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New life insurance regs in Brazil to allow consumer flexibility

A new regulation that will allow Brazilian consumers moreflexibility for individual life insurance policies is expected to beimplemented by the country's national council of private insurance, the CNSP,in the coming days, Valor Econômicoreported.

The new framework, that will come into force in 2017, willallow the consumer to make choices on premium payments and how funds will beinvested, among other options, the report said.

The new measures are being prepared by Brazilian insuranceregulator Susep and the CNSP, and include the collaboration of the localprivate pension and life federation FenaPrevi. The taxation rules on the newproduct will also need to be determined, the publication noted.