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What it is

Adapting Spanish insurance law to EU freedom of services

BOE step 7 of 7 · Passed

It is a government bill. Introduced by the Government. It was introduced on 20 April 1990. Introduced by: Gobierno.

Official title: Government bill to adapt Spanish Law to Directive 88/357/EEC, on the freedom of services in non-life insurance, and to update Private Insurance Legislation.

Follow this law

Source: Congreso de los Diputados, file 121/000021· updated 11 Nov

Automatic summary, not yet reviewed

  1. The law amends the Private Insurance Organization Act so that insurers from other European Community countries can cover risks located in Spain without being established there, under freedom of services.
  2. A new chapter regulates non-life direct insurance under freedom of services, with rules on authorization, policy documentation and control of technical reserves.
  3. It defines the concept of large risks, which face more flexible administrative supervision, with transition periods granted to Spain until December 31, 1996.
  4. It regulates the transfer of insurance portfolios between insurers, including between establishments in different member states, with authorization from the Ministry of Economy and Finance and the possibility for policyholders to cancel their contracts.
  5. The Insurance Contract Act adds private international law rules to decide which law applies to a contract involving several countries, and in certain cases the parties may choose the applicable law.
  6. It approves a new legal statute for the Insurance Compensation Consortium, which becomes a public law entity and loses its monopoly on covering extraordinary risks.
  7. It introduces legal defense insurance into the Insurance Contract Act, guaranteeing the policyholder free choice of lawyer and court representative and payment of costs in administrative, judicial or arbitration proceedings.
  8. It determines the currency in which the insurer's obligations to the policyholder are enforceable, normally the currency of the contract or of the country where the risk is located.

Who it affects

  • Spanish and foreign insurers: They must adapt to new rules on authorization, supervision, solvency and portfolio transfers, and can operate in other Community states under freedom of services.
  • Insurance policyholders: They can buy insurance from insurers in other Community countries, and in legal defense insurance they can freely choose their lawyer and court representative.
  • Insurance intermediaries (agents and brokers): Their registration requirements, aptitude tests and sanction regime are amended.
  • Insurance Compensation Consortium: It changes its legal nature to a public law entity and loses its monopoly on extraordinary risks.
  • Large-risk policyholders (companies): Their insurance faces more flexible administrative supervision and greater freedom of contract.

Words worth knowing

Libertad de servicios (freedom of services)
The ability of a company from one European Community country to provide insurance services in another country without setting up there.
Cartera (portfolio)
The set of active insurance contracts held by an insurer.
Grandes riesgos (large risks)
Very large insurance policies, for example for ships, aircraft or very large companies, subject to less administrative supervision.
Provisiones técnicas (technical reserves)
Money an insurer must set aside to be able to pay future claims.
Coaseguro (coinsurance)
Several insurers cover the same risk together, each with a proportional share.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries

Where it stands

How far did it get?

It took 7 of 7 steps. It reached BOE, and today it is passed.

  1. Introduced20 April 1990Someone registers the text in the Congreso.
  2. Admitted24 April 1990The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendmentsno dateGroups propose changes.
  4. Committeeno dateA committee goes through the text in detail.
  5. Plenaryno dateAll 350 deputies vote.
  6. Senateno dateThe Senate can pass it, amend it or veto it.
  7. BOEno dateIt is published in the Official State Gazette (BOE) and comes into force.
See the 2 official steps on a timeline
Apr 199011. 20 April 1990: Presentación22. 24 April 1990: Calificación

Was there a plenary vote?

We have no plenary vote linked to this law in the Congreso’s data.

What happens next

What happens now?

It is law, or will be once published in the BOE. It comes into force on the date its own text sets.

Published in the BOE: Law 21/1990, of December 19, to adapt Spanish law to Directive 88/357/EEC on the freedom of services in non-life insurance and to update private insurance legislation

Sources

Where does all this come from?

  • The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
  • Each deputy’s province is the one of their seat on the day of the vote.
  • We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

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