In the June edition of Insurance and Reinsurance Review, we reported on the current status of implementation of the Reinsurance Directive across the European Union (the article can be found here. At the time, we reported that Portugal had not yet commenced its public consultation. That consultation has now been commenced, and is open until 8 July 2008.

A point of note is that, although Portugal will abolish the existing collateral requirements imposed on reinsurers from other European states (ie EEA member states) as required by the Reinsurance Directive, it appears that it intends to retain such requirements in relation to non-European reinsurers unless their home country has reached a reciprocal recognition agreement with the European Union.

The consultation documents can be found here:

Consulta Pública Nº. 3/2008

Documento de Consulta Pública (Public Consultation Document)

Anteprojecto de Decreto-Lei (Preliminary Draft Decree Law)

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