Insurance Law

The Insurance and Pension Funds Supervisory Authority (ASF) has submitted for public consultation the draft regulatory rule on market conduct and complaints handling by the ASF, .that aims to update the rules of conduct to be observed by insurance companies and pension fund management companies, with special relevance for branches and entities acting in FPS regarding the management of complaints and reports, according to the recently amendments to the legal frameworks for insurance activity and pension funds, namely regarding:

• The handling policy, as well as in the management of complaints and the customer ombudsman;
• Procedures applicable to the interlocutor before the ASF;
• Policy of conception and approval of insurance products;
• The principles applicable to market conduct within the scope of the governance system;
• The reporting requirements for behavioural supervision and public disclosure of information; and
• The procedure for handling complaints submitted to the ASF by policyholders, insured parties, underwriters, members, participants, beneficiaries and injured parties against supervised entities.

Comments on the draft Regulatory Standard must be sent, via the comments table made available by ASF for this purpose, by 7 January 2022, to the following email address: consultaspublicas@asf.com.pt.

With the entrance into force of this (draft) Regulatory Rule, Regulatory Rule No. 10/2009-R, Circular No. 9/2009 and Articles 37 and 38 of Regulatory Rule No. 7/2007-R will be revoked.