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The Brazilian insurance market is characterized by a concentration of insurance companies, competing for volume and market share, with low sophisticated products and high potential for growth and for development of new insurance products.

The insurance and complementary social security industries in Brazil are under a broad regulation, which is done by CNSP (Conselho Nacional de Seguros Privados) and by SUSEP (Superintendência de Seguros Privados). Insurance brokerage firms are required to acquire registration and authorization to operate, according to current regulation and the Brazilian law nº 4,594. The insurance broker, individual or together with the company, must also be properly licensed in the terms of the Brazilian law nº 4,594.

The intermediation for sale, by brokerage firms, of insurance products is not mandatory, being the Insurance Companies allowed to seek their own clients directly. Despite of that, every time an insurance policy is sold without the intermediation of a broker, the importance usually charged for commission must be collected in FUNENSEG and, for those cases, Brazilian legislation does not establish a minimum brokerage tax.

For more information about the insurance market in Brazil and future prospects, access the Company’s Reference Form.