Public Consultation No. 16/2020 on the draft Circular regarding Massified Damage Insurance

SUSEP opens public consultation on the draft Circular regarding Massified Damage Insurance.

Consultation No. 16/2020 was opened today, July 21, 2020, and is intended to promote simplification of the mass damage insurance market, and interested parties are able to submit their comments and suggestions by September 9, 2020.

This regulatory proposal is aligned with SUSEP's Strategic Planning for the period 2020-2023, specifically in relation to the objectives: “Simplify market regulation” and “Favorable environment for the development of a competitive, transparent, innovative market with greater coverage”.

What can change?

• separation of the regulation of insurance against damages to cover mass risks and to cover large risks;
• greater simplicity and clarity for the products;
• flexibility in the structure of the roofs and the design of the products;
• greater innovation in products;
• possibility of structuring all-risk coverage in different branches;
• elimination of checklists;
• exemption from prior registration of the actuarial technical note of the damage insurance plan;
• exclusion from the short-term table;
• exclusion of a standardized policy competition clause.