In May 2009, the Insurance Institute of Portugal issued a new regulation regulating the scheme of regularisation of vehicle claims.
The previous modification took place in 2007, the latest regulation was issued to make adjustments that were deemed necessary due to the new scheme instituted in 2007.
The modifications to the regulation were intended to improve the claims regularisations periods and insurance companies’ reports.
For all insurance companies, the new scheme created a supervision and control system of claims regularisation periods. A registry regarding the regularization of property damage claims, corporal injuries, and material and corporal damages, is now mandatory. The companies are obliged to report every modification of the above mentioned record to the Insurance Institute of Portugal.
In addition, the Act 7/2009-R, changed the insurance companies’ four-month report term to six monthly. This was to provide stability and consistency of information provided by the insurance companies to the Insurance Institute of Portugal.