International Monetary FundWorld Bank2013-10-012013-10-012012-06https://hdl.handle.net/10986/15974This report is a full assessment of Brazil's compliance with the Insurance Core Principles (ICPs) of the International Association of Insurance Supervisors (IAIS), as adopted in October 2011. Regulation and supervision of the insurance industry in Brazil is largely the responsibility of the National Council for Private Insurance (CNSP) and the Superintendency of Private Insurance (SUSEP). The assessment is based solely on the laws, regulations, and other supervisory requirements and practices that were in place at the time of assessment. Brazil is one of the first jurisdictions to be assessed under the 2011 version of the ICPs. In the last few years the insurance industry experienced an explosive growth doubling the premium between 2005 and 2010 however, growth potential remains significant. Investments by the insurance sector are conservative and short term, primarily comprising fixed income instruments. Currently around 88 percent of the insurance business is sold by around 70 thousand active brokers, but the supervision and disclosure requirements are thin.en-USCC BY 3.0 IGOACCESS TO INSURANCEACCOUNTINGACTUARIESANNUITYAUDITORSAUDITSBALANCE SHEETBANK DEPOSITSBANKRUPTCYBENEFICIARIESBENEFICIARYBROKERBROKERSBUDGET CONSTRAINTSCAPITAL ADEQUACYCAPITAL MARKETSCAPITAL REQUIREMENTSCAPITALIZATIONCEDANTSCENTRAL BANKCIVIL CODECIVIL LAWCODE OF CONDUCTCOLLATERALCOLLATERALSCOMMISSIONSCONFIDENTIALITYCONFLICT OF INTERESTCONFLICT OF INTERESTSCONSUMER EDUCATIONCONSUMER PROTECTIONCONSUMERSCONTRACTUAL RIGHTSCORPORATE GOVERNANCECORPORATE GOVERNANCE REGIMECREDIT AVAILABILITYCREDIT EXPANSIONCREDIT EXPOSURESCREDIT RISKCREDIT RISKSCROSS-BORDER COOPERATIONCURRENCYCURRENCY MATCHINGDISCLOSURE REQUIREMENTSDOMESTIC MARKETEXPOSUREFINANCIAL INFORMATIONFINANCIAL REPORTINGFINANCIAL SECTORFINANCIAL STABILITYFINANCIAL SYSTEMFIXED INCOMEFIXED INCOME INVESTMENTFIXED INCOME INVESTMENTSFOREIGN CURRENCYFOREIGN EXCHANGEFOREIGN FIRMSFOREIGN INSURERSFOREIGN INVESTMENTFOREIGN INVESTMENTSFRAUDGOVERNMENT BONDSGOVERNMENT POLICIESGROSS DOMESTIC PRODUCTHEALTH INSURANCEHOLDINGINCOME INSTRUMENTSINFORMATION DISCLOSUREINFORMATION SHARINGINSOLVENT INSURERSINSPECTIONSINSTRUMENTINSURANCEINSURANCE ACTIVITIESINSURANCE ACTIVITYINSURANCE BROKERSINSURANCE COMPANIESINSURANCE FRAUDINSURANCE INDUSTRYINSURANCE LAWINSURANCE MARKETINSURANCE PENETRATIONINSURANCE POLICIESINSURANCE POLICYINSURANCE PREMIUMINSURANCE PREMIUMSINSURANCE PRODUCTINSURANCE PRODUCTSINSURANCE SUPERVISIONINSURANCE SUPERVISORSINSURANCESINSURERINTANGIBLEINTANGIBLE ASSETSINTEGRITYINTERNAL AUDITINTERNAL CONTROLSINTERNATIONAL BANKINTERNATIONAL INSURANCEINTERNATIONAL MARKETINTERNATIONAL STANDARDSINVESTMENT FUNDSINVESTMENT INCOMEINVESTMENT INSTRUMENTSINVESTMENT POLICYINVESTMENT REQUIREMENTSINVESTMENT STRATEGIESJOINT VENTUREJOINT VENTURESJUDICIAL SYSTEMJURISDICTIONJURISDICTIONSLAWSLEGAL FRAMEWORKLEGAL PROTECTIONLEGAL PROVISIONSLEGAL SYSTEMLIABILITYLIBERALIZATIONLIENLIFE INSURANCELIFE INSURERSLIQUIDATIONLIQUIDITYLONG TERM ASSETSLONG TERM LIABILITIESLONG TERM SAVINGLONG TERM SAVINGSMARKET DATAMARKET DEVELOPMENTMARKET DEVELOPMENTSMARKET DOMINANCEMARKET PARTICIPANTSMARKET SHAREMARKET STRUCTUREMICROINSURANCEMONETARY FUNDMONEY LAUNDERINGMORTGAGEMORTGAGESMOTOR INSURANCENON-LIFE INSURANCEOPERATIONAL INDEPENDENCEOPERATIONAL RISKPENSIONPENSION FUNDPENSION FUNDSPENSION PLANSPENSIONSPOLICYHOLDERSPORTFOLIOPOTENTIAL LIABILITYPRIVATE INSURANCEPRIVATE PENSIONPRIVATE SECTOR DEVELOPMENTPROFESSIONAL LIABILITYPROFESSIONAL LIABILITY INSURANCEPROFITABILITYPROGRAMSPROTECTION OF POLICYHOLDERSREAL ESTATERECIPROCITYRECOVERABLESREGULATION OF INSURANCEREGULATORREGULATORSREGULATORY AUTHORITYREGULATORY FRAMEWORKREGULATORY REQUIREMENTSREINSURANCEREINSURANCE BROKERREINSURANCE CONTRACTREINSURANCE CONTRACTSREINSURANCE CREDITREINSURERSRESERVESRETURNRISK CAPITALRISK CONTROLRISK EXPOSURESRISK MANAGEMENTRISK MANAGEMENT SYSTEMSRISK PROFILERISK TRANSFERSECURITIESSELF REGULATIONSELF-REGULATIONSETTLEMENTSETTLEMENT OF CASESSOCIAL SECURITYSOLVENCYSOLVENCY REQUIREMENTSSTRONG GOVERNANCESUPERVISORY AGENCIESSUPERVISORY AUTHORITYSUPERVISORY REGIMESURETYTAXTAX BENEFITSTAX CODETAX INCENTIVESTECHNICAL ASSISTANCETERRORISMTRANSACTIONTRANSPARENCYUNDERLYING ASSETSUNDERWRITINGVALUATIONVALUATIONSWARRANTSWorld Bank10.1596/15974