Law 10,823 Rural Insurance in Brazil

The Law establishes a financial subsidy for the rural insurance premium and provides for other measures. Rural insurance must be contracted with companies authorized by the Superintendence of Private Insurance (SUSEP). The granting of the subsidy must allow producers to freely choose their policies, the nature of the risks covered and the insurance companies. The contracting of rural insurance cannot be required as a condition to access agricultural credit. The Executive Branch will regulate the types of eligible insurance, the operating conditions for the implementation of the subsidy, the percentages on premiums or maximum subsidy amounts, and the composition of the Interministerial Rural Insurance Management Committee. This committee, created within the Ministry of Agriculture, may establish Consultative Committees with the participation of the private sector and set financial limits on the subsidy.