The following Insurance & Reinsurance practice note provides comprehensive and up to date legal information covering:
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
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:
the control of insurance and reinsurance activities;
the solvency of companies that it regulates;
the competence and suitability of the directors and certain other senior managers;
the appropriateness and robustness of the systems and controls that the insurer has in place for the conduct of its business;
the administrative protection of the insured, beneficiaries, injured third parties and participants in pension plans through the attention and
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