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)