Brazilian Insurers Rocked By Susep’s Muddled Sanctions Ruling

"In July 2019, the Brazilian insurance regulator, SUSEP, issued an update on the embargoes and sanctions clauses of Brazilian insurance contracts which has caused a major stir among Brazilian insurers.

"The initial trigger and background to this story was a specific case involving the Cuban beneficiary of a travel insurance policy.  Anyway, as a result of the ruling, that is applicable to all the insurance policies to be issued in Brazil, Brazilian insurers may be held widely responsible for sanctions violations."

 

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