In July 2019, the Brazilian insurance regulator, SUSEP, issued an update on the embargoes and sanctions clauses of Brazilian insurance contracts which has caused a major stir among Brazilian insurers.
“The initial trigger and background to this story was a specific case involving the Cuban beneficiary of a travel insurance policy. Anyway, as a result of the ruling, that is applicable to all the insurance policies to be issued in Brazil, Brazilian insurers may be held widely responsible for sanctions violations.
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