The Superintendence of Insurance through Resolution SS.SG. No 168/23 dated August 9, 2023, has expanded Article 4, item e) of Annex No. 1 of Resolution No. 14/96, which establishes the requirements for legal entities to operate as insurance brokers or claim adjusters in the insurance industry.
Pursuant to said extension, legal entities wishing to operate as insurance brokers or loss adjusters shall, in addition to attaching to their application for registration or renewal, prove the suitability required by the Insurance Law of their administrators and legal representatives by means of any of the following requirements:
Proof of academic training (undergraduate degree) and work experience in the insurance or financial field for at least 5 years;
Proof of compliance with Article 2 - literal g) foreseen for registrations, of Annex 1 of Resolution No. 14/96, Annex 1; or
Proof of work experience in the insurance or financial field, in positions of Executive and/or Senior Management, for at least 10 years.
On August 21, 2023, the Superintendency of Securities (the "Superintendency") issued Resolution CNV No. 41/23, in order to set forth with greater clarity the processes exempted from the collection of fees.
Among the most relevant provisions, the Superintendency established that Certificates of Savings Deposits issued by financial institutions under the supervision of the Superintendency of Banks, Quota Shares of mutual funds and Financial Derivative Contracts are exempted from the payment of fees for the registration of securities issued, provided that the latter are traded or listed in a stock exchange authorized by the CNV.
In addition, the Superintendency clarified that Stock Market Advisors, operators of brokerage firms, operators of commodities brokers and Multilateral Organizations, where the Republic of Paraguay is a party, are exempted from the payment of fees for the application for registration and maintenance of the registry.
It should be noted that this Resolution was formally issued by the National Securities Commission, which was replaced in its functions by the Superintendence of Securities, created on September 1, 2023 with the enactment of Law No. 7162/2023.
The Superintendence of Securities (the "Superintendence") issued on August 17, 2023 Resolution CNV No. 40/23, in order to establish the conditions and requirements for the provision of stock advisory services in Paraguay. In this regard, such resolution incorporated a new title within the General Regulations of the Securities Market (the "Regulations"), number 34, especially dedicated to regulate these services.
General Provisions
The Superintendency defined securities advisory or stock market advisory as the making of personalized recommendations to a client with respect to one or more transactions related to financial instruments. It also excluded from this definition recommendations of a generic nature.
Next, it established that advisors must make an evaluation of their clients, preparing a personalized investment profile, for which purpose they must request, at least, certain data established in the resolution. These profiles must be available to the Superintendency.
The resolution also establishes that advisors must classify the investment products included in their offerings into complex and non-complex investment products, and establishes the classification parameters for each category. Complex investment products may only be offered to qualified investors or institutional investors.
Additionally, advisors must establish policies and procedures aimed at ensuring that the client understands the relationship between the risk and return of the products and that the client's financial situation allows the investments to be financed. Furthermore, they may only offer the client services and products that fit his or her profile.
Registration of advisors with the Superintendency
The Superintendency will set up a registry of persons providing stock market advisory services, called the Advisors Registry. These persons will be subject to the supervision and oversight regime of the Superintendency. In this sense, the advisors must provide the service themselves and may not delegate their functions.
The resolution establishes the documents to be submitted for registration in the Advisors Registry.
It should be noted that this Resolution was formally issued by the National Securities Commission, which was substituted in its functions by the Superintendence of Securities, created on September 1, 2023 with the enactment of Law No. 7162/2023.
On September 2, 2023, Law No. 7162/23 "That creates the Superintendence of Securities in substitution of the National Securities Commission and grants it greater powers" was enacted, whereby the National Securities Commission ("CNV") is replaced by a new entity called the Superintendence of Securities, which will have a more robust and autonomous role in the supervision and regulation of the stock market.
The most relevant provisions implemented by Law No. 7162/23 are:
Chapter I: Creation and Structure of the Superintendency of Securities
As mentioned above, this law establishes the creation of the Superintendence of Securities, which will assume the responsibility of regulating, supervising and controlling the securities market in substitution of the CNV. Although this new entity will be part of the Central Bank of Paraguay ("BCP"), it will have functional autonomy to perform its functions.
As part of this change, the law provides that the Superintendence of Securities will be headed by a Superintendent of Securities, whose appointment will be the responsibility of the Executive Branch. The Superintendent will have a term of office of five years, with the possibility of being re-elected.
The selection of the Superintendent of Securities will be based on criteria of Paraguayan nationality, university degree and proven experience in areas related to economics, finance, law or other related fields.
The regulations prohibit the appointment of persons who have direct links with the entities supervised by the BCP, as well as those who may present conflicts of interest in relation to the decisions of the Superintendency of Securities. In addition, restrictions are established for persons with a history of fraudulent bankruptcy, convictions for financial crimes, among others.
Chapter I: Functions and Attributions of the Superintendency of Securities
In addition, the Law No. 7162/23 exclusively attributes to the Superintendency of Securities several functions and powers, including the supervision and inspection of the entities under its jurisdiction, the oversight of compliance with securities market regulations, the promotion of competition and transparency in the market, as well as the protection of investors.
The law also establishes that the Superintendency of Securities will assume the same functions and attributions previously held by the CNV, including those set forth in previous laws. In addition, all the properties, rights and powers that the previous laws granted to the CNV will be transferred to the BCP.
The internal structure and operational functioning of the Superintendency of Securities will be defined by the Board of Directors of the BCP.
Chapter II: Access to and Exchange of Information
In relation to the access and exchange of information, the Law No. 7162/23 establishes the powers of the Superintendency of Securities. This includes the ability to request, obtain and share information related to activities affecting the securities market, both nationally and internationally. In addition, confidentiality conditions are imposed on the information shared.
Chapter III: Securities Advice
It is also important to emphasize that the Law No. 7162/23 also introduces regulations in relation to stock advisory services within the Paraguayan territory. Those persons interested in providing this service must register in the records of the Superintendence of Securities and be subject to the regulations issued by this entity. Criminal penalties are established for those who provide advice without the proper registration.
The Central Bank of Paraguay ("BCP") recently issued Circular No. 132/23 on August 14, 2023, with the purpose of providing clarity and transparency in the calculation of interest rates based on the Interest Rate Regulation, which was previously approved by the BCP through Resolution No. 23, Act No. 9, dated February 23, 2023.
The purpose of this regulation is to establish guidelines that financial entities must follow for the calculation of interest rates in a fair and transparent manner, thus promoting greater equity in financial relations between entities and consumers.
One of the highlights of Circular No. 132/23 is the provision of examples for the calculation of interest rates. These examples reflect the current financial practices and are considered general standards. The purpose of these examples is to provide supervised entities with a clear reference framework for determining interest rates in various financial operations. It is important to note that these examples are neither rigid nor exclusive.
Circular No. 132/23 places a strong emphasis on the responsibility of supervised entities to ensure that interest rate calculations and other associated charges are consistent with current regulations. In addition to interest rates, the circular also addresses the charging of fees, expenses and penalties.
Value Added Tax ("VAT") exemptions provided for in Law No. 6,380/2019 (the "Tax Law") for public passenger transportation services, and for other matters, were amended.
July 10, 2023
General Resolution N° 133
The Undersecretariat of State for Taxation ("SET") changed the requirements for registration and assignment of an identifier in the Taxpayer Registry ("RUC") for foreign individuals.
July 14, 2023
General Resolution N° 134
The SET established an exceptional mechanism for submitting the transfer pricing technical study ("ETPT") and supporting documents to rebut the presumption of relatedness with entities that are resident abroad.
July 18, 2023
Binding consultation
SET issued its opinion on VAT exemption for carbon credits.
February 2023
Binding consultation
The SET ruled on the incidence of the Dividends and Profits Tax ("IDU") on the formation of treasury stock or acquisition of shares from the same company.
June 2023
More information:
► Law No. 7067/2023 - Modifying the VAT exemptions provided for in the Tax Law for public passenger transportation services, and for other matters
Law No. 7,067/2023 amended the exemptions established in the Tax Law on VAT applicable to domestic public passenger transportation services. The new wording of the Tax Law maintains the exoneration set in the VAT for this type of transportation service. However, the modification clarifies that the exoneration is extended to urban, metropolitan or, short, medium and long-distance public transportation services. In other words, the previous wording of the Tax Law, which established that to apply this exoneration, the total round trip itinerary authorized by the competent agency must not exceed one hundred (100) kilometres, was eliminated.
On the other hand, Law No. 7,067/2023 also modified the second paragraph of numeral 5 of article 100 of the Tax Law, which established restrictions to the subjective exoneration of VAT applicable to alienated goods and services rendered by entities that develop or carry out activities of social good or public interest. Under the amendments proposed by Law No. 7,067/2023, the leasing of spaces, carpentry, plumbing, electricity, and catering services rendered by entities that develop or carry out social welfare or public interest activities are exempt from VAT.
It should be noted that, under the original wording of the Tax Law, the development of these activities did not benefit from the subjective VAT exemption applicable to this type of entity. It is essential to mention that Law No. 7,067/2023 did not modify article 25, numeral 2, paragraph "c", third paragraph of the Tax Law; therefore, although the development of the referred activities is exempt from VAT, the income obtained from there is taxed by the Corporate Income Tax ("IRE") for the entities that develop or carry out activities of social good or public interest.
► General Resolution No. 133/2023 - The SET changed the requirements for registration and assignment of an identifier in the RUC for foreign individuals
Through General Resolution No. 133/2023 ("RG 133"), the SET amended General Resolution No. 79/2021 ("RG 79") through which the requirements for registration in the RUC, updating of data and cancellation in such registry were regulated. Among the reasons that motivated the SET to issue RG 133, the following are mentioned:
a) the need to update Annex 1 of RG 79, considering the amendments that were introduced by Law No. 6,984/2022 ("Migration Law"), which established the new legal immigration regime in Paraguay; and
b) the need to update Annex 2 and Annex 4 of RG 79 to facilitate taxpayers' compliance with their fiscal obligations.
The main novelty introduced by RG 133 is the possibility for foreign individuals to register as taxpayers in the RUC by presenting either of the following two documents issued by the Paraguayan authorities, which are in force: (i) Paraguayan identity card ("C.I."); or, (ii) Paraguayan passport. Previously, RG 79 required foreign individuals to present their permanent residence permit issued by the Paraguayan immigration authority and the identity card or passport of the country of origin to register as a taxpayer in the RUC.
The requirement of the permanent residence permit in the country for registration in the RUC was because, according to Article 2 of the Annex to Decree No. 3,181/2019, permanent residence is equivalent to tax residence in Paraguay. Then, the formal criterion for registration in the RUC of foreign individuals was that they prove their tax residence in the country. This was also reflected in the requirements to obtain the certificate of tax residence in Paraguay since, in this respect, General Resolution No. 65/2020 ("RG 65") only requires an RUC or C.I. to access this document.
However, this became a major inconvenience with the entry into force of the Migration Law, which established stricter conditions to access the permanent residence permit, since now foreign individuals working in Paraguay must previously fulfil two (2) years of temporary residences to access permanent residence (for more information on this point, you can access the newsletter issued on the issue by clicking here). To address this practical problem, SET changed the documents for the registration of foreign individuals in the RUC, replacing the permanent residence permit card with the C.I. or Paraguayan passport.
It is vital to take into account that with RG 133, a regulatory inconsistency is created since, as advanced, the tax residence in Paraguay is acquired by foreign individuals with the obtaining of the permanent residence permit, as established in Article 2 of the Annex of Decree No. 3,181/2019 which is in force at the date of issuance of this document. Despite this, with RG 133, a foreign individual who obtained his C.I. with the temporary residence permit can register as a taxpayer in the RUC and, thus, be taxed as a Paraguay tax resident and even access the country's tax residence certificate.
On the other hand, according to what is now established by RG 133, the RUC identification number for foreign individuals will be the one that corresponds to the C.I. number, except in the case of refugees. This provision applies to foreigners who register in the RUC as of the effective date of RG 133.
Previously, when foreign individuals registered in the RUC by presenting their permanent residence permit card, they were given the RUC numerical identifier starting with the series 50,000,000. Now, according to RG 133, this RUC series is reserved exclusively for foreign individuals who are refugees, so those who are not refugees must change their RUC identifier through Marangatú to match the C.I. number that they should have according to the following schedule:
RUC Termination
Month in which the change in the identifier must be conducted
0
August 2023
1
September 2023
2
October 2023
3
November 2023
4
December 2023
5
January 2024
6
February 2024
7
March 2024
8
April 2024
9
May 2024
The SET will notify each taxpayer at the beginning of the month when the obligation to make this modification is activated so that they can update their RUC identification number through the "Marandú" electronic tax mailbox of Marangatú.
► General Resolution No. 134/2023 - The SET established an exceptional mechanism for the presentation of the ETPT and supporting documents to rebut the presumption of relatedness with entities residing abroad
Through General Resolution No. 134/2023 ("RG 134"), the SET ratified that the obligation to file the ETPT expires on the seventh month after the end of the respective fiscal year, while the third month is the deadline for taxpayers who have transactions with foreign entities to submit the documents that rebut the presumption of relatedness that may be generated concerning them, under the provisions of Articles 9 and 15 of General Resolution No. 115/2022, respectively, which provide as follows:
Month of submission (*)
Closing date of the taxpayer’s fiscal year
Documents against presumptive relatedness
ETPT
December 31
March
July
April 30
July
November (**)
June 30
September (**)
January
(*) All expiration months are the months immediately following the closing date of the respective fiscal year. (**) These months occur in the same calendar year as the end of the fiscal year to which the documents refer.
However, exceptionally, for compliance with these obligations in 2023, and even until January 2024, the form of their presentation changes, since, instead of being presented through the "Marangatú" System, they must be entered at the SET's front desk in digital format, on an external storage medium (CD, DVD or USB memory), as follows:
The documents that disprove the presumed relatedness must be submitted in portable document format (.pdf format) in accordance with the expiration calendar for the termination of the RUC for informative affidavits.
The ETPT must be submitted in PDF and spreadsheet file extensions (.xls, xlsx or .ods extensions), as appropriate to the ETPT or its worksheets, respectively.
The ETPT submitted in digital format must contain the signature of the authorised professional to issue it until the option is enabled in the "Marangatú" system for the professional to confirm it from their user.
► Response to Binding Consultation on VAT exemption for carbon credits
Carbon credits are a tradable economic instrument issued by a carbon manager, which assigns a unit of value to activities that seek to combat the excess of carbon dioxide (CO2) in the environment. Using this unit of value, the effects of these activities (reduction, avoidance and capture of CO2) can be objectified, and, thus, their ownership can be transferred to those who acquire them, with the counterpart of funding for those who carried out the project that generated them.
In other words, through carbon credits, the effects of the aforementioned environmental activities are subtracted from a particular subject to become an object through the title in which its value is represented to be traded, which is measured for each ton of carbon equivalent of greenhouse gases (tCO2eq) that is reduced, avoided or captured from the environment by the actions of a specific project.
With this in mind, a taxpayer asked the SET whether the sale of carbon credits, carbon bonds or Verified Carbon Units (“VCU’s*) is exempt from VAT under the category of public and private securities, to which the SET confirmed such exemption under article 100, numeral 1, paragraph a), of Law 6.380/19.
► Response to the Binding Consultation on the impact of the IDU on the formation of treasury stock or acquisition of treasury stock
In the dynamics of the shareholders of a corporation, it may be the case that the corporation itself wishes to buy the shares issued by it from its shareholders. This is known as the acquisition of own shares or treasury stock. Article 1072 of the Paraguayan Civil Code regulates this situation, providing that the repurchase of shares issued by a company can only be made in sums coming from the net and realized profits, provided that the shares are integrated.
In this context, a taxpayer asked the SET whether or not this treasury stock transaction, to be paid with funds from net profits, approved by the meeting and transferred to the optional reserves account, constitutes a distribution of profits that would be subject to the IDU. Given this, the SET referred that the distribution taxed by the IDU occurs when the excess of the legal reserve, the optional reserves or the capital by reduction thereof, when integrated by capitalization of undistributed profits or reserves, are made available to the partner or shareholder.
In this case, since the purchase of the treasury stock would be made with funds whose counterpart would be the optional reserves that were integrated with liquid profits, the SET concluded that such treasury stock operation constitutes distribution of profits, dividends or yields reached by the IDU, at the corresponding rate.
El Poder Ejecutivo promulgó y publicó la Ley N° 7158, que crea el Ministerio de Economía y Finanzas (“MEF”) en la Gaceta Oficial N° 162 del 23 de agosto de 2023. Esta ley tiene vigencia desde el 24 de agosto de 2023.
El MEF es el resultado de una reestructuración del Ministerio de Hacienda, por la cual se incorpora a su estructura orgánica la Secretaría Técnica de Planificación y a la Secretaría de la Función Pública como viceministerios. El MEF absorbe las competencias y funciones de las 3 instituciones antecesoras, por lo que toda referencia legal a cualquiera de ellas debe entenderse al MEF o a sus viceministerios, según corresponda.
Las autoridades de las 3 instituciones fusionadas seguirán en funciones hasta tanto el Presidente de la República designe al primer Ministro del MEF. Los reglamentos dictados por las instituciones fusionadas seguirán vigentes hasta tanto sean modificados por el Poder Ejecutivo o por el MEF.
On August 4, 2023, the Executive Branch enacted and published Law No. 7,143/2023 (the "DNIT Law"), which established the creation of the National Directorate of Tax Revenues (the "Tax Directorate"). This new law is part of the restructuring project of the Paraguayan State and creates a new public law entity, the purpose of which is to collect the State's internal and customs taxes, merging the Undersecretariat of State for Taxation ("SET") and the National Customs Directorate ("DNA"), with their respective functions.
The Tax Directorate is a new public law entity, autarkic and autonomous, which communicates with the Executive Branch through the Ministry of Finance but is no longer part of the latter. The DNIT Law establishes that its effective date will be determined by the decree to be issued by the Executive Branch within ninety (90) days of its enactment; and that the organizational structures of the SET and the DNA existing before the DNIT Law shall remain in force until the Organic Structure and the Manual of Functions of the Tax Directorate and its dependencies are approved.
More information:
In order to understand the scope of the DNIT Law and the proposed restructuring, it is necessary to know the composition that the Tax Directorate will have and the functions of its respective units, as well as when this restructuring will come into effect and the resources it will have for the development of its functions.
Composition of the Tax Directorate
The Tax Directorate is composed as follows:
The Tax Directorate is governed by the National Directorate, whose highest authority is the National Director, who may be appointed and removed by the President of the Republic at the proposal of the Minister of Finance. President-elected Santiago Peña announced this week that the current Vice Minister of SET, Oscar Orué, will be the National Director during his administration.
Then, below the National Directorate are the following General Managements: (a) Executive Management; (b) General Management of Internal Revenue; and, (c) General Management of Customs. These will have General Directorates, Directorates, Coordinations, Departments, and Specialized Units. Each General Management will be managed by General Managers, who will be appointed and removed by the National Director.
Access and promotion to positions within the Tax Directorate will be developed through merit and aptitude competitions, excluding positions of trust. According to the DNIT Law, the following are positions of trust: (a) National Director; (b) General Manager; (c) General Director; and, (d) Director.
Functions of each unit
Each unit has its own functions. In the case of the General Internal Taxes and Customs General Managements, these functions are directly connected with the taxes they administer:
(a) National Directorate: is the highest authority of the Tax Directorate and will mainly have the following functions:
To administratively interpret the provisions on taxes under its jurisdiction.
To establish general rules for administrative procedures, to dictate acts necessary for the application, collection and control of taxes.
Resolve hierarchical appeals on administrative acts issued by the agencies under its charge, when the administrative procedure regulations provide for such appeal.
(b) Executive Management: is a body that has the following functions:
Represent the Tax Directorate in meetings of international organizations and in integration agreement processes.
To provide technical collaboration in the study and negotiation of international agreements on matters within the Tax Directorate's competence, as well as to promote their adequate implementation and compliance.
To review draft tax regulations and propose the pertinent amendments, and to advise the National Directorate in the interpretation and application of tax and customs regulations.
(c) General Management of Internal Revenue this body deals with internal taxes, which are defined as those levied on income or profits, the alienation of goods, the rendering of services, as well as any act of commerce carried out in the domestic market. Its functions are as follows:
To apply or execute the legal provisions related to internal taxes, their collection and control.
To issue operational instructions for the collection and control of internal taxes, based on the legal system in force.
To issue the administrative acts through which taxes are determined and penalties are applied to taxpayers, responsible parties and third parties.
Authorize the refund or reimbursement of internal taxes and their accessories, when applicable.
(d) General Management of Customs: this body deals with all matters related to customs duties, which are defined as import and export taxes. Its functions are as follows:
Enforce customs legislation, collect import and export taxes, control the traffic of goods through the country's borders and airports. Exercise its attributions in primary zones and carry out tasks of repression of contraband in secondary zones.
To prevent, investigate and combat smuggling and all other customs offenses or infringements.
To issue the administrative acts by means of which import and export taxes are determined and sanctions are applied to taxpayers, responsible parties and third parties.
To carry out the tariff classification of the merchandise, its valuation and verification; for such purpose it shall issue mandatory classification criteria. Authorize the release of goods.
Authorize the refund or restitution of customs duties and their accessories, in the corresponding cases.
According to the DNIT Law, when a provision prior to this law refers to the SET, the Vice Ministry of Taxation or the Tax Administration, it shall be understood to refer to the General Internal Revenue Service. On the other hand, when a provision prior to the analyzed law refers to the DNA, it shall be understood that it refers to the General Customs Management.
Sources of institutional funds of the Tax Directorate
According to the DNIT Law, the Tax Directorate has the following sources of income to finance the expenses foreseen in the General Budget of the Nation. These revenues constitute institutional revenues of the Tax Directorate:
0.7% of the collection of taxes under its jurisdiction.
The 0.5% tax on the customs value of imported goods, in addition to the taxes for customs services rendered to users.
50% of the proceeds of fines for customs offenses by difference and fines for fraud and omission of payment of internal taxes.
50% of the proceeds from the auction of goods confiscated due to smuggling.
The resources or income allocated in accordance with the General Budget of the Nation
The institutional source of income foreseen in section (i) implies an increase of twenty (20) basis points concerning the 0.5% of SET's collection currently allocated for its technological infrastructure, also expanding its object of expenditure to any need of the Tax Directorate. Likewise, the basis for calculating this source of income is broadened, which is no longer limited only to income from internal taxes, but also includes customs income.
Distribution of penalties
The officials of the SET and the DNA have a direct participation regime in the penalties they used to collect from the taxpayers, which consists of the distribution among their officials of 50% of such penalties. The DNIT Law eliminates this system, which has been questioned in the past. It replaces it with a bonus for performance or goals achieved according to each officer's position, based on the estimated income foreseen by the Tax Directorate.
Information management
In general, the Tax Directorate continues with the duty of secrecy of the information received from its administrators, which has characterized the SET throughout the years. However, the DNIT Law has added the Tax Directorate's power to make public the following information: (i) affidavits determining Corporate Income Tax, (ii) financial statements of these taxpayers, and (iii) import and export movement of goods under certain conditions.
Entry into force of the restructuring
The structures of the SET and the DNA that pre-existed the DNIT Law remain in force until the Organic Structure and the Functions Manual of the Tax Directorate, and its divisions are approved.
The Executive Branch must establish the term for the effectiveness and implementation of the provisions of the DNIT Law, within ninety (90) days of the enactment of the law. Said term expires at the beginning of November 2023.
By means of Circular SS. SG. N°84/2023, the Superintendency of Insurance (“SIS”) reminds all insurance entities and insurance intermediaries authorized to operate in the local market about the validity of Resolution SS.SG. No. 45/13 (the "Resolution"), dated 8 August 2013. Specifically, the SIS emphasized the conditions stipulated in Article 1° of the Resolution, which is of particular relevance to the sector.
According to the Resolution, commissions for intermediation and other concepts, agreed between insurance companies and insurance agents or brokers, in the case of life insurance (regardless of whether or not they contemplate the constitution of Mathematical Reserves), may not exceed 30% of the tariff premium as a component of the same, incorporated in the Technical Note approved by the SIS. This means that such commissions must be kept within a reasonable limit regulated by the supervision authority.
In the event that the commission rates set out in the Technical Notes registered with the SIS are lower than the maximum allowed percentage of 30%, the rates set out in these Technical Notes will apply.
It is important to note that this limit also applies to Insurance Hired on Behalf of Others, in accordance with the provisions of article 1565 and concordant articles of the Civil Code.
The SIS reminds the importance of complying with these provisions, which aim to promote transparency and fairness in the insurance market, thus protecting the interests of both insurance companies and customers and policyholders.
The Superintendency of Insurance ("SIS") announced changes in the form of data recording for insurance entities, through Resolution SS.SG. No. 157/23 which amends Resolution SS.SG. N° 166/06. These changes will be effective as from 1 September 2023.
The first modification is in Annex I of Resolution SS.SG. No 166/06, where the first paragraph has been restated as follows: "The name of the file shall be the code (four-digit) of the Insurance Entity, as established by the SIS, plus the year and month of the movement. The file extension shall be TXT. Example: 7036200607.txt".
With the second change, the Length, Description and Format of the field "Identifies the insurer" of Record Type-1 "Header Record" established in Annex I of Resolution SS.SG. No. 166/06, and the configuration for this field has been established as follows:
Field
Type
Length
Description
Format
Identifies the Insurer
Number
04
Code of the Insurance Entity established by the Superintendency of Insurance.
9999
Likewise, in the third adjustment, the Length and Format of the field "Identifies the user" of Record Type-1 "Header Record" established in Annex I of Resolution SS.SG. No. 166/06 are modified, establishing the configuration for this field as follows:
Field
Type
Length
Description
Format
Identifies the user
Alphanumeric
20
Name of the user account responsible for submitting information to the Superintendency of Insurance
