Insurance Law

The ASF has submitted for public consultation the draft regulatory standard on prior registration for the exercise of regulated functions (Public Consultation No. 13/2022), which aims to establish the procedures for the registration, with the ASF, of the responsible actuary and the persons who effectively direct, supervise or are responsible for key functions of insurance or reinsurance companies having their head office in Portugal, of branches of insurance or reinsurance companies having their head office in a third country and carrying out activities in Portugal, of participating companies that are part of an insurance or reinsurance group for which the ASF holds the quality of group supervisor and of pension fund management companies.

This Regulatory Standard, when approved, will revoke Regulatory Standard No. 3/2017-R, of 18 May, concomitantly amending the regulatory framework deriving from the Legal Regime for Insurance and Reinsurance Distribution (RJDS) and the Legal Regime for the Constitution and Functioning of Pension Funds and Pension Fund Management Entities (RJFP).

Comments on the draft Regulatory Standard should be sent, in writing and using the comments table for this purpose, by January the 19th of 2023, to the following email address: consultaspublicas@asf.com.pt.