Insurance Distribution Legal Framework – Amendment to ASF Regulatory Standard No. 13/2020-R

The amendments to ASF’s Regulatory Standard no. 13/2020-R, dated 30 December, concerning the regulation of the legal framework for insurance and reinsurance distribution, will enter into force on 11 July.

The main changes introduced by ASF Regulatory Standard no. 4/2025-R, of 11 June are as follows:

• update of the minimum coverage amounts for the professional liability insurance of ancillary insurance intermediaries;
• clarification of the scope of the obligation to establish a function responsible for handling complaints from policyholders, insured persons, beneficiaries, and injured third parties;
• clarification of the scope of the duties regarding the publication of financial reporting documents and the communication of such information to ASF by insurance, reinsurance and ancillary intermediaries;
• update of the methods for debiting “client” accounts;
• adjustment of the annual assessment rule concerning the portfolio diversification requirements applicable to insurance brokers;
• update of the means for reporting breaches to ASF, which must now be submitted via the Authority’s whistleblowing channel, available on its website.

Click here to access the new Regulatory Standard (only available in Portuguese).

For more information, please contact us via email at rvr@ccsllegal.com

[Photo by: Dimitri Karastelev, available at unsplash.com]