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What it is

Rules for people who sell and advise on insurance in Spain

BOE step 7 of 7 · Passed

It is a government bill. Introduced by the Government. It was introduced on 26 July 2005. Introduced by: Gobierno.

Official title: Government bill on mediation in private insurance and reinsurance.

Follow this law

Source: Congreso de los Diputados, file 121/000045· updated 11 Nov

Automatic summary, not yet reviewed

  1. The law regulates insurance and reinsurance mediation: presenting, proposing or signing insurance contracts and helping to manage them, especially when a claim occurs.
  2. Only those registered in the special administrative register kept by the Directorate General for Insurance and Pension Funds can work as insurance intermediaries. Insurers may not accept services from unregistered intermediaries.
  3. Intermediaries are classified as exclusive insurance agents, agents tied to several insurers, and insurance brokers. The three statuses are incompatible with each other and their names are reserved.
  4. Banks and savings banks that sell insurance through their branch network are called banca-seguros operators, exclusive or tied, and follow the same rules as insurance agents, with training duties for their network.
  5. Tied agents and brokers must pass a training course or aptitude test, show good repute, carry professional liability insurance and, if they handle client money, hold financial capacity.
  6. Before an insurance contract is signed, the intermediary must give written information on their identity, registration, ties with insurers and whether their advice is independent. Brokers must base their advice on an objective analysis of a sufficient number of contracts.
  7. Intermediaries must handle and resolve customer complaints, through a customer service department or a customer advocate, and the customer can then turn to administrative protection.
  8. Mediating without registration or giving false information are very serious offenses, punishable with fines from €15,001 to €30,000, suspension of up to 10 years, or removal from the register.

Who it affects

  • Exclusive and tied insurance agents: They must register, meet training and good repute requirements, and follow the bans and conflicts of interest rules.
  • Insurance and reinsurance brokers: They must register, prove training and liability insurance, and advise independently with objective analysis.
  • Banks and savings banks that sell insurance: They must adopt the banca-seguros operator name and train the people in their distribution network.
  • People who buy insurance: They receive advance information before buying, can complain to the customer service department or customer advocate, and are protected by the sanction regime.
  • Insurance companies: They answer for the actions of their exclusive agents and must check their requirements before hiring them.

Words worth knowing

Mediador de seguros
A person or company that presents, proposes or manages insurance contracts between the customer and the insurer.
Corredor de seguros
An independent intermediary who advises the customer with no ties to insurers and must perform an objective market analysis.
Agente de seguros vinculado
An intermediary who works with several insurers under agency contracts, but without a duty of independent advice.
Operador de banca-seguros
A bank or savings bank, or a company they control, that sells insurance through its branch network.
Capacidad financiera
Money or a guarantee the intermediary must hold when handling customers' premiums or claim payments.

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. Introduced26 July 2005Someone registers the text in the Congreso.
  2. Admitted24 August 2005The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendments26 August 2005Groups propose changes.
  4. Committee26 October 2005A committee goes through the text in detail.
  5. Plenaryno dateAll 350 deputies vote.
  6. Senate15 March 2006The Senate can pass it, amend it or veto it.
  7. BOE22 June 2006It is published in the Official State Gazette (BOE) and comes into force.
See the 9 official steps on a timeline
Sept 2005Dec 2005Mar 200611. 26 July 2005: Presentación22. 24 August 2005: Comisión de Economía y Hacienda Publicación desde 24/08/2005 hasta 26/08/200533. 24 August 2005: Calificación44. 26 August 2005: Comisión de Economía y Hacienda Enmiendas desde 26/08/2005 hasta 26/10/200555. 26 October 2005: Comisión de Economía y Hacienda Informe desde 26/10/2005 hasta 28/02/200666. 28 February 2006: Comisión de Economía y Hacienda Aprobación con competencia legislativa plena desde 28/02/2006 hasta 15/03/200677. 15 March 2006: Senado desde 15/03/2006 hasta 24/05/200688. 24 May 2006: Pleno Enmiendas o veto del Senado desde 24/05/2006 hasta 22/06/200699. 22 June 2006: Concluido - (Aprobado con modificaciones) desde 22/06/2006 hasta 05/09/2006

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.

The same initiative in the other chamber:

Published in the BOE: Act 26/2006, of July 17, on mediation of private insurance and reinsurance.

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.

Read the full method · Report an error