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COVID-19 | Insurance - SUSEP

June 24, 2020

COVID-19 | Insurance - SUSEP

Insurance - updated on June 24 at 09:00 am

SUSEP: Temporary Prevention Measures and Suspension of Deadlines

On March 20, 2020, the Superintendence of Private Insurance (SUSEP) published the Instruction No. 111, providing for temporary measures to prevent contagion by COVID-19.

SUSEP employees will work remotely and, in some situations, with alternating shifts. However, all SUSEP officers must ensure the continuity of public service through the maintenance of services considered essential or strategic continue. In-person inspections as well as face-to-face services are suspended, but the agency will continue to operate remotely.

Statutory deadlines as well as those for the compliance of requests related to administrative proceedings are suspended, and no penalty will be imposed.

SUSEP is accepting electronic filings.

SUSEP issued the Letter No. 4/2020 on April 17, 2020, in which SUSEP, in order to avoid losses and contribute to the current moment of facing the pandemic, granted the extension of some other regulatory deadlines for sixty (60) days. As a result, the annual update of admitted reinsurers, which should be carried out by the end of May, can be carried out by the end of July; and the annual update of occasional reinsurers, which should be carried out by the end of July, can be carried out by the end of September.

The selection of the companies to participate in the Regulatory Sandbox had been suspended at the beginning of the pandemic, and the selection process will be restarted between July 20 and August 19. The goal is to promote the innovation in insurance policies.

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