By Marcia Cicarelli


Published 28 June 2021


On 22 April 2021, the insurance regulatory authority in Brazil (SUSEP) placed for public consultation draft rules (Resolution and Circular) on the guidelines for the implementation of the Open Insurance System for insurance companies, open pension entities and capitalization companies.

Open Insurance is a system that is characterized by the standardized sharing of data and services through the integration of platforms and technology infrastructure, and follows the line adopted in Open Banking, in accordance with the recent rules issued by the Central Bank of Brazil. The understanding put forward by the authority is that Open Insurance is considered to be the regulation and operationalization of the Brazilian General Data Protection Law (LGPD) in the economic segment of private insurance, in order to provide a safe, fast, accurate and convenient environment for the holder of the personal data to consent to the sharing of data, to revoke or to request the purge of such data.

The scope of Open Insurance includes the sharing of open insurance data, personal data of policyholders and services related to insurance, and may include other data and services, provided that the provisions of the rules are observed.

The sharing of personal data, however, depends on obtaining the holder’s consent and may comprise data provided directly by the client or obtained through consultation with public or private databases, with specific exceptions, as in the case of sensitive personal data.

The draft rules create several deadlines for the implementation of Open Insurance. If approved, the Resolution and Circular will come into force on 1 July 2021.