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AIA welcomes Brazil’s relaxation of intra-group & local reinsurance cession restrictions

03/11/2015 em Notícias
The association has been engaged on encouraging Brazil to roll back these restrictions since 2011
The American Insurance Association (AIA) welcomed the Brazilian government’s issuance of CNSP Resolution 322 that will ease intra-group and “local” reinsurance cession restrictions between 2017 and 2020. Under the new directive, the ceiling for intra-group transfer, currently 20 percent, will increase annually to 75 percent in January 2020. In addition, a mandatory cession to “local” reinsurers, currently 40 percent, will decrease annually to 15 percent in January 2020.

“AIA and our members are pleased that Brazil has made the important decision to ease restrictions on intra-group reinsurance cessions and requirements for mandatory local cessions,” said Steve Simchak, AIA’s director of international affairs. “Clearly, Brazil’s government recognized that these limits were not in the best interests of the nation’s economy, and we applaud the Brazilian government for this decision.”

In coordination with the global insurance industry, AIA has been engaged on encouraging Brazil to roll back these restrictions since they came into force in 2011.

“This is a big step forward in bringing Brazil’s reinsurance regulatory system in line with international best practices and will encourage greater risk mitigation in Brazil. We hope that the consultative group created by this directive will consider faster implementation,” added Simchak. “The restrictions have limited the ability of international insurers to bring global reinsurance capacity to Brazil. Brazil’s economy has a vast and growing need for insurance and reinsurance not only to support huge new infrastructure projects and energy exploration, but also to mitigate the risks posed by natural catastrophes. We hope that, in time, all such restrictions will be eliminated entirely.”



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