Next month, Spain's Consorcio National Guarantee Fund
contribution rate reduces to 1.5% from the current 2%. The lower
rate applies to all motor insurance contracts issued or renewed
from 1 July 2016.
The Spanish Official Gazette recently published two resolutions
BOE-A-2016-5431 and BOE-A-2016-5432 approved by the Spanish
insurance regulator, the Direccion General de Seguros. From 1 July
2016, the Consorcio National Guarantee Fund contribution rate
reduces to 1.5% from the current 2%. The lower rate applies to all
motor insurance contracts issued or renewed from 1 July 2016.
The resolution BOE-A-2016-5432 introduces a scaling down of
the Consorcio Extraordinary Risk premium rate for all categories of
land vehicles that are registered in Spain and insured in Spain. In
addition, it amends the law to include mandatory motor third party
liability insurance into the Extraordinary Risks surcharge regime,
which is applicable currently only on Motor Hull insurance,
