Insurance Law

The Insurance and Pension Funds Supervisory Authority (ASF) approved, on 6 June 2023, Regulatory Rule no. 2/2023-R, which aims to establish the guarantees to be provided in the context of reinsurance activity in Portugal by insurance or reinsurance undertakings of a third country not established in Portugal, headquartered in a third country to which the equivalence of the solvency regime has not been recognized by the European Commission. Furthermore, it also provides for the reporting of information to the ASF regarding reinsurance contracts entered into by these companies.

Regulatory Rule no 2/2023-R will come into force 60 days after its publication.