The ASF's mission is to ensure the smooth functioning of the insurance market and pension funds in Portugal, in order to contribute to ensuring the protection of policyholders, insured persons, participants and beneficiaries.
This mission is ensured by promoting the stability and financial soundness of all institutions under its supervision, as well as ensuring the maintenance of high standards of conduct on the part of operators.
KEY COMPETENCES AND TASKS
The ASF has regulatory, authorisation or non-opposition powers, registration or certification, on-site and off-site supervision, enforcement, revocation, misdemeanour and institutional supervision.
The duties and powers entrusted to the ASF for the pursuit of its mission are essentially set out in the following legislation:
- Statutes (Decree-Law no. 1/2015, of 6 January);
- Framework law of regulatory authorities (Law no. 67/2013, of 28 August);
- Legal framework governing the taking-up and pursuit of the Insurance and Reinsurance activities (Law n.º 147/2015 of 9th September), as amended by Law n.º 7/2019 of 16th january)
- Legal framework governing the setting-up and operation of Pension Funds and Pension Fund management companies (Decree-Law no. 12/2006, of 20 January); republished by Law n.º 147/2015 of 9th september.
- Legal framework governing the taking-up and pursuit of Insurance and Reinsurance mediation (Law n.º 7/2019 of 16th january)