Overview
- Sales of loan-linked credit insurance are suspended for 30 days or until an INSS administrative review concludes.
- Caixa must stop conditioning payroll-deducted loans on purchasing insurance and end any commercial tying of the products.
- The bank will enforce the 1.60-times benefit income limit on credit and refund amounts collected where that cap was exceeded.
- Caixa must supply missing contract documents, report every 60 days on beneficiaries refunded, and prove clients were told the source of repayments.
- Banco Inter, Facta and Cobuccio signed similar commitments, a prior Banco BMG deal set a restitution precedent, and Caixa Seguridade says its model complies with the law.