Commercial companies in Spain
can develop business activities in the insurance sector
, once they have obtained the necessary licenses for their specific activities. Insurance sector in Spain
refers to insurance services
related to life and non-life contracts
, which can be signed by both natural individuals and legal entities. Investors who want to open a company in Spain
in this field need to comply with the regulations available here, which are tailored in accordance with the European Union’s directives. Our team of company formation agents in Spain
can offer more details on how to register a company
Open a Spanish company
Insurance companies operating in Spain
are considered commercial entities. Thus, the procedure of company formation in Spain
for this industry will need to follow the standard registration procedure
. Prior to actually starting the registration of the company
, the investors are advised to study the regulations of the Company Act
, which regulates the types of companies
that may be registered here, the rights and obligations of the shareholders
and the legal requirements for a proper business activity.
The legal entity chosen for incorporation should be first registered with the Mercantile Register, which will issue a Certification of Uniqueness of the Company Name. This is a compulsory procedure, as the trading name of the legal entity has to be unique on the Spanish territory.
Insurance legislation in Spain
As mentioned above, the legal framework applicable to the Spanish insurance sector follows the directives of the European Union. However, the local institutions also have an important part in the provisions established in this sense.
The insurance sector in Spain is regulated by the following rules of law:
• Consolidated Act on the Regulation and Supervision of Private Insurance Activity;
• Implementing Regulation on the Organisation and Supervision of Private Insurance.