News Regulatory Standard 4/2022-R of the ASF, concerning the governance system of insurance and reinsurance companies 03/05/2022

The Insurance and Pension Funds Supervisory Authority (ASF) approved on April 26 the Regulatory Norm 4/2022-R, concerning the governance system of insurance and reinsurance companies, which will enter into force 30 days after the date of its publication.

The aforementioned Regulatory Standard revokes:

a. The Regulatory Norm 14/2005-R, of November 29 and Circular 7/2009, of April 23;
b. Article 3(b) and chapter IV of Regulatory Norm 10/2009-R, of 25 June, amended and republished by Regulatory Norm 2/2013-R, of 10 January;
c. Regulatory Norm 5/2010-R, of 1 April (partially revoked), and Circular 6/2010, of 1 April;
d. Regulatory Norm 10/2006-R, of October 24, and Circular 1/2017, of February 15.

Through the Regulatory Norm in question, the Regulatory Norm 8/2016-R, of August 16, is amended, and its consolidated version can be consulted here.

The subjects covered are:
1. Self-assessment of risk and solvency;
2. Prevention, communication and resolution of conflicts of interest;
3. Policy for the prevention, detection and reporting of insurance fraud situations;
4. Remuneration policy;
5. Internal reporting of irregularities.

The main objective of the new Regulatory Standard is the promotion of sound and prudent management of insurance and reinsurance companies, as well as the reinforcement of efficiency in the full exercise of the powers legally entrusted to the ASF at the level of supervision of the governance system.

You can consult the text of the Regulatory Standard here, or click on the link to the respective ASF page.