Susep includes capitalization as a regulatory priority on the 2026 agenda.
Brazil's Superintendence of Private Insurance (Susep) announced on Wednesday (December 17th), during a meeting of its Board of Directors, that Capitalization will be part of the regulatory body's priority agenda in 2026. This decision is part of next year's Regulatory Plan and includes a review of the segment's regulations, including an assessment of the current regulatory framework and its adaptation to best practices for consumer protection and market operation. The decision comes at a time of positive expectations for the sector, which, according to a projection released this month by the National Confederation of Insurance Companies (CNseg), is expected to grow by 8,5% in 2026.
For the National Federation of Capitalization Companies (FenaCap), the inclusion of Capitalization among Susep's priorities represents a long-awaited advancement for the sector and reinforces the importance of institutional dialogue with the supervisory body. Capitalization was highlighted in the plan as a top priority topic, reflecting the maturation of the regulatory debate and the need to update the rules governing the segment, in line with market evolution and new economic and social demands.
According to the president of FenaCap, Denis Morais, the decision by Susep signals the resumption of a structural agenda for the sector:
“Capitalization is once again occupying a central space on Susep's regulatory agenda, which is fundamental to guaranteeing predictability, legal certainty, and an environment favorable to market development. FenaCap sees this prioritization as an important step to deepen the discussion, strengthen the sector, and sustain its growth in the coming years,” he stated.
The Susep initiative opens up space for regulatory advancements in different Capitalization modalities, with the potential to increase the efficiency, functionality, and reach of the products. Among the areas that could benefit are the improvement of the use of Capitalization Bonds as a Guarantee Instrument, the evolution of the Traditional modality as a tool for estate and succession planning, the strengthening of Prize-Linked Philanthropy with a greater scope of eligible entities, and the modernization of Incentive and Programmed Purchase modalities, in order to reduce operational obstacles and expand access for companies and consumers to the sector's solutions.
These regulatory improvements contribute to consolidating the strategic role of Capitalization, which has already advanced consistently throughout 2025, driven by changes in legislation. With a wide variety of products, the segment allows for the formation of individual financial reserves, is used as collateral in public bidding contracts, such as public-private partnerships (PPPs) and concessions, supports credit operations for individuals and companies, and contributes to social causes, allocating resources to charitable entities in the areas of health and social assistance.
The Federation highlights that this regulatory strengthening occurs within a context of consistent market performance. Through September, the Capitalization sector registered a 9,7% growth in revenue and a 9% expansion in technical reserves, indicators that demonstrate the sector's solidity and its relevance to the Brazilian economy. ( FenaCap )
