CONS.
English translation: CONSORCIO - Guarantee fund
| 10:56 Mar 29, 2017 |
| Spanish to English translations [PRO] Bus/Financial - Insurance | |||||||
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|  Selected response from: Helena Chavarria Spain Local time: 13:01 | ||||||
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| 3 +1 | CONSORCIO - Guarantee fund |
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| Discussion entries: 2 | |
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Answers
3 hrs confidence: 
peer agreement (net): +1
peer agreement (net): +1CONSORCIO - Guarantee fund Explanation: http://www.proz.com/kudoz/spanish_to_english/insurance/29731... Tengo delante el cargo de una compañía de seguros, en la que me figuran: Prima:82.68; IPS (6%): 4.96; Recargos: 0.07; COnsorcio: 0.84 y Total: 88.55 http://www.todoexpertos.com/categorias/dinero-y-servicios/co... -------------------------------------------------- Note added at 3 hrs (2017-03-29 14:05:43 GMT) -------------------------------------------------- El Consorcio de Compensación de Seguros (CCS), o simplemente Consorcio, es una entidad pública empresarial española con actividad en el sector asegurador, adscrita al Ministerio de Economía y Competitividad. Cuenta con personalidad jurídica, con plena capacidad de obrar para el cumplimiento de sus fines y con un patrimonio propio distinto al del Estado. https://es.wikipedia.org/wiki/Consorcio_de_Compensación_de_S... The Consorcio de Compensacion de Seguros is a compulsory Government catastrophic risk insurance in Spain. It is an insurance tax charged on prescribed classes of insurance issued by private insurers, providing cover against a series of extraordinary perils and "political risks” Note: This Government scheme covers direct physical damage only. It is expected that a company ensures their commercial insurance policy covers them against any resulting Business Interruption losses if necessary. https://en.wikipedia.org/wiki/Consorcio_de_Compensacion_de_S... Insurance guarantee schemes (IGS) provide last-resort protection to consumers when insurers are unable to fulfil their contract commitment, offering protection against the risk that claims will not be met if an insurance company is closed down. Insurance is crucial to our economy. If insurance policies are disrupted, for example as a result of the offering insurance company going bankrupt, this can have serious consequences for consumers as well as businesses An example could be when the claim for your burnt-down house cannot be paid out at all. Companies could likewise be forced to suspend or cease activity if the reimbursement from insurance companies is not paid in a timely way. http://europa.eu/rapid/press-release_MEMO-10-320_en.htm?loca... I have a low confidence level because CONS. could refer to the Spanish Consorcio de Compensación de Seguros or just a fund to protect insured parties when an insurance party is unable to pay compensation. Ive noticed that in the UK, the term 'insurance guarantee scheme' is also used. |
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