TRANSPARENCY POLICY REGARDING INSURANCE MEDIATION FOR OFFERING OR COMPARING PRODUCTS THROUGH WEBSITES OR OTHER MEANS OF DISTANCE COMMUNICATION
In accordance with the provisions of Article 134.3 of Royal Decree-Law 3/2020, of 4th February, on urgent measures to support economic recovery and employment, which incorporates various European Union directives on public contracting in certain sectors into the Spanish legal system; on private insurance; on pension plans and funds; on tax and tax litigation (‘BOE’ [Official State Bulletin] No. 31, of 5th February 2020), this document is intended to communicate the internal policy of the Brokerage which guarantees the transparency of insurance mediation in the offering or comparison of products through websites or other means of distance communication, as regards the criteria used for the selection and comparison of the insurance companies’ products; the insurance companies whose products are offered and the contractual relationship they maintain with our company; whether or not said relationship with those insurance companies is remunerated and the nature of the remuneration; whether or not the insurance price quoted at the end of the process is guaranteed; and how often we update this information.
The information presented on this website does not constitute a commitment or a contractual recommendation, the fulfilment of the insurance relationship pending subscription to the policy with the insurance company and payment of the premium that the client wishes to contract.
The conditions of insurance shall be those set out in the insurance contract. In accordance with article 8 of Law 50/1980, of 8th October, on Insurance Contracting (‘BOE’ No. 250, of 17th October, 1980), you are hereby advised that if the content of the policy differs from the insurance proposal or from the agreed clauses, the insurance holder may petition the insurance company, within one month of delivery of the policy, to remedy the existing divergence. After that period, if no petition is presented, the policy as written shall take effect.
PRINCIPLES OF TRANSPARENCY POLICY
In the exercise of mediation, the Brokerage is subject to compliance with the following principles of transparency:
1. Criteria used for the selection and comparison of insurance company products.
The insurance products we offer our clients are examined with regard to the conditions, premiums, coverage and exclusions, to make an offer that best suits the client’s interests and needs.
We pay particular attention to the analysis and evaluation of the internal processes and claim processing procedure of the insurance companies, the speed of assessments and of the liquidation of the economic damages to be compensated, and strive to offer the highest standards of quality/price ratio of insurance services that can be contracted.
2. Insurance companies whose products are offered and the contractual relationship with the Brokerage.
We offer our customers insurance products from the following insurance companies:
SOS Seguros y Reaseguros, S.A. – SOS Assistance España, S.A.
Markel Insurance SE, Sucursal en España
CIGNA Salud España
Our contractual relationship with the insurance companies is based on a commercial contract, without affecting our professional independence.
3. Whether the relationship with the insurance companies is paid or unpaid and the nature of the remuneration.
Our activity in the distribution of insurance is professional and, therefore, remunerated on a commission basis, in accordance with the provisions of article 156.3 of Royal Decree-Law 3/2020, of 4th February.
This remuneration is paid by the insurance company to the brokerage, and therefore does not constitute an additional cost beyond the payment of the amount of the premium to be paid by the client to the insurance company.
4. Whether or not the insurance price quoted at the end of the process is guaranteed.
The IT processes used by the Brokerage in the selection of and consultation with the insurance companies, and in the comparison of the product most appropriate to the needs of the client, allow us to obtain sufficient information on the final characteristics of the same that allow to transmit to the client, in each case, the certainty of whether the price offered is guaranteed or whether, on the contrary, it constitutes an approximate price subject to a greater understanding of the particular characteristics of the risk to be assured.
5. Frequency with which the information is updated.
The continuous analysis of the insurance companies that operate in the Spanish insurance market and of the products that they distribute requires that our information be in permanent review; in turn, this allows us to keep the information we provide via our website up to date.
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