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With Brazil’s government having recently formalised and published legislation related to special purpose reinsurance transformer vehicles and insurance-linked securities (ILS) issuance, the country’s insurance regulator Susep has said it hopes the regime will reduce reinsurance costs for carriers.

As a result of which, Brazil’s regulator the Superintendência de Seguros Privados (Susep) hopes that introducing direct capital market’s sources of third-party reinsurance and retrocession capital can ultimately help to lower insurance costs for the country’s consumers.

Brazil’s insurance and reinsurance market regulator Susep had been seeing feedback on a framework for legislation and a regulatory regime to allow for the issuance of insurance-linked securities (ILS) in Brazil.