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13 November 2009
In issuing Legislative Decree 222/2009, the Ministry of the Economy and Innovation has reinforced consumer protection measures for the conclusion of insurance contracts associated with mortgages.
The legislative decree briefly sets out the information duties of credit institutions that wish to link life insurance contracts to mortgages. It also establishes the required minimum content of life insurance contracts that may offered to persons seeking a mortgage. Where a credit institution makes the offer of a mortgage conditional upon the conclusion of an insurance contract, or where the institution wishes to offer such a customer the option of a taking out life insurance, it must propose a contract that complies with the requirements in the legislative decree.
The legislative decree was published in the Official Gazette on September 11 2009 and will come into effect 90 days after publication.
For further information on this topic please contact Manuel Magalhães or Francisco Mendes Correia at Cuatrecasas Gonçalves Pereira by telephone (+351 21 355 3800) or by fax (+351 21 353 2362) or by email (firstname.lastname@example.org or email@example.com).
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Francisco Mendes Correia