Post by xyz3700 on Feb 27, 2024 8:20:34 GMT
After seven decades of supervision provided by the Brazilian Reinsurance Institute (IRB), a monopoly reinsurer that accepted all risks and guaranteed the technical standard of insurance services, such as the formulation of the basis of policy conditions and the execution of loss regulations, The newly opened Brazilian insurance market faces a chronic crisis. The scenario was predicted before the opening of the market by Complementary Law 126/2007 and its regulation. Therefore, an insurance contract bill was presented (PL 3,555/2004), introducing vaccines to avoid mismatches. After 15 years, it is a House bill to be processed by the Federal Senate. In the meantime, practically all countries have taken care to provide special insurance contract laws, such as Germany (2007), United Kingdom Portugal, Chile Peru and Uruguay.
Some of these legislations, such as the Portuguese and Peruvian, were inspired by the Brazilian project. On a daily basis, we see the refusal of insurance for various risks, the stripping of policy guarantees and the slow and restrictive claims regulations. Everything was handed over to reinsurers, some with no ties to Brazilian interests, notably admitted and occasional reinsurers. The expertise and investments that were expected to be made in Chinese Malaysia Phone Number List the country did not come. The ownership of the executives of international reinsurers domiciled here is practically nil, and Brazilians are being replaced by foreigners in senior positions. Our industries, already weakened by the economic crisis, when they have any security protection, as a rule, it is no longer as good as it used to be. The large national financial groups — Itaú Bradesco, Banco do Brasil, SulAmérica etc.
They act as if they were brokers seeking commission for the responsibilities assigned. Their retentions have been minimal. Reinsurers direct claims regulations, impose the wording of policy clauses, special creations for this “end of the world”, and guide their interpretations. The market is standardized with these characteristics. Susep takes care of solvency, however, it has poor discipline and turns a blind eye to what happens with the good execution of security relations, from the point of view of the functioning of contracts. Reinsurance is a business between insurer and reinsurer, completely foreign to the insured. In Latin it is said “ res inter alios ”. What happens, from a legal point of view, is harmful interference by a third party in the mandatory insurance relationship. This pathology that harms the parties to insurance contracts is a source of joint and several liability.
Some of these legislations, such as the Portuguese and Peruvian, were inspired by the Brazilian project. On a daily basis, we see the refusal of insurance for various risks, the stripping of policy guarantees and the slow and restrictive claims regulations. Everything was handed over to reinsurers, some with no ties to Brazilian interests, notably admitted and occasional reinsurers. The expertise and investments that were expected to be made in Chinese Malaysia Phone Number List the country did not come. The ownership of the executives of international reinsurers domiciled here is practically nil, and Brazilians are being replaced by foreigners in senior positions. Our industries, already weakened by the economic crisis, when they have any security protection, as a rule, it is no longer as good as it used to be. The large national financial groups — Itaú Bradesco, Banco do Brasil, SulAmérica etc.
They act as if they were brokers seeking commission for the responsibilities assigned. Their retentions have been minimal. Reinsurers direct claims regulations, impose the wording of policy clauses, special creations for this “end of the world”, and guide their interpretations. The market is standardized with these characteristics. Susep takes care of solvency, however, it has poor discipline and turns a blind eye to what happens with the good execution of security relations, from the point of view of the functioning of contracts. Reinsurance is a business between insurer and reinsurer, completely foreign to the insured. In Latin it is said “ res inter alios ”. What happens, from a legal point of view, is harmful interference by a third party in the mandatory insurance relationship. This pathology that harms the parties to insurance contracts is a source of joint and several liability.