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.
The Consorcio takes on the role of liquidator of Spanish insurance and reassurance companies by Order of the Ministry of Economy, Trade and Enterprises or of the competent organism in the Autonomous Regions, in the cases of the administrative liquidation; and in the case of insolvency proceedings, that of insolvency administrator due to the acceptance of the insolvency declaration and the Consorcio’s appointment.
Additionally, at the request of the Directorate-General of Insurance and Pension Funds (DGSFP), the CCS collaborates in the carrying out of the special control steps adopted by this Authority at the centre of these measures.
The CCS also carries out information activities to the creditors by insurance contract in relation to the liquidation processes of an insurance company with registered address in another Member State of the European Union and it has the capacity to sign agreements with the administrative or judicial organs to which, in accordance with the legislation of the original Member State, the liquidation of the company had been entrusted, with the aim of facilitating the presentation and processing of creditors’ claims for insurance contracts to the liquidation organisms, while being resident in Spain.
