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Superintendence of Private Insurance
SUSEP
LIFE INSURANCE PRODUCT TAXATIONIMPLICATIONS FOR THE DEVELOPMENT OF
THE MARKETS
MARCOS ANTONIO SIMÕES PERES
[email protected]
1
VIII Conference on Insurance Regulation and Supervision in Latin America
Superintendence of Private Insurance
SUSEP

1995: first steps to incentive the annuities sales.

Pension products.

Legal Entity: deduction up to 20% at the time of the
the
determination of the taxable book income ( ie.adjusted net
income less permitted deductions and amortizations)

Natural person: deduction up to 12% of the gross taxable
income for the fiscal year.
2
VIII Conference on Insurance Regulation and Supervision in Latin America
Superintendence of Private Insurance
SUSEP
Annuties

Important Aspects to be observed.

Complete tax statement x Simplified Tax statement.

“Tax incentive” or just postponed the tax payment.

Contribuitons over the maximum tax deduction limit – 12%.
3
VIII Conference on Insurance Regulation and Supervision in Latin America
Superintendence of Private Insurance
SUSEP
Annuties

2001: the turn of the life insurance products.

Tax Treatment: at the time of the surrender, only the income
are subjected to the taxation.

Income: the portion of the benefits exceeding the aggregate
amount of premiums paid.

IOF(Financial Transaction´s Tax) – 0%.
4
VIII Conference on Insurance Regulation and Supervision in Latin America
Superintendence of Private Insurance
SUSEP
Annuties

Conclusions

Different taxation: specific public.

Complete Tax Statement x Simplified Tax Statement.

Deductible limit.
5
VIII Conference on Insurance Regulation and Supervision in Latin America
Superintendence of Private Insurance
SUSEP
Annuities

2004: new tax regime

Tax incentive.

Two options:progressive tax rates(15% and 27,5%)or tax
table
Accumulation
Period
Untill 2
years
from 2 to 4
years
from 4 to 6
years
from 6 to 8
years
From 8 to
10 years
Over 10
years
35%
30%
25%
20%
15%
10%
Tax rate
6
VIII Conference on Insurance Regulation and Supervision in Latin America
Superintendence of Private Insurance
SUSEP
Total Provisions - Annuities
100.00
90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Source: SUSEP
Values in Billions of Reais
7
VIII Conference on Insurance Regulation and Supervision in Latin America
Superintendence of Private Insurance
SUSEP
Total Techinical Provisions - Annuities
60.00
50.00
40.00
30.00
20.00
10.00
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
pension funds
life insurance
Source: SUSEP
Values in Billions of Reais
8
VIII Conference on Insurance Regulation and Supervision in Latin America
Superintendence of Private Insurance
SUSEP
Death and disability benefits

IOF (Financial Transaction´s Tax)

Until 1998 – 2%

From 01/99 to 08/04 – 7%

From 09/04 to 08/05 – 4%

From 09/05 to 08/06 – 2%

At this moment – 0%
9
VIII Conference on Insurance Regulation and Supervision in Latin America
Superintendence of Private Insurance
SUSEP
Life Insurance Premiuns - Death and Disability
Benefits
10,00
9,00
8,00
7,00
6,00
5,00
4,00
3,00
2,00
1,00
-
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Premiuns
Source: SUSEP
Values in Billions of Reais
10
VIII Conference on Insurance Regulation and Supervision in Latin America
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