The evolution of the regulatory environment in the insurance market has required entities supervised by the Superintendence of Private Insurance (“SUSEP“) to demonstrate greater institutional maturity, governance, and regulatory compliance. In this context, the entry into force, in January 2026, of the new sanctioning regime established by Complementary Law No. 213/2025 (“LC 213/2025“) raised the level of regulatory scrutiny and compliance expectations imposed on supervised entities.

LC 213/2025 strengthens SUSEP’s authority by expanding its sanctioning powers and reorganizing the administrative process, introducing greater severity in sanctions and reinforcing the accountability of legal entities and their administrators. From the perspective of anti-money laundering and counter-terrorism financing (“AML/CFT“), this new scenario underscores the need for full adherence by supervised entities to consolidated regulations, as well as the implementation of complianceprograms aligned with applicable legislation and best practices. Therefore, structured compliance policies and procedures plays a relevant role in supporting supervised entities in assessing and strengthening their governance and risk management frameworks.

This article aims to analyze the expansion of the new SUSEP sanctioning regime vis-à-vis its connection with AML/CFT regulatory frameworks, as well as to highlight the strategic relevance of the complianceprogram in this scenario.

New SUSEP sanctioning regime

LC 213/2025 redefines the treatment of regulatory infractions, strengthening the sanctioning regime and expanding the instruments available to SUSEP.

Amongst the greatest changes for supervised entities, the following stand out: (i) the increase of 3,500% in fines, which may now reach BRL 35,000,000.00 (thirty-five million reais), with dosimetry criteria that consider the contract value, the damage caused and the economic advantage obtained; (ii) the express provision of coercive fines; (iii) the aggravation of sanctions in case of recidivism, with fines up to three times the limit of BRL 35,000,000.00 (thirty-five million reais); (iv) the imposition of joint liability to directors, administrators, managers and auditors of supervised entities, for damages caused to third parties, including shareholders; and (v) for individuals, disqualification penalties ranging from 2 (two) to 20 (twenty) years for holding positions or functions in the public or private sector.

It is worth noting that sanctions may be applied either individually or cumulatively, thereby broadening SUSEP’s discretionary margin in holding supervised entities accountable. As a result, entities operating in the insurance sector are increasingly required to reassess the robustness of their governance structures, internal controls, and compliance monitoring mechanisms.

Changes under the AML/CFT perspective and compliance programs as a strategic instrument

The new regime directly dialogues with SUSEP Circular No. 612/2020, which establishes minimum requirements for the development and implementation of policies, procedures, and internal controls related to AML/CFT, in accordance with the nature, complexity, and risks of each entity’s operations.

This dialogue is consolidated as the new regime intensifies the sanctioning framework applicable to non-compliance with AML/CFT obligations, resulting in greater urgency for the effective adherence of supervised entities to applicable rules. It is important to emphasize that mere formal regulatory compliance is not sufficient. Ensuring the practical effectiveness of AML/CFT instruments is key, so that they translate into efficient operational mechanisms.

In this context, an effective complianceprogram goes beyond preventing irregularities, serving also as a mitigating instrument in cases of non-compliance. To this end, it must be structured through periodic risk assessments that guide the proper implementation and updating of internal policies and procedures, including regular training, thereby strengthening internal controls.

Beyond a regulatory obligation, compliance programs should no longer be viewed solely as regulatory requirements, but as strategic governance tools capable of mitigating enforcement risks and demonstrating regulatory maturity before supervisory authorities. It enables supervised entities to safeguard themselves under the new sanctioning regime, preserve their reputation, and consolidate their position in an increasingly demanding regulatory environment attentive to the effectiveness of compliance with applicable standards.

Conclusion

LC 213/2025 starts a new sanctioning paradigm within SUSEP’s supervisory framework, characterized by greater rigor, extension, and sophistication of accountability instruments. This new scenario shifts the axis of compliance from a merely formal approach to a more substantive one, oriented toward the effectiveness of supervised entities’ controls and policies, as well as a strategic and proactive posture, with emphasis on AML/CFT obligations.

In response to this evolving regulatory landscape, insurance companies and financial groups have increasingly prioritized the review of their AML/CFT governance structures and internal controls. In this context, the adoption of robust, structured, and continuously evaluated compliance programs ceases to be merely a regulatory requirement and consolidates itself as a central element in risk management and institutional protection. Given this scenario, it is increasingly common for supervised entities to consider the use of specialized external technical support, complementing their internal structures, particularly in processes of diagnosis, review, and enhancement of compliance and AML/CFT programs.

Therefore, the effectiveness of controls and governance becomes a strategic element in the insurance market. The ability of supervised entities to demonstrate robust governance structures and effective compliance frameworks will be decisive not only for mitigating regulatory exposure, but also for accessing new business opportunities, ensuring the sustainable expansion of their operations, and strengthening their competitive position in the long term.

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