Find Lawyers in Madrid, Spain for Insurance Law
Practice Area Overview
It is the body of law, custom, and general principles of jurisprudence governing the legal relationships arising from an insurance contract and the regulation of the insurance activity.
Under Spanish law, insurance law is embodied in different pieces of legislation.
The main Act that regulates the insurance contract is the Spanish Insurance Contract Act 50/1980 (enacted by Act 50/1980 dated October 8). Article 1 of this Act, provides the following definition of insurance contract: “An insurance contract is a contract under which the insurer, in consideration for a premium agrees to indemnify, when an insured risk operates and within the agreed limits, the damage suffered by the insurer or to pay a capital, rent or other agreed compensation."
The provisions of the Insurance Contract Act are mandatory unless the opposite is established in the Act or the agreed terms of the relevant insurance contract are more beneficial to the insured party than the provisions of the Act.
Notwithstanding the above, the provisions of the Insurance Contract Act are not mandatory when dealing with large risks insurance (in Spanish, “seguros de grandes riesgos”), following the definition of large risks provided for in the Directive 2009/138/UE of 25 November 2009. In this regard, Article 44 of the Insurance Contract Act provides that large risks insurance contracts (which are defined in Article 11 of the Law 20/2015 – see below –) are excluded from the mandatory regime of the Act established in its Article 2.
The Insurance Contract Act covers a wide range of insurances, which are broadly classified in two branches: (i) damage insurances and (ii) personal insurances. It is noteworthy that the Act does not regulate maritime insurance specifically, but its provisions are subsidiary applicable to it.
From a regulatory stand point, insurance activity is mainly regulated in Spain by the Regulation, Supervision and Solvency of Insurance and Reinsurance Companies Act (enacted by Law 20/2015 dated 14 July) and the Regulation which develops further this Act (enacted by Royal Decree 1060/2015 dated November 20). The insurance and reinsurance brokerage activity is regulated by the Private Insurance and Reinsurance Brokerage Act (enacted by Act 26/2006 dated July 17).
Accordingly, a Spanish Insurance lawyer may specialize in contractual or regulatory aspects of insurance law. In case of lawyers specialized in contractual aspects of insurance law, they are normally also specialized in other areas of the law (e.g. damages, liabilities, transportation, shipping, etc.) to which the risks insured are associated to.
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Asunción is a Director in the Landwell-PwC Tax Financial Services team in Madrid. She joined the firm in 1994 and now she is mainly working in the tax advise of national and international insurance entities in their operations. She has been involved in several corporate restructuring processes and she has also specialized in insurance entities advice, including day to day operations, as well as in tax inspections assistance, international tax planning and in advice in financial operati...
ICAM Member 78623 Law degree Universidad de Vigo Law Degree from the University of Vigo (2004). Master's Degree in Maritime Law and Business from ICADE/SPANISH MARITIME INSTITUTE (2005). Member no. 78.623 of the Madrid Bar Association (ICAM). Specialist in Ltigation, Insurance law, Construction, Industrial Accidents and Technical or industrial claims with a high degree of complexity.
Work Department Insurance & Reinsurance. Position Joaquín Ruiz Echauri has over 25 years of experience providing corporate, regulatory and litigious advice for the insurance and reinsurance industry. During his career he has worked with major national and international clients on M&A transactions, bancassurance alliances, VIF reinsurance agreements, portfolio transfers and reorganisations and all types of corporate matters. In the area of regulation, he has provided advice on p...
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Enhancing Consumer Safety Through Winning Jury Trials and Substantial Settlements
by Justin Smulison