Under the programme, examinations have been made mandatory to maintain continuing education standards of agents. ·  Guidelines dealing with unfair practices in insurance business have been introduced in April 2003 to provide a more comprehensive framework for the regulation of insurance market practices. Among other things, the Guidelines provide for enhanced disclosures to consumers, requirements for insurance to be sold on equitable terms and conditions, and specific restrictions against misrepresentation and unfair discrimination. ·  The Guidelines on Claims Settlement Practices introduced in 1995 have now been revised to incorporate new measures and improved market practices in claims handling, as well as the specification of minimum fraud control and risk management practices relevant to the claims process. ·  A minimum standard on product disclosure and transparency in the sale of medical and health insurance policies was issued in May 2003. The standard requires insurers and their intermediaries to provide sufficient details of the essential features of medical and health policies so that policyholders will understand the important provisions of the policies, in particular, with respect to premiums, benefits, exclusions and limitations under the policies. ·  A survey has also been commissioned to determine the level of consumer satisfaction with financial services, including insurance. The results of the survey will provide important input for the development of a service quality index for financial services that will serve as a benchmark for financial institutions to evaluate their service levels and identify areas for improvement.

23.06.2020  The main post-pandemic challenges for the Spanish economy Appearance before the Parliamentary Committee for the Economic and Social Reconstruction of Spain after COVID-19 – Congress of Deputies Pablo Hernández de Cos Governor  1. Introduction Ladies and gentlemen, I appear before this Committee to set out what should be the guiding principles, in the opinion of the Banco de España, of Spain’s economic policy strategic priorities at present. Before elaborating on these priorities, allow me to convey my praise and gratitude to Spanish citizens for their exemplary behaviour in the especially difficult circumstances we have faced in recent months. Naturally, my support also goes out to all those who have lost loved ones as a result of the pandemic. The crisis has disrupted economic activity on a massive scale. To such an extent that, on all available forecasts, this year will see the biggest declines in GDP recorded in peacetime. As I argued in my appearance last May before the Parliamentary Economic Committee, the severity, temporariness and global nature of this shock initially warrants forceful economic policy measures that are time-limited and internationally coordinated. The goals of this shock therapy should be to lessen the effects of the pandemic in the short term and provide for an exit from the lockdown of the past few months with the least economic harm possible. Broadly, the response of the authorities - with measures I described and assessed in the aforementioned appearance - has been significant.