SPAIN — THE AUTONOMOUS COUNCIL OF INSURANCE INTERMEDIARIES OF CASTILLA-LA MANCHA ANALYSES WITH ITS MEMBERS THE PROFESSIONAL INDEMNITY OF INSURANCE INTERMEDIAIRIES

Carlos Montesinos, CEO of CGPA Europe’s Underwriting Agency for Spain analyses the new obligations and responsibilities arising from the recent implementation of IDD in Spain at a conference organised by the Regional Council of Insurance Mediators’ Associations of Castilla La Mancha.

In this conference, the President of the Association of Toledo, José Enrique García Mérida, announced that he will facilitate the contracting of Professional Indemnity Insurance for its members in order to provide coverage for the risks arising from the profession of insurance intermediary.

The Regio­nal Coun­cil of Insu­rance Media­tors of Cas­tilla-La Man­cha, chai­red by Enrique García Méri­da, on the occa­sion of the imple­men­ta­tion f the Insu­rance Dis­tri­bu­tion Direc­tive (IDD) through RD Law 3/2020, has car­ried out a new online trai­ning day to address the new ele­ments that direct­ly affect the pro­fes­sio­nal indem­ni­ty of insu­rance inter­me­dia­ries, i.e. exclu­sive and tied insu­rance agents, as well as insu­rance bro­kers their employees and/or collaborators. 

Although work on the imple­men­ta­tion of the Direc­tive has been under­way since 2016, it was not until Februa­ry 2020 that this trans­po­si­tion was appro­ved in R.D.L 3/2020. Howe­ver, the 122 amend­ments that have been tabled are cur­rent­ly being dealt with by Par­lia­ment and are the­re­fore still pending.

Accor­ding to García Méri­da, “The new sce­na­rio that is taking shape is that of new res­pon­si­bi­li­ties ari­sing from the imple­men­ta­tion of IDD to pro­tect and defend consu­mer rights. Insu­rance bro­kers must work with insu­rance com­pa­nies to issue the insu­rance pro­duct infor­ma­tion docu­ment (IPID) which contains the most signi­fi­cant fea­tures of the pro­duct to be dis­tri­bu­ted. Fai­lure to manage the issuance of this docu­ment may lead a judge to hold both the com­pa­ny and the insu­rance inter­me­dia­ry liable”. 

This vir­tual confe­rence was car­ried out both to pro­vide trai­ning solu­tions and the neces­sa­ry tools for the deve­lop­ment of insu­rance inter­me­diai­ries’s work, and to give mem­bers the pos­si­bi­li­ty of taking out Pro­fes­sio­nal Indem­ni­ty Insu­rance from the Auto­no­mous Coun­cil of Insu­rance Inter­me­dia­ries of Cas­tilla-La Mancha. 

The confe­rence was led by Car­los Mon­te­si­nos, CEO of the CGPA Europe’s Under­wri­ting Agen­cy for Spain, insu­rance com­pa­ny spe­cia­li­zed in Pro­fes­sio­nal Indem­ni­ty Insu­rance for insu­rance inter­me­dia­ries, and Euro­pean lea­der for this risk.

Source : https://elconsejoaldia.com/consejo-mediadores-castilla-mancha-responsabilidad-civil/