33. Indemnity clause.
For claims derived from extraordinary events covered by the insurance Compensation Consortium.
Pursuant to the terms of the revised text of the Legal Statute of the Insurance Compensation Consortium, approved by Legislative Royal Decree 7/2004 of 29 October and amended by Act 12/2006 of 16 May, the policyholder of any type of insurance contract that includes an obligatory surcharge in favour of the aforementioned public body may arrange for the cover of extraordinary risks with any insurance company that meets the conditions required under current law.
The Insurance Compensation Consortium will pay the indemnities arising from claims resulting from extraordinary events occurring in Spain and affecting risks located therein, as well as, with personal insurance, those occurring abroad when the insured has his / her regular address in Spain, when the policyholder has paid the corresponding surcharges in its favour and any of the following occurs:
a. The extraordinary risk covered by the Insurance Compensation Consortium is not covered by the insurance policy taken out with the insurer.
b. Even if it is covered under said insurance policy, the insurer cannot fulfil its obligations because it has been judicially declared bankrupt or is subject to compulsory winding-up proceedings or such a winding-up has been undertaken by the Insurance Compensation Consortium.
The Insurance Compensation Consortium shall act pursuant to the terms of the aforementioned Legal Statute, the Insurance Contracts Act (Act 50/1980 of 8 October) and the Regulations on Extraordinary Risk Insurance, approved by Royal Decree 300/2004 of 20 February, as well as any additional legal provisions.
1. Covered extraordinary events
Procedure to follow in the event of a claim covered by the Insurance Compensation Consortium