Circular No. 662, which entered into force on 1 January, updates the rules for obtaining and maintaining sureties. Part of the insurance segment, which has grown over the past year, the mode requires attention, according to specialist
The Superintendency of Private Insurance (Susep), the body that regulates the sector, published on 11 April 2022 the Circular no. 662 replacing Circular No. 477, with new rules that must be observed for the negotiation of surety insurance, as well as its modalities and aspects such as transparency and flexibility.
To get an idea of the scope of the segment, Susep’s monthly summary, covering November of last year, inform that the sector raised R$ 321.05 billion, raised R$ 321.05 billion, a growth of 16.6% compared to 2021.
Guilherme Silveira, executive director of Geneva Corretora de Seguros, believes that the changes will benefit policyholders: “The entry into force of circular nº 662 brings a number of benefits to policyholders and policyholders. I emphasize the end of standardized clauses, with greater flexibility in the terms of the policies insurance guaranteeFor him, “this will enable the creation of insurance products, which were not possible before”.
Also in relation to Circular No. 662, Susep communicated that the update was necessary, taking into account all the technological innovations and the importance of updating the contractual and risk management flexibility, essential for the current scenario of the surety insurance. The previous text dates from 2012.
Silveira also considers another novelty: from the consumer’s point of view, the end of standardized clauses, on the one hand, makes it possible to stipulate insurance policies whose coverage is clearer and more personalized for the risk to be insured. But, on the other hand, it requires more caution, as there may be differences between the coverages offered by different insurers.
Finally, Geneva Executive Director Corretora de Seguros comments on the challenge of understanding and complying with the new rules. “As it was an important change, the adaptation to the Circular required the insurers to race against time, so that, from January 1st, all the problems started to occur in accordance with the new circular. It is a painstaking job . which requires a lot of attention to detail.”
As Silveira pointed out, it is important to underline that contracts concluded from 1 January this year cannot contain clauses contrary to the new legislation.
To avoid problems in the future, the professional recommends that insurers and policyholders are aware of them.
For more information just go to https://www.genebraseguros.com.br/
Website: http://www.genebraseguros.com.br
Source: Terra
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