Latest updates

Amendments to Insurance Supervision Act
Morais Leitão, Galvão Teles, Soares da Silva & Associados
  • Portugal
  • 04 September 2018

A number of amendments were recently made to the Insurance Supervision Act in the context of transposing the EU Markets in Financial Instruments Directive. The main amendments concern the protection of communications to the Portuguese insurance regulator regarding violations, the imposition of fines on insurers that violate the EU Benchmarking Regulation and the rules applicable to insurers' marketing of insurance products linked to investment funds.

Legal basis for processing personal health data for insurance purposes
Morais Leitão, Galvão Teles, Soares da Silva & Associados
  • Portugal
  • 07 August 2018

Under the General Data Protection Regulation, the processing of health data for insurance purposes requires the data subject's 'explicit consent', which poses enormous challenges for the insurance industry. Portugal has no specific legislation concerning the processing of health data for insurance purposes. However, it is hoped that the anticipated Data Protection Act will provide specific grounds for the processing of such data in this context.

Implementation of EU Insurance Distribution Directive
Morais Leitão, Galvão Teles, Soares da Silva & Associados
  • Portugal
  • 24 July 2018

The EU Insurance Distribution Directive (IDD), as amended, should have been transposed into national law by 1 July 2018, with the date of application of the new rules set for 1 October 2018. Although the IDD has yet to be transposed in Portugal, the government has submitted the proposed text of the new statute to Parliament for discussion.

Supreme Court clarifies late payment of insurance compensation
Morais Leitão, Galvão Teles, Soares da Silva & Associados
  • Portugal
  • 03 April 2018

When an insured event takes place, the insurer is bound to compensate the insured for the corresponding loss. However, the law is not entirely clear as to the moment when this payment should occur. Although Portuguese judicial decisions on this subject have thus far been inconsistent, a recent Supreme Court judgment appears to have shed light on the intended scope and meaning of the relevant legal provisions.

General good provisions: freedom of establishment and freedom to provide services
Morais Leitão, Galvão Teles, Soares da Silva & Associados
  • Portugal
  • 20 February 2018

The Insurance Supervisory Authority (ASF) recently published a consultation paper requesting comments on the draft regulatory norm, which sets out the general good provisions applicable to insurers acting in Portugal under the freedom of establishment or freedom to provide services. The draft sets out a number of general good provisions which would be applicable to the distribution of all types of insurance and provisions which would apply to the distribution of mandatory insurance and life insurance products.

A tax conundrum for Portuguese and foreign insurers
  • Portugal
  • 17 August 2010

As a result of two recent changes, the tax regime on insurance contracts under the EU free provision of services appears to have become more advantageous than the regime applying to contracts under Portuguese law. However, fiscal issues are rarely so simple in Portugal and taxpayers must consider the procedures required to make taxation effective.

Margarida Lima Rego
Morais Leitão, Galvão Teles, Soares da Silva & Associados
  • Lisbon
  • Portugal
Helena Tapp Barroso
Morais Leitão, Galvão Teles, Soares da Silva & Associados
  • Lisbon
  • Portugal
Nuno Sobreira
Morais Leitão, Galvão Teles, Soares da Silva & Associados
  • Lisbon
  • Portugal
Francisco Vieira de Almeida
Morais Leitão, Galvão Teles, Soares da Silva & Associados
  • Lisbon
  • Portugal
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