Insurance Law

The Insurance and Pension Funds Supervisory Authority, "ASF", has submitted for public consultation a Draft Circular concerning recommendations on the information to be provided regarding changes to insurance premiums, which will run until the 20th of February 2022.

The concerned Draft Circular covers:

• Procedures to be followed in what regards payment notices;
• General procedures to be complied with in what concerns contract amendments;
• Implementation of the recommendations, follow-up and disclosure by ASF.

Nevertheless, the recommendations arising from the Draft Circular do not include large risk insurances, as defined in Article 5(2) of the Portuguese Legal Framework regarding the Access to and Exercise of Insurance and Reinsurance Activity (RJASR).