Insurance and reinsurance—Spain—Q&A guide
Insurance and reinsurance—Spain—Q&A guide

The following Insurance & Reinsurance practice note provides comprehensive and up to date legal information covering:

  • Insurance and reinsurance—Spain—Q&A guide
  • 1. Identify the regulatory agencies responsible for regulating insurance and reinsurance companies.
  • 2. What are the requirements for formation and licensing of new insurance and reinsurance companies?
  • 3. What licences, authorisations or qualifications are required for insurance and reinsurance companies to conduct business?
  • 4. What are the minimum qualification requirements for officers and directors of insurance and reinsurance companies?
  • 5. What are the capital and surplus requirements for insurance and reinsurance companies?
  • 6. What are the requirements with respect to reserves maintained by insurance and reinsurance companies?
  • 7. What are the regulatory requirements with respect to insurance products offered for sale? Are some products regulated by multiple agencies?
  • 8. What are the frequency, types and scope of financial, market conduct or other periodic examinations of insurance and reinsurance companies?
  • 9. What are the rules on the kinds and amounts of investments that insurance and reinsurance companies may make?
  • More...

Insurance and reinsurance—Spain—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to insurance and reinsurance in Spain published as part of the Lexology Getting the Deal Through series by Law Business Research (published: May 2020).

Authors: LC Rodrigo Abogados—Jorge Angell; Rossana de la Cruz

1. Identify the regulatory agencies responsible for regulating insurance and reinsurance companies.

The Ministry of Economic Affairs and Digital Transformation governs the regulation and supervision of insurance and reinsurance companies within the Spanish territory.

Responsibility for the day-to-day regulation and supervision of insurance and reinsurance business conducted in Spain is delegated to the Directorate General for Insurance and Pension Funds (DGIPF), a division of the Ministry of Economic Affairs and Digital Transformation.

Regulation and supervision are conducted on the basis of Law 20/2015 of 14 July, on regulation, supervision and solvency of insurance and reinsurance entities (Law 20/2015), which transposed the EU Solvency II Directive into Spanish law, and its Regulation approved by Royal Decree 1060/2015.

The main focuses of the DGIPF are:

  1. the control of insurance and reinsurance activities;

  2. the solvency of companies that it regulates;

  3. the competence and suitability of the directors and certain other senior managers;

  4. the appropriateness and robustness of the systems and controls that the insurer has in place for the conduct of its business;

  5. the administrative protection of the insured, beneficiaries, injured third parties and participants in pension plans through

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