Melhores Advogados de Resseguro em Funchal

1. About Resseguro Law in Funchal, Portugal

Resseguro, or reinsurance, is the practice by which an insurer transfers part of its risk to another insurer to reduce exposure. In Portugal, including Funchal in Madeira, the legal framework is national, with regulation coordinated at the EU level. Reinsurance contracts in Madeira follow Portuguese contract law, the regime governing insurance contracts, and Solvency II requirements implemented through national oversight.

Practitioners in Funchal typically deal with treaty reinsurance and facultative reinsurance, negotiating terms, limits, exclusions and claims handling. Local counsel helps ensure that treaties comply with both national statutes and EU directives, and that claims are processed efficiently within Portuguese courts or arbitration forums. The Madeira courts apply the same substantive rules as the rest of Portugal, including civil procedure and contract interpretation.

Regulatory oversight for the Portuguese reinsurance market is provided by the national supervisor, ASF, which enforces capital requirements, risk management, and consumer protections under Solvency II. For residents of Funchal, this means that reinsurance negotiations and disputes should align with both national law and EU governance standards. Underpinning all of this is the aim to protect policyholders and ensure insurer solvency across the Madeira region and the country as a whole.

Source: European Commission - Solvency II framework for insurance and reinsurance. See https://eur-lex.europa.eu/eli/dir/2009/138/oj

Source: ASF - Autoridade de Supervisão de Seguros e Fundos de Pensões. See https://www.asf.gov.pt

Source: Diário da República (Diário Oficial) - official Portuguese government gazette for legal texts. See https://dre.pt

2. Why You May Need a Lawyer

Reviewing and negotiating reinsurance agreements requires specialized knowledge of Portuguese and EU law. In Madeira, local counsel can navigate jurisdictional issues between courts on the island and the mainland, as well as cross-border considerations with reinsurers based elsewhere in Portugal or the EU.

Here are concrete, real-world scenarios where a Resseguro lawyer adds value for Madeira residents:

• A Madeira insurer negotiates a treaty with a reinsurer and requests a precise wording on exclusions for earthquake damages in a Madeira-specific risk cluster.
• A cedent disputes a claim payment alleging non-disclosure of material risk, and the reinsurer seeks to enforce a contract interpretation that favors non-payment.
• A local insurer experiences a delay in capital relief under Solvency II and needs guidance on risk-adjusted capital calculations and regulatory reporting to ASF.
• A reinsurer or cedent from abroad requires assistance with cross-border contract terms, choice of law, and jurisdiction for dispute resolution in Madeira.
• A claim dispute arises over proportional vs non-proportional reinsurance and the allocation of losses for a major event affecting Madeira properties.
• A Madeira-based insurer seeks to terminate or amend an existing reinsurance treaty due to changes in risk profile or portfolio consolidation.

3. Local Laws Overview

The Portuguese reinsurance framework relies on a combination of national contract law, the regime for insurance contracts, and EU supervisory rules. The key components described here are widely referenced in Madeira, Lisbon and the broader Portuguese market.

The main legal pillars include the EU Solvency II regime and its transposition into Portuguese law, together with the general Civil Code provisions governing insurance contracts. In Madeira, disputes are typically resolved under the Portuguese civil procedure regime, with appellate options available in the Madeira regional court system.

Solvency II framework (Directive 2009/138/EC) governs capital requirements, risk management and governance for insurers and reinsurers in Portugal. The directive has been implemented in national law and overseen by ASF. Directive 2009/138/EC (Solvency II) is the overarching EU standard that informs local practice.

Portuguese Civil Code and Regime Jurídico do Seguro establish the baseline for interpretation of reinsurance contracts, duties of disclosure, and the formation and enforcement of treaties. The Civil Code governs general contract principles that apply to resseguro contracts entered into in Madeira. See the Diário da República for the specific statutory texts. DRE overview.

Recent trends include broader adoption of Solvency II governance practices by Madeira-based insurers and reinsurers, enhancement of risk management disclosures, and alignment with IFRS 17 reporting expectations that affect the insurance value chain. For EU-wide developments, see the European Commission and EIOPA resources linked below.

Recent updates emphasize stronger governance and risk management under Solvency II, with intensified cross-border oversight and data-driven reporting. See https://www.eiopa.europa.eu for trend information.

In Portugal, the Diário da República provides the official texts implementing Solvency II and related insurance regimes. See https://dre.pt for official texts.

4. Frequently Asked Questions

What is resseguro and how does it differ from seguro?

Resseguro is insurance for insurers, transferring risk from cedentes to resseguradores. It differs from seguro, which is the primary line of insurance sold to end clients.

How do I start a reinsurance claim in Madeira?

Begin by notifying the reinsurer in writing, then assemble claim documentation, policy language, and loss estimates. Your lawyer can help frame the claim, identify applicable exclusions, and manage deadlines.

What is the role of the ASF in resseguro matters?

ASF supervises insurers and reinsurers, ensuring solvency and compliance with EU and national rules. They oversee capital requirements and claims handling standards that affect reinsurance contracts.

Do I need a Madeira-based lawyer for a cross-border reinsurance deal?

Yes. A local lawyer helps address jurisdiction, enforcement of judgments in Madeira, and cross-border regulatory compliance with EU law.

How long does a typical reinsurance dispute take in Madeira?

Disputes vary by complexity and court backlog. A straightforward case may resolve in 6-12 months, while complex claims can take longer with potential appeals.

What should I look for in a reinsurance treaty wording?

Look for clear definitions, exclusions, triggers for payment, reporting requirements, and dispute resolution terms. Ambiguity in wording often causes later disputes.

Can a reinsurance contract be amended after signing?

Amendments require mutual agreement and, often, formal amendments in writing. Ensure changes are documented to preserve enforceability.

Is Solvency II applicable to reinsurance in Madeira?

Yes. Solvency II governs capital, governance, and risk management for insurers and reinsurers, applicable in Madeira as part of Portugal and the EU framework.

What is the difference between proportional and non-proportional reinsurance?

Proportional reinsurance shares premiums and losses between cedent and reinsurer. Non-proportional reinsurance covers losses above a set threshold, such as excess-of-loss arrangements.

How much does it cost to hire a Resseguro lawyer in Madeira?

Costs vary by matter complexity, experience, and region. Expect a combination of hourly rates and fixed fees for discrete tasks such as contract reviews.

Should I consider arbitration for reinsurance disputes in Madeira?

Arbitration can offer neutrality and faster resolution for international deals. Ensure arbitration clauses specify the seat, language, and enforcement framework in Madeira.

Do I need to provide ongoing reporting to ASF as part of a reinsurance arrangement?

Often yes, especially under Solvency II, which requires regular risk and capital reporting. Your solicitor can help ensure compliance and timeliness of submissions.

5. Additional Resources

• - Regulates insurance and reinsurance firms in Portugal, including Solvency II compliance and consumer protections. https://www.asf.gov.pt
• - EU supervisory authority for insurance and pensions, with guidance and manuals on Solvency II and cross-border risk. https://www.eiopa.europa.eu
• - Official EU framework overview, with summaries of requirements for insurers and reinsurers. https://ec.europa.eu
• - Official Portuguese government gazette for enacted laws and regulations. https://dre.pt