The Portuguese Insurance Regulator (ASF) has issued a regulatory standard setting out the general interest conditions that insurance undertakings headquartered in another member state must comply with when carrying on business in Portugal, whether through a branch or on a freedom to provide services basis. The standard publishes the Portuguese requirements that apply in addition to the market conduct rules already treated as general interest conditions under Portugal's insurance regime. The conditions cover language and premium tax rules, supervision and registration requirements for compulsory insurance and capitalisation operations, information duties to ASF for market conduct supervision, participation in national guarantee systems, compulsory workers' compensation, and representative and other claims-handling obligations for compulsory and motor liability business written cross-border. The standard also points firms to mandatory Portuguese rules on insurance contracts and compulsory insurance, consumer protection, standard contract terms, complaints book requirements, distance marketing and unfair commercial practices, anti-discrimination, genetic and health information, anti-money laundering and counter-terrorist financing, data protection, retail investment and insurance-based investment products, and specific motor claims and life policy beneficiary information requirements. ASF will also publish the conditions on its website with supplementary information and procedural guidance where needed, and the standard enters into force on the day after publication.

Original source View in tracker