Governance, Risk and Compliance – The Spanish Insurance Industry
GlobalData’s Governance, Risk and Compliance – The Spanish Insurance Industry report 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 GlobalData’s 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.
• 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.
• The Spanish insurance industry is regulated by the Directorate General of Insurance and Pension Funds.
• Non-admitted insurance is prohibited by law; 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.
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.
Table of Contents
1.1 What is this Report About?
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Marine liability insurance
2.4.3 Marine passenger liability insurance
2.4.4 Social insurance system
2.4.5 Air carriers and aircraft operators insurance
2.4.6 Professional indemnity insurance for alternative investment fund managers
2.4.7 Liability for ships with respect to oil pollution
2.4.8 Professional indemnity insurance for architects and engineers
2.4.9 Professional liability cover of the subscription agencies
2.4.10 Clinical trial liability insurance
2.4.11 Professional liability insurance for agents, (re) insurers brokers
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 European Insurance and Occupational Pensions Authority
2.5.3 Federation of European Risk Management Associations
2.5.4 Directorate General of Insurance and Pension Funds
2.6 Non-Admitted Insurance Regulations
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.9 Legal System
2.9.2 Access to court
2.9.3 Alternative dispute resolution
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData’s Services
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Spain – Insurance Regulatory Framework Key Features
Table 3: Spain – Life Insurance Regulatory Framework
Table 4: Spain – Property Insurance Regulatory Framework
Table 5: Spain – Motor Insurance Regulatory Framework
Table 6: Spain – Premium rates
Table 7: Spain – Liability Insurance Regulatory Framework
Table 8: Spain – Minimum Coverage for Aircraft Third-Party Liability per Accident Per Aircraft
Table 9: Spain – Insurance Premium Taxation 2018
Table 10: Spain – Corporate Tax Rates for the Financial Year 2018
List of Figures
Figure 1: Spain – Insurance Supervision and Control at Various Levels
Figure 2: Spain – Insurance Regulatory Frameworks for Company Registration and Operation
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