How insurers, agents and brokers (corredores) work in Spain

Key rules

• Regulator: Every legitimate seller must be registered with the DGSFP, and you can search the register on its website.
• Registration number: Ask for it; it must appear in the seller's documentation.
• Bank offers: A bank sells its partner insurers' products, so get another quote before accepting.
• Corredor: Only a corredor is independent and can compare the wider market for you.

Who sells insurance in Spain

You can buy insurance from five kinds of seller. All of them are overseen by the DGSFP, the state regulator for insurance. It sets the rules on registration, training and the information you must be given.

• Insurers selling direct. You deal with the company through its offices, by phone or online.
• Exclusive agents (agentes exclusivos). They sell for one insurer only, so you see only that company's products.
• Linked agents. They sell for a few insurers, so your choice is wider but still limited.
• Banks (banca-seguros). Your bank sells policies, usually as an agent for one or a few insurers.
• Corredores. A corredor is an independent broker. They can search the market and advise you across several insurers.

Comparison websites also exist. Treat them as a way to see prices, then check who actually sells you the policy.

Bank or independent advice?

Banks are a big channel in Spain, especially for life insurance and for home insurance tied to a mortgage. Motor insurance is mostly sold by agents and brokers.

A bank offer is convenient, and you may be asked to take it alongside a loan. But the bank sells its partner insurers' products, not the whole market. A corredor can compare insurers for you. An exclusive agent cannot.

Before you accept a bank's offer, get at least one other quote from a corredor or another insurer. The comparison below sets the four channels side by side.

How to check a seller is licensed

Ask the seller what they are: exclusive agent, linked agent, bank acting as agent, or corredor. Then ask for their registration number. It must appear in their documentation.

Next, search the DGSFP public register on its website, by name or registration code. It lists insurers, agents, corredores and their branches. It shows whether they are authorised and what type of seller they are.

Agents and brokers must also hold civil liability cover and be registered. If a seller cannot give you a registration number, do not buy from them.

Insurers from other EU countries

Some insurers from another EU country sell in Spain without a Spanish branch. They appear in the register under their home-country authorisation. This is normal, and it is not a warning sign.

What the law covers

The same rules on conduct and information apply whichever channel you use. The contract itself is governed by Spanish insurance contract law. Use the checklist and the questions below before you sign.

Bank, agent, broker or online insurer compared for newcomers

A broker is the only channel that compares insurers for you. A bank, an exclusive agent and an online insurer each sell their own range. Whichever you pick, the Spanish-language contract is normally the one that counts.

The four channels side by side

How to use this

• For motor, agents and brokers are the dominant channels. Banks matter much more for life cover and mortgage-linked home insurance.
• If a bank offers insurance with your mortgage, ask whether you can use another insurer. Get at least one outside quote before you agree. Check that the cover matches what you need, not just what the loan file asks for.
• If you want advice in English, a broker is the most likely route. Ask up front whether the policy, the claims service and the paperwork are in English.
• If you already know what you need, an online insurer is quick. You get no personal advice and one price, so compare it with another quote.

Language and the contract

English wording and service exist, but the Spanish version is normally the legally binding one. An English version is usually a courtesy translation unless the policy clearly says otherwise. Read the policy's language clause before you sign.

Who regulates them

All of these channels must be registered and follow conduct and information rules set by the insurance regulator. You can ask any seller to show their registration before you buy.

Checklist

• Ask for their registration number and check that it appears in their documentation.

• Compare the bank's insurance offer with a quote from a corredor or another insurer before you accept it.

Check current bank-insurance practice with your adviser; the market figures can change.

Frequently asked questions

Is a corredor different from an agent?

Yes, a corredor is an independent broker who advises you across the market, while an exclusive agent sells for one insurer only. A linked agent works for a small number of insurers. Ask any seller which type they are before you take advice from them.

Do most Spanish people buy life insurance through their bank?

Yes, banks sell most life insurance in Spain, well over half of life premiums. In non-life lines such as motor, agents and brokers dominate. Banks also commonly sell home insurance linked to a mortgage.

Can I buy from an insurer based in another EU country?

Yes, EU insurers can sell in Spain under freedom of services, and they appear in the register with their home-country authorisation. Search the register by name to confirm them. Ask the seller for their registration number as well.