Consorcio has been entrusted the function of protection of creditors by insurance contract (insured persons, beneficiaries and third parties) in case the regulator orders the liquidation of an insolvent insurance company, or the own company voluntarily asks for its dissolution.
BRIEFING NOTE ON THE ENTRY INTO LIQUIDATION OF THE ENTITY “MONTEPÍO DE TELÉFONOS, MUTUALIDAD DE PROVISIÓN SOCIAL”
By Order ECM/545/2025 of 9 May 2025 (Official State Gazette No. 130 of 30 May), the administrative authorisation for the insurance activity of Montepío de Teléfonos, Mutualidad de Previsión Social (MONTEPÍO DE TELÉFONOS) was revoked and its liquidation was entrusted to Consorcio de Compensación de Seguros (CCS). The entity's General Assembly, held on 28 February 2025, had agreed to its voluntary dissolution and, previously, the General Assembly held on 11 December 2024, agreed to the early expiry of the insurance guarantees with effect from 31 December 2024.
PHASES AND DEADLINES OF A LIQUIDATING PROCESS
Find out the phases and deadlines to which a liquidating process of an insurance company is subjected.
WHAT IS THE PURCHASE OF CREDITS AND HOW DOES IT AFFECT YOU?
In this section we will explain what it is and how the purchase of credits will affect you.
STATUS OF THE LIQUIDATING PROCESS OF AN INSURANCE COMPANY
If an insurance company is undergoing a liquidation process, the status of this process may be consulted here.
For any queries, do not hesitate to telephone our Call Centre
If you have a motor vehicle insurance policy with a company that has entered into liquidation
You should also know that the Consorcio covers up to the legal limit of the Compulsory insurance in force on the date when the claim occurred.
The rest of the amount not covered by the Compulsory Insurance for Motor Vehicles will be the amount that the CCS itself in its liquidating function will take into consideration in the liquidation and therefore it will offer, at the approved percentage, the acquisition of your credit.
