The management of all the claims files covered by policies signed with companies in liquidation is entrusted to the Management of Liquidation and Reorganisation of Insurance Companies, except for "motor vehicles", the management of which is entrusted to the Sub-directorate for Benefits, laid down in the Consorcio's Operations Management, with address at Paseo de la Castellana, 32, 3ª planta. 28046 Madrid, and switchboard telephone number: 91 3395500.

The payment of the claim, whenever this took place up until the date on which the General Management of Insurance and Pension Funds states the contracts expired, will be performed in the following way:

The Consorcio de Compensación de Seguros will compensate the injured parties in traffic accidents:

a) All the damages to the persons and goods, up to the limit of the compulsory insurance in force on the date of the occurrence of the claim.

b) The part of the damages that could exceed the aforementioned limits, will be paid whenever in addition to the Compulsory Motor Vehicle Insurance, the voluntary civil liability ("third party insurance with unlimited civil liability", in the normal terminology) is included on the policy signed with the Company in liquidation, and in the proportion that is possible, in terms of the economic situation of the Company in liquidation.

In accordance with the Law 20/2015, of the 14th of July, on Arrangement, Supervision and Solvency of insurance and reassurance companies, once the value of the goods and rights of the company ("assets") that the company has to be able to attend to its debts ("liabilities") is known, although only provisionally, the Consorcio de Compensación de Seguros will establish the percentage that it can offer the creditors per insurance contract. This percentage is set by the Board of Directors of the Consorcio de Compensación de Seguros in terms of the balance held by the company, applying a series of improvement steps foreseen in the Law, which is performed, except for exceptional reasons, before the 9 month period established by the Law has passed. Once this percentage has been determined, the Consorcio will contact you to offer you the payment in the abovementioned percentage.

This system allows insurance contracts creditors not only to be paid in advance, without having to wait until the end of the liquidation process, but they also will receive a higher amount to that which would correspond to them in the final liquidation, owing to the criteria used in the valuation of the asset, prior to the effective liquidation and that tends to improve it.

 

In accordance with the Law 20/2015, of the 14th of July, on Arrangement, Supervision and Solvency of insurance and reassurance companies, once the value of the goods and rights of the company ("assets") that the company has to be able to attend to its debts ("liabilities") is known, although only provisionally, the Consorcio de Compensación de  Seguros will establish the percentage that it can offer the creditors per insurance contract. This percentage is set by the Board of Directors of the Consorcio de Compensación de Seguros in terms of the balance held by the company, applying a series of improvement steps foreseen in the Law, which favour creditors for insurance contracts over other creditors of the Company in liquidation.

This allows insurance contract creditors not only to be paid in advance, without having to wait until the end of the liquidation process, but they also will receive a higher amount to that which would correspond to them in the final liquidation, owing to the criteria used in the valuation of the asset, prior to the effective liquidation and that tends to improve it.

Consequently, once the Board of Directors of the Consorcio de Compensación de Seguros determines the percentage to be paid, which would be, except in exceptional circumstances, before the 9 month period established by the Law has passed. Once this percentage has been determined, the Consorcio will contact you to offer you the payment in the percentage that has been established by its Board of Directors.

During the liquidation process you will be entitled for the credit corresponding to this part of the insurance premium to be acknowledged, without it being necessary for you to send any kind of claim, since your information appears on the records of the company in liquidation. Subsequently, the Consorcio will contact you to offer you the payment of the part of the premium not used in the percentage approved by its Board of Directors, to be offered to insurance contract creditors (insured parties, beneficiaries and injured third parties).

Your claim will be attended to by the Consorcio de Compensación de Seguros, if such is the case, in accordance with that established in the Law 20/2015, of the 14th of July, on Supervision of insurance and reassurance companies. For these purposes, you must send all the supporting documents regarding your credit, clearly indicating your personal details, to the management of the insurance company in liquidation (consult table, currently this management coincides in all cases with the Consorcio's Directorate for the Liquidation and Reorganisation of Insurance Companies).

All the claims that are presented will be answered, indicating whether your credit has been acknowledged or rejected or, if such is the case, the complementary documentation that is required for its acknowledgement.