Brazil’s insurance regulator revises regulation

In response to pressure from the insurance industry Brazil's main insurance regulator, the National Council for Private Insurance (CNSP), has revised a regulation issued in December aimed at increasing the control of reserves from insurers and reinsurers covering risks in Brazil.The resolution in question - 224/2010 - prohibited Brazilian insurers and local reinsurers from transferring risks to foreign reinsurers that were affiliates within their respective economic groups.