New rules published for Brazil's Open Insurance programme adjustments

Published in Brazil’s Diário Oficial da União on 28 November 2024, the newly issued CNSP Resolutions No. 474/2024 and No. 475/2024, along with Susep Circulars No. 706/2024 and No. 707/2024, aim to recalibrate the programme for the benefit of the entire ecosystem.

The updated regulations have two primary objectives:

• Extended implementation deadlines: the Phase 3 - Block 6 services have extended deadlines. These services cover insurance plans across all branches of group policies, microinsurance, open supplementary pension plans, and capitalisation products.

• Changes for SPOCs: adjustments have been made to the roles and participation of Customer Order Processing Societies (SPOCs) within the Open Insurance framework.

The Superintendent of Susep emphasised the agency’s commitment to rebalancing and fine-tuning the programme, aiming to address challenges and support all stakeholders in the Open Insurance ecosystem. He stated that throughout the journey, the organisation encountered numerous challenges that were unknown at the programme's inception. Susep’s ultimate goal is always the greater public good – consumer satisfaction. He also highlighted the public administration’s mission to adopt new technologies that upgrade both public and market outcomes.

The Open Insurance programme

The Open Insurance initiative is part of Brazil’s broader strategy to modernise its financial and insurance sectors, aligning with global Open Finance trends. By promoting transparency and customer-centric innovation, Open Insurance seeks to empower consumers with more control over their data and facilitate the development of competitive, technology-driven solutions.

These latest adjustments reflect Susep’s commitment to adapting and improving the programme as it evolves, ensuring it remains beneficial to consumers, insurers, and market participants alike.

In October 2024, Susep announced that the Open Insurance system in Brazil processed around 16.5 million transactions between September 2023 and September 2024.