On 29 June 2022, the Brazilian Superintendence of Private Insurance (“SUSEP”) published Regulation No. 666/2022, setting forth sustainability requirements applicable to the Brazilian insurance sector. Its goal is to establish guidelines for management of risks that are directly related to ESG policies of insurance and capitalization companies, local reinsurers and pension funds.
Pursuant to the new requirements, regulated entities must ensure that sustainability risks are properly managed, particularly by preparing a triennial materiality assessment identifying, assessing and classifying … Read the rest