Insurance Law

Further to our previous EAbrief on the subject-matter, we hereby inform that Regulatory Rule no. 13/2020-R from the Insurance and Pension Funds Supervisory Authority (ASF) was published on the Official Journal on the 26 January, being applicable from 25 February 2021.

We recall that said rule implements some duties arising from the legal regime of insurance and reinsurance distribution ("RJDS"), namely:

• The requirements applicable to the new category of ancillary insurance intermediaries;
• The revision of the procedures applicable to the assessment of good repute requirements and to the control of qualifying holdings;
• The implementation of the applicable duties in terms of clients’ policy (policyholders, insured persons, beneficiaries and injured third parties), as well as complaints handling;
• New reporting obligations; and
• The revision of the requirements applicable to brokers in terms of portfolio dispersion.