The Insurance and Pension Funds Supervisory Authority, («ASF») approved on 7 June 2022 the Regulatory Rule no. 7/2022-R, which establishes the general rules to be observed by insurance companies in their relationship with policyholders, insured parties, beneficiaries and injured third parties, and by pension fund management entities in their relationship with members, participants, contributors and beneficiaries. It also defines the procedure for handling complaints lodged with the ASF against supervised entities.
The Regulatory Rule no. 7/2022-R, revokes and amends the various instruments in force on market conduct, and updates the reporting obligations to the ASF, amending the respective regulatory Rules.
The referred to Regulatory Rule shall apply to EU insurers acting in Portugal under freedom of services and through a branch.
