Regulatory Alerts2015-12-02
Royal Decree 1060/2015 on the Organization, Supervision and Solvency of Insurance and Reinsurance Undertakings
The Spanish Ministry of Economy and Competitiveness issued Royal Decree 1060/2015 to transpose EU directives into national law, establishing the comprehensive regulatory framework for the authorization, governance, and solvency of insurance and reinsurance undertakings. The decree mandates strict requirements for corporate governance, risk management, and the calculation of Solvency Capital Requirements using standard formulas or internal models, while defining specific solvency regimes for different insurance branches. It further details supervisory powers, group supervision mechanisms, and procedures for handling financial deterioration, including special control measures and administrative intervention.
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