LAWS ON INSURANCES ENTITIES

Insurancea entities

Law 20/2015, of July 14, on management, supervision and solvency of insurance and reinsurances entities (BOE No. 168, of July 15, 2015) is the provision that regulates the way in which it must be done as of January 1, 2016 the control of private insurers by the Administration. At the European Union level, this supervision is regulated by Directive 2009/138 / EC of the European Parliament and of the Council, of November 25, 2009, on access to insurance and reinsurance activities and their exercise (Solvency II) (DOUE No. L335, of December 17, 2009).

In relation to insurances entities, the law indicates that the insurance activity may only be carried out by private entities that take the form of a joint-stock company, mutual, cooperative (insurances cooperative) and social security mutual fund. Entities that adopt any form of public law may also carry out the insurances activity, provided that they are intended to carry out insurance operations under conditions equivalent to those of private insurance entities.

In accordance with article 101 of Law 27/1999, of July 16, on Cooperatives, insurances cooperatives are those that carry out the insurance activity, in the branches and with the requirements established in the insurances legislation14 and, with character Supplementary, by the Cooperative Law. When looking at cooperative legislation, it is also advisable to look at the provisions of the Autonomous Communities on the subject, since it is a competence transferred to them and most have enacted their own autonomous cooperative law, such as the one enacted by the Autonomous Community of Catalonia, Law 12/2015, of July 9, of cooperatives (BOE No. 194, of August 14, 2015 and DOGC No. 6914, of July 16, 2015 and correction of errors DOGC No. 6917, of July 21, 2015). Our authorities legislate on insurances cooperatives, both in cooperative norms and in envelope insurance norms, although, as demonstrated in the research paper “Competition in the supervision of private insurance” (Diario La Ley No. 8,103 of June 12, 2013), there is not, nor has there been, an insurances cooperative in Spain.

Access to insurances activity by a Spanish entity is subject to the prior obtaining of an administrative authorization granted by the Minister of Economy and Competitiveness and is processed before the DGSFP.

General Council of the Colleges of Insurances Mediators


The General Council of Insurances Mediators’ Colleges is a public law corporation that aims to promote the defense and representation of insurances agents and brokers. In addition to the elected positions, it is formed by a group of 15 professionals, including the staff of the Study Center, at the service of mediation. The Council represents the union of 52 schools, distributed throughout the Spanish geography, and offers a series of services to facilitate their professional activity in different fields.

In total, according to the census published in the 2014 Report, it grouped 7,618 mediators (about 60% of them, agents, and the rest, brokers). Its work includes communication and information services, advice and assistance, documentation, training, platforms to facilitate the adaptation of professionals and companies to various legal requirements and even discounts and preferential treatment for members in different companies and entities with which schools and the Council maintain signed agreements.

Parties involved

The act of insuring is usually carried out between the person you wish to insure (insured), and the entity that will provide the insurance (insurer). In spite of how simple the past statement seems, more than two parties are involved in the contract and the follow-up of insurance. Next, we will treat them:

Policy

Most important part of insurances, since it is the contract between both parties. It is the document that contains the rights and obligations of the parties. It must have been accepted by both and it must appear the personal data of the insured and the company, the amount to be paid and how often the payments will occur, description of the insurance in question, from when and until when the policy is in force, the coverage that includes the insurances and the beneficiary of the insurances (who is the person who receives the compensation in the event that the established conditions are met).

Insurer
Entity that assumes the coverage of the insured’s risk.

Taker
Person who pacts and signs the insurances contract. He is obliged to assume the conditions of the contract, especially the premium, that is, he is the person who takes out the insurance and whose name appears on the policy. Normally it coincides with the insured, although in some cases it may not be so, since it may be that the insurance is paid by a person but the insured is a relative.

Insured
Person or object under which the insurances falls. Or rather, who has the coverage and, therefore, who is exposed to the risk. He is the holder of the insurances contract.

Beneficiary
It is the person who is compensated in case the conditions provided in the contracted policy are met. Depending on the case, policyholder, insured and beneficiary may or may not be the same person. In life insurances, for example, there can be three different people.

Mediators (Optional)
An insurances mediator is an advisor who advises the client when hiring a policy. Your duty is to inform you of the different existing prices and what type of coverage is best for you. There are several types of mediators: traditional and online brokerages, insurance agents, banking operators, etc.

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