New Reporting Obligations Towards ASF

New Reporting Obligations Towards ASF

The Insurance and Pension Funds Supervisory Authority (“ASF”), submitted two Draft Regulatory Standards for public consultation on the provision of information for supervisory purposes to ASF, one regarding Reporting obligations of Insurance Companies and the other regarding Reporting obligations of Pension Funds Management Companies.

The Draft Regulatory Standards implement the adoption of a distinct approach in regulating reporting obligations to the ASF, in what concerns the alteration and availability of models, instructions, maps and reporting forms, given the need for their periodic adaptation.

On the other hand, they establish new reporting duties that are now imposed on the supervised entities, among which we can highlight the following:

 – New quarterly reporting requirement regarding statistical information of a behavioral nature;

 – New reporting requirement underlying the calculation of the solvency margin of insurance undertakings managing pension funds.

 – New reporting duties related to sustainability; and

 – Reporting on cyber incidents and insurances covering cyber risks becomes regular;

The approval of these two Regulatory Rules will revoke Regulatory Standard No. 8/2016-R, of August 16, and Regulatory Standard No. 11/2020-R, of November 3 (except for the transitional regime on the provision of information on money laundering and terrorist financing, provided for in Article 7 of  Regulatory Standard No. 10/2020-R, of November 3, and in Article 16 of  Regulatory Standard No. 11/2020-R, of November 3).

Comments on the draft regulatory standards should be submitted in writing and using the comments table available for this purpose, until May 12th 2023, to the following email address:

Leonor Futscher de Deus

Leonor Futscher de Deus