On 20 September 2019, Law No. 13,874 entered into force, repealing the previous reciprocity requirement for foreign insurance companies to establish and conduct business in Brazil.
"Art 5 The private insurance policy will aim to:
I - Promote the expansion of the insurance market and provide operational conditions necessary for its integration into the country's economic and social process;
II - Avoid currency evasion, by balancing the balance of the results of exchange, business with abroad;
III - Establish the principle of reciprocity in insurance operations, conditioning the authorization for the operation of foreign companies and firms and equal conditions in the country of origin. (Repealed by Provisional Measure No. 881, of 2019) (Repealed by Law No. 13,874, of 2019)
[...]
CHAPTER IV - From the National Private Insurance Council
Art 32. The National Private Insurance Council - CNSP is created, which is exclusively responsible for: [...]
X - apply to foreign insurance companies authorized to operate in the country the same seals or restrictions equivalent to those in force in the matrix countries, in relation to Brazilian insurance societies installed there or that they wish to establish themselves; [...] (Repealed by Provisional Measure No. 881, of 2019) (Repealed by Law No. 13,874, of 2019)[...]" (Decree-Law No. 73 of 21 November 1966, Providing for the National Private Insurance System, regulates insurance and reinsurance operations and provides other measures [google translation])
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"Art. 19. The following are revoked: [...]
II - the following provisions of Decree-Law No. 73, of November 21, 1966:
a) item III of the caput of art. 5th; It is
b) item X of the caput of art. 32;[...]" (Law No. 13,874, of 20 September 2019)
Decree-Law No. 73 of 21 November 1966, Providing for the National Private Insurance System, regulates insurance and reinsurance operations and provides other measures [google translation]
Law No. 13,874, of 20 September 2019
[<a href="http://www.planalto.gov.br/ccivil_03/decreto-lei/Del0073.htm">Decree-law</a>],[<a href="http://www.planalto.gov.br/ccivil_03/_Ato2019-2022/2019/Lei/L13874.htm">Law</a>]