Canada    FinTech Guide    Chapter 13    Spain

13. InsurTech
AAA  Spain

Many new companies have been created during 2017 and 2018 with the majority of these undertakings being intermediaries in the insurance market.

For example,  Zurich Insurance Group has entered into an exclusive collaboration in Europe with Insurtech startup CoverWallet and launched a new digital distribution channel in Spain.

Legal Affairs

Currently, the most important legal text regarding this matter is the Law 20/2015, transposing the Directive 2009/138/EC (Solvency II). In addition, this Law considers the application of the Royal Decree 1060/2015. It is highly probable that a new complementary law will go into force for the regulation of the insurance distribution, transposing the Directive 2016/97.

The Law 20/2015 governs certain aspects related to the insurance market and subjects this activity to an administrative authorisation. In this order, to be admitted for the public agency the insurance company must satisfy the following requirements:

  1. Keep a solvency capital requirement and eligible basic own funds to cover absolutely the floor of the minimum capital requirements (approximately € 5,500,000).
  2. Keep eligible basic own funds to cover the minimum capital requirements and the solvency capital requirement.
  3. Requirements related to the honourability, qualification and professional experience.
  4. Corporate governance and internal control systems.

Aside  from the above, all the Insurtechs performing in the insurance sector, although not directly as an insurance company but with an intermediary profile (e. g. mediators, insurance brokers, insurance agents, etc.) must meet specific requirements in their area.

Economic Conditions

The market for InsurTech services is an emerging and fast-growing market, but it is smaller than the German and UK markets.


FinTechs to consider are Ensuprecio, Polizadesalud and Segurfer.

Contributing Authors

Ventura Garcés & López-Ibor

Claudi Garcés
Barcelona, Spain

Alfonso López-Ibor
Madrid, Spain

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Chapter Index:

1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018