The main Portuguese legislation on Intermediary Regulation is Decree Law 144/2006, published on 31 July 2006. This law implemented the EU Insurance Mediation Directive (Directive 2002/92/EC). (Decree Law 144/2006 was amended by Decree Law 359/2007 of 2 November, Law 46/2011 of 24 June and Law 147/2015 of 9 September).
Decree Law 144/2006 provides for three types of insurance intermediary and one type of reinsurance intermediary. All types of intermediary are permitted to be a Lloyd's coverholder.
1. Tied insurance intermediary (Mediador de seguros ligado)
There are two subtypes:
(a) Intermediaries who act for and on behalf of one insurer – or more than one insurer with the consent of concerned insurers of separate non competing products - and are under the insurer’s responsibility but shall not be entitled to receive any premiums nor any monies destined to policyholders, insureds or beneficiaries.
(b) Intermediaries who secondarily sell insurance products connected with the goods and/or services which constitute their main activity. These mediators shall also act under responsibility of the insurers in what concerns the respective products and shall not be entitled to receive any premiums nor payments destined to policy holders, insured or beneficiaries.
2. Insurance Agent (Agente de seguros)
Intermediaries who act on behalf and for the account of one or more insurers under the terms of the contracts entered into with such insurers. Insurance Agents may be entitled to receive payment of premiums and payments destined to policy holders, insured or beneficiaries.
3. Insurance Broker (Corretor de seguros)
Intermediaries who act in an independent manner in relation to insurers, basing activity on an independent fair analysis of a sufficient number of available insurance products in order to provide consultancy and advice to its clients.
4. Reinsurance intermediary (Mediador de resseguros)
Intermediation of reinsurance was not regulated before the enactment of Decree Law 144/2006. Decree Law 144/2006 provides for the mandatory registration of reinsurance intermediaries with the ASF. Reinsurance intermediaries shall obey by the rules set forth to insurance brokers as far as requirements to access the activity and procedure for the registration with ASF are concerned.