establishment of a Council and a Committee of Ethics, and the creation of ombudsman services. Understood as procedures reengineering tool for the companies, since they allow a permanent evaluation of a flow of accurate information on procedures which must be kept, changed or improved, for the assureds the ombudsman services have been understood as the voice and the ear sensitive to detect and to verbalize fair expectations of those who buy a product to make sure of their best use. In 1998, by Constitutional Amendment that changed the Article 201 of the Federal Constitution, finally the monopoly of the Workers’ Compensation Insurance was brought to an end, an old desire of the market, and subject matter of an institutional battle that had been dragging since the period of Vargas, even before the establishment of Fenaseg in 1951. In 1996, proposal of amendment was approved in the Senate, introducing in the Article 201 of the Federal Constitution, provision that provided for that the coverage for risk of workers’ compensation would be warranted concurrently, by the social security and the private sector. Finally, the monopoly was fully brought to an end in 1998, by the Constitutional Amendment No. 20, and the exclusive attribution for operation of such insurance by the Social Security was definitely over. The issue of social security in Brazil had reached dimensions hitherto unprecedented, especially from 1999 when initiated the prosecution of Complementary Bills which integrated the socalled Social Security Reform. Subject matter of the market interest, whose segment of Open Private Pension had counted on new regulatory structure, from the editing of the Complementary Law No. 109. The discussion and knowledge on this new regulatory model of the Social Security, encouraged and monitored by Fenaseg, in the scope of the insurance activity, more than relevant, was especially timely. Since 1994, the year Fenaseg had presented to the reflection by the government a proposal for reform of
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the Social Security – the Proseg – had shown steady and vigorous growth. It started from an income level of R$ 670.38 million, to reach a total funding of pension plans in the amount of R$ 38.7 billion in 2009. In this segment, the performance of two pension products is to be highlighted: Free Benefit Generator Life (VGBL) and Free Benefit Generator Plan (PGBL). PGBL, regulated in 1997, by CNSP Resolution, accounted a growth in the volume of their mathematical reserves, of just over R$ 12 billion in 2003, to over R$ 48.46 billion in 2009. VGBL, whose regulation was enacted in 2001, by the Decree 3633 and CNSP Resolution No. 49, has shown growth even more vigorous in the recent years (328% between 2003 and 2009), it jumped from a sum of reserves of approximately R$ 9.75 billion in 2003, to reach a total above R$ 96.57 billion in 2009. This year, the amount of reserves for the private pension exceeded R$ 176 billion. President Lula himself, while still a candidate in 2002, considering the imbalance existing in the social security – 20 million of retirees against 28 million of taxpayers that year – admitted during interview that the open private pension must be understood as a powerful tool for strengthening of the internal market and source of long-term savings. Such relevance arouse the achievement, from 2002, of a National Forum of Life and Private Pension, whose fourth edition, in 2009, carried out by FenaPrevi, focused on the broad discussion of the private pension issue. The subject matter under discussion at the forums, of serious reflection, has its corollaries. As, for example, the discussion regarding the development of a Biometric Survival and Mortality Table, that the market submitted to SUSEP, already formatted, in the second half of 2009. It is unquestionable, today, the importance of Brazil in the context of a globalized economy. The Brazilian insurance market, now among the top 20 insurance producers over the world,