Regulatory Notice n. º 8/2016-R, of 16th of August
Provision of Information to the Portuguese Supervisory Authority for Insurance and Pensions Funds – Insurance and Reinsurance Undertakings – Regulatory Notice n. º 8/2016-R, of 16th of August.
On 16 August 2016 it was published the Regulatory Notice n. º 8/2016-R (“Regulatory Notice”) in the Portuguese Official Gazette referring to the provision of information to the Portuguese Supervisory Authority for Insurance and Pensions Funds (“ASF”).
Under Law n.º 147/2015, of 9th of September (the Legal Framework of the access to and the exercise of the business of insurance and reinsurance (“RJARS”)), it was established new information/reporting obligations to the Portuguese Supervisory Authority for insurance and pensions funds (“ASF”), corresponding such obligations to Pilar III of the Solvency II Directive.
The RJARS has always safeguarded that ASF could determine, by way of a regulatory notice, the nature, scope and format of the information to be provided, which is now accomplished by the publication of the said Regulatory Notice.
In relation to its structure, the Regulatory Notice is divided in four titles corresponding to, respectively: (i) the general provisions, (ii) the provision of information based on the Solvency II framework, (iii) the provision of accounting, prudential and statically information and (iv) the final and transitional provisions.
In relation to its scope of application, the Regulatory Notice applies to insurance and reinsurance undertakings based in Portugal, insurance holding companies and mixed financial holding companies which provide information to ASF in accordance with the RJARS.
Furthermore, in relation to the accounting, prudential and statically reporting obligation, the Regulatory Notice extends its’ scope of application to the branch offices of insurance undertakings based on another European Union’s Member State which carry on its business by way of freedom to provide services.
Therefore, the insurance and reinsurance undertakings, subject to the supervision of ASF, shall provide the information necessary for the purpose of supervision, considering the objectives of the supervision, and also the information necessary for the performance of other ASF’s legal competences.
In short, the information to be provided is subdivided in: (i) periodic quantitative information, (ii) additional information for the purpose of financial stability, and (iii) periodic qualitative information.
The tables attached to the Regulatory Notice which complete the other provisions are also an important part of the Regulatory Notice.
The Regulatory Notice entered into force on the day following its publication, 17th of August, except for the transitional period established under article 36.º of the Regulatory Notice.
Please click the following link to have access to the Regulatory Notice’s text - Regulatory Notice n.º 8/2016, of 16 of August.