The final provision of Law 34/2003 of 4 November, amending and adapting to the Community legislation of private insurance legislation, authorized the Government to, within one year of its entry into In the case of the Court of Justice of the European Communities, the Court of Justice of the European Communities, the Court of Justice and the Court of Justice of the European Communities, the Court of Justice and the Court of Justice of the European Communities, June 1988 on the coordination of laws, regulations and administrative provisions relating to direct insurance, other than life assurance, laying down provisions to facilitate the effective exercise of the freedom to provide services and amending Directive 73 /239/EEC, which includes the provisions of Directive 73 /239/EEC, amendments introduced by subsequent laws. The delegation includes the power to regularise, clarify and harmonise the legal texts to be recast.

To comply with the mandate contained in the final provision of Law 34/2003 of 4 November, this royal legislative decree approving the recast text of the Legal Statute of the Compensation Consortium of Insurance.

Law 21/1990, of December 19, provided a new legal status to the Consortium of Insurance Compensation, which was required by the amendment carried out by the Royal Legislative Decree 1255/1986, of 6 June, in paragraphs 2 and Article 4 of Law 33/1984 of 2 August 1984 on the management of private insurance, in order to adapt it to the commitments arising from the Treaty of Accession of Spain to the European Economic Community, and which was made inexcusable by requiring the loss of the monopolistic character of one of its main functions, which is linked to the extraordinary risks. In addition to losing exclusivity in the coverage of extraordinary risks, the new legal status changed the legal regime of the Insurance Compensation Consortium, which ceased to be an autonomous body and became a society. state.

The Legal Statute of the Insurance Compensation Consortium, approved by Law 21/1990 of December 19, has undergone several reforms and modifications.

The additional provision of Law 30/1995, dated November 8, for the management and supervision of private insurance, carried out a thorough reform of the legal status of the Insurance Compensation Consortium, amending a number of its provisions, concerning the definition of its purposes and powers, the delimitation of its private functions in relation to the insurance of extraordinary risks and the compulsory insurance of motor vehicles, and their public functions. The scheme of surcharges in favour of the Consortium was also clarified and the financial and accounting separation of the operations of the Consortium on agricultural insurance combined with respect to other operations was specified.

Law 44/2002, of November 22, of measures to reform the financial system, also introduced a major reform into the legal status of the Insurance Compensation Consortium. Such modification was due to the need to collect the new functions of the Insurance Compensation Consortium as liquidator of insurance entities, as the Liquidator Commission of the Insurance Entities had been abolished and its functions were passed, assets and personnel to be assumed by the Consortium, which also obliged to modify certain aspects of its patrimonial regime.

In relation to the operating system of the Consortium, Law 44/2002, of November 22, enabled the fractionation of all surcharges in favor of the Insurance Compensation Consortium.

In the area of extraordinary risk coverage, Law 44/2002 of 22 November allowed, on the terms and with the limits to be determined, the coverage of profit loss as a result of the those. In the field of civil liability insurance in the movement of motor vehicles for compulsory subscription, Law 44/2002 of 22 November empowered the Consortium to cover liability for civil liability arising from the movement of such vehicles. motor vehicles exceeding the limits of the mandatory insurance against risks not accepted by the insurance institutions.

Moreover, that law incorporated into national law Directive 2000 /26/EC of the European Parliament and of the Council of 26 May 2000 on the approximation of the laws of the Member States relating to insurance against the civil liability for the movement of motor vehicles (Fourth Motor Insurance Directive), which required the amendment, among other rules, of the legal status of the Insurance Compensation Consortium, with the aim of to enable it, for the proper exercise of its functions as a body of information, may conclude agreements with the institutions related to compulsory insurance.

Law 22/2003, of July 9, Bankruptcy, has been to introduce amendments to the legal status of the Consortium of Insurance Compensation in order to adapt the wording of certain precepts to the new regulation on (a) insolvency proceedings, and this is, irrespective of the fact that, in accordance with its second additional provision, the special provisions laid down in its specific legislation are applied in the competitions of insurance institutions; except those relating to the insolvency administration. For these purposes, the necessary additional provision considers special legislation, as far as the insurance companies concerned are concerned, the Law 30/1995 of 8 November, for the management and supervision of private insurance (Articles 25 to 28, 35 to 39 and 59), and Law 21/1990 of 19 December, to adapt Spanish law to Directive 88 /357/EEC on the freedom of services in insurance other than life and the updating of private insurance legislation (Article 4).

More recently, Law 34/2003 of 4 November, amending and adapting to the Community legislation of private insurance legislation, has again impinge on the legal status of the Consortium, modifying it to the object of to allow compensation by the Consortium for personal damages produced as a result of extraordinary events occurring abroad when the policyholder has his habitual residence in Spain. Furthermore, the second provision of that law provides, with the appropriate regulatory range and in accordance with the tax nature of the surcharge in favour of the Consortium to finance the liquidation functions of insurance institutions, the Fractionation surcharge to be applied.

In addition to the aforementioned reforms, other rules have to be considered that have modified the legal framework in which the Insurance Compensation Consortium is developed. In this sense, the Law 6/1997 of 14 April of the Organization and the Functioning of the General Administration of the State, for which the regulations dedicated to the traditionally called " Institutional Administration of the State ", opting for a generic name," public bodies ", which groups all public law entities dependent on or linked to the General Administration of the State and distinguishing two basic models: autonomous bodies and business public entities. Thus, this new legal framework must be reflected in the legal status of the Consortium, in which it is collected, according to the Consortium, in the category of business public entity.

Likewise, the recused text of the Legal Statute that is approved is adapted to the recast text of the Law on Public Administration Contracts, approved by the Royal Legislative Decree 2/2000, of June 16, to the new Law 47/2003, of 26 November, General Budget, and Law 33/2003 of 3 November of the Heritage of Public Administrations.

This royal legislative decree consists of a single article approving the recast of the Legal Statute of the Insurance Compensation Consortium, an additional provision, a derogation provision and a provision final that fixes the entry into effect of the rule.

The consolidated text of the Legal Statute of the Insurance Compensation Consortium that is approved maintains the structure and systematic of the statute approved by Law 21/1990, of December 19, whose operative part is organized in a Total of five chapters. The first of these contains a number of general provisions governing the nature, the legal system and the purposes of the Consortium; the other chapters refer to the organization, the functions, the operation and the staff and economic-financial system, respectively. The same division in sections as in the original text of the legal statute is maintained within each chapter. The legal status is supplemented by an additional provision and two final provisions.

In its virtue, on the proposal of the Minister of Economy and Finance and the Minister of Public Administration, in agreement with the Council of State and after deliberation by the Council of Ministers at its meeting on 29 October 2004,

D I S P O N G O:

Single item. Approval of the recast of the Legal Statute of the Insurance Compensation Consortium.

The recused text of the Insurance Compensation Consortium Legal Statute is approved, which is inserted below.

Single additional disposition. Regulatory referrals.

The normative references made in other provisions to the Legal Statute of the Insurance Compensation Consortium, approved by the fourth article of Law 21/1990, of December 19, to adapt Spanish law to the Directive 88 /357/EEC on the freedom of services in insurance other than life and the updating of private insurance legislation shall be construed as being made to the corresponding provisions of the recast text which is adopted.

Single repeal provision. Repealed rules.

1. All provisions of equal or lower rank shall be repealed as set out in the recast text of the Legal Statute of the Insurance Compensation Consortium which is approved and in particular:

(a) Of Law 21/1990 of 19 December 1990 to adapt Spanish law to Directive 88 /357/EEC on the freedom of services in insurance other than life and the updating of private insurance legislation fourth, its second additional provision, its fourth additional provision and paragraph one of its first transitional provision.

b) Of Law 30/1995, of 8 November, of management and supervision of private insurance, its additional provision novena, "Amendments to the Legal Statute of the Insurance Compensation Consortium".

(c) Law 44/2002 of 22 November 2002 on measures to reform the financial system, the third paragraph of Article 11 and Article 34 thereof.

d) Of Law 22/2003, of July 9, Bankruptcy, its final twenty-sixth provision, "Reform of the Legal Statute of the Insurance Compensation Consortium."

(e) Act 34/2003 of 4 November amending and adapting to the Community rules of private insurance legislation, its fourth article and its second provision, second, " Fraction of the surcharge intended for to finance the settlement functions of insurance entities by the Insurance Compensation Consortium. "

2. The following provisions are hereby declared:

(a) Of Law 21/1990 of 19 December 1990 to adapt Spanish law to Directive 88 /357/EEC on the freedom of services in insurance other than life and the updating of private insurance legislation:

1. Your third additional provision, amending Law 25/1964 of 29 April, regulating nuclear energy.

2. ° Your additional seventh provision, relating to the subrogation by the State Administration as a reinsurer at the place of the Insurance Compensation Consortium in the contracts for the coverage of the risks In the case of export credit insurance, in which the latter is a reinsurer of the "Spanish Export Credit Insurance Company, Company Anonymous".

(b) Of Law 44/2002 of 22 November, of measures to reform the financial system, the third transitional provision, "Transitional regime of the Liquidating Commission of Insurance Entities".

Single end disposition. Entry into force.

This royal legislative decree and the recast text it approves will enter into force on the day following its publication in the "Official State Gazette".

Given in Madrid, 29 October 2004.

JOHN CARLOS R.

The First Vice President of the Government and Minister of the Presidency,

MARIA TERESA FERNANDEZ DE LA VEGA SANZ

RECAST TEXT OF THE LEGAL STATUS OF THE INSURANCE COMPENSATION CONSORTIUM

Index

CHAPTER I

General provisions

Article 1. Legal nature of the Insurance Compensation Consortium.

Article 2. Legal framework.

Article 3. Finnish.

CHAPTER II

Organization

Article 4. Governing and administration bodies.

Article 5. Attributions.

CHAPTER III

Functions

Section 1. Private Functions in the Underwriter Scope

Article 6. In relation to the extraordinary risks to persons and property.

Article 7. Classes of insurance with compulsory surcharge in favour of the Consortium for the exercise of its functions in extraordinary events.

Article 8. Rights and obligations of the Consortium in extraordinary risk insurance.

Article 9. In relation to nuclear risk insurance.

Article 10. In relation to combined agricultural insurance.

Article 11. In relation to the liability insurance in the movement of vehicles to compulsory subscription engine.

Article 12. In relation to the compulsory insurance of travellers.

Article 13. In relation to the hunter's mandatory liability insurance.

Article 14. In relation to the liquidation of insurance entities.

Section 2. Public Functions

Article 15. In relation to export credit insurance.

Article 16. Other public functions.

CHAPTER IV

Operating system

Article 17. Determination of policy models, premium rates, and technical bases.

Article 18. Surcharges in favour of the Consortium.

Article 19. Legal assistance and inspection service.

Article 20. Peculiarities of the processing of claims.

Article 21. Exercise of judicial proceedings against the Consortium.

CHAPTER V

Staff and Economic-Financial Regime

Section 1. Staff Regime

Article 22. Staff of the Consortium.

Section 2.

Article 23. Economic resources.

Article 24. Heritage and technical provision of stabilisation.

Article 25. Budget, accounting and control arrangements.

Article 26. Arrangements for recruitment and access to credit.

Single additional disposition. Adaptation of the functional scope of the Consortium to the evolution of the insurance market.

Final disposition first. Competence title.

Final disposition second. Regulatory authority.

CHAPTER I

General provisions

Article 1. Legal nature of the Insurance Compensation Consortium.

1. The Insurance Compensation Consortium (hereinafter the Consortium) is constituted as a business public entity as provided for in Article 43.1.b) of Law 6/1997 of 14 April of the Organization and the Functioning of the General Administration of the State, with its own legal personality and full capacity to act for the fulfillment of its purposes, endowed with patrimony other than that of the State, which shall adjust its activity to the private legal order.

2. The Consortium is attached to the Ministry of Economy and Finance.

Article 2. Legal framework.

1. The Consortium shall be governed by the provisions contained in this legal statute and, in so far as it does not object to it, by which Law 6/1997, of 14 April, of Organization and the Functioning of the General Administration of the State, dedicates in the Chapter III of Title III thereof to business public entities, as well as the others provided for such entities in the legislation in force.

2. He will be subject, in the exercise of his insurance activity and, in the absence of special rules contained in this legal statute, to the provisions of the recast text of the Law on the ordination and supervision of private insurance, approved by the Royal Legislative Decree 6/2004 of 29 October and Law 50/1980 of 8 October of insurance contract.

3. The contracting of the Consortium is governed by private law, except as provided for the entities governed by public law in Article 2 of the recast text of the Law on Public Administration Contracts, approved by the Royal Legislative Decree 2/2000, of 16 June.

Article 3. Finnish.

1. The Consortium, as a body inspired by the principle of compensation, is intended to cover the risks in insurance which are determined in this legal status, with the extent to which it is fixed or can be made in specific provisions with a range of law.

For the proper fulfilment of the aforementioned purposes, the Consortium may conclude co-insurance covenants, as well as cede or recede part of the risks assumed to Spanish or foreign insurance entities that are authorized to perform operations of this nature. It may also accept in reinsurance in nuclear risk insurance and in the combined agricultural insurance the terms provided for in this legal status.

2. Outside the cases referred to in paragraph 1, the Consortium may assume the coverage by concerting covenants of co-insurance or by accepting reinsurance in those cases where public interest reasons are available, taking into account the situation and circumstances of the insurance market.

3. The public functions of the Consortium are related to the enforceability of the surcharges in favor of the Consortium, the ones attributed to it by the legislation of the insurance of credit to the export for account of the State and the ones that the article 16.

4. It shall be for the Consortium to carry out the liquidation of the insurance institutions entrusted to it in the cases provided for in this legal statute and in the legislation on the management and supervision of private insurance, as well as the exercise of the functions which the same entities may be subject to in the proceedings under which the same entities may be subject to those rules.

CHAPTER II

Organization

Article 4. Governing and administration bodies.

1. The Consortium shall be governed and administered by a Board of Directors composed of the President of the Consortium and a maximum of 18 vowels.

2. The chair of the Consortium will be held by the Director General of Insurance and Pension Funds.

3. The appointment and dismissal of the vowels will be carried out by the Minister of Economy and Finance.

Article 5. Attributions.

1. The powers of the Board of Directors are:

a) Approve the organic status of the Consortium and its modifications.

b) Develop the multi-annual action programme and the operating and capital budget, in the terms of Articles 64 and 65 of Law 47/2003 of 26 November, General Budget.

c) Approve the annual accounts of the Consortium.

d) Propose to the General Directorate of Insurance and Pension Funds the approval of the commission of recovery to be paid for the collection of the surcharges for the account of the Consortium within the limits established in this statute legal.

e) Propose how many measures, plans and programs are suitable for a better development of the Consortium's activity. And, in general, to decide on all those issues that the President submits to his consideration.

f) Collapse credit and issue debt in the terms of this legal statute and other provisions applicable to business public entities.

g) Approve policy models, premium rates, and technical bases to be used by the Consortium.

(h) To provide, by a majority of two-thirds of its components, consent to the procurement, as a co-insurer or to the acceptance of reinsurance, of the coverage of the risks referred to in Article 3.2 in all cases other than those expressly referred to in Articles 6 to 11, both inclusive.

(i) The exercise of the functions provided for in Article 14, which may be delegated in the form provided for in the organic status of the Consortium, subject to the authorisation of the Director-General for Insurance and Pension Funds.

2. The functions of the Consortium which do not expressly attribute the preceding paragraph to the Management Board are the responsibility of the Chair.

The President may grant powers for the exercise of the powers conferred upon him, in order to achieve greater efficiency of the Consortium.

3. As soon as this legal status and the implementing rules do not apply, the organic status shall determine the structure of the Consortium and its internal operating system.

CHAPTER III

Functions

Section 1. Private Functions in the Underwriter Scope

Article 6. In relation to the extraordinary risks to persons and property.

1. The Consortium, in the case of extraordinary risks, shall be entitled to indemnify, in the form laid down in this legal statute, in compensation arrangements, losses arising from extraordinary events occurring in Spain and affecting risks in the location.

Likewise, personal damages resulting from extraordinary events occurring abroad will be indemnified by the Consortium when the policyholder has his habitual residence in Spain.

For these purposes, direct damage to persons and property shall be lost, as well as, in terms of and with the limits to be determined, the loss of profits as a result of those.

It shall also be understood in terms that are regulated by extraordinary events:

(a) The following phenomena of nature: earthquakes and tsunamis, extraordinary floods, volcanic eruptions, atypical cyclonic storm and falls of steel and steel bodies.

(b) The violently occasioned as a result of terrorism, rebellion, sedition, mutiny and popular tumult.

c) Facts or actions of the Armed Forces or the Forces and Security Corps in time of peace.

2. For the sole purpose of the Consortium's coverage, risks in Spain shall be those affecting:

(a) Vehicles with Spanish registration.

(b) Real estate located in the national territory.

(c) movable property located in a property located in Spain, whether or not covered by the same insurance policy, with the exception of those in commercial transit.

(d) In other cases, where the policyholder has his habitual residence in Spain.

3. The following damages or claims shall not be indemnified by the Consortium:

(a) Those who do not give rise to compensation under Law 50/1980, of October 8, of insurance contract.

(b) Occasioned in persons or property insured under contract of insurance other than those in which the surcharge is mandatory in favour of the Consortium.

c) Due to vice or default of the insured thing.

d) Those produced by armed conflicts, even if the official declaration of war has not been preceded.

e) Those who by their magnitude and gravity are qualified by the Government as "national catastrophe or calamity".

f) Nuclear energy derivatives.

g) Due to the mere action of time or atmospheric agents other than the phenomena of the nature referred to in paragraph 1.

(h) Those caused by actions produced in the course of meetings and demonstrations carried out in accordance with the provisions of the Organic Law 9/1983 of 15 July, regulating the law of Réunion, as well as during the course of the course of legal strikes, unless such actions could be classified as extraordinary events in accordance with paragraph 1.

i) The indirect or loss of any kind derived from direct or indirect damages, other than the loss of profit that is regulated by regulation.

Article 7. Classes of insurance with compulsory surcharge in favour of the Consortium for the exercise of its functions in extraordinary events.

In order to comply with the Consortium of its functions in terms of compensation for losses arising from extraordinary events in Spain, and also for personal injury incurred abroad when the In Spain, the surcharge is compulsory in the branches of: accidents, land vehicles, railway vehicles, fire and natural elements, other damage to property and pecuniary losses different, as well as combined modes of these, or when they are contracted in a way complementary.

It is understood, in any case, that policies covering the risk of accidents covered by a pension plan formulated in accordance with the recast of the Law on the regulation of pension plans and funds, approved by the Real Legislative Decree 1/2002 of 29 November, as well as policies covering damage to nuclear facilities.

In any case, policies that cover agricultural production that can be secured through the system of agricultural insurance combined, are excluded because they are covered by the plans approved annually. the Government, as well as policies covering the risks arising from the carriage of goods, construction and assembly, and any other insurance policy other than those listed in the first subparagraph.

Article 8. Rights and obligations of the Consortium in extraordinary risk insurance.

1. The Consortium shall be obliged to satisfy claims arising from claims arising from extraordinary events to the insured persons who have satisfied the corresponding surcharges in favour of the Consortium and are in any of the The following situations:

a) That the extraordinary risk covered by the Consortium is not covered by insurance policy.

(b) That, while being covered by insurance policy, the insurance undertaking's obligations cannot be fulfilled because it has been declared judicially in competition or that, finding itself in an insolvency situation, it would be subject to an interim settlement procedure or that procedure would have been assumed by the Consortium itself.

2. The obligation of the Consortium shall be necessary and exclusively for the same persons or property and for the same insured sums as have been established in the insurance policies, without prejudice to what is regulated in relation to the damage to motor vehicles and the optional inclusion covenants in the policies.

This obligation shall be limited to the indemnities that are payable under the Spanish insurance contract law.

3. In all the policies included in the previous article, a cover clause shall be provided by the Consortium for the extraordinary risks, in which the right to be referred to the holder of the insurance to cover such risks with insurers meeting the conditions required by the legislation in force. This clause will be approved by the Directorate-General for Insurance and Pension Funds, on a proposal from the Consortium, and will be published in the "Official State Gazette".

4. A period of absence may be established for cases and under conditions to be determined.

5. In the case of damage insurance, the Minister for Economic Affairs and Finance, acting on a proposal from the Consortium, may set a franchise in charge of the insured person for the purposes in which the Consortium has an obligation to compensate.

Article 9. In relation to nuclear risk insurance.

1. The Consortium shall cover the risk of civil liability arising from a nuclear accident in Spain as follows:

(a) In the event that the minimum limit for civil liability provided for in Law 25/1964 of 29 April on nuclear energy is not reached by the insurance institution as a whole, the Consortium will participate in the coverage assuming the difference up to the indicated limit.

(b) Act as a reinsurer in the form and amount to be determined by the Ministry of Economy and Finance.

2. For the purposes of this legal status, a nuclear accident is defined as such in Article 2.17 of Law 25/1964 of 29 April, regulating nuclear energy.

Article 10. In relation to combined agricultural insurance.

1. The Consortium shall cover the risk in the combined agricultural insurance, in the form and amount determined by the Ministry of Economy and Finance, in the following cases:

(a) In the event that the whole of the insurance institutions is not reached, the totality of the coverage provided for in Law 87/1978 of 28 December of Agricultural Insurance Combined.

b) Acting as Reinsurance.

2. The Consortium shall cover the risk of forest fires in the terms of their specific legislation.

3. In any event, the Consortium shall be responsible for the exercise of the control of claims for claims.

Article 11. In relation to the liability insurance in the movement of vehicles to compulsory subscription engine.

1. The Consortium shall assume, exclusively within the compensation limits set for the insurance of civil liability in the movement of motor vehicles of compulsory subscription, the following functions:

(a) The hiring of coverage of obligations arising from civil liability of the State, autonomous communities, local corporations and public bodies dependent on or linked to any of them when, in all cases, request to be sure with the Consortium.

b) The contracting of the coverage of risks not accepted by the insurance institutions.

2. By way of derogation from the above paragraph, the Consortium may assume the coverage of civil liability in the movement of motor vehicles, exceeding the limits of compulsory insurance, in respect of the insured vehicles described in paragraph 1. For the assumptions referred to in paragraph (b), the same requirements as that are laid down in relation to compulsory insurance shall be required.

3. The Consortium also corresponds to the functions entrusted to it by Article 11 of the recast of the Law on Civil and Safe Liability in the Movement of Motor Vehicles, approved by the Royal Legislative Decree 8/2004 of 29 October, under the conditions laid down in that law and up to the limits of compulsory insurance.

Article 12. In relation to the compulsory insurance of travellers.

The Consortium will assume, exclusively within the compensation limits set for the compulsory passenger insurance, the following functions:

(a) The hiring of the coverage of the risks not accepted by the insurance entities.

(b) The payment of the obligations of such entities when they have been declared judicially in competition, or which, finding themselves in an insolvency situation, are subject to an interim settlement procedure or would have been assumed by the Consortium itself.

(c) Compensation for bodily harm caused to travellers on the occasion of the transport covered by the insurance when the carrier, in breach of the legal mandate, does not have the appropriate compulsory insurance policy. of passengers, except for damage to those persons who, occupying the means of transport, the Consortium proved that they knew such a circumstance.

Article 13. In relation to the hunter's mandatory liability insurance.

1. The Consortium shall assume, exclusively within the compensation limits set for the hunter's mandatory liability insurance, the following functions:

(a) The hiring of the coverage of the risks not accepted by the insurance entities.

b) the payment of the obligations of those entities where they have been declared judicially in competition or which, having been in insolvency, are subject to an interim settlement procedure or is would have been assumed by the Consortium itself.

2. In addition, and also within the limits of compulsory insurance, you will perform the following functions:

(a) Indemnify the victims or their beneficiaries of bodily accidents that occurred in Spain during the exercise of hunting with weapons, when the cause of the damage is not insured or when it is unknown. In the case of the existence of a game, the subsidiary liability of the Consortium shall be exclusively for members of the game who are not covered by compulsory insurance.

b) Indemnify the bodily harm produced by a hunting weapon when the economic performance by the regulated media in the legislation on the mandatory insurance of the hunter's civil liability could not be made effective.

Article 14. In relation to the liquidation of insurance entities.

1. The Consortium will assume the status of liquidator of the insurance entities listed in Article 7.1 of the recast of the Law on the Management and Supervision of Private Insurance, approved by the Royal Legislative Decree 6/2004, of 29 of October, subject to the enforcement of the State or the Autonomous Communities, when the Minister of Economy and Finance or the competent body of the respective Autonomous Community is entrusted with its liquidation.

You may be given the settlement in the following scenarios:

(a) Simultaneously to the dissolution of the insurer if it has been administered administratively.

(b) If an entity is dissolved, the entity has not made the appointment of the liquidators within 15 days of the dissolution, or where the appointment within that period is without the legal and legal requirements. statutory.

(c) When the liquidators fail to comply with the rules that for the protection of the insured are established in the recast text of the Law on the ordination and supervision of private insurance, approved by the Royal Legislative Decree 6/2004, of 29 October, those governing the liquidation or the difficulty. Also where, due to the delay of the liquidation or in the case of circumstances that advise, the Administration understands that the settlement should be entrusted to the Consortium. In the event that the settlement is brought in, the Consortium shall be agreed upon prior report of the financial controller.

d) By accepting the request of the insurer itself, if justified cause is appreciated.

2. They correspond to the Consortium, in the terms provided for in the insolvency law, the condition and functions of the insolvency administration in the tender procedures to which any insurance institution is subject, and without the acceptance of the charge is necessary. Their action in such proceedings shall not be remunerated.

The Consortium must inform the court of the identity of the natural person to represent him in the exercise of his office, to which the rules contained in Article 28 of Law 22/2003, of 9 of the July, Insolvency, with the exceptions set out in it.

3. Where appropriate, it leads to the separate liquidation of the goods referred to in Article 59 of the recast of the Law on the Management and Supervision of Private Insurance, approved by Royal Decree-Law 6/2004 of 29 October.

Section 2. Public Functions

Article 15. In relation to export credit insurance.

The government will determine the functions that, if any, correspond to the Consortium in the export credit insurance on behalf of the State.

Article 16. Other public functions.

Additionally correspond to the Consortium the following functions:

(a) Propose to the General Directorate of Insurance and Pension Funds the fees of the surcharges to be collected by the Consortium as a counterpart to the guarantee and compensation fund functions attributed to it.

(b) To collect the information that is regulated by the law of the insurance companies issuing insurance policies in the classes referred to in Article 7 in respect of such policies.

In particular, insurance companies with domicile in the European Economic Area who, not being resident in Spanish territory or operating in Spain by means of establishment, issue policies of those referred to in the paragraph precedent shall be required to designate a person, natural or legal, with registered office in Spain to represent them before the Consortium in relation to the obligations referred to in Articles 7 and 8.

c) Develop disaster prevention and reduction plans and programs and develop them through appropriate campaigns and preventive measures.

d) Concerting agreements with guarantee funds or other institutions related to compulsory insurance, in order to facilitate the respective fulfilment of their functions in the area of compulsory insurance.

e) Other than any of the laws or regulations in force.

CHAPTER IV

Operating system

Article 17. Determination of policy models, premium rates, and technical bases.

1. The Consortium shall receive premiums in cases where it holds insurance contracts as an insurer or accepts in reinsurance.

2. The models of policies, rates of premiums and technical bases in insurance agreed by the Consortium shall be in accordance with the provisions of Article 25 of the recast of the Law on the Management and Supervision of Private Insurance, approved by the Royal Legislative Decree 6/2004 of 29 October.

Article 18. Surcharges in favour of the Consortium.

1. They are surcharges in favor of the Consortium: the surcharge on the insurance of extraordinary risks on the persons and the goods, the surcharge on the compulsory insurance of civil liability in the circulation of motor vehicles, the surcharge destined to finance the settlement functions of insurance institutions, the surcharge on the hunter's mandatory liability insurance and the surcharge on the compulsory insurance of passengers.

These surcharges, which correspond to the Consortium in its functions of liquidation of insurance institutions, compensation and guarantee fund, have the character of public law revenues payable by the administrative route where they have not been entered by the insurance institutions within the time limit laid down in paragraph 4; for that purpose, the certificate of discovery issued by the Director-General for Insurance and Pension Funds shall be enforceable, on a proposal from the Consortium.

2. All surcharges in favour of the Consortium will be collected by the insurance companies together with their premiums. In the case of fractionation of these, the entities may choose to collect the surcharges with the first split payment to be made, or to do so as the corresponding premium fractions sell, although in the latter case they must apply to the fractions of the surcharge the types per fractionation which, for each possible periodicity, are set in the charges of surcharges in favour of the Consortium, or in the case of the surcharge intended to finance the liquidation functions of the insurance institutions, as referred to in paragraph 3.

The choice of the option of fractionating the surcharges in favor of the Consortium as they sell the corresponding raw fractions must be recorded in the technical bases of the entities, to be communicated to the Consortium and to be applied systematic form in the field or risk concerned, unless duly justified.

The General Directorate of Insurance and Pension Funds, through the Insurance Inspectorate and in accordance with the approved inspection plans on the proposal of the Consortium, will inspect the insurance companies that collect surcharges to The purpose of the Consortium is to verify the effective compliance with this obligation.

3. The choice by the insurer of the option to split the surcharge intended to finance the liquidation functions of insurance institutions together with the premiums shall entail the obligations laid down in paragraph 2.

The calculation of interest by fractionation shall be carried out for each of the classes or risks in which this option has been chosen and shall be declared and settled together with the recharges broken down in the model itself and in the the same period to which the surcharges correspond.

The types of fractionation that will be applied, based on calculation of the surcharge that is declared corresponding to the entire premium, excluding other surcharges and taxes, will be:

a) For premium fractionation with half-yearly maturities, two percent.

b) For premium fractionation with quarterly maturities, 2.5 percent.

c) For premium fractionation with bimonthly maturities, three percent.

d) For premium fractionation with monthly maturities, 3.5 percent.

Interest by fractionation will have all effects the same nature as the mandatory surcharge to which they correspond.

4. The insurance companies will be obliged, at the time of submitting the Consortium the declaration of the surcharges collected on behalf of the latter, to practice a settlement and to enter its amount with the periodicity and subject to the rules that determine regulentarily.

Both the liquidations practiced by the General Directorate of Insurance and Pension Funds derived from Inspection minutes as those other than those that do not have a specified time limit for their specific rules must be entered within 15 days of the date of the notification of the liquidation to the insurance undertaking.

5. The exercise of the collection management by the Consortium, in compliance with the provisions of this provision, will entail the right to receive a collection fee to be fixed by the Directorate-General for Insurance and Pension Funds on a proposal from the Consortium and prior hearing of the most representative entities and insurance organizations, without exceeding 10 percent of the gross amounts collected.

6. Failure to comply with the obligation to enter into the Consortium the surcharges levied by the insurer within the time and form legally established shall be carried out, without prejudice to the administrative and, where appropriate, criminal where it could have incurred, the obligation to satisfy during the period of delay the legal interest and, in addition, the loss of the commission of recovery.

Article 19. Legal assistance and inspection service.

1. The representation and defense of the Consortium before the courts and tribunals will be the responsibility of the State's lawyers and other lawyers integrated into the legal services of the State, without prejudice to the fact that, for certain cases and according to It may be entrusted to a collegiate lawyer specially designated for this purpose.

The Consortium will be able to seek advice from the State Legal Service Directorate-General of the State Legal Service.

2. The General Directorate of Insurance and Pension Funds, through the State Insurance Inspectorate and in accordance with the inspection plans approved on a proposal by the Consortium, will inspect the companies, be they legal entities or natural persons, to collect surcharges and premiums on behalf of the Consortium.

Article 20. Peculiarities of the processing of claims.

The processing of claims in which the Consortium has the status of insurer or reinsurer, with the link to the opinion of the experts referred to in the seventh paragraph of Article 38 of Law 50/1980 of 8 October, for insurance contract, as to the matters of fact recorded in it, shall be adjusted to the said law.

However, the following special rules apply:

(a) In dealing with claims in civil liability insurance derived from nuclear energy, the technical report of the Nuclear Safety Board on the accident, its causes, its extension and its effects.

b) In order to be admissible both the declarative and the executive demand based on the maximum amount of self-regulated in Law 1/2000, of January 7, of Civil Procedure, relating to the civil liability arising from the use and the movement of motor vehicles, it must be verified that the Consortium was required judicial or extra-judicially of payment, and that from that requirement has elapsed a period of three months without having been attended.

(c) In the exercise of the right of repetition by the Consortium, it shall be enforceable for the purposes of Article 517 of Law 1/2000 of 7 January of Civil Procedure, the certification of the President of the accredited Consortium of the amount of compensation paid by the Consortium provided that the person responsible has been required to pay and has not made it within one month of such a request.

(d) In the processing of claims in forest fire insurance in which the Consortium has an insurance function, the claim shall be accompanied by the certification of the competent authority on the causes of the accident and the approximate extent of the area affected by the fire. Medical reports on injuries and their causes, as well as discharge or death, shall be included in the case of injury claims.

Article 21. Exercise of judicial proceedings against the Consortium.

Without prejudice to Article 20, for the exercise of civil actions against the Consortium, the prior complaint shall not be required on the administrative path and shall not be applicable to the rules contained in Articles 7.3, 10.2, 15, 16, 21, 23 and 24 of Law 47/2003 of 26 November, General Budget.

CHAPTER V

Staff and Economic-Financial Regime

Section 1. Staff Regime

Article 22. Staff of the Consortium.

The staff of the Consortium will be governed by the provisions of the recast of the Law of the Workers ' Statute, approved by the Royal Legislative Decree 1/1995 of 24 March, and other provisions governing the relationship Article 55 of Law 6/1997 of 14 April of the Organization and the Functioning of the General Administration of the State shall apply to it.

Section 2.

Article 23. Economic resources.

1. For the fulfilment of its purposes the Consortium will have the following economic resources:

(a) premiums and surcharges on insured premiums or capital that are collected for coverage, whatever form it takes, of the risks of all types assumed by the Consortium.

(b) State grants for the establishment of technical provisions to be made by legal or regulatory imperative with a direct rule of application to the Consortium and in cases of risk cover in which it exists failure of premiums, quotas or surcharges.

(c) The amounts recovered in the exercise of the right of repetition and the interest on late payment corresponding to the legal order.

d) The products and income of your estate.

e) Those from the credits, loans and other financial operations that you can make.

f) Any other income that corresponds to you under the current legislation.

2. The charges of surcharges in favor of the Consortium without specific regulation will be approved by the General Directorate of Insurance and Pension Funds, on the proposal of the Consortium, and will be published in the "Official Gazette of the State".

3. In order to perform its settlement functions of insurance entities, the Consortium shall have the following resources:

(a) The surcharge intended to finance the liquidation functions of insurance companies whose collection and management also corresponds to them.

(b) The amounts and assets to be recovered in the exercise of the rights of the persons who have given them their credit, or for their advance payment to them.

(c) Those provided for in paragraphs (d), (e) and (f) of paragraph 1.

4. The surcharge intended to finance the liquidation functions of insurance institutions is a tax on insurance contracts.

All insurance contracts that are held on risks located in Spain, other than life insurance and export credit insurance or with state support, are subject to this surcharge. No insurance plans shall be subject to the insurance scheme, irrespective of the contingency or contingencies they cover.

The surcharge shall be payable when the payment of the premium corresponding to the insurance contracts subject to that surcharge takes place.

Are taxable persons of the surcharge, in the condition of taxpayers, the insurance companies, which will have to pass in full their amount on the policyholder, who will be obliged to bear it whenever the impact is adjustment to the provisions of this legal status, whatever the stipulations existing between them.

The tax base of the surcharge is the amount of the premium. Those amounts corresponding to any other surcharges which the insurance contract concerned must bear under a legal provision imposing it shall not be construed as being included in the premium.

The rate of the surcharge shall be three per thousand of the premiums referred to above.

Article 24. Heritage and technical provision of stabilisation.

1. The patrimony of the Consortium is constituted by all the assets, rights, obligations and shareholdings that it attributes to it by this legal status and the other provisions that apply to it, as well as those which it acquires or are incorporated.

Also, they integrate their assets the contributions that the State makes in order to maintain the appropriate technical-financial balance for each insurance class, as well as the solvency margin required of the Consortium by the legal order in the field of insurance.

In combined agricultural insurance, the Consortium must carry out the operations it carries out with absolute financial and accounting separation in respect of the rest of the operations, with the integration of the contributions that the State carries out. the effect of maintaining the appropriate technical-financial balance of these operations.

In the same way, the Consortium must carry out the operations it performs in the exercise of its functions for the liquidation of insurance entities and in the processes of which they are subjected with absolute financial and accounting separation of other transactions. Income arising from the exercise of the functions referred to in this paragraph shall be exempt from the Corporate Tax.

The resources corresponding to the risks covered by the State's export credit insurance are excluded from the Consortium's assets, which will be endowed with full financial independence, wealth and accounting.

2. The Consortium shall constitute the technical provision of stabilisation separately for hedges relating to combined agricultural insurance and for the rest of the hedges and, as regards the latter, in a comprehensive manner for all the hedges affected.

This provision will be provided on the basis of the specific criteria to be determined, considering that it must also pay compensation for claims against the nature of the guarantee fund and its functions as a compensation, and it shall be considered as a deductible item for the purposes of determining the corporate tax base for the financial year in which such an allocation is made, provided that the total amount of the provision does not limits to be established regulatively.

Article 25. Budget, accounting and control arrangements.

1. The multi-annual action programme and the operating and capital budgets shall be in accordance with Articles 64 and 65 of Law 47/2003 of 26 November 2003, General Budget. In any event, in the settlement of the budget any surplus which may be produced shall be incorporated into the assets of the entity.

2. It shall be adjusted in its accounts and shall be subject to economic and financial control and to the effectiveness of the legislation applicable to insurance institutions for insurance institutions, and to the rules laid down in Law 47/2003 of 26 November 2001. Budget, in this area it is dedicated to the business public entities.

Article 26. Arrangements for recruitment and access to credit.

1. The procurement of the Consortium shall be carried out by the rules of private, civil, commercial or labour law.

2. The Consortium may carry out all types of financial operations and, in particular, arrange active and passive lending and lending operations whatever the way they are implemented, including through the issuance of bonds, bonds, pagars or other similar values.

These financial operations of the Consortium will have the following characteristics:

(a) Correspond to the Board of Directors to contract credit and to issue debt, concerting or fixing its term, interest rate and other characteristics, as well as to establish the full or partial representation of the debt issued in bonds, notes, notes or other securities or documents formally recognised by it or, as soon as the provisions in force permit, in notes.

b) In its indebtedness, the Consortium will be subject to the limits established for each financial year by the General Budget Law of the State. This limit shall be net of the character and shall be effective at the end of the financial year.

(c) Debt instruments in transferable securities on the Stock Exchange shall be admitted to trading on the Stock Exchanges.

d) The Consorcio's property obligations are guaranteed by the State on the same terms as those of the public treasury.

Single additional disposition. Adaptation of the functional scope of the Consortium to the evolution of the insurance market.

By royal decree, the functional scope of the Consortium may be reduced according to the evolution of the insurance market.

Final disposition first. Competence title.

This recast text is dictated by the provisions of Article 149.1.6. of the Constitution.

Final disposition second. Regulatory authority.

It is up to the government, on the proposal of the Minister of Economy and Finance and the Minister of Public Administration, after hearing the Advisory Board of Insurance and Pension Funds, to develop this legal status in the matters which are expressly attributed to regulatory powers, as well as, in general, to all those susceptible to regulatory development in which it is necessary for its proper implementation.

It is up to the Minister of Economy and Finance, after hearing the Advisory Board of Insurance and Pension Funds, to develop this legal status in matters that he specifically attributes to the regulatory authority of the minister.