Insurance companies must periodically report data on policies and certificates to the information center. In this way, insurers can be supervised.
Through circular No. S-673-2023, the Superintendency of Banking, Insurance and AFP (SBS) approved the update of the information center of the life insurance law. This, in order to promote better market behavior and transparency of information in the insurance system.
As recalled, all employers must provide this insurance to their workers for coverage in case of natural death, accidental death and total or permanent disability due to accident, according to the Social Benefits Consolidation Law.
With this recent modification, insurance companies must report periodically to the life insurance information center law information for the development of the database of policies and certificates. Likewise, the circular is applicable to the insurance companies indicated in literal D of article 16 of the General Law and includes the annexes for reporting data on the contracting parties (employers), insured (workers and former workers), as well as on the claims and technical reserves of this type of insurance.
In this way, the process of implementing the information centers of the insurance sector will continue, which will allow us to have useful and timely data for the supervision of insurers. Also, better market conduct and transparency of information will be promoted, for the benefit of the insured and the general public.
Source: Larepublica
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