Paulo dos Santos, the new acting head of Brazilian insurance regulator Susep, is likely to be confirmed as the leader of the watchdog, a spokesperson for Susep told BNamericas.

The new government, which will be chosen in elections in October, could also make a political appointment for the post in 2011.

An economist and career central bank BCB employee who was named in February as the interim head of Susep in the event of the current head’s absence, dos Santos is scheduled to take the lead at Susep this week, as the regulator’s current head Armando Vergílio dos Santos Júnior leaves to run for congress.

An official decree, announcing the departure in government register Diário Oficial da União, should be released this week, the spokesperson said.

“Vergílio considers his mission completed after implementing various projects and rule changes at Susep,” she said of the current head’s two years and seven months at the helm of the regulator.

During this period, Vergílio oversaw the opening of the reinsurance market in April 2008, but had not yet brought to fruition years of effort on microinsurance and specialized pension products for health and education purposes.

His predecessor at Susep, Renê Garcia, was removed temporarily in February 2007 and later resigned in August 2007, after he was accused of improperly aiding the now defunct savings bond company Interunion Capitalização during its extrajudicial liquidation.

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