The Consorcio de Compensación de Seguros (hereinafter the Consorcio) is a Public Entity Reporting to the Ministry of Economy and Competitiveness inspired on the principle of compensation, whose function is to cover the insurance risks that are laid down in its legal statutes.
The insurance contracts that are formalised under the regime of right of establishment or under the regime of free provision of services that may cover risks located in Spain or assume undertakings in Spain will be subjected to the surcharges in favour of the Consorcio de Compensación de Seguros to cover this body's needs in the exercise of its functions of compensating losses derived from extraordinary events occurring in Spain, along with the guarantee fund for the insurance of liability derived from the use and circulation of motor vehicles and the functions of liquidator of insurance companies as well as the other surcharges and tributes that are legally demanded (Article 82 of the law governing the order and supervision of the private insurance sector, collated text approved by the Royal Legislative Decree 6/2004, of 29th October).
Before an entity can start to transact insurance business in Spain the Directorate General of Insurance and Pension Funds, the company must obtain its subscription in the Administrative Register of Insurance Companies legally allowed to operate in Spain.
Tlf.: 91 339 57 01 / 91 339 56 65 / 91 339 56 73
From the time any insurance company starts to operate in Spain it is obliged to collect the surcharges and pay them over to the Consorcio de Compensación de Seguros.
Insurance entities must designate a representative for the purposes of declaring-settling of the obligatory surcharges and he/she will also be the interlocutor with the Consorcio. In the case of insurance companies domiciled in another member state of the European Economic Space such representative will be the one referred to article 86.1 of the law governing the order and supervision of the private insurance sector (collated text, approved by Royal Legislative Decree 6/2004, of 29th October).
The representative will obtain the status of member of the system as soon as, once the data mentioned in annex 5 of the Resolution dated October 9th 2009 ,and is included in the database of insurance companies representatives that is in the possession of and operated by the Consorcio itself.
The insurance company will be responsible for notifying and proving in a reliable fashion with sufficient advance warning any changes that occur in their representatives for the purposes of declaring / settling / paying surcharges.
Tlf.: 91 339 57 16 / 91 339 57 17
Within the framework of the compulsory insurance of motor liability the Consorcio is responsible for managing the Fichero Informativo de Vehículos Asegurados (FIVA – Insured Vehicles Database). All the insurance companies that operate in motor branch, including those that operate under the regime of right of establishment or under that of free provision of services are obliged, from the time they start operating to notify daily to the FIVA all the additions and deletions of motor vehicles that they insure.
For complete information of specific data and periods for compliance it is appropriate to contact with the production department.
Tlf.: 913 395 695
All the insurance companies that contract policies included in the regime of the extraordinary risks cover must include the extraordinary risks cover clause within the conditions of the ordinary policy.
Likewise the companies must provide the Consorcio de Compensación de Seguros with information on said policies through completing the statistical registers, whose models and instructions appear in annex III of the resolution of 27th November 2006 of the Directorate General of Insurance and Pension Funds, amended by Resolution dated 12th November 2008.