XAVIER, V.B. “Insurance Law and Regulation: the transparency of the Brazilian Superintendence of Private Insurance (SUSEP)”. AIDA Europe Series on Insurance Regulation, Springer, 2021.

Abstract The chapter builds on existing theoretical literature to debate the regulatory transparency of the Brazilian Superintendence of Private Insurance (SUSEP). The discussion considers Lodge’s (2004) five dimensions of transparency, adapting each of them to the context of the Brazilian supervisory framework: i) SUSEP’s transparency as the regulating actor; ii) the transparency of SUSEP’s rules and guidelines; iii) the transparency of SUSEP’s policy and decision-making processes; iv) the transparency of insurance companies, insureds and intermediaries, as the regulated bodies; v) the transparency of the feedback processes. Evidence comes from a sample of three recent policy and supervisory decisions which provide a relevant opportunity for critical observation and analysis. Based on the literature review and the empirical analysis of the regulatory decisions from the sample, the chapter offers an inventory of institutional contingencies harming the betterment of SUSEP’s transparency. The study concludes that although SUSEP is successful in granting transparency to financial data of the supervised companies (Copelovitch and Hallerberg, 2015; Seelig and Novoa, 2009), as well as to supervision rules and guidelines, the same does not happen to SUSEP’s transparency, particularly regarding policy and decision-making.