In an extremely significant development for the insurance market, the Insurance Bill (No. 29/2017) will revoke the current chapter in the Brazilian Civil Code dealing with insurance and will regulate insurance, reinsurance and brokerage through separate legislation. The Bill was approved in the Brazilian Senate in June 2024 and sent to the Chamber of Deputies for final validation under an urgency regime. One of the main changes brought in by the draft legislation relates to claims adjustment. Insurers will have to conclude claims adjustment in 120 days for large risks and 30 days for mass risks. Failure to meet this requirement would preclude the right to reject the claim. In addition, early liquidated damages should be paid within 30 days of receipt of documentation; in cases of denial, the claim adjustment report should be disclosed to the insured. Another significant change relates to limitation. The limitation period for insurance, reinsurance and retrocession claims would be one year. Finally, for reinsurance, silence from reinsurers as to whether they accept or reject the reinsurance proposal from the cedant will be deemed as acceptance after 20 days.