1907 - 1907

Government Decree laying the foundations for the exercise of insurance activity

Decree with the force of law, of 21st October, which established for the first time in Portugal the conditions for access to and exercise of the insurance activity, as well as its supervision, through the creation of an Insurance Council (Martins Carvalho Law).
From a technical point of view, the diploma is exemplary, but for the epoch it constitutes a restrictive innovation to the liberal principles of the economy. A work of rare merit, of the organization of insurance companies, came with its articulation to define the conditions for access and exercise of the insurance activity, establishing the principles of an independent supervision of the corporate organs.


Image caption
Diário do Governo, nº 239, 23 de outubro de 1907
Image extracted from ASF-Autoridade de Supervisão de Seguros e Fundos de Pensões, “Centenário/O Decreto do Governo de 21 de Outubro de 1907”