In the future, insurance intermediaries must inform their client about the nature of their remuneration
The Assistant General Manager for Insurance Organization and Mediation of the General Directorate of Insurance and Pension Funds, Raúl Casado, analyzed the new Insurance Distribution Directive (IDD) which came into force on February 23 and which Spain must transpose before February 23, 2018.
RAÚL CASADO, ASSISTANT GENERAL MANAGER FOR INSURANCE ORGANIZATION AND MEDIATION DURING THE “DESAYUNA CON INADE (BREAKFAST WITH INADE)” EVENT
The “Desayuna con Inade (Breakfast with Inade)” event which took place on March 15 was attended by the most senior managers for insurance mediation in Spain and Galicia. Thus, the Assistant General Manager for Financial Institutions and Local Authorities of the Xunta de Galicia, Rosa María Pedrosa introduced the Assistant General Manager for Insurance Organization and Mediation of the General Directorate of Insurance and Pension Funds, Raúl Casado, who explained the details of the Insurance Distribution Directive as well as the Regulation on insurance-based investment products (PRIIPS) and the Ministerial Order on the classification of financial products.
The Assistant General Manager for Financial Institutions and Local Authorities of the Xunta de Galicia in turn highlighted that “insurance mediation supervised by the Xunta de Galicia has successfully survived the years of economic crisis.”
On this occasion the work session was attended by 130 insurance professionals and was closed by the General Manager of LA FE PREVISORA COMPAÑIA DE SEGUROS, Ricardo Dapena Alonso, who emphasized that “professionalism must guide our efforts” and appreciated the information received by the Assistant General Manager since he “provided the lines of action we should currently be following.”
Galicia recognizes the efforts of the insurance industry and risk management
The event of international relevance was attended by the highest representative of the world’s insurance industry: The President of FIDES and UNESPA, Pilar González de Frutos.
The President of Fundación Inade, which coordinated the event, asked the president of FIDES to hold a Pan-American insurance event in Santiago de Compostela.
During the different sessions, a defense was made of the efforts carried out by the Directorate General of Insurance and Pension Funds.
2016 WORLD INSURANCE DAY EVENT
On May 12, part of the World Insurance Day event took place in the Assembly room of the University of Santiago de Compostela; the main focus of the event was the Premios Galicia Segura (Galicia Insurance Awards) official ceremony that is organized annually by Fundación Inade. These awards recognize the efforts and dedication of persons and institutions, which from different areas contribute to raising the level of the Spanish insurance industry and risk management.
In 2016 the awardees were the General Directorate of Insurance and Pension Funds, Caser company, the Centro de Seguros y Servicios (Insurance and Services Center), correduría de Seguros S.A., El Corte Inglés Insurance Group, a specialist in Insurance Law Alberto Tapia and the Chairman and CEO of MAPFRE Antonio Huertas
The ceremony was attended by 300 people and was closed by the Dean of the University of Santiago de Compostela, Juan Viaño Rey, who emphasized the commitment of the insurance industry to training and innovation at their institution, and committed to “improving and increasing the collaboration of our university: an insured society is a relaxed society and this is essential nowadays.”
Cybersecurity policies offer prevention, mitigation and compensation
During the session held on Tuesday, June 7 in A Coruña, Santiago, Sánchez emphasized the need for companies to become aware of the danger presented by computer crimes and of the fact that there are solutions in the insurance industry that will help them minimize the consequences as much as possible. Specifically, he clarified that “We should not demonize cyber risk but rather learn how to properly manage it”, reminding those present that “It has been predicted that 100,000 cyber attacks will occur in Spain in 2016, 300 of which will be directed against critical infrastructure.” In addition, he stated that “Cyber security is a mechanism that allows us to help in areas that cannot be reached by the company’s own protection.” To which he added that “Transferring the cyber risk helps us to understand and evaluate the risk, as well as mitigate the loss.”
Going into the subject in greater depth, Santiago Sánchez identified the three main types of attack that currently take place. The first is ransomware, which involves placing a virus on a system that encrypts information and demanding a ransom in order to release that information. The second type he explained was denial of service, which takes place when a large number of “zombie” computers throughout the world attack a company server, eventually overwhelming it and taking it off line. Finally, he discussed social engineering, represented by the well-known phishing fraud, typically carried out over social networks.
In his address, Antón Cobián, Chairman of the Inade Foundation, reminded those present of the coming changes that will result from the entry into force of the modified Insurance Contract Law and of the changes to policies resulting from the coverages of the Insurance Compensation Consortium beginning on July 1.