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09/05/2014 New Spanish traffic laws come into effect

On the grounds that ‘ignorance of the law is no excuse’, all drivers in Spain are advised immediately to familiarise themselves with the detail of the new traffic laws which are coming into effect on 9 May 2014 (Ley 6/2014 modificando la Ley sobre Tráfico, Circulación de Vehículos a Motor y Seguridad Vial 339/1990);
Among the new provisions are the following:

  • Speeding fines apply for exceeding the limit by as little as 1kph.
  • If the Guardia Civil observe a motoring offence and note the vehicle registration number, this provides sufficient evidence to prosecute- no need for them to stop vehicles.
  • A minimum fine of 1,000 Euros will be payable by drivers caught driving whilst double the drink drive limit or above; or in all cases for reoffending drink drivers; and drivers under the influence of drugs.
  • The Guardia Civil can seize any vehicle carrying children without legally compliant child seats.
  • The very specific rules as to where children must sit in the vehicle (according to age/ height) must be observed, otherwise drivers face heavy fines.
  • Cyclists under 16 years of age must wear helmets.
  • Drivers have much higher duties to ensure the safety of cyclists of all ages.
  • Speed camera/ radar detectors are prohibited.
  • An EU Directive is to be implemented so that driving offences committed in one EU country are reported to the EU country of registration of the vehicle in question.
  • Much stricter rules are being implemented for the Spanish registration of foreign registered vehicles kept in Spain.

The above is by no means exhaustive. As can be seen, the new rules are far reaching. Knowledge of the details and observation of the requirements in practice is of fundamental importance.
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09/10/2013 Spanish Insurance Solutions S.L. wins Best Website Award

SIS won the award for Best Website at the prestigious Lloyd´s Compromiso Awards 2013

http://www.lloyds.com/lloyds/offices/europe/espana/eventos-en-espana/2013/premios-compromiso-2013

 

 

19/01/2013 New law regarding EU driving licences

All new driving licences issued accross the EU will now be a standard European format, and from now on all residents of Spain will be required to renew their driving licence under the same conditions as Spanish nationals.

http://europa.eu/rapid/press-release_IP-13-25_en.htm

 

 

15/07/12 Lloyd´s A+ rating confirmed by Fitch

Fitch has confirmed Lloyd´s A+ financial stability rating; their rating for subordinated debt has been ratified to BBB+. According to the agency these ratings reflect the solid financial profile of Lloyd´s, and its ability to absorb an unprecedented level of losses from natural disasters suffered by the insurance industry during 2011. Also, from the point of view of the agency, this confirms its expectation that the London market´s profits will recover in 2012, “propelled by a marked improvement in underwriting results”. ” The agency forecast points to a pre-tax profit  of 1.6 billion pounds (just over 2 billion euros) and a combined ratio of 95%, assuming an average level of losses due to natural disasters occur during the rest of the year. The “solid” capital position and the conservative allocation of assets are also considered as positive factors for the qualification of the market. “We are maintaining some caution about the importance of the increase in  profitability in 2012, taking into account that the significant increases in premium rates that occurred in the first half of the year have been limited to the business sector affected by losses in certain geographical areas” says Fitch in its statement.