News
Spanish Rate Change
The Consorcio has reduced the surcharge for obligatory Third Party Motor Liability insurance from 3 to 2 percent. With effect from 1st June 2009 and in accordance with the Directorate-General of Insurance and Pensions Funds Resolution dated 19th May 2009, the surcharge in favour of the Consorcio de Compensación de Seguros to finance their functions regarding third party liability for motor vehicles is reduced from 3 to 2 percent.
The Consorcio reduces the surcharge for the liquidation of insurance entities from 3 to 1.5 per mille.On 3rd July the B.O.E (Official State Bulletin) published Law 6/2009 which modifies the Consorcio de Compensación de Seguros Legal Statutes. By virtue of said modification, the surcharge destined towards the financing of the liquidation of insurance entities is reduced from 3 to 1.5 per mille, a reduction of 50%. The law also suppresses the Consorcio functions relating to the obligatory vehicle passengers and hunters insurances. With regard to the liquidation of insurance entities surcharge, the new rate should be applied, at the latest, as from the first renewal that takes place after the Law comes into effect, which is on 4th August 2009.
