ANNOUNCEMENT 31 Mar 2011In March 2011, the government of Brazil announced a change in the required local operations to serve domestic customers.
NUMBER OF INTERVENTIONS
Resolu??o CNSP n? 225 de 06/12/2010 (in Brazilian Portuguese): http://www.willis.com.br/WillisPortal/Administrador/uploads/files/RESOLUCAO_225.pdf
Resolu??o CNSP n? 232 de 25/03/2011 (in Brazilian Portuguese): http://www.legisweb.com.br/legislacao/?legislacao=115048
Lloyd's of London, Market Presentation Brazil (November 2012): http://www.lloyds.com/~/media/Files/The%20Market/Tools%20and%20resources/New%20Market%20Intelligence/Market%20Presentations/Latin%20America/br_mi_2012_11_26%20Market%20Presentation.pdf
In December 2010 and March 2011, the Brazilian National Council on Private Insurance (CNSP) issued Resolutions no. 225 and 232, respectively, on foreign insurance firms. Resolution no. 225 stipulated that foreign insurers must contract local reinsurance companies for at least 40 per cent of the reinsurance risk, whereas Resolution no. 232 forbids local insurance and reinsurance companies to transfer more than 20 per cent of the risk to companies headquartered abroad.