Legislation

Legislation

FOR COMPANIES WHERE THE LIQUIDATION WAS ASSUMED BY THE CCS PRIOR TO THE 31-12-2015:

In accordance with the Third Transitional Provision of the Law 20/2015, of the 14th of July, on the supervision of insurance and reassurance companies:The administrative procedures initiated prior to the coming into force of this Law will be ruled by the previous legislation.

  1. Consolidated text of the Private Insurance and Reassurance Supervisory Act, approved by the Royal Decree Law 6/2004, of the 29th of October.
  2. Regulation: Royal Decree 2020/1986, of the 22nd of August.
  3. Royal Decree 2226/1986, of the 12th of September, by which the CCS would be entrusted with the functions relating to the liquidation of the Private Savings Entities, today assumed by the CCS.
  4. Royal Decree 312/1988, of the 30th of March, authorising it for the liquidation of the Social Welfare Entities, today assumed by the CCS..
  5. Order of the Ministry of Economy and Inland revenue of 25 March 1988, by which complements to the Royal decree 2020/1986.

    In the "sole" derogatory provision the repeal of the following is stated:

    * Royal Decree Law 10/1984 of the 11th of July.

    * Law 46/1985 of the 27th of December on the Budget of 1986, fourteenth and thirty-eighth additional provisions.

  6. Royal Legislative Decree 7/2004, of the 29th of October, by which the consolidated text of the Legal Statutes of the CCS is approved.
  7. Law 22/2003, of the 9th of July, Bankruptcy.

FOR COMPANIES WHERE THE LIQUIDATION WAS ASSUMED BY THE CCS FROM 01-01-2016 ONWARDS:

Law 20/2015, of the 14th of July, on Insurance and Reassurance Supervisory Act.

DEROGATORY PROVISION

  1. Articles 33.a), 75 and the definition of important risks in article 107.2 of the Law 50/1980, on Insurance Contracts.
  2. The Royal Decree 2020/1986, of the 22nd of August, by which the Regulation on the Functioning of the Liquidating Committee of Insurance Companies was approved
  3. The Royal Decree 2226/1986, of the 12th of September, by which the Liquidating Committee of Insurance Companies was entrusted with the functions attributed to the Committee created by the Royal Decree-Law 11/1981, of the 20th of August
  4. The Royal Decree 731/1987, of the 15th of May, by which the Regulation of the Consortium for Insurance Compensation is approved, once it could come into force
  5. The Order of the 25th of March, 1988, by which the Royal Decree 2020/1986, of the 22nd of August is complemented.
  6. The Royal Decree 312/1988, of the 30th of March, by which the Liquidating Committee of Insurance Companies is entrusted with the liquidation of the social welfare entities.
  7. The Royal Legislative Decree 6/2004, of the 29th of October, by which the consolidated text of the private insurance supervisory act is approved, except for its articles 9 , 10 and 24 regarding mutual insurance companies, friendly societies and insurance cooperatives; the sixth additional provision; the seventh additional provision; and the reference contained in the derogatory provision of the Royal Legislative Decree, letter a).8.ª, by which the fifteenth additional provision of the Law 30/1995, of the 8th of November on Private Insurance Supervision is kept in force, all of which must be maintained effective.
  8. Royal Decree 1060 / 2015, 20 November, management, Supervision and solvency of insurance companies and reinsurance companies.
  9. Law 22/2003, of the 9th of July, Bankruptcy.