Brazil Insurance Market

Law No. 15,040/2024, which takes effect on December 10, 2025, introduces the first comprehensive and coherent legal structure for private insurance contracts in Brazil. It replaces a fragmented system that relied on the Civil Code of 2002, general consumer laws, sector-specific rules, and administrative norms from the Superintendence of Private Insurance (SUSEP), Brazil’s federal agency responsible for regulating and supervising the insurance, reinsurance, capitalization, and private pension markets. This consolidation offers predictability and legal consistency to all parties involved.

The law improves legal certainty by clearly defining the roles of insurers, brokers, and policyholders, requiring contracts to specify covered and excluded risks. It also sets deadlines for claims processing and mandates approval from SUSEP and policyholders for portfolio transfers, such as mergers or restructurings.

For U.S. insurance companies, this new legal framework creates a more reliable and transparent environment for entering or expanding in Brazil. With clearer rules and improved oversight, it lays a solid foundation for building valuable business partnerships in one of Latin America’s most promising insurance markets.

For more information on opportunities for U.S. companies, please contact Patrick Levy Patrick.Levy@trade.gov, Financial Services Commercial Specialist, U.S. Commercial Service, Rio de Janeiro.