Portugal | Market conduct and complaint handling by ASF

Published in the Official Gazette of the Republic of Portugal on June 30, ASF Regulatory Standard 7/2022-R regulates market conduct and complaint handling by the Portuguese Insurance and Pension Funds Supervisory Authority. 

Key aspects

>  Establishes robust rules for all areas affecting relations with policyholders, insured parties, beneficiaries and injured third parties within the scope of insurance activity, and with members, contributors, participants and beneficiaries within the scope of pension fund management activity

>  Updates the regime applicable to complaint management, customer ombudspersons and liaison officers of the Portuguese Insurance and Pension Funds Supervisory Authority, which will also apply to pension fund management activity

>  Regulates the principles and risks associated with market conduct within the governance system of insurance companies and pension fund management companies

>  Adapts the applicable reporting requirements for behavioral supervision purposes