INSURANCE LAW DEPARTMENT - PORTUGAL
The 4th AML Directive on the Prevention
of the Use of the Financial System for the Purposes of Money Laundering
or Terrorist Financing and Insurance Marketing and Distribution
The 4th Directive on the Prevention
of the Use of the Financial System for the Purposes of Money Laundering
or Terrorist Financing (4th AML Directive) transposition deadline shall
expire at 26th of June, 2017, date from which several relevant and
innovatory rules will come into force on what regards the measures to
be taken by insurance undertakers and insurances intermediaries.
Freedom to provide services in Portugal and Ombundsman appointment obligation
The Portuguese insurance supervisory
authority (“Autoridade de Supervisão dos Seguros e Fundos de Pensões”
or “ASF”) official position on the subject states that the EU insurance
companies operating in Portugal under the freedom to provide services
must appoint a Portuguese based Ombudsman, position that is not
expressly mentioned in the law and raises several reasonable questions.
INSURANCE LAW DEPARTMENT - SPAIN
Proposed changes to the law on the distribution of insurance
In this article, we shall analyse the
proposed changes to the law on the distribution of insurance introduced
by the Draft Private Insurance and Reinsurance Distribution Act [Ley de
Distribución de Seguros y Reaseguros Privados, LDSRP], which will
implement Directive (EU) 2016/97 of the European Parliament and Council
of 20 January 2016 and will become law on 23 February 2018.
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