The Insurance and Pension Funds Supervisory Authority, (“ASF”) issued Circular 1/2024 of 4 January, issuing a set of instructions for the application of Circular no. 3/2023, of 29 March, which disclosed to the market a set of best practice recommendations applicable to notices of payment of insurance premiums and other aspects related to possible contractual changes.
We highlight:
- the confirmation by ASF that information on the variation in insurance premiums can be provided in a separate document, as long as it is sent together with the payment notice; and
the indication that it shall be defined a new specific report on the variation of insurance premiums to be submitted by insurance companies to ASF.