Governance, Risk and Compliance - The Spanish Insurance Industry

Governance, Risk and Compliance - The Spanish Insurance Industry

  • November 2019 •
  • 87 pages •
  • Report ID: 3331139 •
  • Format: PDF
Governance, Risk and Compliance - The Spanish Insurance Industry

Summary
The Directorate General of Insurance and Pension Funds (Dirección General de Seguros y Fondos de Pensiones ? DGSFP) supervises and regulates the Spanish insurance industry, and the regulatory framework is mainly based on EU insurance directives.The DGSFP, established on July 4, 2008, is a department under the Ministry of Economy and Competitiveness (MEC) and regulates only private insurance.

It ensures compliance with legislation and, if necessary, can impose sanctions on insurers that fail to meet their regulatory obligations. Insurers and reinsurers are required to provide the DGSFP information on their financial status and the DGSFP can anytime conduct on-site inspections and review their operations on an ongoing basis.

The primary act governing the insurance industry is Private Insurance and Reinsurance Supervision and Solvency Act (LOSSEAR) and Insurance Contract Law (Ley de Contrato de Seguro - LCS).The new law has been adopted to develop the insurance sector and to implement the European Parliament’s Solvency II directive.

The LCS governs the legal issues between the insured, insurer and other parties covered under the policy.

Key Findings -

- The Directorate General of Insurance and Pension Funds regulates the Spanish insurance industry
- The law prohibits non-admitted insurance; however, insurers from EEA/EU Member States and reinsurers are permitted to operate without obtaining a license in Spain
- Composite insurance is not permitted in Spain.However, life insurance companies can underwrite health and accident insurance
- Foreign direct investment is permitted in the Spanish insurance industry up to 100%
- Solvency II was implemented from January 1, 2016

The report “Governance, Risk and Compliance - The Spanish Insurance Industry” is the result of extensive research into the insurance regulatory framework in Spain.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Scope
- The report covers details of the insurance regulatory framework in Spain.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to buy
- Gain insights into the insurance regulatory framework in Spain.
- Track the latest regulatory changes, and expected changes impacting the Spanish insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
Loading...

We are very sorry, but an error occurred.
Please contact support@reportbuyer.com if the problem remains.