It has been almost two years since the implementation of the law on mediation in private insurance and reinsurance (IML) in Spain, which put into practice the EU Insurance Intermediaries Directive (Directive 2002/92/EU). One stated objective was to bring transparency to the market.
Although the new law has clarified many practices within the Spanish insurance market, it is fair to say that there are still many others which remain unclear at this stage. Now two years on, we will briefly refer in this article to some of these controversial sections of the law as well as to the position taken by the Spanish Insurance Supervisor (the DGSFP).
