Spain Insurance Industry – Governance, Risk and Compliance

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Spain Insurance Industry Report Overview

The Spain insurance industry is regulated mainly by the Directorate General of Insurance and Pension Funds (DGSFP). Other bodies that oversee the industry are the IAIS, European Insurance and Occupational Pensions Authority (EIOPA), and the Federation of European Risk Management Associations (FERMA).

The Spain insurance industry research report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, health, marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Moreover, it includes the scope of non-admitted insurance in the country.

Key Regulators ·       Directorate General of Insurance and Pension Funds (DGSFP)

·       International Association of Insurance Supervisors (IAIS)

·       European Insurance and Occupational Pensions Authority (EIOPA)

·       Federation of European Risk Management Associations (FERMA)

Compulsory Insurances ·       Motor Third-Party Liability Insurance

·       Aviation Liability Insurance

·       Marine Liability Insurance

·       Professional Indemnity Insurance

·       Social Security Insurance

Key Taxes ·       Tax on Insurance Premium

·       Corporate Income Tax

·       Corporate Capital Gains Tax

·       Value Added Tax

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Spain Insurance Industry – Key Regulators and Legislation

Directorate General of Insurance and Pension Funds (DGSFP): It is an independent body solely responsible for the regulation of private insurance, working under the MEC. It is responsible for ensuring compliance with legislation and, if necessary, it can impose sanctions on insurers that fail to meet their regulatory obligations. It conducts training programs for intermediaries, brokers, reinsurance, and other persons directly involved in mediating private insurance and reinsurance.

International Association of Insurance Supervisors (IAIS): The IAIS represents regulators and supervisors of 190 jurisdictions in more than 140 countries. It formulates and issues various global principles, standards, and guidance provides training and support on issues related to supervision, and organizes meetings and seminars for supervisors. The primary objectives of the IAIS are to promote effective and globally consistent supervision of the industry to develop and maintain a fair, safe, and stable market for the benefit and protection of policyholders, and to contribute to global financial stability.

The key laws and regulations in the Spain insurance industry are as follows:

  • Law 20/2015 on Private Insurance and Reinsurance Supervision and Solvency Act (LOSSEAR)
  • Supervision and Solvency of Insurance and Reinsurance Undertakings (ROSSEAR)
  • Royal Decree 6/2004 on Law on Management and Supervision of Private Insurance
  • Law on Private Insurance and Reinsurance Mediation (LMSP)

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Spain Insurance Industry - Compulsory Insurance

Some of the key compulsory insurance required within the Spain insurance industry are:

  • Motor Third-Party Liability Insurance
  • Aviation Liability Insurance
  • Marine Liability Insurance
  • Professional Indemnity Insurance
  • Social Security Insurance

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Spain Insurance Industry - Company Registration and Operation

A license is required to operate in the Spain insurance industry. Article 20 of LOSSEAR stipulates that insurers and reinsurers cannot operate in the Spanish insurance industry without obtaining legal approval from the Ministry of Economy and Competitiveness (MEC). On the other hand, intermediaries in the insurance industry should be licensed by the DGSFP to carry out business in the country.

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Spain Insurance Industry - Taxation

The different types of taxes in the Spain insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value added tax.

Corporate Income Tax: Taxation is administered and supervised by the Agencia Tributaria (Inland Revenue). The law related to tax in Spain is stipulated by the General Tax Law and legislation. The Agencia Tributaria is responsible for achieving an effective, efficient, transparent, and taxpayer-oriented tax administration in the country. Rules and regulations related to taxation in the country are outlined in the Taxation Act.

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  • 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 in the country’s insurance regulatory framework.
  • The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.

Key Highlights

  • 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.

Reasons to Buy

  • Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
  • Gain insights into the insurance regulatory framework in Spain.
  • Track the latest regulatory changes and expected changes impacting the Spain 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 products.

Table of Contents

  • 1. SPAIN

    • 1.1. Legislation Overview

      • 1.1.1. Supervision and Control
      • 1.1.2. Legislation

  • 2. Compulsory Insurance

    • 2.1. Non-Admitted Insurance Regulations
    • 2.2. Company Registration and Operation

      • 2.2.1. License
      • 2.2.2. Foreign Direct Investment / Ownership
      • 2.2.3. Minimum Capital Requirements
      • 2.2.4. Solvency Margins
      • 2.2.5. Reserve Requirements
      • 2.2.6. Statutory Return Requirements
      • 2.2.7. Fee Structure

    • 2.3. Taxation

      • 2.3.1. Tax on Insurance Premium
      • 2.3.2. Corporate Income Tax
      • 2.3.3. Corporate Capital Gains Tax
      • 2.3.4. Value Added Tax

    • 2.4. Legal System
    • 2.5. Policy Practice

  • 3. About GlobalData
  • 4. Contact Us


Spain-Corporate Tax Rates for the Financial Year 2023


List of Figures

Figure 1: Spain – Insurance Supervision and Control at Various Levels

Figure 2: Spain – Insurance Regulatory Frameworks for Company Registration and Operation

Frequently asked questions

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