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Legal Framework of Insurance Modernizes Insurance Contracts, Expands Policyholder Rights, and Standardizes Indemnities.
The new insurance law, enacted as Law No. 15,040/2024, comes into effect this Thursday (11) and inaugurates a new legal framework for private insurance in Brazil,
By establishing specific rules for insurance contracts, expanding policyholder rights, and standardizing indemnity procedures.
The legislation applies to the entire national territory and profoundly alters the way insurers and consumers interact, with more transparency, defined deadlines, and customer protection.
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The change occurs because the Civil Code primarily regulated the sector and no longer met the current complexity of the insurance market.
According to the legal director of the National Confederation of Insurers (CNseg), Glauce Carvalhal, the regulation represents a structural advance.
“This regulatory modernization does not occur in isolation, but integrates a broader strategic movement to strengthen and democratize the insurance market,” she stated.
Legal Framework of Insurance Modernizes Insurance Contracts
The new insurance law establishes clearer rules for insurance contracts, requiring accessible language and greater detail in the information.
One of the main advances is the requirement for an explanatory glossary, defining technical terms used in policies.
Moreover, contracts must explicitly include data such as the start and end of coverage, covered and excluded risks, premium amount, risk locations, identification of beneficiaries and the responsible broker.
Thus, the legal framework of insurance reduces ambiguities and strengthens the legal security of the consumer.
New Insurance Law Creates Strict Deadlines for Acceptance and Delivery
Another central point of the legal framework of insurance is the establishment of objective deadlines.
Insurers now have up to 25 days to accept or decline a proposal. If there is no response within this period, the contract is considered automatically accepted.
After acceptance, the company has up to 30 days to deliver the policy, either in physical or digital format. This rule seeks to avoid recurring delays and reinforces the rights of the policyholder right at the beginning of the contract.
Policyholder Rights Advance in Payment Rules
The new insurance law also protects consumers against automatic cancellations.
The insurer cannot terminate the contract for non-payment without prior notice, except in the cases of a single installment or the first installment, when it can terminate it immediately.
Thus, the new legal framework of insurance guarantees predictability for the policyholder and reduces situations of unexpected coverage loss.
Insurance Indemnity Now Has Deadlines and Penalties
In the case of a claim, the legislation establishes clear deadlines for insurance indemnities. The insurer has up to 30 days to analyze whether the event is covered and an additional 30 days to make the payment after recognizing the right.
If there is a delay, a 2% penalty, monetary correction, and legal interest apply. Furthermore, the law limits requests for additional documents, preventing excessive demands that could delay insurance indemnities.
Insurance Contracts Separate Indemnity and Salvage Expenses
The legal framework of insurance stipulates that policies must include two distinct amounts: one for indemnifying the damage and another for containment and salvage expenses.
One cannot be used to compensate the other, ensuring greater clarity in the execution of the contract.
This separation reinforces the rights of the policyholder and prevents interpretations that could harm the consumer at the time of the claim.
New Insurance Law Requires Notification of Risk Increase
The legislation also imposes duties on the policyholder.The policyholder must immediately notify the insurer of any increase in risk.
If the policyholder intentionally omits information, they may lose the right to indemnity or be required to reimburse amounts to the insurer.
On the other hand, if the insurer considers the risk acceptable, it may adjust the premium and keep the insurance contract in effect.
Life Insurance and Physical Integrity Receive Clearer Rules
The new insurance law updates important concepts. The new law renames “personal insurance” as Life Insurance and redefines “personal accidents” as Physical Integrity Insurance.
The policyholder can freely designate or substitute beneficiaries, with legal exceptions. If no designation is made, the capital is divided between the spouse and heirs.
Additionally, the law establishes that the insurance amount does not become part of the inheritance nor is used to settle debts.
Collective Contracts and Consumer Service
In collective insurance, changes that harm consumers can only occur with the approval of 75% of the group.
Individual contracts renewed for more than ten years require a 90-day notice for changes.
Finally, the legal framework of insurance reinforces the role of the Customer Service Center (SAC) and the Ombudsman, in addition to maintaining the platform consumidor.gov.br as the official conflict resolution channel, with a solution rate close to 80%.
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