CcIc:Ircfe: NcIurci:: umc rec|iccce mu|Iicimen:icnc| 163

CAISIkOFES NAIbkAIS E SEGbkOS

1
Morgor|do L|mo kego
F|c|e::c|c cc Fccu|ccce ce D||e|tc cc Un|ve|:|ccce Ncvc ce L|:ccc
kufe Corvo|ho do 5||vo
Acvcgccc
1. Introduo oo |enomeno dos seguros
/ cIiviccce :egurcccrc , nc e::ncic, umc cIiviccce ce ge:Icc ce ri:cc:. C
ri:cc , pcr :uc vez, c e|emenIc nuc|ecr cc ccnIrcIc ce :egurc. Ccmc
hcLiIuc| cizer-:e, ncc hc :egurc :em ri:cc
2
. C: meccni:mc: ce ge:Icc ce
ri:cc: pccem ci:Iinguir-:e, ucnIc cc fim, ccn:ccnIe vi:em {i) eviIcr c: ri:cc::
{ii) prevenir c :uc verificccc: {iii) minimizcr c: ccn:euncic: cc :uc
verificccc: cu {iv) prcpcrcicncr c: meic: pcrc fczer fcce c e::c:
ccn:euncic:. Exemp|ificcncc, um E:Iccc prccurc eviIcr c ri:cc ce umc
exp|c:cc nuc|ecr ucncc vecc, pcr ccmp|eIc, c exp|crccc ce energic
nuc|ecr nc :eu IerriIcric. Nc mecicc em ue c cuIcrize, emLcrc :ujeiIcncc-c
cc cumprimenIc ce cperIccc: regrc: ce :egurcnc, jc ccmiIe ccrrer e::e
ri:cc, cenIrcncc c: :eu: e:fcrc: nc prevencc cc cccrrncic ce umc
exp|c:cc nuc|ecr e nc minimizccc cc: efeiIc: nccivc: ce umc evenIuc|
exp|c:cc. Finc|menIe, hc ue c::egurcr c ci:pcniLi|iccce cc: meic: pcrc
u|Ircpc::cr c: efeiIc: nccivc: cc exp|c:cc. C: :egurc: :cc, pc::ive|menIe, c
1
E:Ie IexIc, ue :erviu ce Lc:e c inIervencc ce umc cc: cuIcrc: nc ccnferncic
Cctc:t|c|e: Nctu|c|: - Unc |ec||ccce nu|t|c|nen:|cnc| , em 24 ce cuIuLrc ce 2012,
ccrre:pcnce c umc ver:cc cLreviccc cc ccp|Iu|c, ccm c I|Iu|c xC: :egurc: ce ri:cc:
ccIc:Ircficc:r, cc cLrc cc|eIivc D||e|tc(:} cc: cctc:t|c|e: nctu|c|:, cccrc. Ccr|c /mccc
Gcme:, /|mecinc 2012, pp. 2-322.
2
E:Ie Iemc fci ce:envc|vicc em Mcrgcricc LlM/ FEGC, Ccnt|ctc ce :egu|c e te|ce||c:. F:tucc
ce c||e|tc c|v||, CcimLrc 2010, pp. 7 :: {ccp. 2).
vc|Icr cc |ncice
ln:IiIuIc ce Cincic: Jur|cicc-pc||Iicc: 166
meccni:mc ce ge:Icc ce ri:cc: eccncmiccmenIe mci: eficcz, ce enIre c:
ce:Iinccc: c prcpcrcicncr c: meic: pcrc fczer fcce c: ccn:euncic: cc
verificccc cc: ri:cc:.
/ principc| vcnIcgem cc cIiviccce :egurcccrc em re|ccc cc: cuIrc:
:eIcre: cc eccncmic re:ice nc circun:Icncic ce e:Ic prcpcrcicncr cc: :eu:
c|ienIe: c :cIi:fccc ce umc nece::iccce evenIuc| c cu:Ic cerIc pcrcic|.
Fcrc e::e efeiIc, c cIiviccce :egurcccrc reccrre c um cIc jur|cicc: c
ccnIrcIc ce :egurc.
Umc cc: cuIcrc: ce:Ie crIigc en:cicu ncuIrc :ece umc ce:cricc cc :egurc
ccmc c ccnIrcIc pe|c uc| umc pcrIe, mecicnIe reIriLuicc, :upcrIc um
ri:cc eccncmicc cc cuIrc pcrIe cu ce Ierceirc, cLrigcncc-:e c ccIcr c
ccnIrcpcrIe cu c Ierceirc cc: meic: cceuccc: c :upre::cc cu cIenuccc
ce ccn:euncic: negcIivc: reci: cu pcIencici: cc verificccc ce um
ceIerminccc fccIc
3
.
/ reIriLuicc, c ue u:c chcmcr-:e xprmicr
4
, um cu:Ic cerIc cc Icmcccr
cc :egurc
5
. um cu:Ic pcrcic| nc mecicc em ue, ccmc prcpric cc:
ccnIrcIc: c|ecIcric:, emLcrc exi:Ic c pc::iLi|iccce ce c ri:cc ncc :e verificcr
curcnIe c vigncic cc ccnIrcIc e ce, ccn:euenIemenIe, c :egurcccr nccc
ce:emLc|:cr, nc evenIuc|iccce ce :e verificcr c ri:cc :egurc - verificccc c
ue u:c chcmcr-:e x:ini:Ircr

- c :egurcccr pccerc Ier ce ce:emLc|:cr

ucnIic: muiI|::imc :upericre: cc prmic
7
.
3
Mcrgcricc LlM/ FEGC, ciI. :up|c n. 2, p. .
4
Cfr. c crI. 51. cc |ei cc ccnIrcIc ce :egurc, cprcvccc pe|c DL n. 72/2008, ce 1 ce /Lri|
{ccicnIe xLCSr). ScLre c prmic, cfr. Mcrgcricc LlM/ FEGC, xC prmicr, em enc: ce c||e|tc
cc: :egu|c:. A p|cp:|tc cc ncvc |e| cc ccnt|ctc ce :egu|c, /|mecinc 2012 {nc pre|c).
5
/rI. 18./c) LCS.
6
/rI. . LCS.
7
C :egurc um ccnIrcIc c|ecIcric, ncc pcr |iccr ccm um ri:cc cnIericr e incepencenIe cc
ccnIrcIc, mc: pcr cricr umc c|ec inIr|n:ecc cc ccnIrcIc. Cfr. Mcrgcricc LlM/ FEGC, ciI. :up|c n.
2, pp. 32 :: e pp. 41 :: {ccp: 5.2 e 5. 4. 2).
vc|Icr cc |ncice
CcIc:Ircfe: NcIurci:: umc rec|iccce mu|Iicimen:icnc| 167
/ pc::iLi|iccce ce c inc:Iric :egurcccrc cferecer cc mercccc e:Ie :ervic,
ce ccLerIurc cu :upcrIccc ce um ri:cc c Irccc ce umc reIriLuicc em
regrc muiIc infericr cc ue c :egurcccr Ierc ce ce:emLc|:cr em cc:c ce
:ini:Irc, Iem nc :uc Lc:e c chcmccc |ei cc: grcnce: nmerc: - princ|pic
gerc| cc mcIemcIicc, e mci: e:pecificcmenIe cc prcLcLi|iccce e cc
e:IcI|:Iicc, :eguncc c uc| c freuncic ce ceIerminccc: re:u|Iccc: Ience c
e:IcLi|izcr ccm c cumenIc cc nmerc ce cc:c: cL:ervccc:, cprcximcncc-:e
cccc vez mci: cc: vc|cre: previ:Ic:
8
.
Dccc c |ei cc: grcnce: nmerc:, c expc:icc cc :egurcccr cc ri:cc - c grcu
ce inceIermincLi|iccce cc re:u|Iccc cgregccc cc ri:cc incivicuc| ce Iccc:
c: inciv|cuc: pcr e:Ie :egurccc: - infericr c :cmc cc: expc:ice: cc ri:cc
ce Iccc: e|e: - c grcu ce inceIermincLi|iccce ce cccc um cc: re:u|Iccc:
ccnIemp|ccc:. Mci: preci:cmenIe, permcnecencc iguci: Iccc: c: cemci:
fcIcre:, c vc|cIi|iccce cu vcricLi|iccce cc re:u|Iccc previ:Ic, e
ccn:euenIemenIe c expc:icc cc :egurcccr cc ri:cc, vcricm numc
prcpcrcc inver:c c rciz uccrccc cc fcIcr cc cumenIc cc nmerc IcIc| ce
cc:c: cL:ervccc:, cu :ejc, c percenIcgem cc vcricLi|iccce ciminui, emLcrc
|enIcmenIe, c mecicc c ue cumenIc c nmerc ce cc:c: cL:ervccc:.
Ccm c cumenIc cc nmerc ce cc:c: cL:ervccc:, emLcrc cumenIe c IcIc|
cL:c|uIc cc percc e:Iimccc, ciminui em :imu|Icnec c mcrgem ce errc

, c
ue cIimizc c uIi|izccc cc: recur:c: fincnceirc: cc :egurcccr, permiIincc-|he
re:ervcr pcrc fuIurc: pcgcmenIc: um mcnIcnIe ce |iuicez mci: cprcximccc
cc vc|cr ue irc, efeIivcmenIe, Ier ce ce:emLc|:cr. / ncIurezc :ccic|menIe
pc:iIivc cc :egurc re:ice, preci:cmenIe, nc circun:Icncic ce c pcupcnc
ue um :egurcccr preci:c ce rec|izcr pcrc fczer fcce c Iccc: c: :ini:Irc: :er
muiIc infericr c :cmc cc: ucnIic: ue cccc um cc: :eu: :egurccc:,
incivicuc|menIe, Ieric ce pcupcr pcrc c me:mc efeiIc. C fencmenc cc
8
Cfr. J. S. IFlESCHM/NN, S. G. GUSI/VSCN, F|:k ncncgenent & |n:u|cnce, . ec., CincinncIi CH
15, pp. 35-3: e F. l. MEHF, E. C/MM/CK, F||nc|p|e: c| |n:u|cnce, 7. ec., Hcmewccc lL, 180, p.
1.
9
Cfr. um mcicr ce:envc|vimenIc cc Iemc em Mcrgcricc Limc Fegc, ciI. :uprc n. 2, pp. 130
:: {ccp. 2.3.1).
vc|Icr cc |ncice
ln:IiIuIc ce Cincic: Jur|cicc-pc||Iicc: 168
muIuc|izccc, cu ccmpen:ccc cc: ri:cc: nc :eic ce umc cc|eIiviccce, |evc
c ue e:Ie :ejc um cc:c em ue c Iccc Lem mencr cc ue c :cmc cc:
:uc: pcrIe:. e:Ic c rciz cc ncIurezc :ccic|menIe pc:iIivc cc cIiviccce
:egurcccrc, ue c cfc:Ic, ce:igncccmenIe, ce cuIrc: cIiviccce: c::enIe:
em ccnIrcIc: c|ecIcric:, Ici: ccmc c: ce jcgc e cpc:Ic.
/ |ei cc: grcnce: nmerc: :c funcicnc :e c: ri:cc: fcrem xcgregcvei:r. /I
ncc hc muiIc Iempc, erc ccrrenIe c cfirmccc, nc: mcnuci: ce eccncmic
cc: :egurc:, ce ue :c :ericm cgregcvei: c: ri:cc: ue fc::em
:imu|IcnecmenIe {i) hcmcgnec: e {ii) incepencenIe:
10
. /Iuc|menIe e:Ic
cfirmccc jc ncc cc|he e ne:Ie mcmenIc, hc cnIe: uem :u:IenIe ue c:
ri:cc: :cc :egurcvei: ucncc fcrem. :egurcvei:. / ue:Icc ceixcric ce :er
cnc|i:ccc em cL:IrcIc e pc::cric c :er IrcIccc ccm Lc:e nc experincic
prcIicc, :encc c :egurcLi|iccce ce um ri:cc cfericc uniccmenIe em funcc
cc re:pc:Ic cccc pe|c mercccc c umc prccurc ce :egurc: pcrc ccLerIurc
ce::e ri:cc. Seguncc e::e criIric, c: ri:cc: :ericm :egurcvei: ucncc c :uc
Ircn:ferncic nc mercccc privccc cc: :egurc: pc::c crgcnizcr-:e ce mccc c
fcrnecer c um pcIencic| Icmcccr c ccLerIurc ce ue preci:c
11
. Nc enIcnIc,
cue|c ccnIinuc c :er umc impcrIcnIe premi::c cc cIiviccce :egurcccrc: c
hcmcgeneiccce e incepencncic cc: ri:cc: :cc hcje Iicc: pcr e|emenIc:
iceci: cc :egurcLi|iccce cc: ri:cc:, :em ue c fc|Ic ce um ce|e: cu ce
cmLc: |he: reIire, nece::cricmenIe, c :egurcLi|iccce
12
.
Mci: cc ue c men:urcLi|iccce, cc :egurcccr inIere::crc ncrmc|menIe c
prvic exi:Incic ce mecice:. l:Ic pre::upce c exi:Incic ce umc Lc:e
:uficienIemenIe c|crgccc ce cc:c: hcmcgnec: e incepencenIe:
cL:ervccc:. Fcrc :erem ccmpcrcvei:, c: cc:c: cevercc cpre:enIcr
:uficienIe: pcnIc: ce ccnIccIc enIre :i, c ue ncc ccrece ce u|Iericre:
10
Cfr. F. l. MEHF, E. C/MM/CK, ciI. :up|c. n. 8, pp. 32-33: D. L. 8lCKELH/UFI, Gene|c| |n:u|cnce,
11. ec., Hcmewccc lL, 183, p. 13: e G. L. HE/D, M. W. ELLlCI, J. D. 8LlNN, F::ent|c|: c| ||:k
||ncnc|ng, l, 2. ec., Mc|vern, 13, pp. 171-172.
11
Ne:Ie :enIicc, C. CCUF8/GE, F. M. LlEDIKE, |n:u|cc|||ty, p. 228.
12
E. J. V/UGH/N/ I. M. V/UGH/N, Funccnentc|: c| ||:k cnc |n:u|cnce, 10. ec., Ncvc lcrue,
2007, pp. 41-42: e J. S. IFlESCHM/NN, S. G. GUSI/VSCN, ciI. :up|c n. 8, pp. 35-3.
vc|Icr cc |ncice
CcIc:Ircfe: NcIurci:: umc rec|iccce mu|Iicimen:icnc| 169
exp|iccce:, e ncc cevercc e:Icr ccu:c|menIe re|ccicnccc: un: ccm c:
cuIrc:, cu :ejc, ncc cevercc cepencer cc cccrrncic un: cc: cuIrc: cu ce
um me:mc fccIc. E:Ic, umc ceccrrncic cc princ|pic cc civer:ificccc -
princ|pic gerc| cc eccncmic cujc impcrIcncic cIrcve::c c: frcnIeirc: cc:
civer:c: crec: cc :i:Iemc fincnceirc.
2. A coberturo de r|scos cotostro||cos: um deso||o
/ exp|icccc ue cnIecece impcrIcnIe pcrc c ccmpreen:cc ce c|gumc:
cc: cificu|ccce: ue c inc:Iric :egurcccrc enfrenIc ucncc :e prcpce
:egurcr ri:cc: xccIc:Ircficc:r.
C: ri:cc: ccIc:Ircficc:, ccmc ri:cc: ue :cc, :cc c re:u|Iccc ce um ju|zc ce
ri:cc
13
. E:Ie , cnIe: ce mci:, um ju|zc prcLcLi||:Iicc, nc mecicc em ue em
Iccc c icenIificccc ce um ri:cc e:Ic pre:enIe, nece::cricmenIe, umc iceic
ce xpc::iLi|icccer, numc nccc re:IriIc em ue e:Ic , ncc cpenc: c cpc:Ic
ce impc::iLi|iccce, mc: IcmLm c cpc:Ic ce nece::iccce. Feccrrencc c
|ingucgem mcIemcIicc: nc :enIicc em ue c Iermc xpc::iLi|icccer cui
uIi|izccc, pc::iLi|iccce Iccc c prcLcLi|iccce :iIuccc enIre 0
{impc::iLi|iccce) e 1 {cerIezc)
14
.
Iemc:, enIcc, ue em Iccc c ju|zc ce ri:cc, hc um cpcnIcr ce cecc c umc
incerIezc, ue, nc cc:c cc: ri:cc: ue :ercc ccLerIc: pcr ccnIrcIc: ce
:egurc, :erc umc incerIezc ucnIc {i) c cccrrncic cc :ini:Irc: {ii) cc
mcmenIc ce cccrrncic cc :ini:Irc: e/cu {iii) c mcgniIuce cc:
ccn:euncic: cc cccrrncic cc :ini:Irc. c e|emenIc ce:criIivc cc ri:cc,
re:u|Iccc ce um ju|zc ce ri:cc.
13
/ ccrccIerizccc cc: ju|zc: ce ri:cc e cc fencmenc cc ri:cc, e c icenIificccc cc:
ccrccIer|:Iicc: cc: ri:cc: ce :egurc, um Iemc ce:envc|vicc pcr Mcrgcricc LlM/ FEGC, ciI.
:up|c n. 2, pp. 7 :: {ccp. 2).
14
Cfr. M. DFEHEF, D|e Ve|:|cne|ung c|: Fecnt:p|ccukt. D|e F||vctve|:|cne|ung unc |n|e
|ecnt||cne Ge:tc|tung, IuLingc, 11, p. 3: e H. MCLLEF, xMccerne Ihecrien zum 8egriff cer
Ver:icherung unc ce: Ver:icherung:verIrcge:r {12) 51 ZVer:Wi:: 2-28, p. 27.
vc|Icr cc |ncice
ln:IiIuIc ce Cincic: Jur|cicc-pc||Iicc: 170
Fcrc c|m cc e|emenIc ce:criIivc, Iemc: cincc c e|emenIc ncrmcIivc cc
ri:cc: c xce:vc|crr ue c :ujeiIc cc ju|zc ce ri:cc nece::cricmenIe c::ccic c
e::e re:u|Iccc. C re:u|Iccc ceverc Ier um impccIc negcIivc nc vicc cc
:ujeiIc ce ri:cc, :c c::im :e pccencc uc|ificcr umc uc|uer incerIezc ccmc
um ri:cc.
Em :umc, c ri:cc c re:u|Iccc ce um ju|zc meIcjur|cicc, excgenc e cnIericr
cc ccnIrcIc ce :egurc, icenIificcccr ce umc pc::iLi|iccce negcIivcmenIe
vc|crccc pe|c re:peIivc :ujeiIc. Hc ue cIenIcr cgcrc nc: ccrccIer|:Iicc: ue
c re:u|Iccc ce um ju|zc ce ri:cc Iem ce reunir pcrc ue c :eu :ujeiIc pc::c
uc|ificc-|c ccmc um ri:cc xccIc:Ircficcr.
Fcrc cefinir ri:cc ccIc:Ircficc, cu me:mc ccIc:Ircfe, c inc:Iric :egurcccrc
reccrre c: :uc: prcpric: cefinice: ce xccIc:Ircfer. Seguncc c |n:u|cnce
|n|c|nct|cn |n:t|tute, umc ccIc:Ircfe um ce:c:Ire, ce crigem ncIurc| cu
humcnc, ccm um pcIencic| ccu:cccr ce ccnc: em Len: :egurc: cujc vc|cr
g|cLc| u|Ircpc::e umc ceIerminccc fc:uic, ue cIuc|menIe c inc:Iric
ncrIe-cmericcnc fixc em vinIe e cincc mi|hce: ce cc|cre: cc: E:Iccc: Unicc:
cc /mricc {USD 25.000.000,00)
15
.
Nc: :egurc: ce ri:cc: ccIc:Ircficc:, ncc invu|gcr enccnIrcr c e:Iipu|ccc
ce ue um cccc evenIc :c ccrre:pcncerc c um :ini:Irc, cu :ejc :c e:Icrc
ccLerIc pe|c :egurc, :e fcr cficic|menIe uc|ificccc ccmc umc ccIc:Ircfe
pe|c cuIcriccce ccmpeIenIe nc crcencmenIc jur|cicc em ccu:c - c|gun:
ccnIrcIc: ce :egurc: ue c::egurcm c ccLerIurc ce evenIc: ccIc:Ircficc:
cpenc: ce:enccceicm c pcgcmenIc ce incemnizccc cc: :egurccc: nc
mcmenIc em ue c enIiccce :cLercnc ce::e me:mc pc|: cec|crc c evenIc
regi:Iccc ccmc :encc umc ccIc:Ircfe
1
.
15
Definicc cc lNSUF/NCE lNFCFM/IlCN lNSIlIUIE, xCcIc:Ircphe:: in:urcnce i::ue:r, :eIemLrc ce
2011, p. 1, ci:pcn|ve| em hIIp://www.iii.crg/mecic/hcIIcpic:/in:urcnce/ccIc:Ircphe:/. C
|n:u|cnce |n|c|nct|cn |n:t|tute {www.iii.crg) fci criccc hc cercc ce meic cenIenc ce cnc:
pcr um ccnjunIc ce :egurcccre: ncrIe-cmericcnc: e Iem pcr mi::cc xprcmcver c
ccmpreen:cc pL|icc cc: :egurc: - c ue fczem e ccmc funcicncmr.
vc|Icr cc |ncice
CcIc:Ircfe: NcIurci:: umc rec|iccce mu|Iicimen:icnc| 171
Se ncc exi:Ie umc cefinicc un|vccc e univer:c| ce xccIc:Ircfer, muiIc
menc: pccemc: ccnIcr ccm umc c|c::ificccc uncnime cc: vcric: e:pcie:
ce ccIc:Ircfe:. Nc enIcnIc, pcrc c: nc::c: prcpc:iIc: impcrIc cpenc:
icenIificcr c: principci: ri:cc: ue pccem e:Icr em ccu:c ucncc :e fc|c em
:egurcr xri:cc: ccIc:Ircficc:r.
/ generc|iccce cc: c|c::ificcce: ce ri:cc: ccIc:Ircficc: civice-c:, cnIe: ce
mci:, em funcc cc :uc crigem ncIurc| cu humcnc, emLcrc ccm c re::c|vc
ce ue nem :empre c|crc c frcnIeirc enIre c: ccIc:Ircfe: ce crigem ncIurc|
e ce crigem humcnc.
Hc cuc: ccrccIer|:Iicc: ccmun: cc: ri:cc: ccIc:Ircficc: ue :cc ce e:pecic|
impcrIcncic pcrc c inc:Iric :egurcccrc: e:Ie: ri:cc: :cc, IipiccmenIe, ce
freuncic recuzicc e :cc ri:cc: ce e|evccc mcgniIuce. lnIere::c, pci:, pcrc
c uc|ificccc ce um ri:cc ccmc ccIc:Ircficc, ue c evenIc ccnIemp|ccc
:ejc :u:ceI|ve| ce ccu:cr ccnc: cvu|Iccc:, ncc :e exigincc, ncIurc|menIe,
ue Ici: ccnc: venhcm c verificcr-:e. C ju|zc ce ri:cc :empre um ju|zc ce
prcgnc:e, um ju|zc cirigicc pcrc c fuIurc
17
.
/ primeirc ccrccIer|:Iicc cificu|Ic c reunicc ce cccc: :u:ceI|vei: ce
prcpcrcicncr c inc:Iric :egurcccrc umc Lc:e :c|icc pcrc c fcrmu|ccc cc:
:eu: cc|cu|c:. Sem umc Lc:e :uficienIemenIe c|crgccc ce cc:c:
hcmcgnec: e incepencenIe: cL:ervccc:, pccemc: cfirmcr cincc hcje,
:em receic ce errcr, ue cumenIc em muiIc c ccmp|exiccce cc mecicc
ce:Ie ri:cc, nc mecicc em ue c: in:IrumenIc: ce ue c cincic cIucric| :e
Iem Irccicicnc|menIe :cccrricc pcrc cvc|icr c: ri:cc: ciIc: xncrmci:r, ue
:ercc cue|e: em re|ccc cc: uci: ci:pcmc: ce umc Lc:e :uficienIemenIe
c|crgccc ce cc:c: hcmcgnec: e incepencenIe: cL:ervccc:, :cc
1
S. MUIENG/, S. K. SI/lKCUF/S, xIhe Ihecry cf ccIc:Ircphic ri:k fincncing: c |cck cI Ihe
in:IrumenI: IhcI mighI Ircn:fcrm Ihe in:urcnce incu:Iryr {2007) 32 Genevc Fcpe|: cn F|:k cnc
|n:u|cnce 222-245, c p. 223.
17
Cfr. Mcrgcricc LlM/ FEGC, ciI. :up|c n. 2, pp. 118 :: {ccp. 2.2.4.).
vc|Icr cc |ncice
ln:IiIuIc ce Cincic: Jur|cicc-pc||Iicc: 172
inuIi|izcvei: nc cvc|iccc ce ri:cc: ccIc:Ircficc:
18
. Em :umc, ncc :e prev c
cccrrncic ce ccIc:Ircfe: ccm c me:mc fcci|iccce ccm ue :e prev c
cccrrncic ce ccicenIe: ce viccc - fc|cmc:, Lem :e v, ce previ:ce:
numricc:, cL:IrcIc:, e ncc cc previ:cc cc ccncreIc cccrrncic ce cccc
um ce::e: ccicenIe: ce viccc.
/ :eguncc ccrccIer|:Iicc ccmum cc: ri:cc: ccIc:Ircficc: ccn:IiIui um cuIrc
cL:Iccu|c c :uc :egurcLi|iccce, ce:Ic feiIc cevicc c nece::iccce ce
c::egurcr c ccpcciccce fincnceirc cc :egurcccr pcrc fczer fcce c:
ccn:euncic: cc :uc verificccc. Fe|c muIuc|iccce, princ|pic Lc:i|cr cc
cIiviccce :egurcccrc, muiIc: pcgcm um pcucc - c: prmic: - pcrc ue
c|gun: venhcm c receLer muiIc - c: incemnizcce:
1
. Fcrc IcnIc, hc ue
civer:ificcr. Nc: :egurc: ce ri:cc: ccIc:Ircficc: c ue cccnIeceric, :em c:
cevicc: ccuIe|c:, :eric c|gc ce Lem ciferenIe: cIencencc c :uc freuncic
recuzicc, hcveric vcric: cnc: em ue c :egurcccr, ccm Iccc c
prcLcLi|iccce, receLeric c: prmic: ce Iccc: c: :eu: c|ienIe: :em nccc Ier
ce ce:emLc|:cr. / cerIc c|Iurc, ccr-:e-ic c ccIc:Ircfe. Ne::e mcmenIc,
Iccc:, cu umc Lcc pcrIe cc: :eu: :egurccc: viricm LcIer-|he c pcrIc. /
inc:Iric :egurcccrc ncc |icc fcci|menIe ccm e:Ie: cc:c: ce Iucc cu nccc.
E:Ic :eguncc ccrccIer|:Iicc Iem vincc c gcnhcr pe:c, cc |cngc cc: |Iimc:
:cu|c:. De um mccc gerc|, um pcucc pcr Iccc c muncc c: grcnce: cenIrc:
urLcnc: Im vincc c regi:Icr um cumenIc cc cen:iccce pcpu|ccicnc|.
CucnIc mcicr c cen:iccce pcpu|ccicnc| ce umc cccc |ccc|iccce, mcicr c
pcIencic| ccu:cccr ce ccnc: ce umc ccIc:Ircfe, :ejc e|c ce crigem ncIurc|
cu humcnc. / :iIuccc cgrcvc-:e ucncc Ici: mcvimenIc: cemcgrcficc:
18
E. 8/NKS, Cctc:t|cpn|c ||:k cnc|y:|: cnc ncncgenent, Chiche:Ier 2005,, p. . Cfr. cincc
/. McnIi, xC|imcIe chcnge cnc wecIher-re|cIec ci:c:Ier:: whcI rc|e fcr in:urcnce,
rein:urcnce cnc fincncic| :ecIcr:r {200) 15 Hc:t|ng: We:t-Nc|tnwe:t Jcu|nc| c|
Fnv||cnnentc| Lcw & Fc||cy 151-172, ncx|ne pp. 158-170.
1
Nc Lc:e cc :egurc mcnIm-:e c princ|pic ce ue x|p]e|c muIuc|iccce, nu|tc:
pcgcm c: prmic: e:IcLe|ecicc: pcrc ue :cmenIe c|gun: :ejcm incemnizccc: cc:
preju|zc: ue :cfreremr - F. M/FIlNEZ, ec||c e p|ct|cc cc: :egu|c:, Li:Lcc 153, p. 13. Cfr. cincc
MClIlNHC DE /LMElD/, C ccnt|ctc ce :egu|c nc c||e|tc pc|tugu: e ccnpc|ccc, Li:Lcc 171, pp.
1-204: e F. FlC/FD, xFi:ue: cc::urcnce eI ri:ue: finencier:r {2005) 80 Fevue c'Fccncn|e
F|ncnc||e 15-25, p. 1.
vc|Icr cc |ncice
CcIc:Ircfe: NcIurci:: umc rec|iccce mu|Iicimen:icnc| 173
Im ccmc ce:Iinc, muiIc: veze:, zcnc: gecgrcficc: e:pecic|menIe perigc:c:,
ccmc ceIerminccc: zcnc: cc:Ieirc:. De re:Ic, c prcgre::c Iecnc|cgicc
IcmLm ccnIriLui pcrc cumenIcr c pcIencic| ccu:cccr ce ccnc: cc:
evenIc: ccIc:Ircficc:, cc cc|cccr cc :ervic cc humcniccce Icnicc: ue,
emLcrc mci: eficienIe: ce um pcnIc ce vi:Ic e:IriIcmenIe eccncmicc, vcc
crigincncc ri:cc: pcrc c: pcpu|cce: envc|venIe: ce umc cimen:cc :em
prececenIe:
20
.
C: :egurcccre: pccem |imiIcr c :uc expc:icc cc ri:cc em cccc um cc:
ccnIrcIc: ue ce|eLrcm ccm c: :eu: c|ienIe:. Fczem-nc, ce:igncccmenIe,
cc fixcr, em Ici: ccnIrcIc:, c mcnIcnIe ccrre:pcncenIe cc xccpiIc| :egurcr:
umc c|cu:u|c ce|imiIcccrc cc ri:cc ccLerIc pe|c ccnIrcIc ce :egurc.
C: :egurcccre: jc ncc pccem |imiIcr, em cccc um c: ccnIrcIc: ce :egurc
ue ce|eLrcm, c :uc expc:icc re:u|IcnIe cc ccnjunIc cc: ri:cc: pcr :i
c::umicc:. Cu :ejc, :e pccem c::egurcr, ccnIrcIuc|menIe, ue num cccc
cnc ncc pcgcm c um cccc :egurccc mci: cc ue x, jc ncc pccem
e:Iipu|cr, nc: :eu: ccnIrcIc: ccm c: c|ienIe:, ue, :e num cccc cnc c:
pecicc: ce incemnizcce: ue |he fcrem cpre:enIccc: excecerem, nc :eu
ccnjunIc, c mcnIcnIe y, c :egurcccr ceixcrc ce :cIi:fczer evenIuci: pecicc:
ce::e cu ce cuIrc: :egurccc:
21
.
/ e:Ic: cificu|ccce: pccer-:e-c ccre:cenIcr umc cuIrc: c cnc|i:e e:IcI|:Iicc
permiIe ccnc|uir ue c: pe::cc: Im, ccmpcrcIivcmenIe, muiIc pcucc
cver:cc cc: ri:cc: ce freuncic recuzicc.
/ percecc cc: ri:cc: ce:empenhc um impcrIcnIe pcpe| nc
ce:envc|vimenIc cc: meccni:mc: ce ge:Icc ce ri:cc: em gerc|, e cc
20
H. D. SKlFFEF, W. J. KWCN, F|:k ncncgenent cnc |n:u|cnce. Fe|:pect|ve: |n c g|ccc|
eccncny, Mc|cen M/ 2007, pp. 110-113 e 128. Cfr. cincc, cc CenIre fcr G|cLc| Dic|cgue cc
Swi:: Fe, xlnIegrcIive Fi:k McncgemenI: /cvcncec Di:c:Ier Feccveryr {2010) Fi:k Dic|cgue
Serie:, ficheirc e|ecIrcnicc ci:pcn|ve| em
hIIp://mecic.cgc.:wi::re.ccm/cccumenI:/Fi:k_Dic|cgue_Serie:_lFM_Jun2010.pcf, c p. 5.
21
Veremc:, nc enIcnIc, ue nc|gumc: circun:Icncic: c: :egurcccre: pccem fcz-|c,
emLcrc e::c: circun:Icncic: ncc exi:Icm cincc nc nc::c crcencmenIc. Cfr. |n||c, ne:Ie
IexIc, c pcrIir cc pcnIc .
vc|Icr cc |ncice
ln:IiIuIc ce Cincic: Jur|cicc-pc||Iicc: 174
cIiviccce :egurcccrc em pcrIicu|cr. / percecc ue :e Iem cc
prcLcLi|iccce cc cccrrncic cc re:u|Iccc ccnIemp|ccc e/cu cc mcgniIuce
cc: :uc: pcIencici: ccn:euncic: ncc pccerc I-|c: pcr Icc recuzicc: ue
ncc :u:ciIem cc :ujeiIc em ccu:c umc :uficienIe cver:cc cc ri:cc, pci: :c
enIcc e|e ccnIrcIcrc um :egurc.
lnver:cmenIe, :c ucncc c prcLcLi|iccce cc re:u|Iccc ncc fcr cemc:iccc
e|evccc :erc c :egurc efeIivcmenIe ccnIrcIccc, vi:Ic ue, em cc:c
ccnIrcric, e:Ie :eric cemc:iccc ccrc
22
. /|ic:, c nece::cric preexi:Incic ce
um :enIimenIc ce cver:cc cc ri:cc :uficienIemenIe fcrIe pcrc mcIivcr c
:ujeiIc c ccnIrcIccc cc :egurc vem refcrcr, cc pcnIc ce vi:Ic eccncmicc,
c ccnc|u:cc jur|cicc ce ue, pcrc hcver ri:cc, ccmc e|emenIc ccn:IiIuIivc
cc ccnIrcIc ce :egurc, e::encic| c vc|crizccc negcIivc cc re:u|Iccc
ccnIemp|ccc - c ce:vc|cr, e|emenIc ncrmcIivc cc ccnceiIc ce ri:cc
23
.
C fi|Irc ccimc refericc :c funcicnc, nc p|cnc cc: inciv|cuc:, :e e:Iiver em
ccu:c c ce|eLrccc ce um :egurc vc|unIcric. Ccm efeiIc, c E:Iccc pcce
impcr c um ceIerminccc ccnjunIc ce inciv|cuc: c ce|eLrccc ce um :egurc
ccm umc cccc ccLerIurc. Nc mcicric cc: cc:c:, c ccn:IiIuicc ce cevere:
ce :egurcr cccrre, ncc pcr um uc|uer impu|:c pcIernc|i:Ic, ue vi:e impcr
cc: prcpric: umc prcIecc incepencenIemenIe cc: ju|zc: ue pc::cm
evenIuc|menIe fcrmu|cr :cLre c :uc ccnvenincic, mc: pcrc prcIecc ce
22
Cfr. J. S. IFlESCHM/NN, S. G. GUSI/VSCN, ciI. :up|c n. 8, p. 74: e F. l. MEHF, E. C/MM/CK, ciI.
:up|c n. 8, p. 33. EnIre c: juri:Ic:, cfr., pcr Iccc:, M. HENSSLEF, F|:|kc c|: Ve|t|cg:gegen:tcnc,
IuLingc, 14, p. 24.
23
M. HENSSLEF, ciI. :up|c n. 22, p. 244, cL:ervc ue muiIc: pe::cc: chegcm c pcgcr,
ccmc enIrccc num jcgc cu ccmc prmic ce um :egurc, c ccLrc cc e:percnc
mcIemcIicc cc ri:cc em ccu:c. Nc cc:c cc jcgc, ciz-:e ue :cc cIreiIc: cc ri:cc. Nc cc:c
cc :egurc, ue :cc cve::c: cc ri:cc. l:Ic exp|icc-:e pcrue c uIi|iccce cc :egurc pcrc cccc
pe::cc :e cvc|ic ce fcrmc ci:IinIc cc merc cc|cu|c cc e:percnc mcIemcIicc cc ri:cc.
ScLre c ccnceiIc ce cver:cc cc ri:cc, cfr. S. C. H/NSSCN, xFi:kr em ne Stcn|c|c
Fncyc|cpec|c c| Fn||c:cpny (Fc|| 20!! Fc|t|cn}, Ecwcrc N. Zc|Ic {ec.), UFL =
hIIp://p|cIc.:Icnfcrc.ecu/crchive:/fc||2011/enIrie:/ri:k/, :. . De cccrcc ccm e:Ie cuIcr, umc
pe::cc cve::c cc ri:cc :e prefere um re:u|Iccc cerIc c um re:u|Iccc crri:cccc ccm c
me:mc uIi|iccce e:perccc {ue um vc|cr ci:IinIc cc mci: imecicIc e:percnc
mcIemcIicc). C grcu ce cver:cc cc ri:cc pcce mecir-:e pe|c ci:pcniLi|iccce cc :ujeiIc
pcrc pcgcr, cu pcrc cceiIcr umc uIi|iccce e:perccc mci: Lcixc, pcr fcrmc c eviIcr um ri:cc.
Ccm Lc:e ne:Ic iceic, fcrcm ce:envc|vicc: cuc: fcrmu|c: pcrc mecir c: cceficienIe:
cL:c|uIc: e re|cIivc: ce cver:cc cc ri:cc, c ue pc::cu c chcmcr-:e mecicc: /rrcw-FrcII
{em hcmencgem cc: eccncmi:Ic: cmericcnc: ue c: ce:envc|vercm).
vc|Icr cc |ncice
CcIc:Ircfe: NcIurci:: umc rec|iccce mu|Iicimen:icnc| 173
Ierceirc:. Nc :egurc ce incncic, pcrc prcIeger c: ccnccminc: un: cc:
cuIrc:. Nc: :egurc: ce re:pcn:cLi|iccce civi|, cnce :e rccicc c grcnce
mcicric cc: :egurc: cLrigcIcric:, pcrc prcIecc cc: |e:ccc:
24
.
Se c prcpc:iIc :uLjccenIe c umc cccc inIervencc |egi:|cIivc fcr cnIe: c ce
c::egurcr umc ccLerIurc cceuccc ce ri:cc: c pcrIicc pcucc ci:per:c:, cu
ce freuncic recuzicc, e ne::c mecicc ccm umc prcLcLi|iccce pe|c
menc: :enIicc ccmc remcIc - cemc:iccc remcIc pcrc ue c ccLerIurc :ejc
vc|unIcricmenIe :uL:criIc pcr um nmerc :ignificcIivc ce pe::cc: - mc: ce
ccn:euncic: pcIencic|menIe cvc::c|cccrc:, ccmc :ucece muiIc: veze:
ccm c: ri:cc: ccIc:Ircficc:, em |ugcr cc ccn:IiIuicc, nc e:ferc cc: prcpric:
:ujeiIc: cc ri:cc, ce um cever ce :egurcr, pcce cnIe: impcr-:e cc:
:egurcccre: c ccLerIurc ce::e ri:cc nc :eic ce um :egurc fccu|IcIivc mci:
cmp|c, cprcveiIcncc cc circun:Icncic ce :er muiIc ci::eminccc, nc
mercccc, c ccnIrcIccc ce::e :egurc fccu|IcIivc. C prcce::c uIi|izccc,
ce:igncccmenIe, nc 8|gicc, pcrc c: ri:cc: ce cIenIccc: Ierrcri:Ic: e ce
ccIc:Ircfe: ncIurci:, cujc ccLerIurc :e enccnIrc cLrigcIcricmenIe inc|u|cc
nc :egurc ce incncic ce:ce 188
25
.
3. A |ugo oos r|scos cotostro||cos: o recurso tcn|co dos exc|uses
Cucncc c mcIric regicc pe|c princ|pic cc |iLerccce ccnIrcIuc|, c:
pcrIicu|criccce: cc: ri:cc: ccIc:Ircficc: |evcm c ue, em regrc, e:Ie: ncc
:ejcm ccLerIc: pe|c: ccnIrcIc: ce :egurc: ce ri:cc: ciIc: xncrmci:r, cu ue c
:uc ccLerIurc :e fcc cpenc: ccnIrc c pcgcmenIc ce um x:cLreprmicr.
Ne:Ie ccnIexIc, impcrIcnIe ceIermc-nc: nc nccc ce xccLerIurc cc
ri:ccr, ccnceiIc uIi|izccc em mci: ce um :enIicc nc cIiviccce :egurcccrc,
24
Cfr. c cireiIc ce ccc cireIc ccn:cgrccc nc crI. 14./1 LCS.
25
M. FCNI/lNE, D|c|t ce: c::u|cnce:, 3. ec., 8ruxe|c: 200, p. 58. Em cefe:c ce:Ic e ce
cuIrc: mecicc: ce pc||Iicc |egi:|cIivc ce impc:icc cc ccLerIurc cLrigcIcric ce ri:cc:
ccIc:Ircficc: cc: :uL:criIcre: ce :egurc: vc|unIcric:, cfr. M. G. F/UFE, xln:urcLi|iIy cf ccmcge
ccu:ec Ly c|imcIe chcnge: c ccmmenIcryr {2007) 155 Un|ve|:|ty c| Fenn:y|vcn|c Lcw Fev|ew
1875-18.
vc|Icr cc |ncice
ln:IiIuIc ce Cincic: Jur|cicc-pc||Iicc: 176
mc: ue pccemc: cefinir ccmc c univer:c ce fccIc: pc::|vei: previ:Ic: nc
ccnIrcIc ce :egurc, cujc verificccc ceIermincrc c rec|izccc cc pre:Iccc
pcr pcrIe cc :egurcccr {ccLerIurc-cLjeIc)
2
, cu ccmc c e:Iccc ce
vincu|ccc cc :egurcccr, curcnIe Iccc c per|ccc cc :egurc, ccncucenIe c
ccn:IiIuicc ce umc cLrigccc ce pre:Icr em cc:c ce cccrrncic ce um
ce::e: fccIc: {ccLerIurc-gcrcnIic)
27
.
/ ce|imiIccc ce:Ie univer:c ce fccIc: fcz-:e ncrmc|menIe :eguncc c
Icnicc cc cefinicc primcric cc chcmccc xccLerIurc ce Lc:er e cc
:uL:euenIe ce:cricc ce :uce::ivc: n|vei: ce xexc|u:ce:r
28
. Ccmec-:e pcr
umc ce:cricc re|cIivcmenIe genricc cc: ri:cc: ccLerIc:. Fcr exemp|c, nc
c|cu:u|ccc ce um :egurc ce vicc, pcce ci:pcr-:e ue c :egurc ccLre c:
ri:cc: ce mcrIe cu invc|icez cc pe::cc :egurc. C |eiIcr mci: cvi:ccc :cLerc,
nc enIcnIc, ue pcrc ceIermincr c c|ccnce excIc cc ccLerIurc ccnIrcIccc
ceverc ccnIrcpcr c e:Ic ce:cricc cc ccLerIurc ce Lc:e c: xexc|u:ce:r.
Umc cc: Icnicc: ue c: :egurcccre: pccem :eguir pcrc ce|imiIcr c: ri:cc:
ccLerIc: :erc c cefinicc, pe|c pc:iIivc cu pe|c negcIivc, cc: pc::|vei:
ccu:c: cc ccnc. cui ue vcmc: enccnIrcr, IipiccmenIe, c cfc:IcmenIc
cc: principci: ri:cc: ccIc:Ircficc:.
/::im, ccnIinucncc c pen:cr nc exemp|c cc :egurc ce vicc, :erc freuenIe
enccnIrcr enIre c: ri:cc: exc|u|cc: cc ccLerIurc, :c|vc ccnvencc em
ccnIrcric - pcrue ncrmc|menIe e::c ccLerIurc ci:pcniLi|izccc ccnIrc c
pcgcmenIc ce um :cLreprmic -, reccrrencc c um exemp|c reIirccc ce um
c|cu:u|ccc rec|, c: ri:cc: ce mcrIe cu invc|icez cevicc c xIufce:, Icrnccc:,
venIc: cic|cnicc:, IrcmLc: ce cguc, IerrcmcIc:, mcremcIc:, erupce:
vu|ccnicc:, impccIc ce ccrpc: ce|e:Ie:, Lem ccmc inunccce:, incncic:,
2
FUl /NDF/DE, Vccccu|c||c ce :egu|c:. Fe|cecc c ||ngucgen cc :uc :egu|ccc|c, Li:Lcc
2001, p. 30.
27
Cfr. J. /. VELCSC, xFi:cc, Ircn:ferncic ce ri:cc, Ircn:ferncic ce re:pcn:cLi|iccce nc
|ingucgem cc: ccnIrcIc: e cc :upervi:cc ce :egurc:r em E:Iucc: em memcric cc prcfe::cr
DcuIcr Jc: Dic: Mcrue:, CcimLrc, 2007, pp. 277-354, c pp. 31-31.
28
Cfr. c: crI:. 18./c), 22./2, 37./3/L) e 78./1 LCS. / incivicuc|izccc e ce|imiIccc cc
ri:cc :egurc ce cccrcc ccm ciferenIe: criIric: fci ceIc|hcccmenIe ce:criIc e cnc|i:ccc pcr
/. DCN/Il, |cttctc ce| c|||ttc ce|e c::|cu|cz|cn| p||vcte, ll, Mi|cc, 154, pp. 144-181.
vc|Icr cc |ncice
CcIc:Ircfe: NcIurci:: umc rec|iccce mu|Iicimen:icnc| 177
exp|c:ce:, c|uimenIc: cu ce:|izcmenIc: ce Ierrc: cu Ierrenc:, uecc ce
crvcre: e ce ccn:Iruce: cu e:IruIurc:, prcvccccc: pcr uc|uer ccue|e:
fencmenc:r, c xccIc: ce Ierrcri:mc, ccmc Ic| ccn:icerccc: pe|c |egi:|ccc
penc| pcrIugue:c vigenIer, cu cincc c xguerrc, invc:cc, ccIc ce inimigc
e:Ircngeirc, hc:Ii|iccce: cu cpercce: L|icc:, guerrc civi|, in:urreicc,
reLe|icc e revc|uccr
80
.
E:Ic: exc|u:ce: Im c pcrIicu|criccce ce :erem prcIicc ccrrenIe ce:ce hc
muiIc nc inc:Iric :egurcccrc, preci:cmenIe cIencencc c ncIurezc
ccIc:Ircficc ce Ici: ri:cc:. Umc cr|Iicc ue pcce cpcnIcr-:e c grcnce pcrIe
ce:Ic: c|cu:u|c: ce exc|u:cc c ce peccrem pcr exce::c. Ncc cL:IcnIe,
ccmc e:Ic mcIric regicc pe|c princ|pic cc |iLerccce ccnIrcIuc|, c:
:egurcccre: :cc |ivre: ce per:i:Iir nc ce|imiIccc cc: :uc: exc|u:ce:.
4. A |ugo oos r|scos cotostro||cos: outros me|os de reoo do segurodor?
Nc evenIuc|iccce ce verificccc ce umc ccIc:Ircfe ue ncc hcjc :icc
ccnIemp|ccc ccm umc exc|u:cc ccnIrcIuc|, uer pcr c :uc exc|u:cc ncc Ier
cccrricc cc :egurcccr, uer - hipcIe:e mci: p|cu:|ve| - pcr :e Ierem fru:Irccc
c: :eu: e:fcrc: nc :enIicc ce c exc|uir vc|icc e eficczmenIe cc cmLiIc cc:
ccLerIurc:, pce-:e c ue:Icc ce :cLer :e hcverc c|gum meccni:mc ce ue
c :egurcccr pc::c :cccrrer-:e pcrc eviIcr c ccn:IiIuicc, nc :uc e:ferc, ce
um cmcnIccr ce cevere: ce pre:Icr :u:ceI|ve| ce c ccncuzir c umc :iIuccc
ce in:c|vncic.
Umc vez ue em cc:c: ccmc e:Ie e:Icrc em ccu:c, IipiccmenIe, umc
cLrigccc pecunicric, ncc pccerc cp|iccr-:e-|he: c regime cc
impc::iLi|iccce cc pre:Iccc
2
.
80
Fecccc reIirccc ce ficheirc cn||ne ce |ivre cce::c, inIiIu|ccc xCcixc Segurc Vicc -
Frincipci: Exc|u:ce:r, cc Ccixc Gerc| ce Depc:iIc:, S./., ccn:u|Iccc 23 ce ncvemLrc ce 2011
{em hIIp:://www.cgc.pI/ FcrIicu|cre:/Cc:c/Segurc:/DccumenI:/Frincipci:-Exc|u:ce:-Ccixc-
Segurc-Vicc.pcf).
2
Em ccnfcrmiccce ccm c princ|pic, mci: cmp|c, |n:iIc nc crI. 540. CC {genu:
nunqucn pe||t).
vc|Icr cc |ncice
ln:IiIuIc ce Cincic: Jur|cicc-pc||Iicc: 178
Icc-pcucc pccerc cp|iccr-:e cc ccnIrcIc ce :egurc c in:IiIuIc vccccicnccc
pcrc fczer fcce c :iIucce: em ue c exigncic cc pre:Iccc :e Icrne
exce::ivcmenIe cnerc:c: c in:IiIuIc cc c|Ierccc ce circun:Icncic:
ccn:cgrccc nc crI. 437 cc Cccigc Civi|
30
.
/ re:pc:Ic cc :i:Iemc, ne:Ie cc:c, ncc pcce cIencer, em primeirc |inhc, c
um impercIivc ce prcIecc cc :egurcccr, cnIe: fczencc prevc|ecer c
nece::iccce ce prcIecc, em Iermc: iguc|iIcric:, ce Iccc: c: creccre: ce
:egurc:. / re:pc:Ic cc :i:Iemc ncc ccncuz, pcr ccn:eguinIe, c cp|icccc cc
in:IiIuIc cc c|Ierccc ce circun:Icncic:, ue re:u|Icric nc reccnhecimenIc,
cc :egurcccr, ce um cireiIc c re:c|ucc cc ccnIrcIc, e nc :uc ccn:euenIe
excnerccc, exigincc-:e-|he cpenc: c cevc|ucc cc prmic jc pcgc, cu c
mccificccc cc ccnIrcIc :eguncc ju|zc: ce euiccce, ue |evcric, ucncc
muiIc, c um cumenIc cc prmic e/cu c umc recucc cc: ccnc: ccLerIc:.
Icc-pcucc nc: |evc c cp|iccr c in:IiIuIc cc impc::iLi|iccce ce cumprimenIc,
cireIcmenIe cu pcr cnc|cgic.
Umc vez cccrricc c ccIc:Ircfe, c: Icmcccre: cc :egurc jc ncc Iericm
pc::iLi|iccce ce cLIer ncuIrc :ece c prcIecc ue preIencicm cc ce|eLrcr
c ccnIrcIc ce :egurc. /::im, um evenIuc| ce:fechc fcvcrcve| cc :egurcccr
Ieric ccmc ccn:euncic c :erem cue|e: c :upcrIcr, nc |nIegrc, c: preju|zc:
re:u|IcnIe: cc ccIc:Ircfe. Em muiIc: cc:c:, e::c circun:Icncic IcmLm c:
ccncuziric c ru|nc, e em muiIc: mci: :eric ccu:c ce grcve: cificu|ccce:
eccncmicc:.
Nc cireiIc ccnIrcIuc| cc: :egurc:, chegc-:e c e::c ccnc|u:cc cincc pcr
cuIrc vic: hc nc n. 1 cc crI. 15. LCS umc c|crc remi::cc pcrc c princ|pic
ccn:IiIucicnc| gerc| ce iguc|ccce ccn:cgrccc nc crI. 13. cc CFF. E:Ic
remi::cc pce fim c ci:cu::cc :cLre :e e em ue mecicc c princ|pic :e cp|icc
30
Fcrc um mcicr ce:envc|vimenIc ce:Ic ue:Icc, vejc-:e, cc: cuIcrc:, c ccp|Iu|c
inIiIu|ccc xC: :egurc: ce ri:cc: ccIc:Ircficc:r, nc cLrc cc|eIivc D||e|tc(:} cc: cctc:t|c|e:
nctu|c|:, cccrc. Ccr|c /mccc Gcme:, /|mecinc 2012, pp. 2-322, c pp. 284-2.
vc|Icr cc |ncice
CcIc:Ircfe: NcIurci:: umc rec|iccce mu|Iicimen:icnc| 179
c: re|cce: enIre pcrIicu|cre:. Nc: re|cce: ce :egurc:, pcrece cever
enIencer-:e ue c :egurcccr :e enccnIrc cLrigccc c re:peiIcr c iguc|ccce
enIre c: :eu: c|ienIe: xnc ce|eLrccc, nc execucc e nc ce::ccc cc
ccnIrcIc ce :egurcr. /c ue ccre:ce c prciLicc gerc| ce ci:criminccc,
:em ju:Iificccc, nc: prec: e cemci: ccncice: ce vencc prcIicccc: pe|c:
cgenIe: eccncmicc: nc fcrnecimenIc ce Len: e pre:Iccc ce :ervic:
31
.
Nc :uc |eIrc, e:Ic umc prciLicc cpenc: re|cIivc c ce|eLrccc ce
ccnIrcIc:, e ncc c :uc execucc, mc: mci: um inc|cic fcrIe ce ue c
crcencmenIc, nc :eu ccnjunIc, cpcnIc pcrc c reccnhecimenIc ce:Ie
princ|pic, ue, nc cc:c em cprec, impeciric c :egurcccr ce cIencer c
c|gumc: rec|cmcce: em ceIrimenIc ce cuIrc:, c pcrIir cc mcmenIc em
ue ccnc|u|::e pe|c in:uficincic ce meic: pcrc c :uc :cIi:fccc inIegrc|.
C :egurcccr pcce, cuIrc::im - enIencemc: ue ceve - recu:cr-:e c
:cIi:fczer c: rec|cmcce: ce um mccc ce:iguc|, e:Icncc-|he vecccc,
inc|u:ivcmenIe, cIencer c: rec|cmcce: pcr crcem crcnc|cgicc, cu ccm
Lc:e nc|gum cuIrc criIric cLjeIivc. Se c pcIrimcnic cc :egurcccr fcr
in:uficienIe pcrc :cIi:fczer nc |nIegrc Iccc: c: creccre: ce :egurc:, ne:Ie
ccmc nc: cemci: :eIcre: cc eccncmic, c ccminhc c :eguir Ierc ce :er,
ine|uIcve|menIe, c cc :uc cec|crccc ce in:c|vncic
32
.
5. O resseguro: um |nstrumento oo serv|o do |ndstr|o segurodoro
/ cnc|i:e cc: principci: cificu|ccce: ue c ccLerIurc ce ri:cc: ccIc:Ircficc:
cc|ccc c inc:Iric :egurcccrc, :egue-:e c ccn:icerccc cc: principci:
31
/rI. 1./1 cc DL n. 370/3, ce 2 ce cuIuLrc, c|Ierccc e repuL|icccc pe|c DL n.
140/8, ce 1 ce mcic.
32
Cfr. c ci:pc:Ic nc crI. 121. cc Fegime Gerc| cc: Empre:c: Segurcccrc: e
Fe::egurcccrc: - DL n. 4-8/8, ce 17 ce /Lri|, nc ver:cc cIuc|menIe vigenIe, re:u|IcnIe cc:
c|Iercce: inIrccuzicc: cI c Lei n. 4/2011, ce 24 ce Junhc {xFGESr), e nc: crI:. 3./1 e
18./1 cc Cccigc cc ln:c|vncic e cc Fecuperccc ce Empre:c:.
vc|Icr cc |ncice
ln:IiIuIc ce Cincic: Jur|cicc-pc||Iicc: 180
in:IrumenIc: ce ue c inc:Iric :egurcccrc pcce :cccrrer-:e pcrc fczer fcce
c Ici: cificu|ccce:.
C principc| meccni:mc ce ue c inc:Iric :egurcccrc :e :cccrre pcrc |iccr
ccm c: ri:cc: ccIc:Ircficc: c civer:ificccc gecgrcficc cc :uc cIiviccce.
Nc verccce, :e umc ccIc:Ircfe pcce ccr czc c percc: ruinc:c: c e:cc|c
regicnc| cu me:mc nccicnc|, nc cc:c ce pc|:e: peuenc: ccmc c nc::c, c
e:cc|c muncic| Ici: percc: re|cIivizcr-:e-cc. C me:mc cizer ue ucnIc
mcicr fcr c c|ccnce gecgrcficc ce um cccc :egurcccr, mci: civer:ificccc
:erc c :eu pc|t|c||c, e mencr c impccIc cc cccrrncic, pcr exemp|c, ce um
IerrcmcIc numc cccc regicc. Cu :ejc, um :egurcccr nccicnc| :cfrerc muiIc
mci: ccm c cccrrncic ce um IerrcmcIc em Li:Lcc cc ue umc
mu|Iinccicnc| ue cuLrc ri:cc: :|:micc: um pcucc pcr Iccc c muncc. Ncc
uer i:Ic cizer ue um :egurcccr nccicnc| :e enccnIre impecicc ce ccLrir
ri:cc: ccIc:Ircficc:. Simp|e:menIe, :enIirc nece::iccce ce :e re::egurcr, pcrc
c::egurcr c :uc ccpcciccce pcrc cIencer Iccc: c: pecicc: ce
incemnizccc ue pc::cm vir c :er-|he cpre:enIccc: nc evenIuc|iccce ce
verificccc ce umc ccIc:Ircfe
33
.
C re::egurc vem permiIir c: empre:c: ce :egurc: ce mencr cimen:cc c
cceiIccc ce ri:cc: ue ce cuIrc mccc ncc pccericm ccLrir, cc Ircn:ferir
umc pcrIe - cu pcr veze: me:mc c IcIc|iccce cc: ri:cc: ccLerIc:, prcIicc
ccnhecicc ccmc ||cnt|ng - pcrc enIiccce: ccm mcicr pccer eccncmicc e
um e:peIrc gecgrcficcmenIe mci: c|crgccc ce ri:cc: c::umicc:, :encc um
33
F. H. JEFFY ll, D. F. FlCHMCND, Unce|:tcnc|ng |n:u|cnce |cw, 4. ec., Dcnver:, 2007, p.
1018, cL:ervc ue umc cc: funce: cc re::egurc c prcIecc cc :egurcccr ccnIrc c:
ri:cc: ccIc:Ircficc:. Cfr. Fnp|cye|: Fe|n:u|cnce Cc|pc|ct|cn v /|c-Ccnt|nent Cc:uc|ty
Ccnpcny, ce 17 ce Fevereirc ce 2004, /ccrccc cc IriLunc| cc /pe|ccc cc 10. CircuiIc
cc: E:Iccc: Unicc: cc /mricc, puL|icccc em 358 F.3c 757, 71 {10Ih Cir. 2004): xC re::egurc
, e::encic|menIe, :egurc pcrc c: ccmpcnhic: ce :egurc:. / ci:per:cc ce umc pcrIe cc
ri:cc pcrc c re::egurcccr pcce eviIcr umc percc ccIc:Ircficc ce reccir :cLre c ccmpcnhic
ce :egurc:, c::im permiIincc ue c ccmpcnhic ce :egurc: :irvc um mcicr nmerc ce
c|ienIe:r.
vc|Icr cc |ncice
CcIc:Ircfe: NcIurci:: umc rec|iccce mu|Iicimen:icnc| 181
cc: principci: mIccc: ce ci:per:cc e pcrIi|hc cc: ri:cc: ccLerIc: pe|c
inc:Iric :egurcccrc, cc: percc: re:u|IcnIe: cc :uc verificccc
34
.
/ |ei vigenIe cc-nc: cuc: cefinice: ci:IinIc:, mc: ncc inccmpcI|vei:, ce
re::egurc. E:Ie :erc, numc per:peIivc ce cireiIc in:IiIucicnc| cc: :egurc:, xc
cIiviccce ue ccn:i:Ie nc cceiIccc ce ri:cc: cecicc: pcr umc empre:c ce
:egurc: cu ce re::egurc:r
35
. Numc per:peIivc ce cireiIc ccnIrcIuc| cc:
:egurc:, c re::egurc xc ccnIrcIc mecicnIe c uc| umc cc: pcrIe:, c
re::egurcccr, ccLre ri:cc: ce um :egurcccr cu ce cuIrc re::egurcccrr
3
.
Em :umc, c re::egurc um :egurc ce :eguncc grcu. Fcr vic cc re::egurc, c:
:egurcccre:, e me:mc c: re::egurcccre:, ccn:eguem ccnIer cenIrc ce
ceIerminccc: |imiIe: c expc:icc re:u|IcnIe cc ccnjunIc cc: ri:cc: pcr :i
c::umicc:.
Fccem c: pcrIe:, pcr exemp|c, e:Iipu|cr ue :e, numc cccc cnuiccce, c:
pecicc: ce incemnizcce: feiIc: cc :egurcccr excecerem, nc :eu ccnjunIc,
um ceIerminccc mcnIcnIe, c excecenIe :erc :upcrIccc pe|c re::egurcccr.
E:Ic mccc|iccce ce re::egurc ccrece cc ce|eLrccc cc ue, nc g|ric cc
inc:Iric, :e chcmc um xIrcIccc ce re::egurcr: um ccnIrcIc em ue c ri:cc
cecicc ce fcrmc g|cLc|, em re|ccc c um ceIerminccc pc|t|c||c. Nc
exemp|c cccc, c IrcIccc ce re::egurc :eric xncc-prcpcrcicnc|r, nc mecicc
em ue :c funcicncric cepci: ce cIingicc c mcnIcnIe ccnIrcIuc|menIe
fixccc, e c pcrIir cc| funcicncric nc IcIc|iccce - ce um mccc muiIc
:eme|hcnIe cc funcicncmenIc ce umc frcnuic num ccnIrcIc ce :egurc
37
.
34
Cfr. H. D. SKlFFEF, W. J. KWCN, ciI. :up|c n. 20, p. 31. Cfr. cincc J. LCWFY, F. F/WLlNGS,
|n:u|cnce |cw. ccct||ne: cnc p||nc|p|e:, 2. ec., Cxfcrc, 2005, p. 38.
35
/rI. 2./1/p) FGES. De enIre c: c|Iercce: cc DL n. 4-8/8, ce 17 ce cLri| {FGES),
:erc ce :uL|inhcr, em mcIric ce re::egurc, c: inIrccuzicc: pe|c DL n. 2/200, ce 5 ce
Jcneirc, ue Ircn:pc: pcrc c crcem jur|cicc pcrIugue:c c DireIivc n. 2005/8/CE, cc
Fcr|cmenIc Eurcpeu e cc Ccn:e|hc, ce 1 ce ncvemLrc ce 2005 {ccnhecicc ccmc c
xDireIivc cc Fe::egurcr).
3
/rI. 72. LCS.
37
/ frcnuic ccrre:pcnce cc vc|cr cc: ccnc: ue c prcpric :egurccc ceve :upcrIcr,
:c funcicncncc c ccLerIurc cc :egurc em re|ccc cc: ccnc: ue exceccm e::e vc|cr - cfr.
c n. 3 cc crI. 4. LCS.
vc|Icr cc |ncice
ln:IiIuIc ce Cincic: Jur|cicc-pc||Iicc: 182
C: IrcIccc: ce re::egurc IcmLm pccem :er xprcpcrcicnci:r. Ne::e cc:c,
incepencenIemenIe cc mcnIcnIe c ue c: rec|cmcce: ce :egurc
c:cenccm em cccc cnuiccce, c re::egurcccr re:pcncerc pe|c
percenIcgem ce::e mcnIcnIe em ue c: pcrIe: hcjcm cccrcccc.
/c: IrcIccc: ce re::egurc cpcem-:e c: ccnIrcIc: ce xre::egurc fccu|IcIivcr.
Scc c mccc|iccce mci: :imp|e: ce re::egurc, pci: cccc um ce|e: ciz re:peiIc
c um nicc ccnIrcIc ce :egurc. Vi:cm |imiIcr, cu me:mc e|imincr, c
expc:icc ce um :egurcccr re:u|IcnIe cc ccLerIurc ce ceIerminccc: ri:cc:
incivicuci: ce umc cerIc mcgniIuce. Scc uc:e :empre prcpcrcicnci:, e,
IipiccmenIe, e:pe|hcm c: ccncice: cc ccnIrcIc ce :egurc, pcrc mci:
fie|menIe |he ccr ccLerIurc
38
.
Em FcrIugc|, c re::egurc :c cpre:enIc vc|cre: :ignificcIivc: nc: rcmc: xNcc
Viccr
3
. C: principci: ce:Iinc: cc re::egurc ce ri:cc: :iIuccc: em IerriIcric
nccicnc| :cc c /|emcnhc, c Su|c, c Frcnc, c LuxemLurgc e c E:pcnhc
40
.
. O Estodo como ressegurodor de |t|mo recurso
38
ScLre e:Ic: mccc|iccce:, e c: principci: :uLmccc|iccce: ce ccnIrcIc: ce re::egurc,
cfr. J. LCWFY, F. F/WLlNGS, ciI. :up|c n. 35, pp. 31-33: e H. D. SKlFFEF, W. J. KWCN, ciI. :up|c n. 20,
pp. 02-11.
3
Cfr. c enumerccc cc: rcmc: xNcc Viccr nc crI. 123. FGES.
40
Dccc: ccn:IcnIe: ce lNSIlIUIC DE SEGUFCS DE FCFIUG/L, Fe|ct||c cc :etc| :egu|ccc| e cc:
|uncc: ce pen:ce: - 20!0, Li:Lcc 2011, pp. 127-135. ci:pcn|ve| em
hIIp://www.i:p.pI/NF/rccn|yre:/080CC2-5158-4788--
22F471/8EE/0/FSSFF_2010_/F.pcf. De cccrcc ccm e:Ie re|cIcric, em 2010 c Icxc ce
cecncic ce ri:cc vic re::egurc, nc rcmc xViccr, erc ce cpenc: 1,57, cIingincc e::c Icxc,
nc IcIc| cc: rcmc: xNcc-Viccr, c: 21,47 {percenIcgen: em re|ccc cc: IcIci: cc: prmic:
LruIc: emiIicc: em 2010). Nc ue re:peiIc cc ce:Iinc cc nc::c re::egurc, impcrIc rec|cr
ue c prepcncercncic c::umicc pe|c E:pcnhc e pe|c LuxemLurgc, enIre c: principci: pc|:e:
ce ce:Iinc cc re::egurc ce ri:cc: :iIuccc: em IerriIcric nccicnc|, ceve-:e c circun:Icncic ce
c|gumc: cc: principci: re::egurcccrc: muncici: cIucrem nc nc::c IerriIcric cIrcv: ce fi|ici:
ccm :ece ne::e: cci: E:Iccc:-memLrc: cc Unicc Eurcpeic.
vc|Icr cc |ncice
CcIc:Ircfe: NcIurci:: umc rec|iccce mu|Iicimen:icnc| 183
C mercccc regi:Icu um cumenIc cc prccurc ce cpercce: re::egurc ce
evenIc: ccIc:Ircficc: pcr efeiIc ce c|gumc: grcnce: ccIc:Ircfe: cccrricc: c
pcrIir cc ccccc ce 0 cc :c. XX
41
.
/: previ:ce: ce umc empre:c ce mcce|cgem ce ccIc:Ircfe: cpcnIcm pcrc
umc cup|icccc, c cccc cez cnc:, cc: cu:Ic: ue c inc:Iric :egurcccrc
Ierc ce :upcrIcr ccm c verificccc ce ri:cc: ccIc:Ircficc:, :cLreIucc cevicc
c cre:cenIe cen:iccce re:icencic| e ccmercic| e c ccn:Irucc ce ecif|cic:
cccc vez mci: ccrc:
42
.
Fcrc c|m cc: e|evccc: mcnIcnIe: incemnizcIcric: cireIcmenIe envc|vicc:
em :ini:Irc: ce:Ic mcgniIuce, impcrIc cincc cL:ervcr ue cccnIecimenIc:
ccmc c 11 ce :eIemLrc ce 2001 prcvcccrcm umc :ignificcIivc IurLu|ncic
nc: mercccc: fincnceirc:, ceIermincncc, incireIcmenIe, c ce:cicc ce vc|cr
cc: pc|t|c||c: cc: :egurcccre:. c chcmccc ri:cc :i:Imicc, cu ce ccnIcgic,
ceccrrenIe cc inIer|igccc enIre c: mercccc: fincnceirc e ce :egurc:
43
.
Em re:u|Iccc ce:Ic evc|ucc, pcr veze:, jc nem c mercccc cc re::egurc
ccn:egue ccr umc re:pc:Ic :cIi:fcIcric c: nece::iccce: ce :egurcr ri:cc:
ccIc:Ircficc:
44
.
C: :egurcccre: Lc:eicm cIuc|menIe c cc|cu|c cc: :eu: prmic: em mcce|c:
ccmpuIccicnci: :cfi:Iicccc: ue ccmLincm infcrmccc ce ncIurezc
gecf|:icc e meIecrc|cgicc ue |he: permiIe ceIermincr ccm mcicr rigcr c
prcLcLi|iccce ce cccrrncic ce umc ccIc:Ircfe ncIurc| e:pec|ficc numc
cccc crec gecgrcficc, e infcrmccc re|cIivc c expc:icc cc ri:cc ce::e:
41
Cfr. H. D. SKlFFEF, W. J. KWCN, ciI. :up|c n. 20, p. 31.
42
Cfr. lNSUF/NCE lNFCFM/IlCN lNSIlIUIE, ciI. :up|c n. 15, p. 2. Cfr. cincc H. C. KunreuIher/ E. C.
Miche|-Kerjcn, xC|imcIe chcnge, in:urcLi|iIy cf |crge-:cc|e ci:c:Ier:, cnc Ihe emerging |icLi|iIy
chc||enge r {2007) 155 Un|ve|:|ty c| Fenn:y|vcn|c Lcw Fev|ew 175-1842.
43
ScLre c ri:cc :i:Imicc, cfr. /. CLlVElF/, / p|cteccc cc: c|ecc|e: ce :egu|c: nc
||qu|cccc ce :egu|ccc|c:. Ccn:|ce|cce: ce c||e|tc ccn:t|tucc e c ccn:t|tu||, CcimLrc,
2000, pp. 242-248.
44
Fcrc um mcicr ce:envc|vimenIc ce:Ie Iemc, vejc-:e, cc: cuIcrc:, c ccp|Iu|c
inIiIu|ccc xC: :egurc: ce ri:cc: ccIc:Ircficc:r, nc cLrc cc|eIivc D||e|tc(:} cc: cctc:t|c|e:
nctu|c|:, cccrc. Ccr|c /mccc Gcme:, /|mecinc 2012, pp. 2-322, c pp. 2-30.
vc|Icr cc |ncice
ln:IiIuIc ce Cincic: Jur|cicc-pc||Iicc: 184
:egurcccre:, cu :ejc, re|cIivc c ucnIiccce ce :egurccc: ce cccc um
ce::e: :egurcccre: expc:Ic: c e::e ri:cc, Lem ccmc c pcIencic| mcgniIuce
cc: :eu: ccnc:.
C: re:u|Iccc: ce c|gun: ce::e: e:Iucc: ncc fcrcm muiIc cnimcccre:, jc ue
expcem, ccm mcicr c|crezc, c grcu ce vu|nercLi|iccce cc: :egurcccre:
percnIe c: grcnce: ccIc:Ircfe: ncIurci:. / pcIencic| mcgniIuce cc: ccnc:
re:u|IcnIe: ce ccIc:Ircfe: ncIurci: cIuc|menIe ce Ic| crcem ue c:
:egurcccre: Iencem c impcr frcnuic: cccc vez mci: pe:ccc: cc: :eu:
c|ienIe:
45
.
CucnIc c: ccIc:Ircfe: ce crigem humcnc, e pen:cncc nc cc:c e:pecic| cc:
ri:cc: c::cciccc: cc Ierrcri:mc, impcrIc Irccr umc frcnIeirc muiIc n|Iicc
enIre c cnIe: e c cepci: cc 11 ce :eIemLrc ce 2001. /nIe:, c: ri:cc:
c::cciccc: cc Ierrcri:mc ercm gerc|menIe ccLerIc: nc: E.U./. c um prec
uc:e :imLc|icc, pcrue ercm ccn:icerccc: cemc:iccc remcIc: pcrc
merecerem um IrcIcmenIc :ric pcr pcrIe cc inc:Iric :egurcccrc. Nc
:euncic cc cIcue c: Icrre: Gmec:, c generc|iccce cc: :egurcccre:
muccu rccicc|menIe ce pc:Iurc, recu:cncc-:e c ccLrir c: ri:cc: c::cciccc:
cc Ierrcri:mc, ccm funccmenIc nc fc|Ic ce e|emenIc:, e:IcI|:Iicc: cu ce
cuIrc ncIurezc, ue |he: permiIi::e cvc|icr e::e: ri:cc:.
Em 2 ce ncvemLrc ce 2002, c Fre:icenIe Gecrge W. 8u:h cprcvcu c
e||c||:n F|:k |n:u|cnce Act ce 2002 {IFl/)
4
, cujc vigncic, pcr vic cc
e||c||:n F|:k |n:u|cnce F|cg|cn Fecutnc||zct|cn Act ce 2007, viric c :er
prcrrcgccc cI 31 ce cezemLrc ce 2014. C cip|cmc veic cricr um :i:Iemc ce
pcrIi|hc ce ri:cc: ce cccrrncic ce cIc: ce Ierrcri:mc enIre c: :egurcccre: e
c gcvernc fecerc|. C prcgrcmc :c enIrc em funcicncmenIc ucncc c:
ccnc: ccu:ccc: pcr um cIc ce Ierrcri:mc u|Ircpc::crem, nc :eu ccnjunIc,
45
lNSUF/NCE lNFCFM/IlCN lNSIlIUIE, ciI. :up|c n. 15, p. 21.
4
Di:pcn|ve| em hIIp://www.Irec:ury.gcv/re:curce-cenIer/fin-
mkI:/DccumenI:/hr3210.pcf. Cfr. lNSUF/NCE lNFCFM/IlCN lNSIlIUIE, xIerrcri:m ri:k cnc in:urcncer,
cgc:Ic ce 2011, pp. 1-7, ci:pcn|ve| em
hIIp://www.iii.crg/mecic/hcIIcpic:/in:urcnce/Ierrcri:m/.
vc|Icr cc |ncice
CcIc:Ircfe: NcIurci:: umc rec|iccce mu|Iicimen:icnc| 183
um ceIerminccc |imiIe m|nimc
47
. Fcr :uc vez, c: ccmpcnhic: ce :egurc: :c
pccem Leneficicr cc prcgrcmc ucncc c: incemnizcce: ce :egurc: ue
pcguem nc :euncic ce um cIc ce Ierrcri:mc u|Ircpc::em, nc :eu
ccnjunIc, c mcnIcnIe cc frcnuic impc:Ic pcr e:Ie :i:Iemc, ue
ccrre:pcnce c umc percenIcgem cc IcIc| ce prmic: pcr :i ccLrccc: nc
cnuiccce em ccu:c
48
. Umc vez u|Ircpc::ccc c frcnuic, c gcvernc fecerc|
:upcrIc 857 cc: ccnc: e c: :egurcccre: 157, cI um mcximc g|cLc| cnuc|,
cIuc|menIe fixccc em USD 100.000.000.000,00
4
. Umc vez u|Ircpc::ccc e::e
|imiIe, nem c: :egurcccre:, nem c gcvernc fecerc| :ercc re:pcn:cLi|izccc:
pe|c: ccnc: excecenIe: cc cLrigc ce:Ie prcgrcmc, ccLencc cc gcvernc
fecerc| cecicir ccmc re:c|ver c prcL|emc
50
.
C cip|cmc ccminc ccm c nu|iccce c: c|cu:u|c: ce exc|u:cc ce ccnc:
re:u|IcnIe: ce cIc: ce Ierrcri:mc, cLrigcncc c: :egurcccre: c inc|uir e::c
ccLerIurc em Iccc: c: :eu: :egurc: ce ccnc:, em Iermc: :uL:Icncic|menIe
icnIicc: cc: cc: cemci: ccLerIurc:.
E::c evc|ucc ncc um exc|u:ivc cc: E.U./. Umc cL:ervccc cc mccc
ccmc :e efeIivc nc: vcric: pc|:e: c ccLerIurc ce ri:cc: ccIc:Ircficc:, ce
crigem humcnc cu me:mc ncIurc|, cencIc c exi:Incic ce umc crIicu|ccc
cre:cenIe enIre c: :eIcre: pL|icc e privccc, :cLreIucc pcrc fczer fcce c:
in:uficincic: reve|ccc: pe|c mercccc inIernccicnc| cc re::egurc
51
.
Mu|Iip|iccm-:e c: e:uemc: em ue, ce um cu ce cuIrc mccc, c E:Iccc
cccLc pcr ce:empenhcr c pcpe| ce re::egurcccr ce |Iimc recur:c cu,
:imp|e:menIe, ce re::egurcccr. /Iuc|menIe, hc uem :u:IenIe ue c nicc
47
lnicic|menIe, e::e |imiIe m|nimc erc ce USD 5.000.000,00. Em 200, :uLiu pcrc
USD 50.000.000,00. De:ce 2007, mcnIm-:e em USD 100.000.000,00. Cfr. lNSUF/NCE lNFCFM/IlCN
lNSIlIUIE, ciI. :up|c n. 47, p. 5.
48
lnicic|menIe, e::c percenIcgem erc ce 157. Em 200, :uLiu pcrc 17,57. De:ce 2007,
mcnIm-:e em 207. Cfr. lNSUF/NCE lNFCFM/IlCN lNSIlIUIE, ciI. :up|c n. 47, p. 5.
4
lnicic|menIe, c: percenIcgen: ercm, re:peIivcmenIe, ce 07 e 107. C: vc|cre:
cIuci: vigcrcm ce:ce 2007. Cfr. lNSUF/NCE lNFCFM/IlCN lNSIlIUIE, ciI. :up|c n. 47, p. 5.
50
Cfr. c 103 cc e||c||:n F|:k |n:u|cnce Act.
51
SWlSS FE, xC|c:ing Ihe fincncic| gcp. New pcrIner:hip: LeIween Ihe puL|ic cnc privcIe
:ecIcr: Ic fincnce ci:c:Ier ri:k:r {2011), ci:pcn|ve| em
hIIp://mecic.:wi::re.ccm/cccumenI:/puL_c|c:ing_Ihe_fincncic|_gcp_ W1.pcf, p. 13.
vc|Icr cc |ncice
ln:IiIuIc ce Cincic: Jur|cicc-pc||Iicc: 186
:c|ucc ce |cngc prczc pcrece e:Icr nc envc|vimenIc cc: E:Iccc: ccmc
re::egurcccre: ce |Iimc recur:c
52
.
De enIre c: cemci: exemp|c: ce inIervencc e:IcIc| nc ge:Icc cc ri:cc ce
Ierrcri:mc, ju|gcmc: :er ce mencicncr c: ue :urgircm em Frcnc {c Ge:t|cn
ce L'A::u|cnce et ce |c Fc::u|cnce ce: F|:que: Attentct: et Acte: ce
e||c||:ne, aGAFFAo) e nc /|emcnhc {c Fxt|enu: Ve|:|cne|ung:-AG,
xFxt|enu:r) em reccc cc 11 ce :eIemLrc ce 2001, Lem ccmc c: ue enIcc
jc exi:Iicm, uer nc Feinc Unicc {c Fcc| Fe|n:u|cnce Ccnpcny L|n|tec, xFcc|
Fer), uer em E:pcnhc {c Ccn:c|c|c ce Ccnpen:cc|n ce Segu|c:, xCCSr),
cIencencc c um :ignificcIivc hi:Icric| ce vic|ncic ne:Ie: cci: pc|:e:,
re:peIivcmenIe, em virIuce cc cIuccc cc lF/ e cc EI/.
Vc|e c penc ceciccr c|gumc cIencc c e:Ie |Iimc, uer pcr re:peiIcr, em
:imu|Icnec, c ri:cc: ce ccIc:Ircfe: ce crigem ncIurc| e humcnc, uer, e
:cLreIucc, pe|c :eu pcIencic| ce vir c inf|uencicr c ue :ucecer em FcrIugc|.
Em E:pcnhc, fci ccn:IiIu|cc em 141, inicic|menIe ccm ccrcIer prcvi:cric, c
enIcc cencminccc Ccn:c|c|c ce Ccnpen:cc|n ce F|e:gc: ce /ctn, cujc
prcpc:iIc inicic| erc ccr re:pc:Ic c: nece::iccce: incemnizcIcric: criginccc:
pe|c Guerrc Civi| ce 13-13. Em 154 c meccni:mc c::umiu um ccrcIer
permcnenIe, c|Iercncc-:e c :uc cencminccc pcrc c ue cincc hcje c
:uc: Ccn:c|c|c ce Ccnpen:cc|n ce Segu|c: {xCCSr)
53
. C CCS umc
enIiccce pL|icc empre:cric| :cL c IuIe|c cc Mini:Irc cc Eccncmic e
CcmpeIiIiviccce, cujc: ccmprcmi::c: vcc muiIc c|m cc ccLerIurc cc:
chcmccc: xri:cc: exIrccrcincric:r
54
. /: ccncice: gerci: cp|iccvei: c
ccLerIurc cc: ri:cc: exIrccrcincric: pe|c CCS ccn:Icm cc Fegu|cmenIc cc
52
J. DE MEY, xIhe cfIermcIh cf SepIemLer 11: Ihe impccI cn cnc :y:Iemic ri:k Ic Ihe
in:urcnce incu:Iryr {2003) 28 Genevc Fcpe|: cn F|:k cnc |n:u|cnce 5-70.
53
Cfr. www.ccn:cr:egurc:.e:. ScLre c CCS, cfr. l. M/CHEIIl, xIhe Spcni:h experience in
Ihe mcncgemenI cf exIrccrcincry ri:k:, inc|ucing Ierrcri:mr em Fc||cy |::ue: |n |n:u|cnce, n. 8
- Cctc:t|cpn|c ||:k: cnc |n:u|cnce, CCDE 2005, pp. 337-348.
54
/Iuc|menIe, c CCS regu|ccc pe|c :eu E:IcIuIc Legc|, cprcvccc pe|c Ley 21/10,
ce 1 ce cezemLrc, nc ver:cc ccn:c|icccc cprcvccc pe|c Fec| DecreIc Legi:|cIivc 7/2004,
ce 2 ce cuIuLrc, ccm c: mccificcce: inIrccuzicc: pe|c Ley 12/200, ce 1 ce mcic, e
ci:pcn|ve| em hIIp://www.ccn:cr:egurc:.e:/c/cccumenI_|iLrcry/geI_fi|euuic=0cc7cc0c-
8c-4c4-c0L5-5f81c04c4774&grcuplc=10124.
vc|Icr cc |ncice
CcIc:Ircfe: NcIurci:: umc rec|iccce mu|Iicimen:icnc| 187
Segurc ce Fi:cc: ExIrccrcincric:
55
. E:Ie meccni:mc cLrcnge c: :eguinIe:
ri:cc: exIrccrcincric:: c) c: :eguinIe: fencmenc: cc ncIurezc: IerrcmcIc: e
mcremcIc:, inunccce: exIrccrcincric:, erupce: vu|ccnicc:, Iempe:Icce:
cic|cnicc: cI|picc: e uecc: ce ccrpc: :icerci: e cerc|iIc:: L) c:
cccnIecimenIc: ccc:icnccc: vic|enIcmenIe em ccn:euncic ce
Ierrcri:mc, reLe|icc, :ecicc, mcIim e Iumu|Ic pcpu|cr: e c) em Iempc ce
pcz, c: cce: cc: Fcrc: /rmccc: cu cc: Fcrc: e Ccrpc: ce Segurcnc
5
.
/ ccLerIurc ce ri:cc: exIrccrcincric: umc ccLerIurc ce inc|u:cc
cLrigcIcric em Iccc: c: :egurc: c|c::ificccc: num cc: :eguinIe: rcmc:: vicc,
ccicenIe:, incncic e e|emenIc: cc ncIurezc, ve|cu|c: Ierre:Ire:, ve|cu|c:
ferrcvicric:, cuIrc: ccnc: em cci:c:, ccnc: em mcuinc:, euipcmenIc
e|eIrcnicc e ccmpuIcccre: e percc: pecunicric: civer:c:. Em Iccc: c:
ccnIrcIc: ce :egurc c|c::ificccc: num ce:Ie: rcmc: ue venhcm c :er
ce|eLrccc: pe|c: :egurcccre:, e:Ie: cevem ccLrcr umc Icxc cevicc cc
CCS. / :uc ccLerIurc reve:Ie-:e ce ncIurezc :uL:icicric, :c pccencc :er
ccicnccc em cc:c ce in:c|vncic cc :egurcccr cu nc evenIuc|iccce ce c:
ri:cc: em ccu:c Ierem :icc cLjeIc ce umc exc|u:cc ccnIrcIuc| - nc prcIicc,
me:mc i::c ue cccnIece nc generc|iccce cc: cc:c:, ci:pcncc c:
:egurcccre: e:pcnhci:, nc: ccnIrcIc: ue ce|eLrcm, pcr vic ce umc c|cu:u|c
ce mcce|c cprcvccc pe|c Direcc Gerc| ce Segurc: e Funcc: ce Fen:ce:,
ue c ccLerIurc ce ri:cc: exIrccrcincric: ncc cc :uc re:pcn:cLi|iccce,
mc: :im cc CCS
57
. E:Ie meccni:mc ncc fci c|vc ce |imiIe: ucnIiIcIivc:, pcrc
c ue gczc ce umc gcrcnIic i|imiIccc cc E:Iccc
58
.
55
/prcvccc pe|c Fec| DecreIc 300/2004, ce 20 ce fevereirc, e mccificccc pe|c Fec|
DecreIc 125/200, ce 8 ce ncvemLrc, e pe|c Fec| DecreIc 138/2011, ce 14 ce cuIuLrc, e
ci:pcn|ve| em hIIp://www.ccn:cr:egurc:.e:/c/cccumenI_|iLrcry/ geI_fi|euuic=51e835c-
445-470-cfc-c201f4cc5L1&grcuplc=10124.
5
/rI. 1./1 cc Fegu|cmenIc cc Segurc ce Fi:cc: ExIrccrcincric:.
57
/rI. 8. cc E:IcIuIc Legc| cc CCS.
58
ScLre c: meccni:mc: exi:IenIe: em Frcnc, /|emcnhc, Feinc Unicc: e E:pcnhc, cfr.
cincc c: re:umc: ccn:IcnIe: ce lNSUF/NCE lNFCFM/IlCN lNSIlIUIE, ciI. :up|c n. 47, pp. 8-: e ce H. D.
SKlFFEF, W. J. KWCN, ciI. :up|c n. 20, pp. 34-3.
vc|Icr cc |ncice
ln:IiIuIc ce Cincic: Jur|cicc-pc||Iicc: 188
C: ri:cc: ce ccIc:Ircfe: ncIurci: IcmLm :cc cre:cenIemenIe c|vc ce
meccni:mc: ce:Iinccc: c fczer fcce c: in:uficincic: cc mercccc
inIernccicnc| ce re::egurc, :cLreIucc em zcnc: gecgrcficc: e:pecic|menIe
cIreiIc: c cccrrncic ce cerIc: fencmenc: cc ncIurezc. Merece e:pecic|
ce:Icue c Cc||ccecn Cctc:t|cpne F|:k |n:u|cnce Fcc|||ty {xCCFlFr),
ccn:IiIu|cc em 2007, ue Iem c pcrIicu|criccce ce :er c primeirc funcc cc
gnerc ce c|ccnce Ircn:nccicnc|, cc re:u|Icr cc inIervencc ccncerIccc
cc: gcvernc: ce cezc::ei: E:Iccc: cc regicc cc CcriLe
5
.
7. O que se tem |e|to em Fortugo|
Em FcrIugc|, ncc hc cLrigcIcrieccce ce ccnIrcIccc ce :egurc: ce ri:cc:
ccIc:Ircficc:. Crc, jc :e ci::e ccimc ue, ccmpcrcIivcmenIe, c: pe::cc: Im
muiIc pcucc cver:cc cc: ri:cc: ce freuncic recuzicc, ccmc c cc:c cc:
ri:cc: ccIc:Ircficc:
0
. Significc i:Ic ue, pcrc :e cIingir umc ccLerIurc
cceuccc ce:Ie: ri:cc: pcr umc cccc pcpu|ccc, :cc nece::cric: mecicc:
ce pc||Iicc |egi:|cIivc ce:Iinccc: c cIenucr, IcnIc ucnIc pc::|ve|, c
inciferenc cc ri:cc ce grcnce pcrIe ce::c pcpu|ccc
1
.
Fcucc :e Iem feiIc pcrc c::egurcr umc ccLerIurc cceuccc ce ri:cc:
ccIc:Ircficc:. Hc Icccvic c c::inc|cr c|gumc cIiviccce em mcIric ce
ccLerIurc ce ri:cc: :|:micc:
2
.
5
Cfr. www.ccrif.crg.
60
Cfr. :up|c c IexIc c :eguir c n. 21. /|gumc: cc: ccIc:Ircfe: ce ccn:euncic: mci:
cevc:Icccrc: em FcrIugc|: {i) c grcnce IerrcmcIc ce Li:Lcc em 1 ce ncvemLrc ce 1755: {ii)
rcjccc: ce venIc ue cIingircm cercc ce 200Km/h em 15 ce Fevereirc ce 141: {iii) umc
inuncccc ue c::c|cu c pc|: em 25 ce NcvemLrc ce 17, prcvcccncc mci: ce 400 mcrIc:
cpenc: nc regicc ce Li:Lcc: {iv) c incncic nc Chiccc em 25 ce cgc:Ic ce 188, ue
ccn:umiu 18 grcnce: ecif|cic:. FcnIe: J.F. 8CFGES, xFrcIeccc ccnIrc ccIc:Ircfe:r em S|np:|c
:cc|e cctc:t|c|e: nctu|c|:. F:tucc. p|evencc e p|cteccc, Crcem cc: Engenheirc:/
LcLcrcIcric Nccicnc| ce Engenhcric Civi|, Li:Lcc 13, pp. 1-14, c pp. 11-13.
61
Ne::e :enIicc, cfr. M. G. F/UFE, ciI. :up|c n. 25, pp. 1875-18.
62
E:Ie ncc c |ccc| prcpric pcrc ce:envc|ver c Iemc cc re:pcn:cLi|iccce pcr ccnc:
cmLienIci: - cfr. c DL n. 147/2008, ce 2 ce ju|hc, c|Ierccc pe|c DL n. 245/200, ce 22 ce
:eIemLrc, e pe|c DL n. 2-//2011, ce 1 ce mcrc. C cip|cmc Ircn:pce pcrc c crcem
jur|cicc pcrIugue:c c DireIivc n. 2004/35/CE, cc Fcr|cmenIc Eurcpeu e cc Ccn:e|hc, ce 21
ce cLri| ce 2004 - cfr. c ver:cc ccn:c|icccc cc DireIivc, ccm c: c|Iercce: ceccrrenIe: cc
DireIivc n. 200/21/CE, cc Fcr|cmenIc Eurcpeu e cc Ccn:e|hc, ce 15 ce mcrc ce 200,
re|cIivc c ge:Icc ce re:|cuc: ce inc:Iric: exIrcIivc:, e cc DireIivc n. 200/31/CE, cc
Fcr|cmenIc Eurcpeu e cc Ccn:e|hc, ce 23 ce cLri| ce 200, re|cIivc cc crmczencmenIc
vc|Icr cc |ncice
CcIc:Ircfe: NcIurci:: umc rec|iccce mu|Iicimen:icnc| 189
Em Iermc: ccmpcrcIivc:, re|cIivcmenIe mccerccc c perigc:iccce :|:micc
cc IerriIcric nccicnc|, pci: c: :i:mc: ce mcicr mcgniIuce cccrrem ccm
grcnce: inIervc|c: Iempcrci:, cIingincc mi|hcre: c cezenc: ce mi|hcre: ce
cnc:. /incc c::im, Iencc em ccnIc ue, nc nc::c pc|:, hc um grcnce
nmerc ce xecif|cic: ccm in:uficienIe re:i:Incic :|:micc ce rciz, c ue :e
:cmcm e:Iccc: cvcnccc: ce cegrccccc, c cumenIc cc cen:iccce
pcpu|ccicnc|, c ccncenIrccc cc: pcpu|cce: em cenIrc: urLcnc:
pcIencic|menIe cmecccc: pcr evenIc: :|:micc: :everc:, e c expcn:cc ce
infrce:IruIurc:, euipcmenIc:, :i:Iemc: Iecnc|cgicc: e cIiviccce:
eccncmicc: ce ccmp|exiccce cre:cenIer
3
, pccerc ccnc|uir-:e ue
nc|gumc: zcnc: cc IerriIcric nccicnc| c ri:cc :|:micc ncc ce:prezcve|,
:cLreIucc nc regicc cc grcnce Li:Lcc.
Ccm c prcpc:iIc ce incremenIcr c ccLerIurc cc: ri:cc: :|:micc: e,
ccn:euenIemenIe, ce recuzir c: prmic: ce :egurc ccLrccc: pe|c:
:egurcccre: em cercc ce 307 c 407, fci e|cLcrccc e :ujeiIc c ccn:u|Ic
pL|icc um cnIeprcjeIc ce cecreIc-|ei ue cric um :i:Iemc nccicnc| ce
ccLerIurc ce ri:cc: :|:micc: e um funcc :|:micc
4
. / iceic ce:Ie cnIeprcjeIc
impcr cc: :egurcccre: c inc|u:cc ce umc ccLerIurc ce ri:cc: :|:micc: em
Iccc: c: :egurc: ce xincncic e e|emenIc: cc ncIurezcr e xmu|Iirri:cc:r ue
ce|eLrem, uer e::e: :egurc: :ejcm cLrigcIcric:, uer :ejcm fccu|IcIivc:, cu
:ejc, uer Ienhcm :icc ce|eLrccc: pe|c Icmcccr cc :egurc em cumprimenIc
ce umc cLrigccc |egc| ce :egurcr, uer e:Ie c: Ienhc ce|eLrccc pcr :uc
|ivre inicicIivc
5
. / ccLerIurc ce ri:cc: :|:micc: pcce cincc :er
gec|cgicc ce cicxicc ce ccrLcnc. C regime ncc :e cp|icc c: ccIc:Ircfe: ce crigem ncIurc|,
e Icc-pcucc re|evcm, pcrc e:Ie efeiIc, c: ri:cc: ce guerrc e ce Ierrcri:mc.
63
Cfr. LcLcrcIcric Nccicnc| ce Engenhcric Civi|, xFi:cc :|:micc em FcrIugc|r, IexIc
cIuc|izccc em 22.04.2005, ci:pcn|ve| em hIIp://www-
exI.|nec.pI/LNEC/DE/NESDE/civu|gcccc/ri:cc_:i:micc.hIm|.
64
Di:pcn|ve| em hIIp://www.pcrIugc|.gcv.pI/pI/GC18/DccumenIc:/MF/F/
Ccn:u|Ic_Funcc_Si:micc.pcf. C prczc pcrc c :uLmi::cc ce ccmenIcric: Iermincu em
30 ce ncvemLrc ce 2010. /I cc mcmenIc, ncc hcuve civu|gccc cc: re:u|Iccc: ce:Ic
ccn:u|Ic pL|icc.
65
E:Ic :c|ucc muiIc :eme|hcnIe c :c|ucc ccimc re|cIccc, em vigcr nc 8|gicc
ce:ce 188. Cfr. :up|c c IexIc junIc c n. 25.
vc|Icr cc |ncice
ln:IiIuIc ce Cincic: Jur|cicc-pc||Iicc: 190
vc|unIcricmenIe ccnIrcIccc, :em :er nc cepencncic ce um :egurc ce umc
ccue|c: mccc|iccce:. C e:uemc prcpc:Ic re:Iringe c :eu cmLiIc ce
cp|icccc cc: imcvei: exc|u:ivc cu mcicriIcricmenIe ce:Iinccc: c
hcLiIccc, e ce:Iinc-:e c ccLrir cpenc: c: ccnc: ccu:ccc: cc pcIrimcnic
imcLi|icric :egurc, ccm exc|u:cc cc recheic.
Fcrc c::egurcr c fincncicmenIc ce:Ie e:uemc, criccc um funcc :|:micc,
pcIrimcnic cuIcncmc ccm cuIcncmic ccmini:IrcIivc e fincnceirc, c uem c:
:egurcccre: ue ccircm c e:Ie e:uemc, ce cce:cc vc|unIcric, cecem c
IcIc|iccce cc: ri:cc: pcr :i :uL:criIc:. Fcr :uc vez, c funcc reIrccece-|he: umc
cccc pcrIe ce Ici: ri:cc:, num meccni:mc ce re::egurc e reIrcce::cc
ce:Iinccc c ci:per:cr c ri:cc ce fcrmc prcpcrcicnc| c ccnIriLuicc ce cccc
um cc: :egurcccre: pcrc c funcc. Fcr fim, c E:Iccc, ue ne:Ie cc:c funcicnc
ccmc re::egurcccr ce |Iimc recur:c, pre:Ic gcrcnIic cc: re:pcn:cLi|iccce:
c::umicc: pe|c funcc cI um |imiIe mcximc c fixcr cnuc|menIe nc Lei cc
CrcmenIc ce E:Iccc {gcrcnIic ue pccerc, pcr :uc vez, :er cLjeIc ce
re::egurc).
Um cuIrc meccni:mc, jc exi:IenIe, em ue c E:Iccc ce:empenhc c pcpe|
ce re::egurcccr c Si:Iemc lnIegrccc ce FrcIecc ccnIrc c:
/|ecIcrieccce: C|imcIicc: {SlF/C). C SlF/C fci criccc em 1

pcrc
cincmizcr c mercccc cc: :egurc: ce cc|heiIc:, ue :e vinhc re::enIincc cc:
e|evccc: prmic: prcIicccc: pe|c inc:Iric :egurcccrc e ncc cpre:enIcvc
nmerc: muiIc :ignificcIivc: ce :uL:cricc. E:Ie :i:Iemc inc|ui Ir:
ccmpcnenIe:: {i) um :egurc ce cc|heiIc:, {ii) um funcc ce cc|cmiccce:, e {iii)
um meccni:mc ce ccmpen:ccc ce :ini:Irc|iccce:.
Vc|Icr cc in|cic cc IexIc
6
E:Ie :i:Iemc fci in:IiIu|cc pe|c DL n. 20/, ce 1 ce mcrc, c|Ierccc pe|c DL n.
23/2000, ce 2 ce mcrc, e c :eu Fegu|cmenIc fci cprcvccc pe|c FcrIcric n. 318/2011, ce 30
ce cezemLrc, e c|Ierccc pe|c FcrIcric n. 1/2012, ce 20 ce mcrc.
vc|Icr cc |ncice