Regulatory Alerts2015-07-15
Law 20/2015 of 14 July on the Regulation, Supervision and Solvency of Insurance and Reinsurance Undertakings
The Spanish State issued Law 20/2015 to transpose the Solvency II Directive, establishing a comprehensive regulatory framework for the authorization, governance, and supervision of insurance and reinsurance undertakings. The law mandates strict capital adequacy requirements, robust risk management systems, and enhanced transparency obligations to ensure the financial stability of entities operating in Spain and the European Union. It further defines the powers of supervisory authorities, outlines procedures for handling financial deterioration, and establishes a detailed regime for sanctions and liquidation to protect policyholders and market integrity.
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