Portugal Insurance Industry – Governance, Risk and Compliance
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Portugal Insurance Industry Report Overview
The Portugal insurance industry is regulated mainly by the Insurance and Pension Fund Supervision Authority (ASF). Other regulatory bodies that oversee the operations are the International Association of Insurance Supervisors (IAIS), the European Insurance and Occupational Pensions Authority (EIOPA), the Federation of European Risk Management Associations (FERMA), and the Portuguese Association of Insurers (APS).
The Portugal insurance industry research report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, and health, and marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Moreover, it includes the scope of non-admitted insurance in the country.
Key Regulators | · Insurance and Pension Fund Supervision Authority (ASF)
· International Association of Insurance Supervisors (IAIS) · European Insurance and Occupational Pensions Authority (EIOPA) · Federation of European Risk Management Associations (FERMA) · Portuguese Association of Insurers (APS) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Portugal Insurance Industry – Key Regulators and Legislation
Insurance and Pension Fund Supervision Authority (ASF): The ASF is a national authority responsible for the regulation and supervision of insurance, reinsurance, pension funds, and their management companies and insurance mediation, in terms of both prudential and market conduct points of view. The ASF was previously known as ISP and changed its name under Decree-Law No. 1, 2015. ASF’s headquarters is in Lisbon and was established in 1982.
International Association of Insurance Supervisors (IAIS): The IAIS represents regulators and supervisors of 190 jurisdictions in more than 140 countries. It formulates and issues various global principles, standards, and guidance provides training and support on issues related to supervision and organizes meetings and seminars for supervisors. The primary objectives of the IAIS are to promote effective and globally consistent supervision of the industry to develop and maintain a fair, safe, and stable market for the benefit and protection of policyholders, and to contribute to global financial stability.
The key laws and regulations in the Portugal insurance industry are as follows:
- Decree-Law 2 of 2009
- Law No. 67 of 2013
- Decree-Law No. 144 of 2006
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Portugal Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Portugal insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Portugal Insurance Industry Analysis by Compulsory Insurances
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Portugal Insurance Industry - Company Registration and Operation
A license is required to operate in the Portugal insurance industry. Companies wishing to operate an insurance business are required to obtain authorization from the ASF to carry out such activities. However, Decree-Law 2, 2009 does not permit composite insurance in Portugal.
Companies licensed to operate in the life segment are permitted to operate personal accident and health insurance businesses. In addition, any company established as a composite insurer before the implementation of the decree is permitted to carry on as a composite insurer.
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Portugal Insurance Industry - Taxation
The different types of taxes in the Portugal insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax.
Corporate Income Tax: The Tax and Customs Authority (Autoridade Tributaria e Aduaneira) administered taxation in Portugal. Corporate income tax is imposed on taxable profits of both resident and non-resident companies. Resident companies are taxed on their worldwide source of profits, whereas non-resident companies are taxed on income earned in Portugal.
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Scope
- The report covers details of the insurance regulatory framework in Portugal.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments in the country’s insurance regulatory framework.
- The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Key Highlights
- ASF regulated the Portuguese insurance industry.
- Composite Insurance is not permitted in Portugal.
- The Portuguese FDI regime allows up to 100% foreign participation in domestic insurance companies.
- Non-admitted insurance is not permitted. However, insurers from EU Member States can operate either directly or through a branch, based on the freedom to provide services.
- Compulsory classes of insurance include motor third-party liability insurance and workmen’s compensation insurance.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Portugal.
- Track the latest regulatory changes and expected changes impacting the Portugal insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices about various types of insurance products.
Table of Contents
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Frequently asked questions
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Who is the key regulator of the Portugal insurance industry?
The Portugal insurance industry is regulated mainly by the Insurance and Pension Fund Supervision Authority (ASF).
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Which other bodies oversee the Portugal insurance industry?
Other bodies that oversee the Portugal insurance industry are IAIS, EIOPA, FERMA, and APS.
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What are the compulsory insurances in the Portugal insurance industry?
Some of the compulsory insurances required within the Portugal insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What are the types of taxes imposed in the Portugal insurance industry?
The different types of taxes in the Portugal insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax.
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