Susep orders suspension of sales of Capemisa capitalization plans.

The Board of Directors of the Superintendence of Private Insurance (Susep) yesterday determined the temporary suspension of the sale of capitalization plans in the "prize-linked philanthropy" modality by Capemisa Capitalização.

The decision was made following an audit by the regulatory body that uncovered possible irregularities in sales campaigns, which indicated violations of rules such as the payment of prizes and raffles with goods (instead of cash), the payment of prizes through third parties without a subcontracting agreement, and advertising that did not comply with the law.

During the reading of the vote, director Júlia Normande Lins also drew attention to Capemisa's lack of effective control over both the chain of distributors and promoters of the product – including digital influencers – and the use of funds by charitable organizations.

According to the director of Susep, the report from the agency's inspection area pointed out "the hiring of promoters of capitalization bonds, whether companies or individuals, such as digital influencers, despite the fact that the areas responsible for verifying the integrity of those hired had identified several judicial and labor lawsuits in which they were the opposing party."

According to the rapporteur, it was unclear what criteria were used in hiring the promoters and what triggers would prevent any hiring, since serious facts related to the promoters were identified and, even so, the contracts were signed, she said.

According to the director, even though Circular Susep 656 (which deals with the rules for advertising and marketing of capitalization products) did not identify elements regarding the hiring of promoters of the securities, "it is certain that the duty of diligence and control over acts of marketing and, consequently, advertising and distribution are regulated." "The company's duty of diligence regarding the hiring of suppliers and service providers is imperative," Lins stated.

“If the promoter or spokesperson for the product has a history of unethical, irregular, or misconduct practices, this creates a clear conflict between the noble purpose of philanthropy, which is to help society, and the negative image of its spokesperson,” said the director without naming any influencers.

When contacted, Capemisa stated that it has not yet been notified by Susep about the decision, reiterating that it "operates transparently and in compliance with industry regulations, maintaining constant dialogue with the regulatory body."

Use of resources

Regarding the lack of controls over the use of resources by charitable organizations, Lins said that, during the audit, information was requested about the use of the funds transferred to the organizations in order to verify whether, in fact, the amount raised was being used for its intended activities.

However, Capemisa only responded that it had no control or influence over the redemption values ​​paid to the entities, since the expenses for advertising and promotion stem from contracts signed between charitable entities and third-party companies, it reported. Susep then tried to obtain information on how the funds were used, but the entities only reported the redemption value received from the capitalization company.

"It is very difficult to assume that a company would consider it natural not to supervise the execution of its own contract, even more so when it is a contract that should embody a legal and regulatory obligation," he stated.

With this decision, Capemisa will not be able to issue new series until it adapts its products and complies with certain rules, such as ceasing to pay out prizes and raffles with goods. The company will also not be able to allow third parties to be responsible for raffles, unless it regularizes the situation through contracts.

Within 30 days, Capemisa will also have to develop an action plan that includes a way to demonstrate to Susep that the points raised have been met. Regarding the series already issued, it was determined that the company must make adjustments and propose methods for monitoring the use of resources sent to philanthropic institutions.

Alessandro Octaviani, superintendent of Susep, said during his vote that the capitalization market is "extremely relevant" to the supervised system and that it is not uncommon for it to be the gateway to the world of insurance for part of the population. Therefore, he stated, "a robust, adequate capitalization market, in accordance with best practices, is a very representative asset." ( With information from VALOR )