Regulator Q&A – Brazil’s Susep on the challenges of changing the regulatory landscape
Brazil’s insurance market is the largest in Latin America and its insurance regulator, Susep, is looking to upgrade its regulatory approach. But, unlike most of its peers, it isn’t following a solvency II approach. Alex Davies reports
The Brasilia-based Superintendência de Seguros Privados (Susep) is one of the three regulatory bodies for the Brazilian insurance industry, which is the largest in Latin America. According to rating agency Moody's, Brazil accounts for 40% of total written premiums for the region. Despite the fact that regional rival Mexico - the second-largest, with a 20% share of Latin American premiums - has taken a big-bang approach in adopting Solvency II-style regulation from 2012, Susep has been in no rush
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