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Category Archives: Spain

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Posted in Asia, Belgium, Case reports, China and Hong Kong, Croatia, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Luxembourg, Market developments, Poland, PRA, Regulatory and legislative updates, Russia, Singapore, Singapore, South Africa, Spain, The Netherlands, UK, Uncategorized, USA, Vietnam

Engage is here

We have moved our content to the new Hogan Lovells platform Engage.  Engage gives you the latest legal and regulatory news and provides insights and analysis for your business, from across our global network, when you need it. If you have subscribed to this blog, you will receive a launch email for Engage on April 20

Posted in Belgium, Croatia, European Union, France, Germany, Hungary, Italy, Luxembourg, Market developments, Poland, Regulatory and legislative updates, Russia, Spain, The Netherlands, UK

Italian first measures in favor of insurance market operators against COVID-19 emergency

As a result of the health emergency caused by the widespread outbreak of the COVID-19 virus and disease, specific measures have been adopted in Italy starting from the beginning of March 2020 in order to contain the impact thereof at various levels and sectors of the economy. In particular, the Italian Government adopted Law Decree

Posted in Belgium, Croatia, France, Germany, Hungary, Italy, Luxembourg, Market developments, Poland, Regulatory and legislative updates, Spain, The Netherlands, UK

Mixed responses from European regulators as EIOPA urges insurers to hold back on dividend payments

On 2 April 2020, the European Insurance and Occupational Pensions Authority (EIOPA) urged all (re)insurers to temporarily suspend dividend distributions and share buybacks.  The response from insurance regulators in EU countries has been mixed.  In some countries the regulator has followed a similar approach.  However, the German regulator, BaFin, has stated that it considers the

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, Sanctions, Singapore, Singapore, South Africa, Spain, The Netherlands, UK, USA, Vietnam

IAIS measures to provide operational relief to supervisors and insurers in light of COVID-19

The International Association of Insurance Supervisors (IAIS), on 27 March 2020, published a press release about the measures it is taking to address the impact of COVID-19 on the insurance sector. This includes using the framework it has developed for forward-looking risk to undertake a targeted assessment of the impact of COVID-19 on the global

Posted in Asia, Case reports, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, Sanctions, Singapore, Singapore, South Africa, Spain, The Netherlands, UK, USA, Vietnam

Engage is coming

We are changing how we share our blogs, newsletters, client alerts, publications and other pieces of legal news and analysis with you.  We are bringing them all together into one place: Hogan Lovells Engage. Engage gives you the latest legal and regulatory news and provides insights and analysis for your business, from across our global

Posted in Market developments, Regulatory and legislative updates, Spain

Hogan Lovells analyzes the Spanish Royal Decree 463/2020 of 14 March declaring the state of alarm for the management of the health crisis situation caused by COVID-19, in relation to the insurance sector

On Saturday 14 March, Spain’s Official State Gazette published Royal Decree 463/2020 declaring the state of alarm for the management of the health crisis situation caused by COVID-19 (RDEA). Under this Royal Decree, Spain has adopted a series of extraordinary measures of great relevance and impact with a threefold objective: i) to protect the health

Posted in Regulatory and legislative updates, Spain

The Spanish Insurance Distribution Act

The Spanish Insurance and Reinsurance Distribution Act implementing the Directive 2016/97 of the European Parliament and of the Council of 20 January 2016 on Insurance Distribution (the ”IDD”) has been finally approved and published in the Spanish Official Gazette (“Boletín Oficial del Estado” or ”BOE”) on 5 February 2020 and shall come into force on

Posted in Regulatory and legislative updates, Spain

A rise in W&I insurance in Spain

First published in the International Bar Association’s August newsletter In recent years the Spanish Mergers and Acquisitions (M&A) market has seen in an increase in warranty and indemnity (W&I) insurance as a means to cover certain transactions risks, namely those losses or liabilities arising from a breach of warranty or a representation. Click here to continue

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Market developments, Poland, Russia, Singapore, South Africa, Spain, The Netherlands, UK, USA, Vietnam

Tesla’s insurance plans – the possibility of a revolutionary product

Tesla CEO Elon Musk recently declared that the company intends to create an insurance product ‘much more compelling than everything else out there’. Victor Fornasier, partner at Hogan Lovells, discusses with Tom Inchley from Lexis Nexis, Tesla’s plans and what they could mean for the car insurance industry. Click here for the article. This article

Posted in Regulatory and legislative updates, Spain

Spain: Contingency measures following no-deal Brexit published –and they guarantee continuity of insurance contracts and smooth adaptation to new regime for British insurers

What is all about? Brexit month is finally here –or is it? Interests at stake on both sides of the Channel, fearing consequences of a no-deal Brexit, may end up cristalysing in a delay and extension to Article 50 of the TEU. Whatever the case, as things stand now, the UK is due to leave

Posted in European Union, Market developments, Regulatory and legislative updates, Spain

Too soon to harmonize EU Insurance Guarantee Schemes?

Insurance Guarantee Schemes (“IGS“) provide last resort protection to consumers in the event that their insurance company becomes insolvent or simply unable to fulfill their contractual commitments. This sort of protection networks have been made effective through directives in other sectors, such as banking and securities. Nevertheless, a directive has yet to be implemented for

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Italy, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, Singapore, South Africa, Spain, The Netherlands, UK, USA

How will pharmacogenetics influence the life insurance industry?

Pharmacogenetics is the study of how genes affect a person’s reaction to medicines. The combination of pharmacology (the science of drugs) and genomics (the study of genes and their functions) leads to the development of medications that will be effective and safe, as they will be tailored to a person’s genetic make-up. A small blood

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Poland, Regulatory and legislative updates, Russia, Singapore, Singapore, Spain, The Netherlands, UK, USA, Vietnam

Insurance M&A 2017/2018

Following up on our 2018 Insurance Horizons brochure, which comments on legal and regulatory trends and developments across the insurance industry, we have today released Insurance M&A 2017/2018, a paper that takes a closer look at M&A activity across the sector. Click here to continue reading…

Posted in Asia, European Union, France, Germany, Hungary, Italy, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, Singapore, South Africa, Spain, UK, USA

Insurance Horizons 2018

As a global insurance industry team, we aim to follow industry trends and developments as closely as possible in order to deliver well informed perspectives and thought leadership to our clients and contacts. Our Insurance Horizons 2018 brochure considers the impact of technology, interest rates, protectionism, excess capacity in the reinsurance market and cyber risk.

Posted in Spain, Uncategorized

Spain: The MiFID II delegated regulations on notification of qualifying holdings and authorisation requirements and their relationship with insurance/reinsurance undertakings

Felipe Vazquez  Acedo and Guillermo Ruiz Barrilero, lawyers in our Madrid office, have written an article on the MiFID II delegated regulations on notification of qualifying holdings on the acquisition of an investment company and on authorisation requirements and their relationship to insurance and reinsurance undertakings.  Click here to read more.  

Posted in Regulatory and legislative updates, Spain

Spain: Obligation to provide the KID vs lack of obligation to provide the PID

The European Union (the ”EU”) packaged retail and insurance-based investment products (PRIIPs) Regulation (the ”PRIIPs Regulation”) is applicable throughout the EU from 1 January 2018. The main requirement of the PRIIPs Regulation is the provision of a Key Information Document (the ”KID”) to EU retail investors investing in PRIIPs. The KID, which must be provided

Posted in Regulatory and legislative updates, Spain

Reinsurance, set-off rights and insolvency under Spanish law

A usual query that arises in Spain in almost any single reinsurance transaction or contract where some money is advanced or handed over between the parties is whether it is possible to set-off mutual debts within an insolvency proceedings. Set-off is an equitable right that allows the parties to a contract to cancel or offset

Posted in Regulatory and legislative updates, Spain

Spain: The Draft Insurance Distribution Act

On 16 February 2017, the Spanish Insurance Regulator (the ”DGSFP”) submitted to the interested parties the final Draft of the Insurance Distribution Act (the ”ALDS”), which implements in Spain the Directive 2016/97 of the European Parliament and of the Council of 20 January 2016 on Insurance Distribution (the ”IDD”). The objectives of the ALDS are

Posted in France, Germany, Italy, Poland, Regulatory and legislative updates, Spain, UK

The Insurance Distribution Directive….one year to go

  Member States across the EU are due to implement the Insurance Distribution Directive by 23 February 2018.     With just one year to go we have looked at what progress the supervisory authorities in France, Germany, Italy, Poland, Spain and the UK are making with their implementation plans and how firms in each country might be

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, Singapore, Singapore, South Africa, Spain, The Netherlands, UK, USA, Vietnam

Hogan Lovells sponsoring InsurTech Rising 2016

Running from 14 to 16 November, the InsurTech Rising conference and Blockchain Summit will bring together key startups and incumbents shaping the InsurTech sector. Hogan Lovells is the conference’s Gold Sponsor and will be presenting on blockchain, the internet of things and insurance regulation, as well as moderating a panel discussion, introducing demos from a

Posted in Asia, European Union, France, Germany, Hungary, Italy, Latin America, Market developments, Poland, Regulatory and legislative updates, Singapore, South Africa, Spain, The Netherlands, UK, USA

Brexit – You snooze, you lose

It is 90 days since the UK’s electorate voted to leave the EU. With so many unknowns, how can you look beyond the uncertainty and decide what to do right now? The Brexit toolkit  is a seven step practical guide to help you assess real impacts and implement a practical response. It also contains critical

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Market developments, Poland, Russia, Singapore, Singapore, South Africa, Spain, The Netherlands, UK, USA, Vietnam

InsurTech – Innovation in Insurance?

What is genuinely innovative about today’s insurance sector? Perhaps little – but that is beginning to change. For the past few years we have seen innovative ways of selling products – such as search engine aggregators – at the distribution end of the retail market. Yet with the majority of costs borne by insurers falling