Portuguese Insurance Regulator prepares action plan after Court of Auditors audit of its funding model

The Portuguese Insurance Regulator (ASF) reported that Portugal’s Court of Auditors has published the final report of an audit into the model used to finance ASF’s regulatory activity for 2018 to 2023, setting out findings and recommendations. The audit reviewed the adequacy and regularity of ASF’s financing model and assessed the economy, efficiency and effectiveness of its activity, also covering governance, ethics and transparency. The report identifies several situations and recommends actions across the areas reviewed; ASF indicated that some recommendations reflect measures it has already implemented, others are close to completion, and its board is developing an action plan to ensure full implementation of the remaining recommendations.