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Brazil: New insurance retailer rules to come into effect in April 2014

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Amendments mentioned in Brazil's national insurance council resolution 297 are required to be implemented by insurers and retailers by Apr. 25 2014, BNamericas reports citing regional newspaper Diário do Comércio.

Under the resolution, retailers should align themselves as “insurance representatives” who are responsible for policy promotion and sales and not subordinate to insurers.

Retailers are also required to execute another set of amendments under a separate circular by the insurance regulator by June 2014.

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