Brazil Targets Unregistered Financial Services

By Ben Tavener, Senior Contributing Reporter

RIO DE JANEIRO, BRAZIL – A U.S. based insurance company is being prosecuted for selling life insurance policies in Brazil without being legally registered in the country. National Western Life, which is headquartered in Texas, will receive the biggest fine ever imposed by Brazil's financial regulator: R$11 billion (US$6.2 billion).

Luciano Portal, Superintendent at Brazil’s private insurance industry regulator Susep, says the company hired several “irregular brokers” who sold life insurance throughout Brazil.

“We believe in most . . .

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