News News Flash – Ordinance defining the criteria for fixing the minimum capital and the other minimum requirements of compulsory insurance for professional civil liability for new service providers 14/08/2019

The Ordinance N. º 238/2019, defining the criteria for the fixing of the minimum capital and the other minimum requirements of the professional civil Liability insurance, was published July 30, in the Official Gazette.

This way, the requirements and conditions to be fulfilled by the professional liability insurance agreement or other equivalent warranty to be subscribed by the entities wishing to provide initiation of payment services or Account information Services, as well as the special regime deemed indispensable to ensure the proper effectiveness of the insurance concerned are set forth, in accordance with the legal framework for payment and electronic money Services (RJSPME), approved by Decree-Law No. 91/2018 of November 12th.

To learn more about this ordinance, you may access our News Flash here.