Revista Brasileira de Gestao de Negocios | 2026
Authors: Silva P.A.N.; Cazzari R.B.
DOI: 10.7819/rbgn.v27i4.4323
Journal: Revista Brasileira de Gestao de Negocios
Year: 2026
Publisher: Fundacao Escola de Comercio Alvares Penteado
Document Type: Article
Open Access: All Open Access; Gold Open Access
Cited by: 0
Purpose – This study examines the profile of insurers that opted for admitted and eventual reinsurers following Complementary Law 126 and the increase in the cession limit established by Decree No. 10,167 and CNSP 451. It evaluates whether the new regulations increased the proportion of premiums ceded to these reinsurers and, consequently, insurers’ credit risk, since these reinsurers are not fully subject to SUSEP supervision. Theoretical framework – The study is grounded in the theoretical basis of risk management and insurance regulation, focusing on reinsurance as both a risk mitigation tool and a source of credit risk. Design/methodology/approach – A quantitative approach is adopted, using panel data from 80 Brazilian insurers from 2013 to 2023. Findings – The results indicate a positive correlation between Decree No. 10,167 and the proportion of premiums ceded to eventual reinsurers. In addition, a positive correlation is also observed between the proportion of premiums ceded to these reinsurers and the credit risk capital of insurers. Practical & social implications of research – The study offers empirical evidence that Decree No. 10,167 may increase the credit risk of Brazilian insurers, affecting their solvency. Originality/value – This research contributes to the understanding of how regulatory changes shape reinsurance practices and credit risk in Brazil, a market with distinct oversight for local and foreign reinsurers. © 2026, Fundacao Escola de Comercio Alvares Penteado. All rights reserved.
credit risk; regulatory changes; Reinsurance