Mediation/Cross-border activities

Cross-border activities

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General good rules which an insurance or reinsurance distributor, registered in another Member State, must comply with to carry on the distribution activity in the Portuguese territory, within the scope of the Directive (EU) 2016/97 of the European Parliament and of the Council, of 20 January 2016, on insurance distribution, imposed by the Portuguese legislation.

A. General obligations

The insurance and reinsurance distributor has the following general obligations:

a) To execute contracts in the name of the insurance undertaking only when the latter has conferred the necessary written powers;

b) To not accept coverage of risks in his own name;

c) To comply with the legal and regulatory requirements applying to the insurance activity and to the distribution activity and do not intervene in contracts that stand in breach of these requirements;

d) To assist correctly and efficiently the insurance contracts in which it intervenes;

e) To pursue best efforts in order to prevent inexact or incomplete declarations by the policyholder and situations which stand in breach or constitute cases of fraud against the law or which indicate situations of money laundering;

f) To keep professional confidentiality in relation to third parties concerning facts that he became aware of as a result of exercise of his activity;

g) To exhibit the registration certificate as intermediary whenever requested by any interested party;

Duties of the insurance and reinsurance distributors towards Autoridade de Supervisão de Seguros e Fundos de Pensões:

a) To submit in due time all the clarifications and information required and to present all the documents established in the legal regime or requested by ASF;

b) To report any amendments to the information provided to ASF under the fulfilment of the applicable duties within 30 days as of the verification of those amendments, except if a different deadline is established.




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