January 26, 2024
ASF Circular Letters 4/2024 and 5/2024 - ASF Reports
The ASF published Circular Letters 4/2024 and 5/2024, which enact several modifications to the following reporting files and related instructions:
ASF Circular Letter 4/2024
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“NotasES” “ATecnica Nao Vida” “ATecnica Vida Contratos de Seguro” “ATecnica Planos de Pensoes” “AComportamental_Sucursais” “RelatorioGestaoReclamacoes” “Indicadores Comportamentais Seguros” |
Adaptations in line with the Chart of Accounts for Insurance Companies (PCES) |
ASF Circular Letter 5/2024
| “modelos_estabilidade_financeira” | Adaptations due to additional information requirements for financial stability purposes |
| “instruções_modelos_estabilidade_financeira” |
Regulamento (UE) n.º 1094/2010 Article 35 |
Please note that several of these modifications are related to ASF reporting files applicable to insurance companies based in other Member States of the European Union that carry out their activity in Portuguese territory through a branch or to a freedom to provide services passport.
The new reporting files can be consulted here.
January 22, 2024
Circular Letter ASF 3/2024 - Statistical Reporting
The ASF published Circular no. 3/2024, which discloses the changes to the file and reporting instructions "templates_BCE" and "instructions_modelos_BCE", as a result of updating the additional information requirements to comply with the requirements defined in Regulation (EU) no. 1374/2014, of the European Central Bank, on statistical reporting requirements for insurance companies.
Modifications to the file and reporting instructions “modelos_BCE” and “instructions_modelos_BCE” can be consulted here.
January 10, 2024
Circular Letter 2/2024 Reporting - Cyber Risks
The ASF published Circular no. 2/2024, of 4 January, in which it discloses to the market the changes to the ad-hoc component on Cyber Risks of the survey on the assessment of risks in the insurance sector and the pension fund sector "RiskOutlook".
The main modifications were made in the ad-hoc component of the survey contained in this report, focusing on the introduction of sets of response options, in questions that assumed an open nature in the first edition of this ad-hoc component, formulated with the aim of enriching the variety and precision of the responses obtained. The reporting files and respective instructions:
The Circular no. 4/2024 is available here.
January 09, 2024
Circular Letter ASF 1/2024 - Information Insurance Premiums
The Insurance and Pension Funds Supervisory Authority, (“ASF”) issued Circular 1/2024 of 4 January, issuing a set of instructions for the application of Circular no. 3/2023, of 29 March, which disclosed to the market a set of best practice recommendations applicable to notices of payment of insurance premiums and other aspects related to possible contractual changes.
We highlight:
- the confirmation by ASF that information on the variation in insurance premiums can be provided in a separate document, as long as it is sent together with the payment notice; and
- the indication that it shall be defined a new specific report on the variation of insurance premiums to be submitted by insurance companies to ASF.
