At the end of March, our partners Roberto Panucci and Daphne Minerbo were in Lugano, Switzerland, at the invitation of Voasan Corp, for the International Immersion 2026, an event that brought together Brazilian executives from the insurance and asset protection sector for technical visits, panels and discussions on the direction of the market.
The panel led by Roberto Panucci addressed the topic that now sits at the center of the Brazilian regulatory agenda in the sector: the future of Mutualist Asset Protection (APPM) following LC 213/2025 and the business models available to existing protection associations to reorganize under SUSEP's new regulatory framework.
Among the key points discussed:
- The four possible routes: remaining an association linked to authorized administrators, migrating to the MGA (Managing General Agent) model, forming an insurance cooperative, or structuring a specialized insurer, and the regulatory, corporate and capital trade-offs of each path.
- The compliance deadline is shorter than it seems. The 24-month window provided for in LC 213 is, in practice, consumed by the governance cycle, systems, fiduciary accounting, minimum capital and approval by SUSEP. The strategic decision must be made now.
- Structural opportunity. A significant portion of the Brazilian vehicle fleet is covered by vehicle protection, and the orderly migration of associations to regulated models is a relevant driver of expanded access, provided it is built on consistent technical, accounting and solvency foundations.
Following the immersion, the content of the panel was explored in greater depth in an episode of the Podcast eProteção, now available on YouTube, dedicated exclusively to the transition of associations under LC 213/2025. Watch the full episode on YouTube.
We have closely followed each stage of the implementation of LC 213/2025 (from the structuring of MGAs and cooperatives to the process of authorizing specialized insurers with SUSEP) and remain available to the market to discuss the most appropriate paths for each operation.
