The new large risks insurance regulation will provide greater negotiation freedom to the market by ending the need to register information with Susep. This will ensure greater flexibility for insurance companies and will stimulate innovation.
Based on the nature of different types of insurance, the norm defines as large risks: oil risks, specified and all risks, banking, aeronautical, maritime and nuclear risks. Susep also included the internal credit and export credit risks group when the insured are corporate entities.
The other lines of damage liability insurance may be classified as high risk contracts when the maximum guaranteed limit (LMG) exceeds R$15,000,000.00 (fifteen million reais); or when, in the preceding financial year, the contractor recorded total assets in excess of R$27,000,000.00 (twenty-seven million reais) or gross annual revenue in excess of R$57,000,000.00 (fifty-seven million reais).
As a result, the new norm promotes streamlined procedures for insurance company operations, thereby reducing bureaucracy in the sector and stimulating a more agile process of contracting policies.
