By Natan Levy
Proposals being worked on to transform local regulator Susep into the national insurance commission have been welcomed by the CFO of Maritima Seguros as a significant development in the Brazilian insurance market.
The proposal being developed by Susep is expected to be submitted to the finance ministry at the end of March and is set to see the new regulatory body assume greater powers for market intervention along with greater independence.
In comments to BNamericas, Milton Bellizia Filho, CFO of Maritima Seguros, noted that the new development allows the NIC to overcome Susep’s anachronistic structure.
“The market has been growing in the recent years at double-digit rates, which may represent 6% share of the Brazilian GDP in the next three years. With an economic dynamism of this magnitude, it is necessary to have a regulatory body more structured, professional and modern, to create the necessary and sufficient conditions to ensure a safe market growth, thus affording benefits for all market players, particularly to the policyholders,” said Bellizia Filho.
Furthermore, Bellizia Filho called for the NIC to be established as an independent body “based on meritocracy and adequate technical knowledge, free of political influence on an issue as sensitive and important.”
“Under these circumstances, the National Insurance Commission may act with more flexibility, responsiveness and representation in the market, having a more active legal support, to provide the insurance market and the society the necessary tranquility,” added Bellizia Filho.