SBS tightens conflict-of-interest rules for the pension insurance tender
The Superintendency of Banking, Insurance and Pension Funds (SBS) approved changes to the management of the private pension system's disability, survivorship and funeral insurance, aiming to reduce operational and legal risk, prevent conflicts of interest and foster competition ahead of its ninth tender.
Bidding insurers may not sit on the award committee or take part in drafting the tender terms. They must also justify their decisions, document how they identify and manage conflicts of interest, segregate functions and information, control access and keep audit trails.
The rule also extends to 72 months the period for granting preliminary pensions in cases involving regularization of contributions or a court determination of an employment relationship.
Why it matters: insurers planning to bid will need to adjust their internal controls and documentation before the tender.
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