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.
In accordance with article 229 of the Royal Decree 1060/2015, of the 20th of November, on the arrangement, supervision and solvency of insurance and reassurance entities, having confirmed the solvency of the insurance entity undergoing bankruptcy proceedings, the Consorcio de Compensación de Seguros has carried out the bankruptcy proceedings as set forth in chapter II of the VII Title of the aforementioned Royal Decree and its implementing standards. Consequently, the Closing Balance, approved by agreement of the Committee delegated for the Liquidating Activity on the 26th of April is as follows:
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.
