The ISP has regulatory, authority or non-opposition , registration or certification, supervision on site and off site, enforcement, repeals, administrative penalties and institutional powers.

The functions and responsibilities entrusted to the ISP for the continuation of their mission are essentially under the following Legal Acts:

- Statute;

- Legal Framework for Acess and Exercise of Insurance and Reinsurance Activity - Decree-Law nr. 2/2009, of 5th January;

- Legal Regime of the Constitution and Operation of Pension Funds and their Management Entities - Decree-Law nr. 12/2006, of 20th January;

- Legal Framework for Acess and Activity of the Insurance Mediation and Reinsurance - Decree-Law nr. 144/2006, of 31st July and Decree-Law nr. 359/2007, of 2nd November.