BRZ INS Sustainable Insurance, Pension

Published on: Dec 3, 2024

On Nov. 28, BRZ INS released new regulation on sustainable plans.

  • BRZ INS published Resolution CNSP 473 to establish the sustainable classification.
  • Including insurance plans and open supplementary pension plans as sustainable.
  • Background
  • Draft was released as a public consultation in Jun. 2024, through Notice 6/2024.
  • The proposal resulted from conclusions reached by Ordinance 8.191, of Jul. 2023.
  • Aimed to study best definition of green insurance and pensions and proposing a draft.
  • In order to collaborate with the Ecological Transition Plan of the Ministry of Finance.
  • The aim is that the insurance industry can, through the development of sustainable products, be even more connected to major national economic development projects.
  • Recent extreme weather events, such as the one that caused the state of public calamity in the State of Rio Grande do Sul, also highlighted the urgency of measure.
  • Highlights
  • The Ecological Transformation Plan aims to reconfigure traditional economic paradigms.
  • By prioritizing development based on sustainable relationships with nature, its biomes.
  • Enables the generation of wealth and its fair distribution, with better quality of life.
  • The Plan comprises a set of fiscal, tax, regulatory and financial measures.
  • Aims to encourage allocation of public and private resources in sustainable activities.
  • Taxonomy consists of defining the list of economic activities considered sustainable.
  • Once taxonomy defined, it will be possible to direct investments towards activities.
  • It will enable the construction of an economy aligned with ecological transition efforts.
  • Effectiveness
  • Resolution CNSP 473 comes into force 180 days after the date of its publication.
Regulators
BRZ INS
Entity Types
Ins; Pension
Reference
PR, OG, 11/28/2024; Res CNSP 473/2024, 11/27/2024; ESG
Functions
Compliance; Environment; Reporting
Countries
Brazil
Category
State
N/A
Products
Insurance; Pensions; Retirement Plan
Rule Type
Final
Regions
Am
Rule Date
Nov 28, 2024
Effective Date
Apr 28, 2025
Rule ID
235229
Linked to
N/A
Reg. Last Update
Nov 28, 2024
Report Section
International