Regulatory Alerts2021-12-13
Added · Updated
Royal Decree implementing Article 677 of the Act of 13 March 2016 on the status and supervision of insurance or reinsurance undertakings
This Royal Decree exempts mutual insurance companies from the obligations set forth in Article 83/1, first paragraph, of the Act of 13 March 2016, provided that such exemption does not compromise the adequacy of their governance system, specifically regarding the supervision structures of effective management and its collegiality. The Office for the Control of Mutual Funds and National Unions of Mutual Funds is tasked with monitoring compliance with this condition. The decree enters into force on 19 July 2021.
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