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Brazil's Susep regulator to propose privatization of unemployment insurance

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Brazil's Susep regulator to propose privatization of unemployment insurance

Brazilian private insurance regulator Susep plans to ask the government to consider privatizing unemployment insurance, Diário Comércio Indústria & Serviços reported.

Solange Vieira, the watchdog's chief, said unemployment insurance in the hands of the private sector "could certainly be more efficient than the government, which is already strangled."

In addition to unburdening the state, the move would also facilitate the insurance sector's development, Vieira added.

Brazil's government has been looking at ways to stabilize public finances. A Senate constitutional affairs committee on Sept. 4 approved a pension reform bill that is expected to save about 1 trillion reais for the government over the next 10 years.

As of Sept. 4, US$1 was equivalent to 4.11 Brazilian reais.