April 14, 2023
New Reporting Obligations Towards ASF
The Insurance and Pension Funds Supervisory Authority (“ASF”), submitted two Draft Regulatory Standards for public consultation on the provision of information for supervisory purposes to ASF, one regarding Reporting obligations of Insurance Companies and the other regarding Reporting obligations of Pension Funds Management Companies.
The Draft Regulatory Standards implement the adoption of a distinct approach in regulating reporting obligations to the ASF, in what concerns the alteration and availability of models, instructions, maps and reporting forms, given the need for their periodic adaptation.
On the other hand, they establish new reporting duties that are now imposed on the supervised entities, among which we can highlight the following:
- New quarterly reporting requirement regarding statistical information of a behavioral nature;
- New reporting requirement underlying the calculation of the solvency margin of insurance undertakings managing pension funds.
- New reporting duties related to sustainability; and
- Reporting on cyber incidents and insurances covering cyber risks becomes regular;
The approval of these two Regulatory Rules will revoke Regulatory Standard No. 8/2016-R, of August 16, and Regulatory Standard No. 11/2020-R, of November 3 (except for the transitional regime on the provision of information on money laundering and terrorist financing, provided for in Article 7 of Regulatory Standard No. 10/2020-R, of November 3, and in Article 16 of Regulatory Standard No. 11/2020-R, of November 3).
Comments on the draft regulatory standards should be submitted in writing and using the comments table available for this purpose, until May 12th 2023, to the following email address: consultaspublicas@asf.com.pt.
ASF Public Consultation no. 3/2023
The Insurance and Pension Funds Supervisory Authority (“ASF”), submitted for public consultation a Draft Regulatory Standard on the amendment of Regulatory Standard No. 14/2010-R, of October 14, which regulates the central registry of life insurance contracts, personal accident insurance contracts, and capitalization operations with beneficiaries in the event of death.
The draft regulatory standard aims to:
- Clarify the requirements for access to the information in the central registry;
- Clarify the cases covered by the duty of information registration by insurance companies;
- Introduce some changes arising from the latest legislative developments in data protection.
Comments on the draft regulatory standard should be submitted in writing, until May 5th 2023, to the following email address: consultaspublicas@asf.com.pt.
April 3, 2023
ASF Recommendations Related With Good Practices on Contractual Changes
The ASF published Circular 3/2023 of 29 March, in which it stresses its concern with various subjects, making recommendations that may help mitigate the impact of the macroeconomic situation on policyholders, insured persons and beneficiaries.
Regarding payment notices, the recommendations deal with the need for insurers to comply with the duty of information, namely regarding the communication of the impact that certain factors, such as the variation in the claims rate or the insured capital, may have on the variation of the premium applicable to the contract.
The ASF stresses that it is essential that the parties, particularly insurance companies, comply with the ancillary provisions to which they are subject, such as the duties of loyalty, assistance, information, clarification and protection.
Insurers must implement these recommendations and report them to the ASF, in a specific report to be made available until 31 December 2023.
The Circular no. 3/2023, 29 of March, is available here.
