Insurance Law

The Insurance and Pension Funds Supervisory Authority, («ASF») issued Circular No. 1/2022 regarding the disclosure of EIOPA's opinion on the integration of climate change risks scenarios in the risk and solvency self-assessment ("ORSA") exercise to be executed by insurance and reinsurance companies. Circular No. 1/2022 was issued following the public consultation process regarding the draft EIOPA guidelines on the materiality assessment of climate change risks and the integration of climate change scenarios within the scope of the ORSA exercise.

Circular No. 1/2022 is addressed to (i) Insurance and reinsurance companies with head office in Portugal and branches of insurance and reinsurance companies from a non-member country; and (ii) Participating insurance and reinsurance companies, insurance holding companies and mixed financial holding companies, where the Insurance and Pension Funds Supervisory Authority («ASF») is appointed as group supervisor.