Resolution CMN No. 3811 — Dispenses on the insurance coverage provided for in Article 2 of Provisional Measure No. 2.197-43, of August 24, 2001, as amended by Law No. 11.977, of July 7, 2009

RESOLUTION NO. 003811

Dispenses on the insurance coverage provided for in Article 2 of Provisional Measure No. 2.197-43, of August 24, 2001, as amended by Law No. 11.977, of July 7, 2009.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4.595, of December 31, 1964, makes public that the National Monetary Council, in an extraordinary session held on November 18 and 19, 2009, based on item IX of Article 4 of Law No. 4.595, of 1964, Article 7 of Decree-Law No. 2.291, of November 21, 1986, and Section 2 of Article 2 of Provisional Measure No. 2.197-43, of August 24, 2001, as amended by Law No. 11.977, of July 7, 2009,

RESOLVES:

Article 1. Institutions integrated into the Housing Financial System (SFH) shall only grant housing financing with insurance coverage that provides, at a minimum, coverage for the risks of death and permanent disability of the borrower and physical damage to the property.

Article 2. Each institution integrated into the SFH shall, in the capacity of policyholder and direct beneficiary of the insurance, enter into, at a minimum, two collective policies linked to its financing contracts, with different insurers authorized to operate housing insurance, observed that:

I - the coverages cited in Article 1 are provided for and the specific conditions established by the National Council of Private Insurance (CNSP) are observed;

II - the validity period extends for the amortization period of the financing contract;

III - at least one of the insurers is not a controlled or affiliated company nor belongs to the same economic-financial conglomerate as the policyholder.

Section 1. If the financing applicant does not wish to adhere to one of the policies cited in the main text, the institution integrated into the SFH must accept an individual policy contracted by the applicant with another insurance company authorized to operate insurance, provided that:

I - the coverages cited in Article 1 are provided for and the specific conditions established by the CNSP are observed;

II - the institution integrated into the SFH appears as the direct beneficiary;

III - the validity period extends for the amortization period of the financing contract.

Section 2. In the case of Section 1 of this article, the institution integrated into the SFH must analyze the individual insurance proposal accepted by the insurance company, within fifteen days from its presentation by the applicant for housing financing, to evaluate compliance with current regulations, including the provisions of this resolution, with the possibility, in this case, of charging a fee for the purpose of allowing reimbursement of costs related to the respective analysis, provided that the value does not exceed R$100.00 (one hundred reais).

Article 3. From the entry into force of this resolution, the institution integrated into the SFH must include in the housing financing contracts, in the form of an annex, a declaration that:

I - proves that more than one option of insurance policies from different insurance companies was offered and that there was explicit adherence by the borrower to one of the collective policies or, if applicable, to an individual policy;

II - informs the effective cost of housing insurance, in the manner to be defined by the CNSP.

Article 4. Regardless of the policy used, the institution integrated into the SFH shall charge the insurance premium together with the other items of the monthly charge of the financing.

Sole Paragraph. The value of the insurance premium must be itemized in the payment slip or the charging instrument.

Article 5. In the case of opting for an individual policy, in the event of assignment of credit, regarding each financing operation subject to the assignment, the assigning institution must formalize the change of beneficiary status in favor of the assignee institution.

Sole Paragraph. In the case of a collective policy, the assignment of credit presupposes communication to the insurance company of the cancellation of adherence and the contracting or adherence to the new insurance coverage, even if with the same insurer.

Article 6. The institution integrated into the SFH must accept the change of policy, by the borrower's option, during the course of the housing financing contract, provided that:

I - the validity period of the new policy extends for the remaining period of the contract;

II - the premium to be paid over the remaining period of the financing does not burden the borrower's payment capacity for the other installments of the monthly charges due;

III - the coverages cited in Article 1 are provided for and the conditions established by the CNSP are observed;

IV - the institution integrated into the SFH appears as the direct beneficiary.

Section 1. The institution integrated into the SFH may refuse the policy change, provided it presents another policy, individual or collective, with an effective cost of housing insurance not higher than that of the refused policy.

Section 2. The new adherence to the collective policy or the new individual policy linked to the financing will become effective from the third installment due after the request for alteration made by the acquirer to the institution integrated into the SFH.

Section 3. In the case of alteration of the policy linked to housing financing by the borrower's adherence to the individual policy, the provisions of Article 2, Section 2, apply.

Section 4. In the case where the borrower proposes the exchange of the policy linked to housing financing adhering to another collective policy among those made available by the institution integrated into the SFH, this institution may not charge the fee referred to in Article 2, Section 2.

Article 7. It is prohibited for institutions integrated into the SFH to operate, in the capacity of policyholder or direct beneficiary of insurance, with insurance companies that do not present a regularity certificate issued by Susep at the time of contracting the housing financing or still at the time of the borrower's request to change the policy during the validity of the contract.

Article 8. Item IV is included in Section 1 of Article 16 of the Regulation attached to Resolution No. 3.347, of February 8, 2006, as amended by Resolutions Nos. 3.410, of November 27, 2006, and 3.706, of March 26, 2009, which shall now be effective with the following wording:

"Article 16.............................................
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Section 1............................................
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IV - the value of the fee eventually charged to the borrower of a real estate financing contract or to the applicant for housing financing, with the objective of reimbursing costs related to the analysis of an individual housing insurance proposal, limited to R$100.00 (one hundred reais).

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Article 9. This resolution enters into force 90 days after the date of its publication.

Brasília, November 19, 2009.

Henrique de Campos Meirelles
President