Openness of insurance to national private initiative
By Decree Law No. 406/83, of 19th November, private companies, and other entities of the same nature can carry on banking and insurance activities.
This Decree-Law changes Articles 3, 5 and 8 of Law No. 46/77 of July 8 (delimitation of the public and private sectors).
“This puts an end to a controversial hesitation that has impassioned public opinion. But the truth is that both the experience gained in the meantime and the prospect of our joining the Common Market and the consequent ratification of the treaty that gave rise to it, and above all the firm conviction that the measure now taken coincides with the most eminent defense of the national interest, have determined the government not to delay any longer the decision to establish a salutary regime of emulating competition between the public sector and the private sector in areas as important as those contemplated in this law.”
Decree-Law No. 406/83, of 19th November 1983
Image extracted from DRE/ Diário da República nº 267/1983, Série I de 1983-11-19, Presidência do Conselho de Ministros e Ministério das Finanças e do Plano, page 3850