In a regulated industry like insurance, clients raise issues that can only be solved with expert legal knowledge and a thorough understanding of the industry and its workings. After many years advising the industry, Garrigues brings all these requirements to the table to deliver a comprehensive and effective service in terms of impact on the business.

We address the legal aspects affecting the insurance industry from all angles of business law: major corporate transactions, contractual advice, regulatory aspects, insurance claim proceedings, defense of clients before insurance regulators, etc. We are also the leading tax advice firm for insurers and provide additional services in areas such as data protection, IP, labor and employment law, compliance and corporate governance.

All this, combined with our extensive knowledge, expertise and multidisciplinary approach, enables us to provide comprehensive high value-added advice to our clients and take part in the largest and most complex deals in the insurance industry, advising both insurance and non-insurance companies. This vast experience is reflected in the clear leading position and recognition of our team.

Our services

Sale and purchase of insurance companies

Advice, to both sellers and purchasers, on the acquisition and disposal of insurance companies: drafting and negotiation of contracts and other legal documents; performance of the due diligence typical in this kind of transaction, paying particular attention to reviewing compliance with the applicable legislation; monitoring and follow-up of applications for administrative clearance.

Portfolio transfers

We advise insurance companies on agreements for the transfer of their insurance portfolios, providing support at all stages of the process: from design of the transaction structure and content, through drafting and negotiation of transfer agreements and other legal documentation, to application for and obtainment of the relevant administrative clearance.

Bancassurance and mediation agreements

Legal advice on insurance mediation: design and selection of the type of intermediary that best suits each client’s needs (be they insurers or intermediaries), drafting of contracts with insurance agents and bancassurance operators (whether independent or related) and with insurance and reinsurance brokers, and contracts between intermediaries and their external collaborators.

Assistance to insurers and credit institutions in establishing agreements for the development, joint marketing and distribution of insurance products through bancassurance channels.

Regulatory compliance

Broad expertise in advising on regulatory matters relating to insurance and pension plans and funds (regulation and supervision, filing requests for rulings with the regulator, etc.). Analysis of insurance and pension products offered by insurers and pension fund managers to bring them into line with current legislation. Analysis of the eligibility of financial assets for investment of technical provisions. Direct liaison with regulators.

Reinsurance

Advice on negotiating reinsurance contracts. Analysis of the legal and tax implications of new reinsurance products (financial reinsurance) and their adaptation to the regulatory framework. Design of the legal structure of reinsurance companies to achieve greater operating efficiency from a tax and legal standpoint.

Large risk policies

Advice to major industrial corporations and insurers on negotiating large risk insurance policies. Drafting, review and legal interpretation.

Corporate restructuring

Advice on the structure, design, formalization and implementation of all kinds of corporate restructuring processes at insurance companies (mergers, spin-offs, global transfer of assets and liabilities): corporate and regulatory aspects, implications and consequences from a labor, tax, antitrust and any other business law standpoint.