09/29/2024 – 20:00
The National Confederation of Insurance Companies (CNseg) states that the use of resources held in private pension plans, life insurance with a survival clause and traditional capitalization bonds as collateral in credit operations can release a collateral value of R$1, 4 trillion, which is the sum of the three products on the market.
On Thursday, the 26th, the National Monetary Council (CMN) and the National Private Insurance Council (CNSP) regulated law 14,652, which creates rules for these products to be used as collateral in loans.
The insurers’ view is that the legislation will help curb one of the main reasons for redemptions in products such as pensions, which are temporary financial needs.
The use of social security as a guarantee was not prohibited, but, without clear rules, it was uncommon. The expectation is that, following the regulation of the law, which was supported by the federal government, this use will increase.
CNseg estimates that the interest rates on operations with one of the three instruments as collateral are close to those on payroll loans for public servants, which are currently, on average, 1.96% per month. “The interest charged in this operation may even be cheaper than that of payroll loans as customers have a financial reserve as a guarantee for the operations”, says the entity’s president, Dyogo Oliveira.
The entity states that consumers need to be aware of the fact that only part of the reserve they have in these products can be used as a guarantee, and that if the loan is not paid, the guarantee will be forfeited.
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