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Brazil: Insurance regulator releases independent audit requirements

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Brazilian insurance watchdog Superintendencia de Seguros Privados has published resolutions on the requirements for provision of independent actuarial audit services and independent audit services for the insurance sector, BNamericas reported.

Under the resolution, firms will have to change their independent actuary and auditor every five years.

The new rules will come into effect on Jan.1 2015.

Resolution 312 requires the setting up of an audit committee for businesses with more than 500 million Brazilian reals ($226.4 million) in equity or over BRL 700 million ($317 million) in technical provision.

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