Regulatory Rule no 13/2020-R ASF15 January, 2021
On 30 December 2020, the Insurance and Pension Funds Supervisory Authority (ASF) approved Regulatory Rule no. 13/2020-R, which implements a set of duties arising from the legal regime of insurance and reinsurance distribution (“RJDS”), approved by Law 7/2019, of 16 January.
In the light of the amendments brought by RJDS, in force since 2019, the new regulatory rule implements some of the most important, and already known amendments of the legal framework, namely:
- The requirements applicable to the new category of ancillary insurance intermediaries;
- The revision of the procedures applicable to the assessment of good repute requirements and to the control of qualifying holdings;
- The implementation of the applicable duties in terms of clients’ policy (policyholders, insured persons, beneficiaries and injured third parties), as well as complaints handling; and
- The revision of the requirements applicable to brokers in terms of portfolio dispersion.