Miércoles, 26 Abril 2023

Find out what are the changes in the level of information reporting that the ASF intends to implement for insurance companies

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The draft of the regulatory standard under public discussion aims to revoke the current Regulatory Standard No. 8/2016-R of 16 August (except for the transitory regime on the provision of information on money laundering and financing of terrorism), which governed the provision of information by supervised entities to the Insurance and Pension Funds Supervisory Authority; however, it takes on board a large part of its wording and systematisation, introducing, however, some new features.

Like the diploma it will revoke, it is expected that this Regulatory Standard will be applicable to insurance and reinsurance companies with head office in Portugal, as well as to insurance holding companies and mixed financial holding companies. It will also apply to branches of insurance companies with head office in another member state of the EU, to branches of insurance companies from a third country and to insurance companies operating under the LPS regime, in these cases only in what concerns the provision of accounting, statistical and behavioural information, i.e. the set of reports and other elements to be sent to the ASF arising from the Solvency II regime.

With regard to the new features brought by this draft standard, we begin by mentioning that, in view of the need for periodic adaptation of the models, instructions, maps and reporting forms, it is established that they and their amendments will be made available in a dedicated place on the ASF website. This fact seeks to provide greater flexibility to the process of changing the models and forms, thus ensuring a faster update of their content, while maintaining legal certainty regarding the provision of the reporting duties. In addition, it also allows supervised entities and all other interested parties to be aware at all times, in a consolidated, transparent and easily accessible way, of the elements that must be reported to the ASF.

On the other hand, it will be necessary to adjust the regime for providing information to the ASF, in accordance with the new information duties imposed on supervised entities under the legal framework for insurance and reinsurance distribution. Thus, a new duty to report quarterly statistical information of a behavioural nature has been introduced to monitor, in a more timely and up-to-date manner, various aspects of market conduct. In addition, the reporting of cyber incidents and the reporting of insurance covering cyber risks by insurance companies will become regular (it must be sent to the ASF within 20 days after the end of each quarter, with reference to the previous quarter) and will be extended to reinsurance companies and insurance groups, in the former case.

Regarding sustainability, it also provides for the reporting requirements of links to information that supervised entities must publish on their websites (information on policies on the integration of sustainability risks in their investment decision-making process and information on negative impacts on sustainability at entity level), as well as the reporting of information on financial products. It establishes that insurance companies based in Portugal and branches of insurance companies based in another EU member state must annually send to ASF information related to sustainability in relation to financial products by 15 April.

It is important to mention that the wording of the document disclosed by the ASF, since it is still under public consultation, may not be the definitive version of the same, since the supervisory entity may welcome any suggestions that may be presented.

The team of lawyers of the Insurance Department of Belzuz Abogados S.L.P. - Portuguese Branch has extensive experience in providing legal advice to national and international insurance and reinsurance companies, as well as to individuals, and, as usual, will be following the development of this and other regulatory procedures that are underway, in order to provide the best advice to its clients.

 

 Luis Filipe Faria Luis Filipe Faria

Departamento de Derecho del Seguro | Portugal

 

Belzuz Advogados SLP

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