Law 15,040/2024: What Changes Under the New Insurance Legal Framework
This week, Law No. 15,040/2024, known as the “Insurance Legal Framework,” came into effect, establishing a specific legal regime for insurance contracts in Brazil. The new law aims to modernize rules, consolidate interpretations, and enhance legal certainty in relationships between insurers and policyholders.
Although public debate has focused on the impacts for insurers, the new law also introduces significant changes for policyholders, particularly regarding duties, disclosure requirements, and the consequences of omissions.
Below are some key points to consider under the new law:
a. Risk Questionnaire: Risk questionnaires play a central role in the insurance contract. The information provided directly affects premium calculation and coverage assessment and may influence indemnity determination after a claim. Therefore, extra care is recommended when preparing and reviewing responses to avoid omissions that could impact coverage and indemnity. Policyholders should also keep supporting documents for the information provided.
b. Policy Negotiation: The law sets clear rules on proposals, acceptance, and the effectiveness of declarations, requiring insurers to respond to any proposal within 25 days, under penalty of tacit acceptance.
c. Risk Aggravation: Significant changes in the insured situation must be communicated promptly. Depending on the case, omissions or inaccurate information may result in additional premium charges, contract termination, or loss of coverage.
d. Automatic Renewal: If provided in the policy, automatic renewal will occur unless the insurer notifies the policyholder otherwise at least 30 days in advance, reducing the risk of abrupt policy interruption.
e. Claims Adjustment: The claims adjustment process is now subject to clearer rules, with a 30-day deadline for analysis and payment of coverage, providing greater predictability.
f. Contractual Autonomy Preserved: The law allows parties to agree on solutions different from those set out in the statute in several areas. This flexibility is particularly relevant for related matters such as interest and monetary adjustment, governed by Article 406 of the Civil Code, which is supplementary in nature.
Law No. 15,040/2024 represents a significant reform of the insurance contract regime in Brazil. While it consolidates rights, it also imposes greater responsibilities, requiring a more diligent approach to information exchange and ongoing risk management.
The Contracts team at Souto Correa Advogados is available to provide the technical support needed for policy negotiation, monitoring, and management.