Infrastructure; (Amended by Provisional Measure No. 277, 1990)

VIII – a representative of the Ministry of Social Action; (Amended by Provisional Measure No. 277, 1990)

IX – four representatives of the private initiative, and their alternates, appointed by the President of the Republic, chosen among Brazilians of impeccable reputation and recognized expertise in the matters within CNSP’s competence, for a term of two years, renewable for an equal period, and indicated, in a triple list, by the higher class bodies that represent insurance, capitalization, and open private pension establishments and the professional category of insurance brokers. (Amended by Provisional Measure No. 277, 1990)

§ 1 The members referred to in items II to V shall be replaced, in their impediments and absences, by their respective temporary substitutes, and those indicated in items VI to VIII shall be designated by the Minister of State for Economy, Finance and Planning, upon indication of the Ministers to which they are linked. (Amended by Provisional Measure No. 277, 1990)

§ 2 The Directors of SUSEP and IRB may participate in CNSP meetings without voting rights. (Amended by Provisional Measure No. 277, 1990)

§ 3 Any of the members referred to in item IX of this article shall lose his mandate if he fails to attend, without justified reason, three consecutive ordinary sessions or six alternating sessions during the term. (Amended by Provisional Measure No. 277, 1990)

§ 4 The council shall deliberate by resolutions, by majority vote, with the presence of at least nine members. (Included by Provisional Measure No. 277, 1990)

§ 5 The Council President shall have, in addition to the ordinary vote, a tie‑breaking vote, and shall also have the prerogative to deliberate, in cases of urgency and relevant interest, ad referendum of the council. (Included by Provisional Measure No. 277, 1990)

§ 6 When deliberating ad referendum of the council, the President shall submit the decision to the collegium at the first meeting following the act. (Included by Provisional Measure No. 277, 1990)

§ 7 The Council President may invite other State Ministers, as well as representatives of public or private entities, to attend the meetings, without granting them voting rights. (Included by Provisional Measure No. 277, 1990)

§ 8 The council shall meet ordinarily, every two months, and extraordinarily whenever convened by its President or at the request of at least nine of its members. (Included by Provisional Measure No. 277, 1990)

§ 9 For each council meeting, the respective minutes shall be drawn up. (Included by Provisional Measure No. 277, 1990)

§ 10 SUSEP shall provide the secretarial services of the CNSP and shall promote the publication of its resolutions. (Included by Provisional Measure No. 277, 1990)

Art. 33 The National Private Insurance Council (CNSP) shall be composed of the following members: (Amended by Law No. 8.127, 1990)

I – Minister of State for Economy, Finance and Planning, as President; (Amended by Law No. 8.127, 1990)

II – Superintendent of the Superintendency of Private Insurance (SUSEP), as Vice‑President; (Amended by Law No. 8.127, 1990)

III – President of the Brazilian Reinsurance Institute (IRB); (Amended by Law No. 8.127, 1990)

IV – President of the Central Bank of Brazil; (Amended by Law No. 8.127, 1990)

V – President of the National Consumer Defense Council, Ministry of Justice; (Amended by Law No. 8.127, 1990)

VI – a representative of the Ministry of Labor and Social Security; (Amended by Law No. 8.127, 1990)

VII – a representative of the Ministry of Infrastructure; (Amended by Law No. 8.127, 1990)

VIII – a representative of the Ministry of Social Action; (Amended by Law No. 8.127, 1990)

IX – four representatives of the private initiative, and their alternates, appointed by the President of the Republic, chosen among Brazilians of impeccable reputation and recognized expertise in the matters within CNSP’s competence, for a term of two years, renewable for an equal period, and indicated, in a triple list, by the higher class bodies that represent insurance, capitalization and open private pension establishments and the professional category of insurance brokers. (Amended by Law No. 8.127, 1990)

§ 2 The directors of SUSEP and IRB may participate in CNSP meetings without voting rights. (Amended by Law No. 8.127, 1990)

§ 4 The council shall deliberate by resolutions, by majority vote, with the presence of at least nine members. (Included by Law No. 8.127, 1990)

§ 6 When deliberating ad referendum of the council, the President shall submit the decision to the collegium at the first meeting following the act. (Included by Law No. 8.127, 1990)

§ 8 The council shall meet, ordinarily, every two months, and extraordinarily whenever convened by its President or at the request of at least nine of its members. (Included by Law No. 8.127, 1990)

§ 9 For each council meeting, the respective minutes shall be drawn up. (Included by Law No. 8.127, 1990)

§ 10 The SUSEP shall provide the secretarial services of the CNSP and shall promote the publication of its resolutions. (Included by Law No. 8.127, 1990)

Art. 33 The CNSP shall be composed of the following members: (Amended by Law No. 9.656, 1998)

I – Minister of State for Finance, or his legal representative; (Amended by Law No. 9.656, 1998)

II – Minister of State for Health, or his legal representative; (Amended by Law No. 9.656, 1998)

III – Minister of State for Justice, or his legal representative; (Amended by Law No. 9.656, 1998)

IV – Minister of State for Social Security and Assistance, or his legal representative; (Amended by Law No. 9.656, 1998)

V – President of the Central Bank of Brazil, or his legal representative; (Amended by Law No. 9.656, 1998)

VI – Superintendent of the Superintendency of Private Insurance – SUSEP, or his legal representative; (Amended by Law No. 9.656, 1998)

VII – President of the Brazilian Reinsurance Institute – IRB, or his legal representative. (Amended by Law No. 9.656, 1998)

§ 1 The Council shall be chaired by the Minister of State for Finance and, in his absence, by the Superintendent of SUSEP. (Amended by Law No. 9.656, 1998)

§ 2 The CNSP shall have its functioning regulated by internal regulations. (Amended by Law No. 9.656, 1998)

Art. 33 The CNSP shall be integrated by the following members: (Restored with new wording by Law No. 10.190, 2001)

I – Minister of State for Finance, or his representative; (Restored with new wording by Law No. 10.190, 2001)

II – representative of the Ministry of Justice; (Restored with new wording by Law No. 10.190, 2001)

III – representative of the Ministry of Social Security and Assistance; (Restored with new wording by Law No. 10.190, 2001)

IV – Superintendent of the Superintendency of Private Insurance – SUSEP; (Restored with new wording by Law No. 10.190, 2001)

V – representative of the Central Bank of Brazil; (Restored with new wording by Law No. 10.190, 2001)

VI – representative of the Securities and Exchange Commission – CVM. (Restored with new wording by Law No. 10.190, 2001)

(Revoked by Law No. 14.711, 2023)

§ 1 The CNSP shall be chaired by the Minister of State for Finance and, in his absence, by the Superintendent of SUSEP. (Restored with new wording by Law No. 10.190, 2001)

§ 2 The CNSP shall have its functioning regulated by internal regulations. (Restored with new wording by Law No. 10.190, 2001)

Art. 34 With mandatory hearing in deliberations relating to their specific purposes, the following Consultative Commissions shall operate together with the CNSP:

(Revoked by Complementary Law No. 213, 2025)

I – Health;

II – Labor;

III – Transportation;

IV – Real Estate and Housing;

V – Rural;

VI – Aeronautics;

VII – Credit;

VIII – Brokers.

(Revoked by Provisional Measure No. 905, 2019)

(Revoked by Provisional Measure No. 955, 2020)

VIII – Brokers.

§ 1 The CNSP may create other Consultative Commissions, provided there is a justified need.

§ 2 The organization, composition, and operation of the Consultative Commissions shall be regulated by the CNSP, with its President designating the representatives who will integrate them upon indication by the participating entities.

CHAPTER V Of the Superintendency of Private Insurance

SECTION I

Art. 35 The Superintendency of Private Insurance (SUSEP) is created, an autonomous autarchy, jurisdictionally attached to the Ministry of Industry and Commerce, endowed with public legal personality, with administrative and financial autonomy.

Sole paragraph. SUSEP’s headquarters shall be in the city of Rio de Janeiro, State of Guanabara, until the Executive Branch permanently establishes it in Brasília.

Art. 36 It is the competence of SUSEP, as executor of the policy set by the CNSP, as the supervisory body of the constitution, organization, operation and activities of Insurance Companies:

a) to process authorization requests for the constitution, organization, operation, merger, encampment, grouping, transfer of share control and amendment of the Statutes of Insurance Companies, to opine on them and forward them to the CNSP; (Revoked by Complementary Law No. 213, 2025)

b) to issue instructions and circulate circulars relating to the regulation of insurance operations, in accordance with the CNSP’s guidelines; (Revoked by Complementary Law No. 213, 2025)

c) set conditions of policies, operation plans and rates to be obligatorily used by the national insurance market;

(Repealed by Complementary Law No. 213 of 2025)

d) approve the operational limits of Insurance Companies, in accordance with the criteria set by the CNSP;

(Repealed by Complementary Law No. 213 of 2025)

e) examine and approve the conditions of special coverages, as well as set the applicable rates;

e) examine and approve the conditions of special coverages, as well as set the applicable rates; (Text given by Decree‑Law No. 296 of 1967)

(Repealed by Complementary Law No. 213 of 2025)

f) authorize the movement and release of assets and values obligatorily registered as guarantee of technical reserves and linked capital;

(Repealed by Complementary Law No. 213 of 2025)

g) supervise the execution of the general accounting and statistical rules set by the CNSP for the Insurance Companies;

(Repealed by Complementary Law No. 213 of 2025)

h) supervise the operations of the Insurance Companies, including strict compliance with this Decree‑Law, other pertinent laws, general regulatory provisions, CNSP resolutions and apply the appropriate penalties;

(Repealed by Complementary Law No. 213 of 2025)

i) carry out the liquidation of Insurance Companies whose authorization to operate in the Country has been revoked;

(Repealed by Complementary Law No. 213 of 2025)

j) organize its services, prepare and execute its budget.

(Repealed by Complementary Law No. 213 of 2025)

k) supervise the operations of self‑regulatory entities of the brokerage market, including strict compliance with this Decree‑Law, other pertinent laws, general regulatory provisions and CNSP resolutions, and apply the appropriate penalties; and (Included by Complementary Law No. 137 of 2010)

(Repealed by Complementary Law No. 213 of 2025)

l) conclude agreements for the execution of services within its competence in any part of the national territory, observed the norms of the legislation in force. (Included by Complementary Law No. 137 of 2010)

(Repealed by Complementary Law No. 213 of 2025)

Art. 36. It is within Susep's competence, as executor of the guidelines of insurance policies and mutual patrimonial protection established by the CNSP, to act as supervisory body of the National Private Insurance System, exercising the following attributions:

(Redaction given by Complementary Law No. 213 of 2025)

a) (repealed); (Redaction given by Complementary Law No. 213 of 2025)

b) (repealed); (Redaction given by Complementary Law No. 213 of 2025)

c) (repealed); (Redaction given by Complementary Law No. 213 of 2025)

d) (repealed); (Redaction given by Complementary Law No. 213 of 2025)

e) (repealed); (Redaction given by Complementary Law No. 213 of 2025)

f) (repealed); (Redaction given by Complementary Law No. 213 of 2025)

g) (repealed); (Redaction given by Complementary Law No. 213 of 2025)

h) (repealed); (Redaction given by Complementary Law No. 213 of 2025)

i) (repealed); (Redaction given by Complementary Law No. 213 of 2025)

j) (repealed); (Redaction given by Complementary Law No. 213 of 2025)

k) (repealed); (Redaction given by Complementary Law No. 213 of 2025)

l) (repealed). (Redaction given by Complementary Law No. 213 of 2025)

I – process authorization requests for the establishment, organization, operation, merger, incorporation, grouping, transfer of share control and amendment of the statutes of institutions operating the supervised markets;

(Included by Complementary Law No. 213 of 2025)

II – issue instructions and other normative acts for the regulation of insurance operations and mutual patrimonial protection operations, in accordance with the guidelines established by the CNSP;

(Included by Complementary Law No. 213 of 2025)

III – regulate the conditions of insurance plans and mutual patrimonial protection plans;

(Included by Complementary Law No. 213 of 2025)

IV – approve the operational limits of institutions operating the supervised markets, in conformity with the guidelines established by the CNSP; (Included by Complementary Law No. 213 of 2025)

V – authorize the movement and release of assets and values obligatorily registered as guarantee of technical reserves and linked capital; (Included by Complementary Law No. 213 of 2025)

VI – supervise the execution of the general accounting and statistical rules established by the CNSP;

(Included by Complementary Law No. 213 of 2025)

VII – supervise the institutions operating the supervised markets, including strict compliance with this Decree‑Law, other pertinent laws, general regulatory provisions and CNSP resolutions, as well as apply the appropriate penalties;

(Included by Complementary Law No. 213 of 2025)

VIII – carry out the liquidation of institutions operating the supervised markets whose authorization to operate in the Country has been revoked; (Included by Complementary Law No. 213 of 2025)

IX – organize its services and prepare and execute its budget; (Included by Complementary Law No. 213 of 2025)

X – supervise the operations of self‑regulatory entities of the brokerage market, including strict compliance with this Decree‑Law, other pertinent laws, general regulatory provisions and CNSP resolutions, and apply the appropriate penalties;

(Included by Complementary Law No. 213 of 2025)

XI – conclude agreements for the execution of services within its competence, observed the norms of the legislation in force;

(Included by Complementary Law No. 213 of 2025)

XII – examine and extract copies of accounting records, books or documents, including electronic programs and magnetic, optical or any other nature files, as well as work papers of independent auditors, these documents must be kept in perfect order and condition for a minimum period to be set by Susep, by the institutions operating the supervised markets or by any other persons, natural or legal, at the occurrence of any irregularity to be investigated under the terms of this Decree‑Law, for the purpose of verifying the occurrence of irregularities; (Included by Complementary Law No. 213 of 2025)

XIII – summon the institutions operating the supervised markets and their administrators, members of the fiscal council, independent auditors and, when there is a founded suspicion of illegal acts, the controllers or controlled or affiliated companies and companies under common control of those institutions, to provide information or clarifications;

(Included by Complementary Law No. 213 of 2025)

XIV – request information from any public body, autarchy or public company; (Included by Complementary Law No. 213 of 2025)

XV – ascertain, through administrative process, indications of occurrence of infractions; (Included by Complementary Law No. 213 of 2025)

XVI – apply the penalties provided in art. 108 of this Decree‑Law, without prejudice to civil or criminal liability.

(Included by Complementary Law No. 213 of 2025)

Art. 36‑A. It is also within Susep's competence: (Included by Complementary Law No. 213 of 2025)

I – authorize and supervise the exercise of the registration activity of insurance operations, open complementary pension, capitalization and reinsurance; (Included by Complementary Law No. 213 of 2025)

II – accredit and supervise the operation of a Client Order Processing Society (Spoc); (Included by Complementary Law No. 213 of 2025)

III – establish the conditions for the exercise of the activities provided for in items I and II of the caput of this article;

(Included by Complementary Law No. 213 of 2025)

IV – regulate the informational content to be recorded and its deadlines in insurance, open complementary pension, capitalization and reinsurance operations;

(Included by Complementary Law No. 213 of 2025)

V – apply, regarding the exercise of the activities provided for in items I and II of the caput of this article, the administrative penalties of warning, fine, suspension and revocation of authorization or accreditation, in the form to be regulated by Susep.

(Included by Complementary Law No. 213 of 2025)

§ 1º The registration activity, carried out by entities qualified as registering entities, comprises the storage and provision of information concerning the operations referred to in item I of the caput of this article, observed the legal hypotheses of secrecy.

(Included by Complementary Law No. 213 of 2025)

§ 2º The fine referred to in item V of the caput of this article shall comprise a minimum amount of R$ 10,000.00 (ten thousand reais) and a maximum amount of R$ 35,000,000.00 (thirty‑five million reais), in the form to be regulated by Susep. (Included by Complementary Law No. 213 of 2025)

§ 3º The competencies provided in this article do not remove the competencies of the Central Bank of Brazil and the Securities and Exchange Commission regarding:

(Included by Complementary Law No. 213 of 2025)

I – the registration activity of financial assets and securities and the respective registering entities;

(Included by Complementary Law No. 213 of 2025)

II – the conditions for authorization, exercise and possible limitation of the activities performed by the registering entities of financial assets or securities.

(Included by Complementary Law No. 213 of 2025)

Art. 36‑B. In the exercise of the attributions that pertain to them, the CNSP and Susep shall establish the regulatory norms and apply the supervisory instruments proportionally to the size, nature, risk profile and systemic relevance of the institutions operating the supervised markets.

(Included by Complementary Law No. 213 of 2025)

SECTION II Of the Administration of SUSEP

Art 37. The administration of SUSEP shall be exercised by a Superintendent appointed by the President of the Republic, upon indication of the Minister of Industry and Commerce.

Sole paragraph. The Internal Regulations of SUSEP, approved by Executive Decree, shall fix the competence and attributions of the Superintendent.

Art 37. The administration of SUSEP shall be exercised by a Superintendent, appointed by the President of the Republic, upon indication of the Minister of Industry and Commerce, who will have his attributions defined in the Regulation of this Decree‑Law and his remuneration fixed by Ordinance of the same Minister. (Text given by Decree‑Law No. 168 of 1967) Effective

Sole paragraph. The internal organization of SUSEP shall consist of its Regulations, which shall be approved by the CNSP. (Text given by Decree‑Law No. 168 of 1967) Effective

SECTION III

Art 38. The personnel framework of SUSEP shall be constituted by personnel admitted through public competition of tests and titles.

§ 1º Personnel may be hired under contract, under the terms of labor legislation.

§ 2º The personnel framework of SUSEP shall include the class series of Insurance Inspectors.

Art. 38. The positions of SUSEP may only be filled through public competition of tests, or of tests and titles, except for those of direction and cases of fixed‑term hiring, of technical services or of specialized nature. (Text given by Decree‑Law No. 168 of 1967) Effective

Sole paragraph. The personnel of SUSEP shall be governed by labor legislation and its salary levels shall be fixed by the Superintendent, observing the labor market, after hearing the CNSP. (Text given by Decree‑Law No. 168 of 1967) Effective

SECTION IV Of the Financial Resources

Art 39. From the product of the collection of the tax on financial operations referred to in Law No. 5,143 of 20‑10‑66, the portion necessary for the funding of SUSEP's activities shall be earmarked.

Art 40. The resources of SUSEP also consist of:

I – the product of fines applied by SUSEP;

II – specific budget allocation or special credits;

III – interest on bank deposits;

IV – the participation attributed to it by the CNSP in the fund provided for in art. 16;

V – other revenues or incidental amounts resulting from its activities.

CHAPTER VI Of the Brazilian Reinsurance Institute

SECTION I Of the Legal Nature, Purpose, Constitution and Competence

Art 41. The IRB is a mixed‑economy company, endowed with its own legal personality of Private Law and enjoying administrative and financial autonomy.

Sole paragraph – The IRB shall be represented in court or outside it by its President and shall respond in the common forum.

Art 42. The IRB has the purpose of regulating co‑insurance, reinsurance and retrocession, as well as promoting the development of insurance operations, according to the guidelines of the CNSP.

(Repealed by Complementary Law No. 126 of 2007)

Art 43. The capital of the IRB shall be Cr$ 7,000,000,000 (seven billion cruzeiros) divided into 700,000 (seven hundred thousand) shares with a unit value of Cr$ 10,000 (ten thousand cruzeiros), of which 50% (fifty percent) is owned by federal social security entities (shareholder class "A") and the remaining 50% (fifty percent) by Insurance Companies (shareholder class "B").

§ 1º The IRB may increase its capital by altering the number of shares or their unit value, including by incorporating the monetary correction of its fixed assets, upon proposal of the Technical Council and approval of the Minister of Industry and Commerce.

§ 2º The IRB shares, which may be replaced by multiple titles and securities, shall not serve as guarantee, except those of class "B", which shall constitute a permanent guarantee pledge, in favor of the IRB, for the operations of the Insurance Companies.

§ 3º The transfer of shares may only occur between shareholders of the same class, depending on prior authorization of the IRB Technical Council, which shall set the premium to meet the appreciation of reserves, funds and provisions of the Institute.

Art 43. The share capital of the IRB is represented by book‑entry, ordinary and preferred shares, all without nominal value. (Text given by Law No. 9,482 of 1997)

Sole paragraph. Ordinary shares, with voting rights, represent at least fifty percent of the share capital. (Included by Law No. 9,482 of 1997)

Art 44. It is the competence of the IRB,

Art 44. It is the competence of the IRB: (Text given by Decree‑Law No. 296 of 1967)

(Repealed by Complementary Law No. 126 of 2007)

I – In the quality of regulatory body of co‑insurance, reinsurance and retrocession:

(Repealed by Complementary Law No. 126 of 2007)

a) draft and issue regulatory norms of co‑insurance, reinsurance and retrocession;

(Repealed by Complementary Law No. 126 of 2007)

b) accept mandatory and facultative reinsurance, from the Country or abroad;

(Repealed by Complementary Law No. 126 of 2007)

c) retain the reinsurance accepted, in whole or in part;

(Repealed by Complementary Law No. 126 of 2007)

d) promote the placement, abroad, of insurance whose acceptance does not suit the interests of the Country or which does not find coverage there;

(Repealed by Complementary Law No. 126 of 2007)

e) impose penalties on Insurance Companies for infractions committed as co‑insurers, reinsurers or retrocessionaries;

(Repealed by Complementary Law No. 126 of 2007)

f) organize and administer consortia, including receiving full assignment of insurance;

(Repealed by Complementary Law No. 126 of 2007)

g) carry out the liquidation of claims, in conformity with the criteria set by the norms of each insurance branch;

(Repealed by Complementary Law No. 126 of 2007)

h) distribute among the Companies the part of reinsurance that it does not retain and place abroad the excess responsibilities of the internal insurance market capacity, or those whose coverage abroad serves national interests;

(Repealed by Complementary Law No. 126 of 2007)

i) represent retrocessionaries in the settlement of amicable or judicial claims;

(Repealed by Complementary Law No. 126 of 2007)

j) publish specialized magazines and the capacity of the national insurance market.

j) promote the full utilization of the capacity of the national insurance market. (Text given by Decree‑Law No. 296 of 1967) (Repealed by Complementary Law No. 126 of 2007)

II – In the quality of promoter of the development of insurance operations, among other activities.

II – In the quality of promoter of the development of insurance operations, among other activities: (Text given by Decree‑Law No. 296 of 1967)

(Repealed by Complementary Law No. 126 of 2007)

a) organize courses for the training and improvement of insurance technicians;

(Repealed by Complementary Law No. 126 of 2007)

b) promote congresses, conferences, meetings, symposia and have them participate;

(Repealed by Complementary Law No. 126 of 2007)

c) encourage the creation and development of technical‑scientific associations;

(Repealed by Complementary Law No. 126 of 2007)

d) organize cadastral plants, registration of vessels and aircraft, inspectors and brokers; (Repealed by Complementary Law No. 126 of 2007)

e) compile, process and disseminate statistical data;

(Repealed by Complementary Law No. 126 of 2007)

f) publish specialized magazines and other works of a technical nature.

(Repealed by Complementary Law No. 126 of 2007)

Art 45. It shall be the responsibility of the IRB to administer the Insurance Exchanges, intended to promote the placement, in the Country or abroad, of special insurance and reinsurance that do not find normal coverage in the Insurance Companies participating in the national market.

(Repealed by Law No. 9,932 of 1999)

(Repealed by Complementary Law No. 126 of 2007)

Sole paragraph. The Insurance Exchanges may be created in the capitals of the States, by act of the CNSP, upon proposal of the IRB.

(Repealed by Law No. 9,932 of 1999)

(Repealed by Complementary Law No. 126 of 2007)

SECTION II Of the Administration and the Fiscal Council

Art 46. The administration of the IRB shall comprise:

I – The Presidency;

II – The Technical Council – CT;

III – The Fiscal Council – CF.

Art. 46. The administrative bodies of the IRB are the Board of Directors and the Directorate. (Text given by Law No. 9,482 of 1997)

§ 1º The Board of Directors is composed of six members, elected by the General Assembly, being: (Included by Law No. 9,482 of 1997)

I – three members indicated by the Minister of Finance, among them: (Included by Law No. 9,482 of 1997)

a) the President of the Council; (Included by Law No. 9,482 of 1997)

b) the President of the IRB, who will be the Vice‑President of the Council; (Included by Law No. 9,482 of 1997)

II – one member indicated by the Minister of Planning and Budget; (Included by Law No. 9,482 of 1997)

III – one member indicated by the shareholders holding preferred shares; (Included by Law No. 9,482 of 1997)

IV – one member indicated by the minority shareholders, holding ordinary shares. (Included by Law No. 9,482 of 1997)

§ 2º The Directorate of the IRB is composed of six members, the President and the Executive Vice‑President being appointed by the President of the Republic, by indication of the Minister of Finance, and the others elected by the Board of Directors. (Included by Law No. 9,482 of 1997)

§ 3º While the totality of ordinary shares remains with the Union, the shareholders holding preferred shares shall be entitled to indicate up to two members for the Board of Directors of the IRB. (Included by Law No. 9,482 of 1997)

§ 4º The members of the Board of Directors and the Directorate of the IRB shall have a term of three years, observed the provisions of Law No. 6,404, of 15 December 1976. (Included by Law No. 9,482 of 1997)

Art 47. The statutes shall fix the competence and attributions of the President and the Technical Council.

Art 47 The Fiscal Council of the IRB is composed of five effective members and respective alternates, elected by the General Assembly, being:

I – three members and respective alternates indicated by the Minister of Finance, among which one representative of the National Treasury; (Included by Law No. 9,482 of 1997)

II – one member and respective alternate elected, in a separate vote, by the minority shareholders holding ordinary shares; (Included by Law No. 9,482 of 1997)

III – one member and respective alternate elected by the shareholders holding preferred shares without voting right or with restricted voting, excluding the controlling shareholder, if holder of that class of share. (Included by Law No. 9,482 of 1997)

Sole paragraph. While the totality of ordinary shares remains with the Union, the shareholders holding preferred shares shall be entitled to indicate up to two members for the Fiscal Council of the IRB. (Included by Law No. 9,482 of 1997)

Art 48. The President shall be appointed by the President of the Republic and shall take office before the Minister of Industry and Commerce.

Sole paragraph. To replace the President of the IRB in his impediments, there shall be a Vice‑President, chosen by the President of the Republic among the Councillors who represent the shareholders of class "A".

Art 48. The statutes shall fix the competence of the Board of Directors and the Directorate of the IRB. (Text given by Law No. 9,482 of 1997)

Art 49. The Technical Council of the IRB shall be composed of six members, designated as Councillors, of which three are appointed by free choice of the President of the Republic, as representatives of shareholders of class "A", and three elected by shareholders of class "B", among Brazilians who hold positions of direction or technical in the administration of the Insurance Companies. (Repealed by Law No. 9,482 of 1997)

§ 1º Each Insurance Company shall have a vote; (Repealed by Law No. 9,482 of 1997)

§ 2º The Councillors representing shareholders of class "B" shall have a term of two years; (Repealed by Law No. 9,482 of 1997)

§ 3º The members of the Technical Council shall take office before the President of the IRB. (Repealed by Law No. 9,482 of 1997)

Art 50. The President and the Councillors do not incur personal, individual or joint liability for acts performed in the exercise of their respective offices, but are responsible for negligence, lack of diligence, fault or intent with which they perform their functions. (Repealed by Law No. 9,482 of 1997)

Art 51. The Statutes shall provide for the remuneration and bonuses of the President and Members of the Technical Council, also regulating the elections, the taking of office and the replacement of the Councillors. (Repealed by Law No. 9,482 of 1997)

Art 52. The following persons shall not be members effective or alternate of the Technical Council of the IRB:

a) blood relatives up to the second degree, brother‑in‑law, father‑in‑law, or son‑in‑law of the President, of the effective or alternate members of the aforementioned Council;

a) blood relatives up to the second degree, brother‑in‑law, father‑in‑law, or son‑in‑law of the President, of the effective or alternate members of the aforementioned Council; (Text given by Decree‑Law No. 296 of 1967) (Repealed by Law No. 9,482 of 1997)

b) administrators, managers or any employees of an Insurance Company of which any other effective or alternate member of the Technical or Fiscal Councils is part of. (Repealed by Law No. 9,482 of 1997)

Decree-Law No. 73 of 21 November 1966 — National Private Insurance System; regulates insurance and reinsurance operations

Art 53. The IRB shall have a Fiscal Council (CF), composed of two representatives of shareholders of class "A" and one representative of those of class "B", each with a respective alternate. (Repealed by Law No. 9,482, of 1997)

§ 1. The appointment of CF members shall follow the system established in Article 49, with identical restrictions to those of Article 52, both of this decree‑law. (Repealed by Law No. 9,482, of 1997)

§ 2. CF members shall take office before the Minister of Industry and Commerce. (Repealed by Law No. 9,482, of 1997)

Art 54. The Statutes shall set the competence of the CF and the remuneration of its members. (Repealed by Law No. 9,482, of 1997)

SECTION III Personnel

Art 55. The services of the IRB shall be performed by personnel admitted through public competition of exams or of exams and titles, the Statutes shall regulate the conditions of execution, as well as the rights, benefits and duties of the employees, including applicable sanctions.

§ 1. Appointment to a commissioned position shall be made by the President, after its creation has been approved by the Technical Council.

§ 2. Hiring of personnel for specialized technical functions or for auxiliary services of maintenance, transport, hygiene and cleaning is permitted.

§ 3. IRB employees shall be guaranteed the rights arising from the legal norms in force, regarding profit‑sharing, retirement, union affiliation, and stability of application of labor legislation.

§ 3. IRB employees shall be guaranteed the rights arising from the legal norms in force, regarding profit‑sharing, retirement, union affiliation, stability and application of labor legislation. (Amended by Decree‑Law No. 296, of 1967)

§ 4. The salaries of IRB employees shall be listed in a table approved by the Technical Council, upon proposal of the President. (Repealed by Complementary Law No. 126, of 2007)

SECTION IV Operations

Art 56. The IRB operates in any type of reinsurance or retrocession, according to the norms approved by the Technical Council and within the guidelines set by the CNSP, which shall regulate the execution of the insurances provided for in Article 20 of Chapter III of this decree‑law. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

Art 57. The operations of the IRB are guaranteed by its capital and reserves and, subsidiarily, by the Union. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

Art 58. Acceptance of reinsurance by the IRB is mandatory, in principle, for original liabilities and for ancillary risks. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

Art 59. The IRB may organize and manage consortia, including participating in them, being considered a reinsurer and the Insurance Companies, in that case, being retrocessionaries. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

Art 60. Acceptance of the IRB’s retrocession is mandatory for Insurance Companies authorized to operate in the Country. (Repealed by Law No. 9,932, of 1999)

§ 1. The circumstance of not operating in insurance, in the branch and modality of the retrocession, does not exempt the Insurance Companies from the obligations established in this article.

§ 1. The circumstance of not operating in insurance, in the branch and modality of the retrocession, does not exempt the Insurance Companies from the obligations established in this article. (Amended by Decree‑Law No. 296, of 1967) (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

§ 2. In the distribution of retrocessions, the IRB shall consider the volume and result of the received reinsurance, as well as the technical guidance and the economic‑financial situation of the Insurance Companies. (Repealed by Law No. 9,932, of 1999) (Repealed by Complementary Law No. 126, of 2007)

Art 61. The IRB may make advances to Insurance Companies, for the recovery of indemnities arising from claims. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

§ 1. In the case of receiving an advance, the Insurance Companies shall be obliged to apply it to settlement within 30 days. Failure to use the advances received as provided constitutes the crime of embezzlement. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

§ 2. The directors and administrators of the Insurance Companies are civilly and criminally liable for non‑compliance with the preceding paragraph. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

Art 62. Insurance Companies are obliged to constitute and maintain a Retrocession Guarantee Fund (FGR), intended to subsidiarily answer the liabilities arising from the IRB’s retrocessions. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

§ 1. The FGR shall be considered, for all purposes, as a technical reserve. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

§ 2. The FGR shall be constituted by the annual transfer of percentages of net profits determined by the Insurance Companies, in the manner and under the conditions established by the CNSP, which may determine the transfer to the FGR of part or all of the balances earned by the Insurance Companies, in the capacity of retrocessionaries of the IRB. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

§ 3. The CNSP shall set the amount of the FGR to be paid to the IRB, on which the latter shall accrue interest, and may offset its credits in cases of liquidation of the Insurance Companies. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

Art 63. All information and other clarifications necessary for the IRB’s operations shall be obligatorily provided by the authorities and the Insurance Companies when requested. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

Art 64. For the implementation of the insurance policy established by the CNSP, the Ministry of Finance and the bodies of the National Financial System shall provide the IRB with the necessary collaboration and the means to carry out its operations abroad. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

SECTION V Claims Settlements

Art 65. In cases of claim settlement, the IRB’s norms and decisions bind the Insurance Companies. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

Art 66. Extrajudicial settlements shall bind the IRB only when it has approved the agreement relating to the indemnity and previously authorized its payment, except for the exceptions of each branch. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

Art 67. The IRB shall answer to the direct Insurance Companies in proportion to the reinsured responsibility, including the portion corresponding to settlement expenses, retaining a regressive right against the retrocessionaries to recover the share due to it in the claim. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

Art 68. The IRB shall be considered a necessary joint defendant in insurance actions whenever it has liability in the claim. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

§ 1. The Insurance Company shall declare, in its answer, whether the IRB participates in the claimed amount. If so, the judge shall order the institute to be summoned and shall stay the proceeding until the procedural measure is effected. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

§ 2. The IRB shall answer in the forum where the Insurance Company is sued. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

§ 3. The IRB does not answer directly to the insureds for the amount assumed in reinsurance. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

§ 4. In executive insurance actions and in enforcement of judgments, any seizure made before the summons of the Insurance Company and the IRB shall have no effect. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

§ 5. In the appointment of experts, the IRB shall indicate, if there is no agreement with the Insurance Companies. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

§ 6. Judgments rendered in violation of this article shall be null. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

Art 69. Retrocessionary Insurance Companies shall accompany the fate of the IRB, which shall represent them in amicable or judicial claim settlements. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

SECTION VI Balance Sheet and Profit Distribution

Art 70. The IRB shall constitute reserves, funds and provisions necessary for its economic‑financial stability, and technical reserves may not be lower than those determined by the CNSP for the Insurance Companies. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

Sole Paragraph. The reserves, funds and provisions constituted by the IRB under this article shall not be considered profits for tax purposes. (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

Art 71. After technical reserves have been constituted and the necessary amortizations and depreciations made, the IRB’s net profits shall be distributed as follows: (Repealed by Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

a) the amount determined by the Technical Council for a supplementary reserve fund, which shall, until the fund reaches a value equal to the capital, be at least twenty percent;
b) the amount necessary to distribute a dividend not exceeding ten percent of the paid‑in capital and patrimonial reserves of the IRB, as deliberated by the Technical Council; (Amended by Decree‑Law No. 296, of 1967)
c) the amount necessary for remuneration of Council members, the President and other administration members and employees.

Sole Paragraph. The balance that results shall be distributed as follows:

a) the amount necessary for special funds, including those for technical diffusion and improvement of insurance, at the discretion of the Technical Council;
b) up to twenty‑five percent to Social Security Institutions, proportionally to their holdings of class "A" shares;
c) up to twenty‑five percent to be distributed by the Insurance Companies, in proportion to the result of the operations they have performed with the IRB;
d) up to twenty‑five percent to the Federal Union, destined for the Ministry of Health for the fight against epidemics.

CHAPTER VII Insurance Companies

SECTION I Applicable Legislation

Art 72. Insurance Companies shall be regulated by the general legislation applicable to them and, in particular, by the provisions of this decree‑law.

Sole Paragraph. The provisions of Article 25 of Law No. 4,595 of 31 December 1964, as amended by Article 1 of this law, shall apply to insurance companies. (Included by Law No. 5,710, of 1971)

Art 73. Insurance Companies may not engage in any other line of commerce or industry.

SECTION II Authorization for Operation

Art 74. Authorization for operation shall be granted by Order of the Minister of Industry and Commerce, upon request signed by the incorporators, addressed to the CNSP and presented through SUSEP.

Art 74. Authorization for operation shall be granted upon request signed by the legal representative of the interested parties and presented to SUSEP, observing the administrative procedure and the requirements established by the CNSP. (Amended by Complementary Law No. 213, of 2025)

Art 75. Once authorization for operation is granted, the Company shall have ninety days to demonstrate to SUSEP compliance with all legal formalities or requirements made at the time of authorization.

Art 76. Upon the verification referred to in the preceding article, a charter‑patent shall be issued by the Minister of Industry and Commerce.

Art 76. Following the verification referred to in Art 75 of this Decree‑Law, SUSEP shall issue the authorization for operation requested by the interested party. (Amended by Complementary Law No. 213, of 2025)

Art 77. Amendments to the Statutes of Insurance Companies shall depend on prior authorization of the Minister of Industry and Commerce, after hearing SUSEP and the CNSP.

Art 77. Amendments to the corporate statutes of insurance companies, insurance cooperative societies and mutual patrimonial protection administrators shall depend on prior authorization of SUSEP. (Amended by Complementary Law No. 213, of 2025)

SECTION III Operations of Insurance Companies

Art 78. Insurance Companies may operate only in insurances for which they have the necessary authorization, according to the plans, rates and norms approved by the CNSP.

Art 79. Insurance Companies are prohibited from retaining responsibilities whose value exceeds the technical limits set by SUSEP in accordance with the norms approved by the CNSP, which shall consider:

a) the economic‑financial situation of the Insurance Companies;
b) the technical conditions of the respective portfolios;
c) the result of their operations with the IRB.

(Repealed by Complementary Law No. 126, of 2007)

§ 1. Insurance Companies are obliged to reinsure with the IRB the excess responsibilities of their technical limit in each line of operation and, in the case of co‑insurance, the quota fixed by the CNSP.

(Repealed by Complementary Law No. 126, of 2007)

§ 2. No reinsurance coverage shall be provided for responsibilities assumed by Insurance Companies contrary to the norms and instructions in force.

Art 80. Co‑insurance operations shall follow criteria fixed by the CNSP, regarding obligatoriness and technical norms.

Art 81. Placement of insurance and reinsurance abroad shall be carried out exclusively through the IRB. (See Law No. 9,932, of 1999)

(Repealed by Complementary Law No. 126, of 2007)

Sole Paragraph. Guarantee reserves corresponding to the insurances and reinsurance performed abroad shall be fully retained in the Country.

(Repealed by Complementary Law No. 126, of 2007)

Art 82. Insurance Companies may accept reinsurance only with prior express authorization of the IRB.

(Repealed by Complementary Law No. 126, of 2007)

Art 83. Policies, certificates and insurance tickets shall state the maximum liability of the Insurance Company, expressed in national currency, for coverage of the risks described and characterized therein.

Art 84. To guarantee all its obligations, Insurance Companies shall constitute technical reserves, special funds and provisions, in conformity with the criteria fixed by the CNSP, in addition to reserves and funds determined by special laws.

§ 1. The net equity of insurance companies may not be lower than the amount of non‑operational liabilities, nor lower than the minimum resulting from the solvency margin calculation, performed based on the regulation issued by the CNSP. (Included by Law No. 10,190, of 2001)

(Repealed by Provisional Measure No. 449, of 2008)

(Repealed by Law No. 11,941, of 2009)

§ 2. Non‑operational liabilities shall consist of the total amount of obligations not covered by guaranteeing assets. (Included by Law No. 10,190, of 2001)

(Repealed by Provisional Measure No. 449, of 2008)

(Repealed by Law No. 11,941, of 2009)

§ 3. Insurance Companies shall comply with the provisions of this article within one year, extendable for an equal period case‑by‑case by CNSP decision. (Included by Law No. 10,190, of 2001) (Repealed by Provisional Measure No. 449, of 2008)

(Repealed by Law No. 11,941, of 2009)

Art 85. The guaranteeing assets of technical reserves, funds and provisions shall be registered with SUSEP and may not be alienated, pledged, alienated or otherwise encumbered without prior and express authorization; any alienation or encumbrance made in violation of this article shall be null and void.

Sole Paragraph. When the guarantee falls on real estate, it shall be obligatorily registered in the competent General Real Estate Registry, upon simple request signed by the Insurance Company and SUSEP.

Art 86. Insured persons and beneficiaries who are creditors for adjusted or to‑be‑adjusted indemnities have a special privilege over technical reserves, special funds or guaranteeing provisions of insurance operations, and the IRB enjoys the same privilege after payment to the insured persons and beneficiaries.

Art 86. Insured persons and beneficiaries who are creditors for adjusted or to‑be‑adjusted indemnities have a special privilege over technical reserves, special funds or guaranteeing provisions of insurance, reinsurance and retrocession operations. (Amended by Complementary Law No. 126, of 2007)

Sole Paragraph. After payment to the insured persons and beneficiaries mentioned in the article’s caput, the cited privilege shall be granted, with respect to special funds, technical reserves or guaranteeing provisions of reinsurance and retrocession operations, to the insurance companies and subsequently to the reinsurers.

(Included by Complementary Law No. 126, of 2007)

Art 87. Insurance Companies may not distribute profits or any funds corresponding to patrimonial reserves, insofar as such distribution could prejudice the mandatory investment of capital and reserve, in conformity with the criteria established in this decree‑law.

Art 88. Insurance Companies shall obey the norms and instructions of SUSEP and the IRB concerning insurance, co‑insurance, reinsurance and retrocession operations, and shall provide them with data and information pertaining to any aspect of their activities.

Sole Paragraph. Inspectors and accredited employees of SUSEP and the IRB shall have free access to Insurance Companies, may request and seize books, technical notes and documents; any obstruction to inspection shall be subject to the penalties provided in this decree‑law.

Art 88. Insurance Companies and reinsurers shall obey the norms and instructions of the insurance regulatory and supervisory bodies concerning insurance, co‑insurance, reinsurance and retrocession operations, and shall provide them with data and information pertaining to any aspect of their activities. (Amended by Complementary Law No. 126, of 2007)

(Repealed by Complementary Law No. 213, of 2025)

Sole Paragraph. Inspectors and accredited employees of the insurance supervisory body shall have free access to insurance companies and reinsurers, may request and seize books, technical notes and documents; any obstruction to inspection shall be subject to the penalties provided in this Decree‑Law. (Amended by Complementary Law No. 126, of 2007)

(Repealed by Complementary Law No. 213, of 2025)

CHAPTER VII‑A

(Included by Complementary Law No. 213, of 2025)

ON INSURANCE COOPERATIVE COMPANIES

Art 88‑A. Insurance cooperative societies shall be constituted exclusively for this purpose and may, with prior authorization of SUSEP, operate in any branch of private insurance, except those expressly prohibited by specific regulation issued by the CNSP, observing the provisions of Article 36‑B and § 2 of Article 24 of this Decree‑Law.

(Included by Complementary Law No. 213, of 2025)

§ 1. Insurance cooperatives shall operate insurance only with their members; the CNSP may define the cases in which they may exceptionally be admitted to operations with non‑members, for fulfillment of the cooperative’s corporate purpose.

(Included by Complementary Law No. 213, of 2025)

§ 2. Insurance cooperative societies may cede risks in reinsurance and co‑insurance as a mechanism for risk dispersion, in the form regulated by the CNSP.

(Included by Complementary Law No. 213, of 2025)

Art 88‑B. Insurance cooperative societies shall be regulated by the general legislation of cooperativism and, in particular, by the legislation applicable to insurance companies, including the provisions of this Decree‑Law.

(Included by Complementary Law No. 213, of 2025)

Sole Paragraph. Insurance cooperative societies shall observe, among others, the following provisions:

I – the integration of share‑parts and the increase of share capital with goods or services shall be prohibited;
II – the admission of members, which shall be effected upon approval of the membership request by the administrative body, shall not be limited to the subscription of share‑parts of share capital and signing of the membership register;
III – the approval of the report, balance sheet and accounts of the administrative bodies shall not relieve their members of responsibility;
IV – the personal liability of elected or contracted administrators shall follow the specific legislation governing insurance companies;
V – the merger of two (2) or more insurance cooperative societies shall depend on authorization for the new society to operate in insurance, pursuant to this Decree‑Law.

(Included by Complementary Law No. 213, of 2025)

Article 88‑C

The legal competencies of the CNSP and SUSEP relating to insurance companies also apply to insurance cooperative societies.

(Included by Complementary Law No. 213, of 2025)

§ 1

The CNSP, respecting the legal nature of the cooperative society, may also provide for:

(Included by Complementary Law No. 213, of 2025)

I – conditions to be observed in the drafting of the bylaws, the formation of the associate base, the holding of assemblies and deliberative meetings, and the execution of contracts with other institutions;

II – activities carried out by entities of any nature that aim to exercise, with respect to a group of insurance cooperatives, supervision, control, audit and certification of employees and managers, as well as the management or execution on a larger scale of their operational functions;

III – affiliation with entities that, in the form of regulation, perform supervision, control and audit activities over insurance cooperative societies;

IV – conditions for shareholding participation in other entities, including those of non‑cooperative nature, with a view to meeting complementary or ancillary purposes, in the interest of the associate base and the community;

V – criteria for disaffiliation from central cooperatives or confederations;

VI – governance structure, which must be proportional to the size of the cooperative society and the complexity of its operations;

VII – creation, composition and functioning of statutory bodies, which shall include at minimum a board of directors, an executive board and a fiscal council.

(Included by Complementary Law No. 213, of 2025)

§ 2

The exercise of the activities referred to in item II of § 1 of this article shall be subject to supervision by SUSEP, and the same sanctions provided in the legislation for insurance companies shall apply to the respective entities and their administrators.

(Included by Complementary Law No. 213, of 2025)

§ 3

SUSEP, in exercising its supervisory competence over insurance cooperative societies, as well as the entity that carries out supervision activities under item II of § 1 of this article, may convene an extraordinary general meeting of the supervised institution, to which they may send representatives with speaking rights.

(Included by Complementary Law No. 213, of 2025)

§ 4

The appointment of administrators and fiscal council members of insurance cooperative societies is subject to prior authorization by SUSEP, although the CNSP may stipulate cases in which this authorization is dispensable.

(Included by Complementary Law No. 213, of 2025)

§ 5

Without prejudice to other requirements established by the CNSP, the fiscal council of an insurance cooperative society shall be composed of three (3) effective members and one (1) alternate, all associates elected by the general assembly, with a term of up to three (3) years.

(Included by Complementary Law No. 213, of 2025)

§ 6

Special regimes for fiscal management, intervention and extrajudicial liquidation of insurance cooperative societies shall be governed by the legal and regulatory norms applicable to insurance companies.

(Included by Complementary Law No. 213, of 2025)

CHAPTER VII‑B

OF MUTUALIST PROPERTY PROTECTION

Section I – General Provisions

Article 88‑D

An operation of mutualist property protection is considered to be one whose purpose is to guarantee the patrimonial interest of a group of persons against predetermined risks that are shared among its participants through a mutual expense sharing scheme.

(Included by Complementary Law No. 213, of 2025)

§ 1

The mutual expense sharing scheme is the regime by which the expenses for covering events that occur in a mutualist property protection group, over a predetermined period, are mutually divided among its participants as provided for in the participation contract, by adhesion.

(Included by Complementary Law No. 213, of 2025)

§ 2

The CNSP shall define the material damages of participants or third parties affected by the covered event that will be included in the patrimonial risks eligible for guarantee in mutualist property protection operations.

(Included by Complementary Law No. 213, of 2025)

§ 3

A mutualist property protection operation exclusively intended for cargo transport, as provided for in this Chapter, shall have specific regulation issued by the CNSP.

(Included by Complementary Law No. 213, of 2025)

Section II – The Mutualist Property Protection Group

Article 88‑E

A mutualist property protection group is defined as the exclusive gathering of natural or legal persons who are members of the same association, for the purposes established in Article 88‑D of this Decree‑Law.

(Included by Complementary Law No. 213, of 2025)

§ 1

The associations referred to in this Chapter shall:

I – include in their bylaws, at a minimum:

a) the criteria for constituting the mutualist property protection group; and

b) the criteria and competence for deliberations on the selection and replacement of the administrator;

II – observe the general rules of Law No. 10.406, of 10 January 2002 (Civil Code), which are applicable to them, subjecting themselves to the provisions of this Decree‑Law and to CNSP regulations concerning mutualist property protection operations;

III – act as mandatary bodies of the mutualist property protection groups, with powers to represent and defend the interests of the group participants before the administrator;

IV –, as a condition for the start and continuation of the mutualist property protection operation, enter into a service provision contract with an administrator of mutualist property protection operations, in which the operational particularities of the group and the obligations of the contracting association, the contracted administrator and the group participants shall be established;

V – be able to carry out operational support activities for the administrator in the interest of the mutualist property protection group, as regulated by the CNSP and defined in the service provision contract.

(Included by Complementary Law No. 213, of 2025)

§ 2

The service provision contract shall comply with criteria established by the CNSP, including the rights and obligations of the contracting association, the contracted administrator and the participants of the mutualist property protection group.

(Included by Complementary Law No. 213, of 2025)

§ 3

Associations shall maintain an updated registry with SUSEP and forward the latest version of their bylaws and the service provision contract referred to in item IV of § 1 of this article, in the manner regulated by the CNSP.

(Included by Complementary Law No. 213, of 2025)

§ 4

The registry referred to in § 3 of this article may be replaced by a credentialing regime administered by SUSEP, within the deadline and in the manner disciplined by the CNSP.

(Included by Complementary Law No. 213, of 2025)

§ 5

The interest of the mutualist property protection group shall prevail over the interest of the association and over the individual interests of the group participants.

(Included by Complementary Law No. 213, of 2025)

Article 88‑F

Entry of a participant into the mutualist property protection group shall occur through a participation contract by adhesion and, under the terms of this Decree‑Law, shall obligate the participant to pay, under the conditions established in the participation contract, the amounts relating to:

I – the funding of indemnities and expenses related to the covered events, including the constitution of technical provisions and reserves as regulated by the CNSP;

II – the reimbursement of expenses for which the group is responsible and that are eventually covered by the administrator;

III – the administration fee due to the administrator;

IV – other expenses for which the group is responsible, related to the mutualist property protection operation.

(Included by Complementary Law No. 213, of 2025)

§ 1

The participants’ contribution to the mutual expense sharing scheme shall be calculated by the administrator in accordance with CNSP regulations and the participation contract.

(Included by Complementary Law No. 213, of 2025)

§ 2

Only the expenses specified in CNSP regulations and expressly provided for in the service provision contract and the participation contract shall be considered charges of the mutualist property protection group.

(Included by Complementary Law No. 213, of 2025)

§ 3

The administrator may not grant participants special advantages that result in exemption from or reduction of the contribution to the mutual expense sharing scheme.

(Included by Complementary Law No. 213, of 2025)

§ 4

In the event of withdrawal from the mutualist property protection group, the participant shall not be liable for expense sharing calculations made after the termination of his participation contract.

(Included by Complementary Law No. 213, of 2025)

§ 5

When the mutualist property protection group pays an indemnity, the group shall subrogate, up to the respective amount, the rights and actions that the participant would have against the damage author.

(Included by Complementary Law No. 213, of 2025)

§ 6

The CNSP shall establish rules aimed at ensuring the solidity, liquidity and regular functioning of the mutualist property protection groups, which must be compatible and proportional to the risks of the mutualist property protection operations.

(Included by Complementary Law No. 213, of 2025)

Article 88‑G

Each group’s operation shall have total patrimonial independence from the administrator, from the mutualist property protection operations of other groups, from its participants taken individually, and from the association of which its participants are members.

(Included by Complementary Law No. 213, of 2025)

§ 1

The patrimony of each mutualist property protection group:

I – does not form part of the patrimony of its participants, of the association of which those participants are members, or of the administrator;

II – does not directly or indirectly answer for any obligation of its participants, of the association of which those participants are members, or of the administrator;

III – is not included in the list of assets and rights of its participants, of the association of which those participants are members, or of the administrator for any purpose, including judicial or extrajudicial liquidation;

IV – cannot be given as guarantee by its participants, by the association of which those participants are members, or by the administrator;

V – is indivisible with respect to the participants of the mutualist property protection group;

VI – must be accounted for separately for each mutualist property protection group, in the manner set out by CNSP regulation.

(Included by Complementary Law No. 213, of 2025)

§ 2

The patrimonial independence referred to in this article encompasses a distinct and individualized identity in regulatory, registration, actuarial, accounting and investment aspects and obligations, and shall be operationalized through the registration of each group in the National Legal Entity Registry (CNPJ).

(Included by Complementary Law No. 213, of 2025)

§ 3

The provisions of this article do not confer legal personality on the mutualist property protection group.

(Included by Complementary Law No. 213, of 2025)

§ 4

The possible insolvency of the administrator shall in no case affect the independent patrimony established for each group, which will remain unaffected and linked to its respective mutualist property protection groups.

(Included by Complementary Law No. 213, of 2025)

§ 5

The independent patrimony constituted by each mutualist property protection group shall not be subject to the effects of the declaration of intervention, extrajudicial liquidation or bankruptcy of the administrator and shall not be incorporated into the bankruptcy estate.

(Included by Complementary Law No. 213, of 2025)

§ 6

The patrimony of the mutualist property protection group shall not be affected by any debts of the administrator, including tax, social security or labor obligations.

(Included by Complementary Law No. 213, of 2025)

§ 7

Resources of the mutualist property protection groups collected by the administrator, at any time, must be deposited and invested, from the moment they become available and while not used for the purposes set out in the participation contract by adhesion, in the manner established:

I – by the National Monetary Council, regarding guarantee resources for technical provisions;

II – by the CNSP, regarding the remaining resources.

(Included by Complementary Law No. 213, of 2025)

Section III – Administrator of Mutualist Property Protection Operations

Article 88‑H

The administration of mutualist property protection operations is exclusive to an administrator constituted as a joint‑stock company whose sole corporate purpose is to manage the mutualist property protection operation and which must be previously authorized to operate by SUSEP.

(Included by Complementary Law No. 213, of 2025)

§ 1

The administration of mutualist property protection operations comprises the following activities, without prejudice to others that may be established by the CNSP:

I – processing of adhesions to the participation contract, as well as renewals, amendments, renegotiations and cancellations;

II – filing of registration data and documentation of participants, beneficiaries and, where applicable, insurance brokers, other intermediaries and their representatives;

III – calculation, collection and payment of the mutual expense sharing scheme and other amounts provided for in Article 88‑F of this Decree‑Law;

IV – regulation and settlement of covered events;

V – payment of indemnities and fulfillment of other obligations related to the guarantee of covered events.

(Included by Complementary Law No. 213, of 2025)

§ 2

The administrator must appear in the participation contract of the mutualist property protection group as the administrator of the operations and as the group’s representative, within the limits of the powers granted by the service provision contract concluded with the association.

(Included by Complementary Law No. 213, of 2025)

§ 3

The CNSP shall establish rules aimed at ensuring the solidity, liquidity and regular functioning of the administrators, which must be compatible and proportional to the risks arising from the management of mutualist property protection operations.

(Included by Complementary Law No. 213, of 2025)

Article 88‑I

The administrator shall be remunerated exclusively through the collection of:

I – an administration fee, as consideration for managing the mutualist property protection operation; and

II – other amounts related to the provision or contracting of ancillary services to the mutualist property protection operation, as regulated by the CNSP, provided they are expressly stipulated in the service provision contract and the participation contract.

(Included by Complementary Law No. 213, of 2025)

Article 88‑J

The administrator is directly responsible for reimbursing the group’s losses and for paying extraordinary expenses arising from operational failure, breach of legal or regulatory provisions, negligence, reckless management or deviation from the purpose of the separate patrimony.

(Included by Complementary Law No. 213, of 2025)

Sole Paragraph

The administrator shall answer with all of its patrimony for the losses and expenses referred to in the head of this article.

(Included by Complementary Law No. 213, of 2025)

Article 88‑K

The administrator may contract insurance and reinsurance to protect the risks of the mutualist property protection operations and its own risks.

(Included by Complementary Law No. 213, of 2025)

Article 88‑L

The CNSP shall establish the conditions for issuing the operating authorization for the administrator of mutualist property protection operations.

(Included by Complementary Law No. 213, of 2025)

Sole Paragraph

The appointment of administrators and fiscal council members of the administrators is subject to prior authorization by SUSEP, although the CNSP may stipulate cases in which this authorization is dispensable.

(Included by Complementary Law No. 213, of 2025)

Article 88‑M

Special regimes for fiscal management, intervention and extrajudicial liquidation of administrators of mutualist property protection operations shall be governed by the legal and regulatory norms applicable to insurance companies.

(Included by Complementary Law No. 213, of 2025)

Section IV – Participation Contract in a Mutualist Property Protection Group

Article 88‑N

The participation contract is the instrument by which the associate formalizes his adhesion to a mutualist property protection group.

(Included by Complementary Law No. 213, of 2025)

§ 1

The participation contract by adhesion shall create obligatory links between the group participants and the administrator for the purposes set out in Article 88‑D of this Decree‑Law, and shall contain, at a minimum, provisions on:

I – the full identification of the participant, the association and the administrator;

II – the rights and duties of each party;

III – the criteria for admission and exclusion of participants from the group;

IV – the description of the object and the guarantee, as well as the criteria for its enforcement;

V – the rules governing the functioning of the mutual expense sharing scheme;

VI – the duration of the contract; and

VII – the rules governing the functioning of the mutualist property protection group, including those relating to possible replacement of the administrator and to the discontinuation of the group.

(Included by Complementary Law No. 213, of 2025)

§ 2

The participation contract shall prominently include a clause or term in which the participant declares to be aware of:

I – the risks to which he is exposed, including the possibility of a substantial increase in the expense sharing amounts due to the need to fund all expenses for covering the events that occur in the group; and

II – that mutualist property protection operations do not correspond to insurance operations.

(Included by Complementary Law No. 213, of 2025)

§ 3

The participation contract by adhesion shall observe CNSP regulation, including the rights and obligations of the participants of the mutualist property protection group, the association and the administrator.

(Included by Complementary Law No. 213, of 2025)

CHAPTER VII‑C

COMMON PROVISIONS APPLICABLE TO OPERATING INSTITUTIONS

Article 88‑O

Insurance companies, insurance cooperative societies, administrators of mutualist property protection operations and reinsurers shall comply with the norms and instructions of the insurance regulatory and supervisory bodies concerning insurance, reinsurance, mutualist property protection, retrocession, and shall provide them with data and information pertaining to any aspect of their activities.

(Included by Complementary Law No. 213, of 2025)

Sole Paragraph

Auditors and accredited employees of the insurance supervisory body shall have free access to insurance companies, insurance cooperative societies, administrators of mutualist property protection operations and reinsurers, and may request and seize books, technical notes, information and documents; any obstruction to this supervision shall be considered an impediment subject to the penalties provided in this Decree‑Law.

(Included by Complementary Law No. 213, of 2025)

Article 88‑P

Failure to comply with prohibitions on the practice of acts, as well as with summonses, determinations and requests of SUSEP, shall subject the infractor to a coercive fine per day of delay or non‑compliance, which shall not exceed the greater of the following amounts:

I – one‑thousandth (1/1,000) of the total individual or consolidated turnover of the prudential group, as defined by the CNSP, earned in the fiscal year preceding the imposition of the fine; or

II – R$ 100,000.00 (one hundred thousand reais).

(Included by Complementary Law No. 213, of 2025)

§ 1

The fine referred to in the head of this article shall be paid by remittance to SUSEP within ten (10) days from the date of the summons for payment.

(Included by Complementary Law No. 213, of 2025)

§ 2

The fine shall be applied without prejudice to the initiation of administrative proceedings and the application of the penalties provided for in Article 108 of this Decree‑Law.

(Included by Complementary Law No. 213, of 2025)

CHAPTER VII – Special Supervision Regime

CHAPTER VIII – Special Supervision Regime (Renumbered by Decree‑Law No. 296, of 1967)

Article 89

In case of insufficient coverage of technical reserves or of an adverse economic‑financial situation of the Insurance Company, at SUSEP’s discretion, SUSEP may, in addition to other applicable measures including special supervision, appoint, for an indefinite period and at the expense of the Insurance Company, a fiscal director with the powers and benefits indicated by the CNSP.

(Included by Complementary Law No. 213, of 2025)

Decree-Law No. 73 of 21 November 1966 – National Private Insurance System; Regulates Insurance and Reinsurance Operations

Sole Paragraph. Whenever it deems necessary or convenient for the defense of the interests of policyholders, SUSEP shall verify, in indemnifications, the faithful compliance with the contract, including the accuracy of the technical reserve calculation and whether any payment‑delaying causes, if existing, stem from the company's economic‑financial difficulties.

§ 1 Whenever it deems necessary or convenient for the defense of the interests of policyholders, SUSEP shall verify, in indemnifications, the faithful compliance with the contract, including the accuracy of the technical reserve calculation and whether any payment‑delaying causes, if existing, stem from the company's economic‑financial difficulties. (Renumbered by Decree‑Law No. 1,115 of 1970)

§ 2 Once the economic‑financial recovery viability of the company is proven, the IRB may grant it exceptional technical and financial treatment, in order to facilitate that recovery. (Included by Decree‑Law No. 1,115 of 1970) (Repealed by Law No. 9,932 of 1999)

(Repealed by Complementary Law No. 126 of 2007)

Art 90. If special measures or intervention do not take effect, SUSEP shall forward to the CNSP a proposal to revoke the operating authorization of the Insurance Company.

Sole Paragraph. The intervention referred to in this article shall be governed by Articles 55 to 62 of Law No. 6,435 of 15 July 1977. (Included by Law No. 10,190 of 2001)

Art 91. Non‑compliance with any determination of the Fiscal Director by Directors, administrators, managers, inspectors or employees of the Insurance Company under special inspection regime shall result in the offender's removal, without prejudice to applicable criminal sanctions.

Art 92. The administrators of Insurance Companies shall be suspended from exercising their functions once a criminal proceeding is instituted for acts or facts related to their management, losing their mandate immediately in the event of conviction.

Art 93. Once the operating authorization of an Insurance Company is revoked, the alienation or encumbrance of any of its assets shall require SUSEP authorization, which, to safeguard this inalienability, shall have powers to control bank account movements and to lift the respective encumbrance with the Authorities or Public Registries.

CHAPTER VIII – On the Liquidation of Insurance Companies

CHAPTER IX – On the Liquidation of Insurance Companies (Renumbered by Decree‑Law No. 296 of 1967)

Art 94. The cessation of operations of Insurance Companies may be:

a) voluntary, by resolution of the shareholders in a General Assembly;

b) compulsory, by act of the Minister of Industry and Commerce, under the terms of this Decree‑Law.

b) compulsory, by act of SUSEP, under the terms of this Decree‑Law. (Text given by Complementary Law No. 213 of 2025)

Art 95. In cases of voluntary cessation of operations, the Directors shall request the Minister of Industry and Commerce to cancel the operating authorization of the Insurance Company within five days of the respective General Assembly.

Art 95. In cases of voluntary cessation of operations, the directors shall request SUSEP to cancel the operating authorization of the insurance company within 5 (five) days after the respective General Assembly. (Text given by Complementary Law No. 213 of 2025)

Sole Paragraph. Properly instructed, the request shall be forwarded through SUSEP, which shall give an opinion on the deliberated cessation.

Sole Paragraph. (Repealed). (Text given by Complementary Law No. 213 of 2025)

Art 96. In addition to the cases provided for in this Decree‑Law or other laws, compulsory cessation of the operations of an Insurance Company shall occur when:

a) it commits acts harmful to the insurance policy determined by the CNSP;

b) it fails to form the reserves, funds and provisions to which it is obliged or fails to apply them as prescribed in this Decree‑Law;

c) it accumulates substantial obligations owed to the IRB, at the discretion of the Minister of Industry and Commerce;

c) it accumulates substantial obligations owed to reinsurers, at the discretion of the insurance supervisory body, observing the determinations of the insurance regulatory body; (Text given by Complementary Law No. 126 of 2007)

d) it manifests economic‑financial insolvency.

Art 97. Voluntary or compulsory liquidation of Insurance Companies shall be processed by SUSEP. (Text as given by Decree‑Law No. 296 of 1967)

Art 98. The cassation act shall be published in the Official Gazette of the Union, producing immediately the following effects:

a) suspension of judicial actions and executions, except those that began earlier, when filed by creditors with privilege over certain assets of the Insurance Company;

b) acceleration of all civil or commercial obligations of the liquidated Insurance Company, including penalty clauses of contracts;

c) suspension of interest accrual, even if stipulated, if the liquidated mass is insufficient to pay the principal;

d) cancellation of the powers of all administrative bodies of the liquidated company.

Sole Paragraph. During liquidation, the extinguishing prescription against or in favor of the liquidated mass is interrupted.

§ 1 During liquidation, the extinguishing prescription against or in favor of the liquidated mass is interrupted. (Renumbered by Decree‑Law No. 296 of 1967)

§ 2 When the company has outstanding salaries or labor indemnities, actions and executions referred to in the final clause of item a of this article shall also be suspended. (Included by Decree‑Law No. 296 of 1967)

§ 3 The nullity of orders or decisions that contravene the provision of item a of this article or its paragraph 2 may be raised at any procedural stage, including labor matters. In suspended processes, the liquidated company shall, to realize the asset, request the lifting of pledges, arrests and any other seizure or reservation measures, without prejudice to the provisions set forth in the sole paragraph of Article 103. (Included by Decree‑Law No. 296 of 1967)

§ 4 The liquidated mass shall not be obliged to salary adjustments arising during liquidation, nor shall it be liable for fines, costs, fees and other expenses incurred by creditors in their own interest, and monetary correction shall not be applied to credits for delay resulting from liquidation. (Included by Decree‑Law No. 296 of 1967)

Art 99. In addition to the general administrative powers, SUSEP shall be vested with special powers to represent the liquidated Insurance Company actively and passively, in court or out of court, and may:

a) file and contest actions, including for capital integration by shareholders;

b) appoint and dismiss employees;

c) set employee salaries;

d) grant or revoke mandates;

e) settle;

f) sell movable assets and real estate.

Art 100. Within 90 (ninety) days of the revocation of operating authorization, SUSEP shall draw up the balance sheet of assets and liabilities of the liquidated Insurance Company and organize:

a) a detailed inventory of asset items, with respective valuations, specifying the guarantors of technical reserves or capital;

b) the list of creditors for indemnity claims, capital guaranteeing technical reserves or premium restitution, indicating the respective amounts;

c) the list of credits of the Public Treasury and Social Security; (Text given by Complementary Law No. 126 of 2007)

c) the list of credits of the Public Treasury and Social Security; (Repeated entry – retained as in source)

d) the list of other creditors, with indication of amounts and provenance of the credits, as well as their classification, in accordance with bankruptcy legislation.

Sole Paragraph. The IRB shall offset its credit with the value of the shares actually issued by the liquidated Insurance Company, increased by the premium, paying any remaining balance and proceeding with the transfer as provided in Article 43, paragraph 3. (Repealed by Law No. 9,932 of 1999)

Art 101. Interested parties may challenge the general creditor schedule, but such right shall be forfeited if not exercised within fifteen days.

Art 102. SUSEP shall examine the challenges and publish its decision in the Official Gazette of the Union, notifying the appellants by postal mail, with acknowledgment of receipt.

(Repealed by Complementary Law No. 213 of 2025)

Sole Paragraph. An appeal against SUSEP’s decision shall be filed with the Minister of Industry and Commerce within fifteen days.

(Repealed by Complementary Law No. 213 of 2025)

Art 103. After the decision concerning its credits or the credits against which they have claimed, creditors not included in the lists referred to in Art 100, those excluded, and those included without the privileges they claim, may continue the already‑initiated action or file the appropriate one.

Sole Paragraph. Until actions are judged, SUSEP shall reserve a proportional share of the assets to guarantee the creditors referred to in this article.

Art 104. SUSEP shall carry out the realization of assets and pay creditors the approved credit amount within six months, observing the respective privileges and classification, according to the proportion determined in the allocation.

Art 105. Once liquidation is completed and the final balance sheet drawn up, it shall be submitted for approval to the Minister of Industry and Commerce, accompanied by SUSEP’s report.

(Repealed by Complementary Law No. 213 of 2025)

Art 106. SUSEP shall be entitled to a commission of five percent on the assets determined in the liquidation work, with the Superintendent arbitrating the remuneration to be paid to inspectors and employees responsible for its execution.

Art 107. In cases not covered herein, the provisions of bankruptcy legislation shall apply, provided they do not contradict the provisions of this Decree‑Law.

Sole Paragraph. In cases of partial cessation, limited to the operations of a branch, the provisions of this Chapter shall apply to the applicable part.

CHAPTER IX

Of the Repressive Regime

CHAPTER X

Of the Repressive Regime (Renumbered by Decree‑Law No. 296 of 1967)

CHAPTER X (Text given by Complementary Law No. 213 of 2025)

Effective Date

THE SANCTIONING REGIME

Section I – Of Infractions and Penalties

Art 108. Infractions of the provisions of this Decree‑Law subject Insurance Companies, their Directors, administrators, managers and inspectors to the following penalties, without prejudice to other penalties established in current legislation:

I – Warning;

II – Pecuniary fine;

III – Suspension of the exercise of the position;

IV – Temporary or permanent disqualification from holding a position of direction in Insurance Companies or in the IRB;

V – Suspension of the authorization in each isolated branch;

VI – Partial or total loss of reinsurance recovery;

VII – Suspension of automatic coverage;

VIII – Suspension of retrocession;

IX – Revocation of the charter‑patent.

Art 108. An infringement of the rules concerning insurance, co‑insurance and capitalization activities subjects, as defined by the insurance regulatory body, the natural or legal person responsible to the following administrative penalties, applied by the insurance supervisory body: (Text given by Complementary Law No. 126 of 2007)

Art 108. An infringement of the rules concerning insurance, co‑insurance, reinsurance, retrocession and capitalization subjects, as defined by the insurance regulatory body, the natural or legal person responsible to the following administrative penalties, applied by the insurance supervisory body: (Text given by Complementary Law No. 137 of 2010)

Art 108. An infringement of the rules applicable to insurance, co‑insurance, mutual property protection, reinsurance, retrocession and capitalization subjects, as defined by the CNSP, the natural or legal persons responsible to the following administrative penalties, applied by SUSEP, either singly or cumulatively: (Text given by Complementary Law No. 213 of 2025)

I – warning; (Text given by Complementary Law No. 126 of 2007)

II – suspension of the exercise of the activities or profession covered by this Decree‑Law for a period of up to 180 (one hundred and eighty) days; (Text given by Complementary Law No. 126 of 2007)

III – disqualification, for a period of 2 (two) years to 10 (ten) years, for the exercise of a position or function in the public service and in public companies, mixed‑capital companies and their subsidiaries, complementary pension entities, capitalization companies, financial institutions, insurance companies and reinsurers; (Text given by Complementary Law No. 126 of 2007)

III – disqualification, for a period of 2 (two) years to 20 (twenty) years, for the exercise of a position or function in the public service and in public companies, mixed‑capital companies and their subsidiaries, complementary pension entities, capitalization companies, financial institutions, insurance companies, insurance cooperatives, administrators of mutual property protection operations and reinsurers; (Text given by Complementary Law No. 213 of 2025)

IV – fine of R$ 10,000.00 (ten thousand reais) to R$ 1,000,000.00 (one million reais); (Text given by Complementary Law No. 126 of 2007)

IV – fine; (Text given by Complementary Law No. 213 of 2025)

V – suspension for operation in 1 (one) or more insurance or reinsurance branches. (Text given by Complementary Law No. 126 of 2007)

V – suspension for operation in:

a) one or more insurance branches; (Included by Complementary Law No. 213 of 2025)

b) mutual property protection; (Included by Complementary Law No. 213 of 2025)

c) one or more groups of reinsurance branches; or (Included by Complementary Law No. 213 of 2025)

d) one or more capitalization modalities. (Included by Complementary Law No. 213 of 2025)

VI – (repealed); (Text given by Complementary Law No. 126 of 2007)

VII – (repealed); (Text given by Complementary Law No. 126 of 2007)

VIII – (repealed); (Text given by Complementary Law No. 126 of 2007)

IX – (repealed). (Text given by Complementary Law No. 126 of 2007)

§ 1 The penalty provided in item IV of the caput of this article shall be imposed on the responsible agent, with the reinsurer or the insurance or capitalization company being jointly liable, the right of recourse being guaranteed, and it may be applied cumulatively with the penalties listed in items I, II, III or V of the caput of this article. (Included by Complementary Law No. 126 of 2007)

§ 1 In the event that the penalty provided in item IV of the caput of this article is applied to a natural person, the reinsurer or the insurance or capitalization company shall be jointly liable, the right of recourse shall be guaranteed, and the penalty may be cumulated with those listed in items I, II, III or V of the caput of this article. (Text given by Law No. 13,195 of 2015)

(Repealed by Complementary Law No. 213 of 2025)

§ 1 (Repealed). (Text given by Complementary Law No. 213 of 2025)

§ 1‑A In applying the penalties provided in items II, III and IV of the caput of this article, SUSEP shall consider, insofar as they can be determined:

I – the aggravating and mitigating circumstances provided for in CNSP regulations;

II – the economic capacity of the offender;

III – the degree of injury or danger of injury to the national economy, to the National Private Insurance System, to the National Capitalization System, to supervised markets, to the operating institution, to clients or to third parties;

IV – the degree of reprehensibility of the offender’s conduct;

V – the magnitude of the irregular operations’ values;

VI – the duration of the infringement or systematic or repeated practice;

VII – the offender’s prior record; and

VIII – recidivism.

§ 1‑B The fine shall not exceed the greater of the following amounts:

I – R$ 35,000,000.00 (thirty‑five million reais);

II – double the value of the contract or the irregular operation;

III – double the damage caused to consumers as a result of the illicit act; or

IV – triple the value of the economic advantage obtained or the loss avoided as a result of the illicit act.

§ 2 Decisions of the insurance supervisory body shall be subject to appeal, within 30 (thirty) days, with suspensive effect, to the competent authority. (Included by Complementary Law No. 126 of 2007)

§ 3 The appeal referred to in § 2 of this article, in the hypothesis of item IV of the caput of this article, shall only be admitted if the appellant proves the prior payment, in favor of the insurance supervisory body, of 30 % (thirty percent) of the fine amount applied. (Included by Complementary Law No. 126 of 2007)

§ 4 If the penalty of fine is judged unfounded, the insurance supervisory body shall return, within a maximum of 90 (ninety) days from the interested party’s request, the deposited amount. (Included by Complementary Law No. 126 of 2007)

§ 5 In case of recidivism, the fine shall be aggravated up to double the previous fine, according to criteria stipulated by the insurance regulatory body. (Included by Complementary Law No. 126 of 2007)

§ 5 In cases of recidivism, a fine of up to triple the amounts fixed in § 1‑B of this article may be applied, according to criteria provided in CNSP regulations. (Text given by Complementary Law No. 213 of 2025)

Effective Date

Art 109. Directors, administrators, managers and inspectors of Insurance Companies shall be jointly liable with the entities for damages caused to third parties, including their shareholders, as a consequence of non‑compliance with laws, norms and instructions relating to insurance, co‑insurance, reinsurance or retrocession activities, especially for failure to constitute mandatory reserves.

Art 109. Directors, administrators, managers and inspectors of insurance companies, insurance cooperatives, reinsurers, capitalization companies, open complementary pension entities, administrators of mutual property protection operations and contracting associations of administrators shall be jointly liable with these entities for damages caused to third parties, including their shareholders, as a consequence of non‑compliance with applicable laws, norms and instructions to the respective markets, especially for failure to constitute mandatory provisions and reserves. (Text given by Complementary Law No. 213 of 2025)

Art 110. It constitutes a crime against the popular economy, punishable according to the respective legislation, to commit an act or omission, personal or collective, that results in insufficient provisions and reserves and their coverage, linked to the guarantee of the obligations of insurance companies, insurance cooperatives, reinsurers, capitalization companies, open complementary pension entities and mutual property protection operations. (Text given by Complementary Law No. 213 of 2025)

Art 111. Fines of up to Cr$ 50,000,000 (fifty million cruzeiros) shall be applied to Insurance Companies that:

a) violate provisions of the norms and instructions issued by the CNPS, SUSEP or IRB, when no other penalties are provided;

b) retain responsibility quotas beyond their retention limits;

c) alienate or encumber assets contrary to this Decree‑Law;

d) fail to maintain records approved by SUSEP, in accordance with this Decree‑Law;

e) violate the prohibition of Article 24 of this Decree‑Law;

e) violate the prohibition of Article 28 of this Decree‑Law; (Text given by Decree‑Law No. 296 of 1967)

f) fail to provide information to the IRB as provided in Article 63 of this Decree‑Law; (Repealed by Law No. 9,932 of 1999)

g) make fraudulent statements or simulations in reports, balance sheets, accounts and documents presented, requested or seized by SUSEP or the IRB;

h) directly or through a third party, carry out or intend to carry out, through advertisements or prospectuses, insurance or reinsurance contracts of any nature that interest persons and things existing in the Country, without the necessary charter‑patent or prior approval of the respective plans, tables, proposal models, policies and insurance tickets;

i) publish prospectuses, issue advertisements, circulate circulars or make other publications containing statements or information contrary to laws, their statutes and plans, or that may mislead anyone about the true importance of the operations, as well as about the scope of supervision to which they are subject.

Art 111. The insurance supervisory body shall be competent to issue norms concerning reports and opinions of independent audit service providers to reinsurers, insurance companies, capitalization companies and open complementary pension entities. (Text given by Complementary Law No. 126 of 2007)

Art 111. SUSEP shall be competent to issue norms concerning reports and opinions of independent audit service providers to reinsurers, insurance companies, insurance cooperatives, administrators of mutual property protection operations, capitalization companies and open complementary pension entities. (Text given by Complementary Law No. 213 of 2025)

a) (repealed); (Text given by Complementary Law No. 126 of 2007)

b) (repealed); (Text given by Complementary Law No. 126 of 2007)

c) (repealed); (Text given by Complementary Law No. 126 of 2007)

d) (repealed); (Text given by Complementary Law No. 126 of 2007)

e) (repealed); (Text as amended by Complementary Law No. 126 of 2007)

f) (repealed by Law No. 9,932 of 20 December 1999);

(Text as amended by Complementary Law No. 126 of 2007)

g) (repealed); (Text as amended by Complementary Law No. 126 of 2007)

h) (repealed); (Text as amended by Complementary Law No. 126 of 2007)

i) (repealed). (Text as amended by Complementary Law No. 126 of 2007)

§ 1 The providers of independent audit services to reinsurers, insurance companies, capitalization societies and open complementary pension entities shall be civilly liable for damages caused to third parties due to fault or intent in the performance of the functions provided for in this article. (Included by Complementary Law No. 126 of 2007)

§ 1º The providers of independent audit services to reinsurers, insurance companies, cooperative insurance societies, mutual asset protection administrators, capitalization societies and open complementary pension entities shall be civilly liable for damages caused to third parties due to fault or intent in the performance of the functions provided for in this article. (Text as amended by Complementary Law No. 213 of 2025) Effective

§ 2 Without prejudice to the provisions of the caput of this article, independent audit service providers shall be administratively liable before the insurance supervisory authority for acts performed or omissions incurred in the performance of independent audit activities for reinsurers, insurance companies, capitalization societies and open complementary pension entities. (Included by Complementary Law No. 126 of 2007)

§ 2º Without prejudice to the provisions of the caput of this article, independent audit service providers shall be administratively liable before Susep for acts performed or omissions incurred in the performance of independent audit activities for reinsurers, insurance companies, cooperative insurance societies, mutual asset protection administrators, capitalization societies and open complementary pension entities. (Text as amended by Complementary Law No. 213 of 2025) Effective

§ 3 If an administrative process is instituted against reinsurers, insurance companies, capitalization societies and open complementary pension entities, the supervisory authority may, considering the gravity of the violation, cautiously determine that these companies replace the independent audit service provider. (Included by Complementary Law No. 126 of 2007)

§ 3º If an administrative process is instituted against reinsurers, insurance companies, cooperative insurance societies, mutual asset protection administrators, capitalization societies and open complementary pension entities, Susep may, considering the gravity of the violation, cautiously determine the replacement of the independent audit service provider. (Text as amended by Complementary Law No. 213 of 2025) Effective

§ 4 When an irregularity committed by the independent audit service provider mentioned in the caput of this article is established, the penalties provided for in article 108 of this Decree-Law shall be applied to him. (Included by Complementary Law No. 126 of 2007)

§ 5 When the audited entities referred to in the caput of this article are regulated or supervised by the Securities and Exchange Commission or other regulatory and supervisory bodies, the provisions of this article shall not remove the competence of those bodies to discipline and supervise the activity of the respective independent audit service providers and to apply, including to those auditors, the penalties provided for in the applicable legislation. (Included by Complementary Law No. 126 of 2007)

Article 112. A fine of up to Cr$ 20,000,000 (twenty million cruzeiros) shall be applied to persons who fail to obtain the legally mandatory insurance, without prejudice to other legal sanctions.

Article 112. To persons who fail to contract the legally mandatory insurance, without prejudice to other legal sanctions, a fine shall be applied:

(Text as amended by Complementary Law No. 126 of 2007)

I – twice the premium amount, when this is defined in the applicable legislation; (Included by Complementary Law No. 126 of 2007)

II – in other cases, the greater of 10 % (ten percent) of the insured amount or R$ 1,000.00 (one thousand reais). (Included by Complementary Law No. 126 of 2007)

Article 113. Natural or legal persons who carry out insurance, co‑insurance or re‑insurance operations without the proper authorization, in the country or abroad, shall be subject to a fine equal to the value of the insured or re‑insured amount.

Article 113. Natural or legal persons who carry out capitalization, insurance, co‑insurance or re‑insurance operations without the proper authorization are subject to the administrative penalties provided for in article 108, applied by the insurance supervisory authority, increased up to three times. (Text as amended by Law No. 13,195 of 2015)

Article 113. Natural or legal persons who carry out capitalization, insurance, co‑insurance, re‑insurance or mutual asset protection operations without the prior and express authorization of Susep are subject to the administrative penalties provided for in article 108 of this Decree‑Law, applied by the insurance supervisory authority, increased up to three times. (Text as amended by Complementary Law No. 213 of 2025) Effective

§ 1º If the penalty of fine is applied to a natural person, the legal person shall be jointly liable, with the right of recourse guaranteed, and the penalty may be cumulated with those listed in items I, II, III and V of the caput of article 108. (Included by Law No. 13,195 of 2015)

§ 2º The fine provided for in the caput shall be fixed based on the insured amount or another parameter to be defined by the insurance regulatory authority. (Included by Law No. 13,195 of 2015)

Article 114. Suspension of the exercise of the position and disqualification from direction or management of Insurance Companies shall apply when there is recurrence of the transgressions provided for in letters d, f, e, h of article 111. (Repealed by Complementary Law No. 126 of 2007)

Article 115. Suspension of authorization to operate in a specific insurance line shall be applied when poor technical or financial conduct of the respective businesses is verified.

Article 115. The penalty provided for in item V of the caput of article 108 of this Decree‑Law shall be applied when poor technical or financial conduct of the respective businesses is verified or when any of the following effects occur:

(Text as amended by Complementary Law No. 213 of 2025) Effective

I – causing damage to liquidity, solvency or soundness of the operating institutions of the supervised markets or assuming risk incompatible with the operations supervised by Susep; (Included by Complementary Law No. 213 of 2025) Effective

II – contributing to disorder in the markets supervised by Susep or affecting the stability or regular functioning of the National Private Insurance System, the National Capitalization System or the open complementary pension market; (Included by Complementary Law No. 213 of 2025) Effective

III – hindering the knowledge of the real patrimonial or financial situation of the operations or of the operating institutions supervised by Susep; or (Included by Complementary Law No. 213 of 2025) Effective

IV – severely affecting the purpose and continuity of activities or operations within the National Private Insurance System, the National Capitalization System or the open complementary pension market. (Included by Complementary Law No. 213 of 2025) Effective

Article 116. Partial or total loss of recovery and suspension of automatic coverage and retrocessions shall apply in the following cases: (Repealed by Law No. 9,932 of 1999)

(Repealed by Complementary Law No. 126 of 2007)

a) technical incapacity in conducting the business of the Insurance Company; (Repealed by Law No. 9,932 of 1999) (Repealed by Complementary Law No. 126 of 2007)

b) settlement of a claim without IRB authorization; (Repealed by Law No. 9,932 of 1999) (Repealed by Complementary Law No. 126 of 2007)

c) contracting insurance contrary to Susep regulations; (Repealed by Law No. 9,932 of 1999) (Repealed by Complementary Law No. 126 of 2007)

d) failure to settle debts of operations with IRB for more than sixty days; (Repealed by Law No. 9,932 of 1999) (Repealed by Complementary Law No. 126 of 2007)

e) omission of IRB as a necessary co‑plaintiff in cases where it bears responsibility for the claim; (Text as amended by Decree‑Law No. 296 of 1967) (Repealed by Law No. 9,932 of 1999) (Repealed by Complementary Law No. 126 of 2007)

f) failure to apply advances granted by IRB, in the form and within the term provided in article 66, paragraph 1 of this Decree‑Law; (Text as amended by Decree‑Law No. 296 of 1967) (Repealed by Law No. 9,932 of 1999) (Repealed by Complementary Law No. 126 of 2007)

g) recurrence of the prohibition of article 30 of this Decree‑law; (Repealed by Law No. 9,932 of 1999) (Repealed by Complementary Law No. 126 of 2007)

h) recurrence of the prohibition of article 84 of this Decree‑law; (Repealed by Law No. 9,932 of 1999) (Repealed by Complementary Law No. 126 of 2007)

i) recurrence of the prohibition of article 11, letter “a”, of this Decree‑law; (Repealed by Law No. 9,932 of 1999) (Repealed by Complementary Law No. 126 of 2007)

Article 117. The revocation of the patent letter shall occur in cases of infringement of articles 81 and 82, in the cases provided for in article 96 or recurrence of the prohibition established in letters “c” and “i” of article 111, all of this Decree‑Law.

Section II (Text as amended by Complementary Law No. 213 of 2025) Effective

Of the Administrative Sanction Process

Article 118. Infractions shall be investigated through an administrative process based on the report, representation or complaint indicating irregular facts, and the CNSP shall provide for their initiation, appeals and effects, instances, deadlines, prescription and other procedural acts.

Article 118. The administrative sanction process shall be instituted when indications of an infraction provided for in this Chapter or in other legal and regulatory norms supervised by Susep are verified. (Text as amended by Complementary Law No. 213 of 2025) Effective

§ 1º The administrative sanction process may be preceded by an administrative inquiry, which shall follow the procedure fixed by the CNSP, ensuring the secrecy necessary for fact clarification or required by public interest. (Included by Complementary Law No. 213 of 2025) Effective

§ 2º When public interest requires, Susep may, by reasoned decision, disclose the initiation of the investigative procedure referred to in § 1º of this article. (Included by Complementary Law No. 213 of 2025) Effective

§ 3º The initiation of the administrative sanction process shall occur by summons, which shall preferably be made electronically, or, if unsuccessful, by mail or public notice. (Included by Complementary Law No. 213 of 2025) Effective

§ 4º Acts and procedural terms shall be formalized, communicated and transmitted preferably electronically, observed the provisions of this Decree‑Law, regulations edited by the CNSP and specific legislation. (Included by Complementary Law No. 213 of 2025) Effective

§ 5º Natural and legal persons supervised by Susep shall keep their address, telephone and e‑mail address, as well as those of their attorney, when applicable, updated in the agency and shall monitor the progress of the process. (Included by Complementary Law No. 213 of 2025) Effective

§ 6º In investigating infractions, Susep may refrain from instituting an administrative sanction process if it considers the injury to the protected legal interest to be low, adopting, in that hypothesis, the supervisory measures it deems most effective, observed the principles of purpose, proportionality, reasonableness and efficiency. (Included by Complementary Law No. 213 of 2025) Effective

§ 7º For the application of § 6º of this article, the degree of injury to the protected legal interest shall be verified, in each concrete case, based on the nature, scope, gravity, relevance, duration and recurrence of the irregular conduct, as well as other criteria provided in CNSP regulation. (Included by Complementary Law No. 213 of 2025) Effective

§ 8º The CNSP shall establish guidelines, through regulation, for the application of the provisions of §§ 6º and 7º of this article. (Included by Complementary Law No. 213 of 2025) Effective

Article 119. Fines applied in accordance with this Chapter and the following shall be paid to the treasury of SUSEP.

Article 120. The monetary values of the penalties provided for in the preceding articles shall be subject to monetary correction by the CNSP.

Article 121. Upon proof of any criminal offense, SUSEP shall forward a copy of the process to the Public Prosecutor’s Office for legal purposes.

Section III (Included by Complementary Law No. 213 of 2025) Effective

Precautionary Measures

Article 121‑A. Before the initiation or during the course of the administrative sanction process referred to in article 118 of this Decree‑Law, when the requirements of plausibility of the allegations and risk of delay are present, Susep may, as a precaution:

I – determine the removal of administrators and members of the board of directors, the supervisory board, the audit committee or other bodies provided for in the statutes or articles of incorporation of the institutions operating the supervised markets; (Included by Complementary Law No. 213 of 2025) Effective

II – prevent the investigated party from acting, in their own name or as mandatary or representative, as administrator or member of the board of directors, supervisory board, audit committee or other bodies provided for in the statutes or articles of incorporation of the institutions operating the supervised markets; (Included by Complementary Law No. 213 of 2025) Effective

III – suspend the registration or authorization of operations, products and services; (Included by Complementary Law No. 213 of 2025) Effective

IV – suspend the accreditation, registration and authorization of natural and legal persons; (Included by Complementary Law No. 213 of 2025) Effective

V – impose on market participants, under threat of fine, restrictions or prohibitions on acts specified as harmful to the regular functioning of these markets, without prejudice to the application of the penalties provided for in article 108 of this Decree‑Law; (Included by Complementary Law No. 213 of 2025) Effective

VI – determine that the supervised entity replace the independent auditor or the firm responsible for accounting or actuarial audit; (Included by Complementary Law No. 213 of 2025) Effective

VII – determine, under threat of fine, the interruption of the functioning or activities, as the case may be, of persons conducting operations in the supervised markets without Susep authorization, without prejudice to the application of the provisions of articles 108 and 113 of this Decree‑Law; (Included by Complementary Law No. 213 of 2025) Effective

VIII – adopt any other precautionary measures deemed necessary to protect the legal interest protected by current legislation, according to guidelines to be set by the CNSP; (Included by Complementary Law No. 213 of 2025) Effective

IX – publish communications or recommendations to clarify or guide clients and institutions operating the supervised markets. (Included by Complementary Law No. 213 of 2025) Effective

§ 1º Provided that the administrative sanction process is instituted within 90 (ninety) days from the date of notification of the precautionary decision, the measures referred to in this article shall retain their effectiveness until the first‑instance decision begins to produce effects, and may be reviewed ex officio or at the request of the interested party if the circumstances that determined them cease. (Included by Complementary Law No. 213 of 2025) Effective

§ 2º If the administrative sanction process is not instituted within the period provided in § 1º of this article, the precautionary measures shall automatically lose their effectiveness and may not be reapplied unless the factual circumstances that determined them are modified. (Included by Complementary Law No. 213 of 2025) Effective

§ 3º The precautionary decision referred to in this article shall be subject to challenge under the terms regulated by the CNSP. (Included by Complementary Law No. 213 of 2025) Effective

Section IV (Included by Complementary Law No. 213 of 2025) Effective

Of the Commitment Term

Article 121‑B. Susep, after a judgment of convenience and opportunity, duly reasoned, with a view to serving the public interest, may refrain from instituting or may suspend, at any stage preceding the first‑instance decision, the administrative sanction process intended to investigate the infraction provided for in this Chapter or in other legal and regulatory norms under its supervision if the investigated party signs a commitment term in which it undertakes, cumulatively:

I – to cease the investigated practice or its harmful effects; (Included by Complementary Law No. 213 of 2025) Effective

II – to correct the identified irregularities and compensate the damages; and (Included by Complementary Law No. 213 of 2025) Effective

III – to fulfill any other conditions agreed upon in the concrete case, with mandatory payment of a pecuniary contribution. (Included by Complementary Law No. 213 of 2025) Effective

§ 1º The commitment‑term proposal shall be confidential, and its submission shall not suspend the progress of the administrative sanction process. (Included by Complementary Law No. 213 of 2025) Effective

§ 2º If the administrative sanction process is already instituted, the suspension shall apply only to the accused who signed the commitment term. (Included by Complementary Law No. 213 of 2025) Effective

§ 3º Susep’s decision on the signing of the commitment term, pursuant to this article, shall be taken by the collegial body provided for in its internal regulations. (Included by Complementary Law No. 213 of 2025) Effective

Article 121‑C. The commitment term referred to in this Section:

I – shall not constitute a confession regarding the factual matter, nor an acknowledgment of the illicit nature of the conduct analyzed; (Included by Complementary Law No. 213 of 2025) Effective

II – may provide a penalty clause for total or partial non‑performance of the committed obligations, for debtor delay or for a special guarantee of a specific clause; (Included by Complementary Law No. 213 of 2025) Effective

III – shall constitute an extrajudicial enforceable title. (Included by Complementary Law No. 213 of 2025) Effective

Article 121‑D. The commitment term shall be published, in a clear and sufficient manner for understanding its clauses, on Susep’s website, within 5 (five) days from its signing. (Included by Complementary Law No. 213 of 2025) Effective

§ 1º The provisions of this Chapter shall not prejudice Susep’s legal duty to communicate:

I – to the Public Prosecutor’s Office when there are indications of a crime defined by law as a public action; and (Included by Complementary Law No. 213 of 2025) Effective

II – to other competent public bodies when indications of an infringing act in an area subject to their supervision are verified. (Included by Complementary Law No. 213 of 2025) Effective

§ 2º The Federal Public Prosecutor’s Office, in the exercise of its legal powers, may request from Susep information or access to its databases concerning the commitment terms concluded by Susep. (Included by Complementary Law No. 213 of 2025) Effective

Article 121‑E. During the term of the commitment, the prescription periods referred to in Law No. 9,873 of 23 November 1999 shall be suspended, and the administrative procedure or process shall be archived if all conditions established therein are fulfilled. (Included by Complementary Law No. 213 of 2025) Effective

§ 1º Compliance with the conditions of the commitment term shall generate effects exclusively within Susep’s competence. (Included by Complementary Law No. 213 of 2025) Effective

§ 2º In the event of non‑compliance with the commitment term, Susep shall adopt the necessary administrative and judicial measures to enforce the assumed obligations and shall determine the initiation or continuation of the administrative sanction process, in order to continue investigating the infractions and applying the applicable sanctions. (Included by Complementary Law No. 213 of 2025) Effective

CHAPTER X Insurance Brokers

CHAPTER XI Insurance Brokers (Renumbered by Decree‑Law No. 296 of 1967)

Article 122. The insurance broker, natural or legal person, is the legally authorized intermediary to solicit and promote insurance contracts between Insurance Companies and natural or legal persons of private law. (Repealed by Provisional Measure No. 905 of 2019) (Repealed by Provisional Measure No. 955 of 2020)

Article 122. The insurance broker, natural or legal person, is the legally authorized intermediary to solicit and promote insurance contracts concluded between societies authorized to operate private insurance and natural or legal persons of private law. (Text as amended by Complementary Law No. 213 of 2025)

Single paragraph. The insurance broker, natural or legal person, may also act as intermediary to solicit and promote contracts for participation in a group of mutual asset protection. (Included by Complementary Law No. 213 of 2025)

Article 123. The practice of the profession of insurance broker depends on prior qualification and registration.

Decree-Law No. 73 of 21 November 1966 — National Private Insurance System; regulates insurance and reinsurance operations

(Repealed by Provisional Measure No. 905, 2019)

(Repealed by Provisional Measure No. 955, 2020)

§ 1 Qualification shall be made before SUSEP, through proof of technical‑professional capacity, in the manner prescribed by the instructions issued by the CNSP.

(Repealed by Provisional Measure No. 905, 2019)

(Repealed by Provisional Measure No. 955, 2020)

§ 2 The insurance broker may have representatives of his free choice and shall designate, among them, the one who will substitute him.

(Repealed by Provisional Measure No. 905, 2019)

(Repealed by Provisional Measure No. 955, 2020)

§ 3 Brokers and representatives shall be registered with SUSEP, in compliance with the requirements established by the CNSP.

(Repealed by Provisional Measure No. 905, 2019)

(Repealed by Provisional Measure No. 955, 2020)

Article 123

The practice of the insurance broker profession depends on prior qualification and registration.

§ 1 Qualification shall be made before SUSEP, through proof of technical‑professional capacity, in the manner prescribed by the instructions issued by the CNSP.

§ 2 The insurance broker may have representatives of his free choice and shall designate, among them, the one who will substitute him.

§ 3 Brokers and representatives shall be registered with SUSEP, in compliance with the requirements established by the CNSP.

Article 123 (Amended by Law No. 14,430, 2022)

The practice of the insurance broker profession depends on prior qualification and registration by the self‑regulatory entities of insurance brokerage or by SUSEP, as defined by the CNSP.

§ 1 (Repealed).

§ 2 (Repealed).

§ 3 (Repealed).

Article 124

Brokerage commissions may only be paid to a duly qualified insurance broker.

(Repealed by Provisional Measure No. 905, 2019)

(Repealed by Provisional Measure No. 955, 2020)

Article 124 (Amended by Law No. 14,430, 2022)

Brokerage commissions may only be paid to a duly qualified insurance broker and must be disclosed to the insured when requested.

Article 125

It is prohibited for brokers and their representatives:

a) to accept or hold employment with a public law legal entity;
b) to maintain an employment or management relationship with an Insurance Company.

Sole paragraph. The prohibitions of this article also apply to the partners and directors of brokerage firms.

(Repealed by Provisional Measure No. 905, 2019)

(Repealed by Provisional Measure No. 955, 2020)

Article 125 (Amended by Complementary Law No. 213, 2025)

It is prohibited for the broker and any of his representatives:

I – to accept or hold employment with a public law legal entity, including a para‑state entity;

II – to maintain an employment relationship or be an administrator of insurance companies, insurance cooperative societies, administrators of mutual patrimonial protection operations, or associations linked to those groups.

Sole paragraph. The prohibitions provided for in this article extend to the partners and directors of a corporate insurance broker.

Article 126

The insurance broker shall be civilly liable to the insured and to the Insurance Companies for damages caused by omission, lack of skill, or negligence in the exercise of the profession.

Article 127

Professional responsibility before SUSEP shall belong to the broker who fails to comply with the laws, regulations and resolutions in force, or who causes intentional or culpable damage to the Insurance Companies or to the insured.

(Repealed by Provisional Measure No. 905, 2019)

(Repealed by Provisional Measure No. 955, 2020)

Article 127 (Amended by Law No. 14,430, 2022)

Professional responsibility before SUSEP or before the self‑regulatory entities of the brokerage market, as defined by the CNSP, shall belong to the broker who fails to comply with the laws, regulations and resolutions in force, or who causes intentional or culpable damage to the insurance companies or to the insured.

Article 127‑A (Included by Complementary Law No. 137, 2010)

Self‑regulatory entities of the brokerage market shall have administrative, financial and patrimonial autonomy, operating under the supervision of the Superintendence of Private Insurance (SUSEP), and the provisions of article 108 of this Decree‑Law shall also apply to them.

Sole paragraph. It is incumbent upon the self‑regulatory entities of the brokerage market, as auxiliary bodies of SUSEP, to supervise their respective members and the brokerage operations they carry out.

Article 128

The insurance broker shall be subject to the following penalties:

a) fine;
b) temporary suspension of the practice of the profession;
c) cancellation of registration.

Sole paragraph. Penalties shall be applied by SUSEP, in regular process, in the manner provided for in article 118 of this Law.

Sole paragraph. Penalties shall be applied by SUSEP, in regular process, in the manner provided for in article 119 of this Law. (Amended by Decree‑Law No. 296, 1967) (Repealed by Provisional Measure No. 905, 2019) (Repealed by Provisional Measure No. 955, 2020)

Article 128 (Amended by Law No. 14,430, 2022)

The insurance broker shall be subject to the following penalties:

a) (repealed);
b) (repealed);
c) (repealed);

I – warning;

II – fine provided for in item IV of the caput of article 108 of this Law;

III – temporary suspension of the practice of the profession;

IV – cancellation of registration.

Sole paragraph. Penalties shall be applied by SUSEP or by the self‑regulatory entities of the brokerage market, in regular process, in the manner defined by the CNSP.

Article 128‑A (Included by Law No. 14,430, 2022)

Insurance brokers who do not voluntarily associate or affiliate with a self‑regulatory entity of the brokerage market shall be supervised by SUSEP.

CHAPTER XI General and Transitional Provisions

CHAPTER XII General and Transitional Provisions (Renumbered by Decree‑Law No. 296, 1967)

SECTION I Health Insurance

Article 129

Health Insurance is instituted to provide coverage for medical and hospital assistance risks.

Article 130

The guarantee of Health Insurance shall consist of a cash payment, made by the Insurance Company, to the natural or legal person providing medical‑hospital assistance to the insured.

§ 1 Coverage of Health Insurance shall be subject to a deductible regime, according to criteria set by the CNSP.

§ 2 Free choice of doctor and hospital is a mandatory condition in the contracts referred to in the preceding article.

Article 131

For the purposes of article 130 of this Decree‑Law, the CNSP shall establish tables of medical‑hospital fees and shall set mandatory participation percentages of the insured in claims.

§ 1 In preparing the tables, the CNSP shall consider the regional average of fees and the average income of patients, including the possibility of voluntary expansion of coverage by premium addition.

§ 2 In setting participation percentages, the CNSP shall take into account the wage indices of the insured and their family burdens.

Article 132

Payment of expenses covered by Health Insurance shall depend on the presentation of medical and hospital documentation that enables identification of the claim.

(Amended by Decree‑Law No. 296, 1967)

Article 133

It is prohibited for Insurance Companies to combine financial assistance with medical‑hospital assistance.

Article 134

Civil or commercial societies that, on the date of this Decree‑Law, have sold health titles, contracts, health guarantees, health security, health benefits, health bonds or insurance under any other denomination for medical, pharmaceutical and hospital care, in whole or in part, are prohibited from carrying out new transactions of the same kind, without prejudice to the provisions of article 135, paragraph 1.

§ 1 Civil and commercial societies that fall under the provisions of this article may continue providing the services referred to exclusively to the natural or legal persons with whom they have contracted prior to the promulgation of this Decree‑Law, with a bilateral option under the Health Insurance regime.

§ 2 In the case of the option provided for in the preceding paragraph, the legal persons providing medical, pharmaceutical and hospital assistance shall be responsible for the Health Insurance contribution due from the opting natural persons.

§ 3 Beneficent societies that are operating on the date of the promulgation of this Decree‑Law are excluded from the obligations set out in this article and may choose the Health Insurance regime at any time.

Article 135

Non‑profit entities organized by medical and paramedical professionals or by hospital establishments, aiming to institutionalize their activities for social medicine and to improve the technical and economic conditions of assistance services, either individually or in association, may operate their own pre‑payment systems for medical and/or hospital services, subject to the provisions of the Regulation of this Law, the resolutions of the CNSP and the supervision of the competent bodies.

SECTION II

Article 136

The National Department of Private Insurance and Capitalization (DNSPC) of the Ministry of Industry and Commerce is extinguished, and its archive and documentation shall be transferred to the Superintendence of Private Insurance (SUSEP).

§ 1 Until SUSEP becomes operational, the powers conferred on it by this Decree‑Law shall continue to be performed by DNSPC.

§ 2 In the Personnel Framework of the Ministry of Industry and Commerce, the commissioned position of Director‑General of the National Department of Private Insurance and Capitalization, symbol 2‑C, and eight (8) commissioned positions of Regional Insurance Delegate, symbol 5‑C, are extinguished.

§ 3 While the Personnel Framework of SUSEP has not been approved, the holders of the positions referred to in the previous paragraph shall continue to exercise their functions, without prejudice to their salaries and benefits.

(Amended by Decree‑Law No. 168, 1967) Effective

Article 137

Employees currently serving at DNSPC shall continue to be part of the Personnel Framework of the Ministry of Industry and Commerce, observed, for allocation purposes, service needs, and subject to the right of option of Insurance Inspectors in accordance with the sole paragraph of article 140.

(Amended by Decree‑Law No. 168, 1967) Effective

Article 138

SUSEP may requisition servers of the centralized or decentralized public administration without prejudice to salaries, rights, bonuses and benefits.

(Amended by Decree‑Law No. 168, 1967) Effective

Article 139

After the approval of SUSEP’s personnel framework, requisitioned servers shall be guaranteed the right of option within 90 days, under the autarchy’s personnel regime or return to the originating body.

Sole paragraph. The provisions of this article apply to the current holders of insurance inspector positions.

(Amended by Decree‑Law No. 168, 1967) Effective

Article 140

The appropriations earmarked in the Union Budget for the fiscal year 1967, charged to DNSPC, shall be transferred to SUSEP, excluding those related to salaries and benefits of permanent personnel.

Article 141

The National Agricultural Insurance Company is dissolved, and the Ministry of Agriculture shall be responsible for its liquidation and the allocation of its personnel.

Article 142

The following are incorporated into the Rural Insurance Stability Fund:

a) Agricultural Insurance Stability Fund, referred to in article 8 of Law 2,168, of 11 January 1964;
a) Agricultural Insurance Stability Fund, referred to in article 3 of Law 2,168, of 11 January 1954; (Amended by Decree‑Law No. 296, 1967)
b) The Stabilization Fund provided for in article 3 of Law No. 4,430, of 20 October 1964.

Article 143

Public authorities operating in private insurance shall align their activities with the regime of this Decree‑Law within one hundred and eighty days, being authorized to constitute the necessary corporation or cooperative.

§ 1 Class Associations, Beneficence and Mutual Aid societies, and mutual funds that establish pensions or endowments and are currently operating, are excluded from the regime established in this Decree‑Law, although the CNSP may supervise them if and when deemed convenient.

§ 2 Foreign Insurance Companies operating in the country shall adapt their organizations to the new legal requirements within the period established by this article and under the conditions determined by the CNSP.

(Amended by Decree‑Law No. 296, 1967)

Article 144

The CNSP shall propose to the Executive Power, within one hundred and eighty days, the regulatory norms for the compulsory insurances provided for in article 20 of this Decree‑Law.

(Amended by Decree‑Law No. 296, 1967)

Article 145

Until the installation of the CNSP and SUSEP, the jurisdiction and competence of DNSPC shall be maintained, preserving in force the legal and regulatory provisions, including those issued by the IRB, insofar as applicable.

Article 146

The Executive Power is authorized to open a special credit of Cr$ 500,000,000 (five hundred million cruzeiros) for the fiscal year 1967, destined for the installation of the CNSP and SUSEP.

Article 147

The supervision of the financial and administrative management of the Companies that operate in capitalization passes to the jurisdiction of the Central Bank of the Republic of Brazil.

(Repealed by Decree‑Law No. 261, 1967)

Article 148

Resolutions of the National Council of Private Insurance shall take effect immediately and shall be published in the Official Gazette of the Union.

Article 149

The Executive Power shall regulate this Decree‑Law within 120 (one hundred and twenty) days, with an identical period for the approval of the SUSEP Regulation and the IRB Statutes.

(Amended by Decree‑Law No. 168, 1967) Effective

Article 150

Compulsory liquidation of Capitalization Companies provided for in articles 24 and following of Decree No. 22,456, of 10 February 1933, shall be carried out by a liquidator invested with all powers contained in article 32 of the mentioned Decree and appointed and dismissed at the discretion of the Minister of Finance.

(Repealed by Decree‑Law No. 261, 1967)

Article 151

For the purpose of the preceding article, the positions and functions of Federal Government Delegate and liquidator designated by the company, referred to in articles 24 and 25 of Decree No. 22,456, of 10 February 1933, are suppressed, except for liquidations decreed up to December 1965.

Article 152

Work‑accident risk continues to be governed by specific legislation, and shall be the subject of new legislation within 90 days.

Article 153

This Decree‑Law shall enter into force on the date of its publication, expressly revoking all provisions of laws, decrees and regulations that provide otherwise.

Brasília, 21 November 1966; 145th of Independence and 78th of the Republic.

H. CASTELLO BRANCO

Eduardo Lopes Rodrigues

Severo Fagundes Gomes

L. G. do Nascimento e Silva

Raymundo de Britto

Paulo Egydio Martins

Roberto Campos

This text does not replace the one published in the Official Gazette on 22.11.1966

Decree-Law No. 73, of 21 November 1966 – National Private Insurance System; regulates insurance and reinsurance operations

Presidency of the Republic

Civil House

Undersecretariat for Legal Affairs

CHAPTER I – Introduction

CHAPTER II – The National Private Insurance System

CHAPTER III – Special Provisions Applicable to the System

Decree-Law No. 73 of 21 November 1966 — National Private Insurance System; regulates insurance and reinsurance operations

SECTION III Personnel

SECTION IV Operations

SECTION V Claims Settlements

SECTION VI Balance Sheet and Profit Distribution

CHAPTER VII Insurance Companies

SECTION I Applicable Legislation

SECTION II Authorization for Operation

SECTION III Operations of Insurance Companies

CHAPTER VII‑A

ON INSURANCE COOPERATIVE COMPANIES

Article 88‑C

§ 1

§ 2

§ 3

§ 4

§ 5

§ 6

CHAPTER VII‑B

OF MUTUALIST PROPERTY PROTECTION

Section I – General Provisions

Article 88‑D

§ 1

§ 2

§ 3

Section II – The Mutualist Property Protection Group

Article 88‑E

§ 1

§ 2

§ 3

§ 4

§ 5

Article 88‑F

§ 1

§ 2

§ 3

§ 4

§ 5

§ 6

Article 88‑G

§ 1

§ 2

§ 3

§ 4

§ 5

§ 6

§ 7

Section III – Administrator of Mutualist Property Protection Operations

Article 88‑H

§ 1

§ 2

§ 3

Article 88‑I

Article 88‑J

Sole Paragraph

Article 88‑K

Article 88‑L

Sole Paragraph

Article 88‑M

Section IV – Participation Contract in a Mutualist Property Protection Group

Article 88‑N

§ 1

§ 2

§ 3

CHAPTER VII‑C

COMMON PROVISIONS APPLICABLE TO OPERATING INSTITUTIONS

Article 88‑O

Sole Paragraph

Article 88‑P

§ 1

§ 2

CHAPTER VII – Special Supervision Regime

CHAPTER VIII – Special Supervision Regime (Renumbered by Decree‑Law No. 296, of 1967)

CHAPTER VIII – Special Supervision Regime (Renumbered by Decree‑Law No. 296, of 1967)