Illegal/Non authorised Insurance companies

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16 May 2013 14:37 by mariadecastro Star rating in Algeciras (Cadiz). 9290 posts Send private message

Legal Questions? Speak to Maria Direct

 Anyione being a victim of an illegal/ non authorised Insurance Company please email us with details as we are working with Spanish Authorities for their inspection and punishment. We need specific details.

Please email us to: web@costaluzlawyers.es



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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16 May 2013 17:28 by ads Star rating. 4012 posts Send private message

Maria, Does this include companies that were specified within a purchase contract  as a provider of a bank Guarantee who were subsequently found to be unrecognised in Spain? 





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16 May 2013 18:20 by mariadecastro Star rating in Algeciras (Cadiz). 9290 posts Send private message

Legal Questions? Speak to Maria Direct

Yes, it does. It actually relates specifically to all those Insurance Companies which traded in Spain without being authorised and those companies/agencies which provided their insurance policies to clients.

AGRUPACIÓN DE CAPITALES, S.A.
ALBATROSS INVEST, S.P.A.
AMERICAN BRITISH INSURANCE Ltd.
ASOCIACION COARBI CORTE ESPAÑOLA DE ARBITRAJE INSTITUCIONAL
ASOCIACIÓN CORTE ESPAÑOLA DE ARBITRAJE ECONÓMICO DE DERECHO Y EQUIDAD
ASOCIACIÓN GESTORA ESPAÑOLA DE ARBITRAJE
ASOCIACIÓN PROMOTORA ESPAÑOLA DE CORTES DE ARBITRAJE
BARKLEY DEVELOPMENT CORPORATION (sin vínculos ni relación con W.R. BERKLEY INSURANCE (EUROPE) LIMITED SUC. EN ESPAÑA, que es entidad aseguradora autorizada)
COBERTURA ASISTENCIAL DEPORTIVA S.L.
COMPAGNIE DES GARANTIES DE LUXEMBOURG, S.A. /COMPAGNIE
CORSA FINANCE LTD
DES GARANTIES, S.A-COMPAGNIA DI CAUZIONI, S.A-CAUZIONI, S.A.
DIMAX, DISTRIBUCIONES DEL TERCER MILENIO, S.L.
EUROCAUCIÓN LEVANTE SL
EUROCAUCIÓN SL
EUROPA CAUZIONI, S.p.A.
EUROPEAN COMPANY OF GUARANTEE LTD
GABINETE PREVENTIVO DE MEDICINA DEPORTIVA
GENERAL FIDI CONSORCIO GARANTIA FIDI
GRAVITELL INSURANCE@REINSURANCE BROKERS S.L
GRAVITELL LIMITED
HENRY MORTIMER PLC
HUGIES ROYAL FINANCE CORPORATION
IBERSHAMROCK S.L.
INKORE
ITALFINANZIARIA S.p.A.
LAUREN´S INSURANCE, Ltd.
LÓPEZ SEGUROS INTERNATIONAL INSURANCE COMPANY
MEMORIAL EXEQUIAS INTERNACIONAL S.L.
MERRION REINSURANCE COMPANY, Ltd.
MINOS SPA
MUTUELLE DE STRASBOURG
MUTUELLE INTERNAZIONALE D´ASSURANCES LA PARISIENNE
NORTHERNEEF INSURANCE COMPANY
SECURE CONSTRUCTION LIMITED
SEGUROS NOVA
SHAMROCK PROPERTIES OVERSEAS LIMITEDv
SUNNY LUCKY SEGUROS
SWISS FINANCIAL CORPORATION
TEMPLETON INSURANCE LTD
TOP CLASS INSURANCE
UNIÓN GENERAL DE VALORES, S.A.

 


This message was last edited by mariadecastro on 17/05/2013.

_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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18 May 2013 06:16 by ads Star rating. 4012 posts Send private message

"and those companies/agencies which provided their insurance policies to clients. "

Would this include developers and conveyancing lawyers who made reference to these companies in original purchase contracts  ( and put their signatures to such purchase contracts)?

And following this through, would reference to such an unauthorised company/entity in an original purchase contract deem the contract null and void? 

 


 


This message was last edited by ads on 18/05/2013.



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25 May 2013 16:45 by ads Star rating. 4012 posts Send private message

Maria,

I've been thinking about this method of addressing the problem of illegal/non authorised insurance companies by the Ministry of Economy and have several queries/observations and would be grateful for some clarification.

1) If the Ministry of Economy are applying fines to the insurance companies then what about those who facilitated these illegal insurances (the conveyancing lawyer and developer)? If the Ministry are only fining the insurance companies then this will do little to deter or make accountable those who facilitated this process. Are those who facilitated this "illegality" , thereby failing to provide adequate consumer protection of deposited monies through the conveyancing process and application of Ley 57/68 (i.e. provision of insurance/BG on the part of the developer and drawing up the contract on the part of the conveyancing lawyer) included in this inspection and punishment process?

2) How do the victims of this receive compensation if the monies only go to the Ministry of Economy? To your knowledge has any compensation package been considered? If not, might this be perceived as an unethical means of accountability as the Minstry is the benefactor on the back of innocent victims already financially compromised by these illegal insurances. Victims are already being requested to pay extra court taxes to help address underfunding of the justice system in order to gain justice.

3). Isn't the fairest means of addressing this problem for the Spanish Authorities to adequately compensate victims from these fines, and take appropriate action to ensure that ALL those responsible are made accountable for their malpractice/lack of due diligence/illegal insurances? The World Justice Project stipulates under the rule of law "The Government does not expropriate without adequate compensation"........

I wonder how others feel about this method of tackling illegal insurances?


 


This message was last edited by ads on 25/05/2013.



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14 Feb 2014 12:00 by mariadecastro Star rating in Algeciras (Cadiz). 9290 posts Send private message

Legal Questions? Speak to Maria Direct
Anyone who received an Insurance Policy by any of these companies when buying off plan in Spain, please contact us. A member of the Insurance Office at the Economy Department is visiting us soon. If you or your lawyers want to provide info to her, that would help her in the investigation and if you decided/ and suffered an effective damage from this, you can be included as injured party in the sanctioning proceedings of the Government.
 
AGRUPACIÓN DE CAPITALES, S.A.
ALBATROSS INVEST, S.P.A.
AMERICAN BRITISH INSURANCE Ltd.
ASOCIACION COARBI CORTE ESPAÑOLA DE ARBITRAJE INSTITUCIONAL
ASOCIACIÓN CORTE ESPAÑOLA DE ARBITRAJE ECONÓMICO DE DERECHO Y EQUIDAD
ASOCIACIÓN GESTORA ESPAÑOLA DE ARBITRAJE
ASOCIACIÓN PROMOTORA ESPAÑOLA DE CORTES DE ARBITRAJE
BARKLEY DEVELOPMENT CORPORATION (sin vínculos ni relación con W.R. BERKLEY INSURANCE (EUROPE) LIMITED SUC. EN ESPAÑA, que es entidad aseguradora autorizada)
COBERTURA ASISTENCIAL DEPORTIVA S.L.
COMPAGNIE DES GARANTIES DE LUXEMBOURG, S.A. /COMPAGNIE
CORSA FINANCE LTD
DES GARANTIES, S.A-COMPAGNIA DI CAUZIONI, S.A-CAUZIONI, S.A.
DIMAX, DISTRIBUCIONES DEL TERCER MILENIO, S.L.
EUROCAUCIÓN LEVANTE SL
EUROCAUCIÓN SL
EUROPA CAUZIONI, S.p.A.
EUROPEAN COMPANY OF GUARANTEE LTD
GABINETE PREVENTIVO DE MEDICINA DEPORTIVA
GENERAL FIDI CONSORCIO GARANTIA FIDI
GRAVITELL INSURANCE@REINSURANCE BROKERS S.L
GRAVITELL LIMITED
HENRY MORTIMER PLC
HUGIES ROYAL FINANCE CORPORATION
IBERSHAMROCK S.L.
INKORE
ITALFINANZIARIA S.p.A.
LAUREN´S INSURANCE, Ltd.
LÓPEZ SEGUROS INTERNATIONAL INSURANCE COMPANY
MEMORIAL EXEQUIAS INTERNACIONAL S.L.
MERRION REINSURANCE COMPANY, Ltd.
MINOS SPA
MUTUELLE DE STRASBOURG
MUTUELLE INTERNAZIONALE D´ASSURANCES LA PARISIENNE
NORTHERNEEF INSURANCE COMPANY
SECURE CONSTRUCTION LIMITED
SEGUROS NOVA
SHAMROCK PROPERTIES OVERSEAS LIMITEDv
SUNNY LUCKY SEGUROS
SWISS FINANCIAL CORPORATION
TEMPLETON INSURANCE LTD
TOP CLASS INSURANCE
UNIÓN GENERAL DE VALORES, S.A.

 

 



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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14 Feb 2014 19:04 by ads Star rating. 4012 posts Send private message

Dear Maria,

Many thanks.

When you specify anyone who "received an insurance policy", do you mean anyone who had an unauthorised insurance company as identified below named in their purchase contract , as presumably many would never have actually received the policy due to their conveyancing lawyer's negligence/lack of due diligence.

Do you need people to attach a copy of their original purchase contract to assist and should we give the email a specific subject title (eg illegal/nonauthorised insurance companies) to make it easier for you to recognise these emails?

Kind regards.





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15 Feb 2014 12:47 by windtalker Star rating. 1665 posts Send private message

You get it all over in Spain every con  going and the Spanish government are sitting on their ARSES doing nothing.

 


This message was last edited by windtalker on 15/02/2014.



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16 Feb 2014 09:08 by ads Star rating. 4012 posts Send private message

Sorry to bombard you with questions Maria but I have another question relating to this illegality.

Will the scope of this review by the Insurance Office at the Economy Department take into account instances where an insurance company provided a BG which was ineffective and acted as illegal extension to the purchase contract (by post dating "effective from" dates to dates beyond the mutually agreed completion date in the purchase contract, without purchaser's approval or knowledge?)

Also what form will these sanctions take?

 


This message was last edited by ads on 16/02/2014.


This message was last edited by ads on 16/02/2014.



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23 Sep 2015 09:34 by ads Star rating. 4012 posts Send private message

Dear Maria,

Do you have any updates relating to the Government sanctions imposed on these Insurance companies  identified in this thread, and could you advise if any innocent offplan purchasers received any recompense from any penalties imposed. Did the Ministry impose fines on these companies and if so were the offplan purchasers not compensated in this process?

Many thanks.

 


This message was last edited by ads on 23/09/2015.



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23 Sep 2015 10:38 by mariadecastro Star rating in Algeciras (Cadiz). 9290 posts Send private message

Legal Questions? Speak to Maria Direct

Dear Ads:

I received the visit of one inspector who neeeded some information from us. I am sure it has been prosecuted and punished but I have no access to that information

Cheers

María

Ps.- I can put you on touch with a member of the government in our area if you want to bring proposals to him/her. I am sure him/her will be pleased to listen to you. 



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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23 Sep 2015 11:53 by ads Star rating. 4012 posts Send private message

Dear Maria,

In reality will a Government official listen to an individual who has no legal influence rather than proven good law firms who have client data to back up their observations and calls for accountability and fair compensation for their clients? Lucas Asociados mentioned that they have on occasions communicated their thoughts to Government officials in regard to issues of concern, so would this not be far more effective and credible coming from reputable law firms?

Kindest regards.

 

 





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