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Report: Brazil economy ministry to scrap Susep-Previc regulator merger

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Report: Brazil economy ministry to scrap Susep-Previc regulator merger

Brazil's economy team, led by Paulo Guedes, has scrapped proposals to merge the Susep private insurance regulator and Previc pension regulator, Valor Econômico reported, citing a column from O Globo's Lauro Jardim.

The purported move comes after reports in late 2018 claiming that the new Brazilian government was considering merging the two regulatory bodies as a way to boost efficiency and reduce costs. Both regulators currently operate under the finance ministry and have some overlap in the area of pensions supervision.

O Globo's Jardim did not specify the reason for the change of plans, but added that proposals to move the headquarters of Susep from its current location of Rio de Janeiro to Brasilia had also been shelved.

The government of President Jair Bolsonaro, who took over on Jan. 1, has pledged to reduce the size of the state and is reportedly studying various privatization plans, including the sale of some parts of Brazil's state-run banks.