Brazil President Michel Temer signs bill to regulate car-hailing apps like Uber

Brazil's President Michel Temer. Reuters[/caption]The law will allow local governments to institute rules for the services, although Congress had voted to eliminate more stringent requirements such as special red plates for ride-hailing cars and that drivers must own their vehicles.The new regulation dictates that drivers must have certain insurance coverage and must be registered as individual contributors in the social security system.Uber Technologies Inc and competitors had praised the final version of the bill passed by Congress last month with Spain’s Cabify saying it “puts Brazil on the forefront of regulation for individual passenger transportation service apps.”