Brazil updates regulatory framework for special regimes under CNSP Resolution No. 489/2026

On 12 March 2026, SUSEP published CNSP Resolution No. 489/2026 (“Resolution”), which provides new rules governing special regimes of fiscal supervision (direção fiscal), intervention, and both extrajudicial and ordinary liquidation applicable to supervised entities.

The scope of regulation has been expanded to comprise new market players, such as insurance cooperatives and mutual protection societies, both introduced by Complementary Law No. 213/2025.

The Regulation revoked the provisions set out in CNSP Resolution No. 395/2020, which addressed the special regimes regulation, with the aim of updating the framework in light of changes introduced by Law No.

14.112/2020, in particular the article 83 of Law No. 11.101/2005 (from the Brazilian Bankruptcy Law), which sets out the criteria of classification credits in bankruptcy proceedings.

The main objectives of the new regulation are to:

• ensure greater efficiency in the administration of special regimes,

• enhance the autonomy of intervenors and

• improve the applicable rules.

This brings the Brazilian insurance market closer to international best practices in risk-based models of supervision and gradual intervention, prioritising corrective measures prior to the liquidation of supervised entities.

We outlined below the main changes introduced by the new Resolution:

• The regulation prohibits the use of fiscal supervision regime where the supervised entity meets any of the conditions that would qualify for extrajudicial liquidation.
• Additional circumstances that triggers the implementation of special regimes, including repeated breaches of accounting regulations (in addition to bookkeeping irregularities) and recurrent failures to submit operational information to SUSEP.
• The remuneration of the office-holder of the special regime (i.e., the intervenor, liquidator, or fiscal director) will be determined by the reference to the segment of the supervised entity, in accordance with the criteria set forth in applicable regulation (CNSP Resolution No. 388/2020).
• The regulation started to allow the possibility to appoint either legal entities or individuals to act as fiscal director, based on a shortlist of up to three names submitted to the Technical Committee of the Special Regimes.
• The Resolution has not provided fixed deadlines for the submission of the action plan in cases of fiscal supervision or for the extrajudicial liquidation report (previously 60 days). Such deadlines will be set out in a separate regulation to be issued by SUSEP.
• The Resolution updates the reference to the criteria of classification credits in extrajudicial liquidation in accordance with Law No. 14.112/2020, which amended the legal framework governing judicial reorganisation, out-of-court reorganisation, and bankruptcy of business entities.

The Resolution will enter into force 90 days after its publication, i.e. on 10 June 2026.