Insurers criticize the sector’s PL unfiled by Pacheco – 04/12/2023 – Panel SA

The unfiling of the project that intends to create the Insurance Law begins to suffer a contrary reaction from insurers and reinsurers.

The text, written in 2004, returned to the Senate three weeks ago, after the request of the President of the House, Rodrigo Pacheco (PSD-MG).

This Wednesday, a group of representatives of companies in the sector released a joint position criticizing the bill. The document is signed by entities such as Abecor (association of reinsurance brokerage companies), Fenaber (federation of reinsurers), ABGR (risk management), ABInsurtech and Anre (local reinsurers).

The entities claim that the text has become outdated after almost 20 years of discussions in Congress – the Chamber approved the project in 2017. They say they see gaps such as the possibility of contracting insurance by remote means.

“By disregarding these new technologies, it generates a drastic increase in legal uncertainty and regulation costs, putting these new business models at risk and jeopardizing access to insurance products. Open Insurance, for example, would be unfeasible”, they state in the criticism.

The resumption of the procedure is supported by entities such as Fenacor (National Federation of Insurance Brokers) and OAB-SP. No date has been set for the text to enter the Senate voting agenda.

The bill addresses obligations and rights of brokers, insurers and customers. Topics range from the formatting of contracts, to provide greater transparency in the rules and terms used, to the payment of premiums, guarantee and indemnity amounts.

Joana Cunha with Paulo Ricardo Martins It is Diego Felix

PRESENT LINK: Did you like this text? Subscriber can release five free hits of any link per day. Just click the blue F below.