Solidarity insurance is insurance that, after contracting it, generates a donation of an amount proportional to the policy. This donation is made by the insurance company, or failing that, by the insurance brokerage or agent. There is usually a collaboration between these entities with different NGOs, associations or non-profit foundations to which the donations will be derived, presenting different destination options. The policyholder will be the one who decides where to direct the donations generated.

The appearance and development of insurance goes hand in hand with the evolution of different forms of social organization. In its beginnings, there were non-monetary forms of insurance without technical or legal bases but rather as a feeling of solidarity in the face of misfortune and as a risk distribution mechanism. Very primitive forms of insurance against bad harvests, in Antiquity and the Middle Ages, occurred through the storage of cereals in granaries of temples or lords, since one of the social functions that these surpluses fulfilled was their distribution or sale in times of bad harvests or shortages. In the same way, the members of the medieval guilds that functioned in the manner of Brotherhoods,[4]​ had among their missions to provide mutual aid in case of illness, disability or death.[5]​.

The first insurance system itself, known in documents, is maritime insurance that appeared in the Mediterranean during the Middle Ages as a consequence of the development of maritime trade. It was a manifestation of private insurance, with a profit motive on the part of the insurers.

An important boost to insurance appears with the Indian trade after the discovery of America. The Casa de Contratación of Seville, created in 1503, was in charge of everything related to trade and navigation with the New World, regulating all related aspects, including insurance and risks assumed by ships.[6]​

Through the Ordinances issued in Monzón in 1510, its regulations were modified, with various measures to prevent insurance fraud and so that they were truly effective. For this reason, verbal contracts were prohibited and both cargo and ships were also prohibited from being insured for more than two-thirds of their value. This ensured that both the shipowner and the captain were interested in reaching a successful port.[7]​.

In 1543 the Consulate of Seville was founded to which exclusive jurisdiction over insurance would be transferred. It is at this time that insurance was established, not only as a guarantee that guarantees any risk, but also as a form of financing or tax that allowed the Institutions and their main tasks to function. Thus, in the Consulate of Seville, also called Consulate of Mercaderes, Casa Lonja or the Stock Exchange, they were represented

all traders with the Indies, excluding foreigners. The Consulate's income came from damage or maritime insurance, mandatory for anyone who had been trading with the Indies for more than a year or who had loaded merchandise for more than 1,000 ducats; which made it possible to finance the organization of a Navy to defend ships against attacks by pirates and privateers.[8]​.

In the centuries and the first insurance companies emerged in England. Modern industrial society, based on individualism and the reduction of the family environment, requires protection through legal formulas against personal and property risks derived from technological progress.[5]​.

From a macroeconomic point of view, the insurance institution provides two major contributions:

The insurance contract is one by which the insurer undertakes, through the collection of a premium and in the event that the event occurs whose risk is the subject of coverage, to compensate, within the agreed limits, the damage caused to the insured or to satisfy a capital, an income or other agreed benefits.

The contracting party or policyholder "Policyholder (Right)") of the insurance, who may or may not coincide with the insured, for his part, undertakes to pay that premium, in exchange for the coverage granted by the insurer, which prevents him from facing greater economic damage, in the event that the incident occurs.

Insurance companies are financial intermediaries from an economic and financial point of view. This sector differs from other economic sectors in that, to start its activity, it needs a relatively small fixed capital, since it does not need to make large investments in assets "Asset (finance)") to carry out its activity and its working capital is advanced by its own clients on account of the product that it has to start manufacturing at that moment (security). Therefore, theoretically, its technical financing needs are very small. On the other hand, the product they sell, security, is guaranteed to all customers, although delivery is only made to a part of the clientele. Time also works in favor of the insurer, since the corresponding cost (the accident rate) is distributed by postponing it and giving rise, meanwhile, to an accumulation of savings that form the so-called technical provisions; Therefore, from a financial point of view, the policyholder "Policyholder (Right)") of an insurance policy is a lender who provides credit to the insurer to manufacture the product (the security), thus converting the insurer into a mere investor of the unconsumed funds.[2]​.

Insurance activity, by its very nature, converts into long-term investment what, in general, the insurance policyholder did not even consider savings. However, it is a savings that from a financial point of view is very stable and long-term.

In the European Union, as well as in most countries in the world, private insurers are subject to control and supervision by the administrative authorities, and in order to operate they need to obtain a special authorization, since insurance is a contract in which the insured pays the premium in advance, while the insurer will compensate him after the fact when the loss occurs and therefore it is in the public interest that by then the insurer has the financial capacity to do so. All this is done under provisions of Administrative Law dictated by the authorities. In Spain, this control of private insurers is carried out by the Ministry of Finance and Competitiveness through the General Directorate of Insurance and Pension Funds (DGSFP),[9]​ while in the European Union the supervision is carried out by the European Insurance and Occupational Pensions Authority -EIOPA- (European Insurance and Occupational Pensions Authority), based in Frankfurt (Germany).[10]​.

Argentina

Through Decree No. 108,295 of June 21, 1937, the National Insurance Superintendency in Argentina (SSN) was created with the aim of regulating and controlling insurance activity.

Spain

The art. 149.11 of the Spanish Constitution grants competence in basic insurance legislation to the State.

In Spain, until December 31, 2015, insurance was governed by Royal Legislative Decree 6/2004, of October 29, which approves the consolidated text of the Law on the organization and supervision of private insurance"),[11] being the applicable Law from January 1, 2016 the new Law 20/2015 cited above and by the Regulation on the Management and Supervision of Private Insurance, approved by Royal Decree 2486/1998, of November 20,[12]​ which should be repealed and replaced by a new one, since this was promulgated not for the 2004 Law, but for the previous law, Law 30/1995, of November 8 (BOE no. 268, of 9.11.1995), that is, it is possible that, if a new one is not promulgated before January 1, 2016, the Law in force at that time will have a Regulation promulgated not for the previous law, which would already be serious, but for the previous one. The commercial aspects of the insurance contract are governed by Law 50/1980, of October 8, on Insurance Contracts,[13]​ although it should be noted that the precepts of this Law, although they are imperative, do not prevail. on what the parties have provided in the policy, since the contractual clauses that are most beneficial for the insured are always valid.[14]​.

Law 20/2015, of July 14, on the organization, supervision and solvency of insurance and reinsurance entities (BOE no. 168, of July 15, 2015) is the provision that regulates the way in which the control of private insurers by the Administration must be carried out as of January 1, 2016. At the European Union level, this supervision is regulated by Directive 2009/138/EC of the European Parliament and of the Council, of November 25, 2009, on access to and exercise of insurance and reinsurance activities (Solvency II) (OJEU no. L335, of December 17, 2009).

In relation to insurance entities, the law indicates that insurance activity may only be carried out by private entities that take the form of a public limited company, mutual company, cooperative (insurance cooperative) and social security mutual society. Entities that adopt any form of public law may also carry out insurance activities, provided that their purpose is to carry out insurance operations under conditions equivalent to those of private insurance entities.[15]​.

In accordance with article 101 of Law 27/1999, of July 16, on Cooperatives, insurance cooperatives are those that carry out insurance activity, in the fields and with the requirements established in the insurance legislation[16]​ and, as a supplementary matter, by the Law on Cooperatives. and the majority have enacted their own autonomous law on cooperatives, such as the one promulgated by the autonomous community of Catalonia, Law 12/2015, of July 9, on cooperatives (BOE no. 194, of August 14, 2015 and DOGC no. 6914, of July 16, 2015 and correction of DOGC errors no. 6917, of July 21, 2015). Our authorities legislate on insurance cooperatives, both in the rules on cooperatives and in the rules on insurance, despite the fact that, as demonstrated in the research work "Competition in the supervision of private insurance" (Diario La Ley no. 8103 of June 12, 2013), there is not, nor has there been, any insurance cooperative established in Spain.

Access to the insurance activity by a Spanish entity is subject to prior obtaining of an administrative authorization that is granted by the Minister of Economy and Competitiveness and is processed before the DGSFP.

The General Council of the Colleges of Insurance Mediators is a public law corporation whose purpose is to promote the defense and representation of insurance agents and brokers. In addition to the elected officials, it is made up of a group of 15 professionals, including the Study Center staff, at the service of mediation. The Council represents the union of 52 schools, distributed throughout Spain, and offers a series of services to facilitate their professional activity in different areas.

In total, according to the census published in the 2014 Report, there were 7,618 mediators (about 60% of them, agents, and the rest, brokers). Its work includes communication and information services, advice and assistance, documentation, training, platforms to facilitate the adaptation of professionals and companies to various legal requirements and even discounts and preferential treatment for members in different companies and entities with which the associations and the Council have signed agreements.

El acto de asegurarse suele llevarse a cabo entre la persona que desea asegurarse (asegurado), y la entidad que le proporcionará el seguro (aseguradora).

A pesar de lo simple que parezca la aseveración pasada, más de dos partes se ven involucradas en el contrato y el seguimiento de un seguro. A continuación, las trataremos:.

Policy

Most important part of insurance, since it is the contract between both parties. It is the document in which the rights and obligations of the parties are stated. It must have been accepted by both and it must include the personal data of the insured and the company, the amount to be paid and how often payments will be made, a description of the insurance in question, from when and until when the policy is in force, the coverage included in the insurance and the beneficiary of the insurance (who is the person who receives the compensation in the event that the established conditions are met).

Insurer

Entity that assumes coverage of the insured's risk.

Contractor

Person who agrees and signs the insurance contract. He is the one obliged to assume the conditions of the contract, especially the premium, that is, he is the person who contracts the insurance and whose name appears on the policy. Normally it coincides with the insured, although in some cases this may not be the case, since it may be that the insurance is paid for by a person but the insured is a family member.

Insured

Person or object under which the insurance falls. Better said, who has the coverage and, therefore, who is exposed to the risk. He is the owner of the insurance contract.

Beneficiary

It is the person who is compensated in the event that the conditions provided for in the contracted policy occur. Depending on the case, policyholder, insured and beneficiary may or may not be the same person. In life insurance, for example, there can be three different people.

Mediators (optional)

An insurance mediator is an advisor who advises the client when purchasing a policy. Your duty is to inform you of the different existing prices and what type of coverage is best for you. There are several types of mediators: traditional and online brokerages, insurance agents, banking operators, etc.

Solidarity insurance is insurance that, after contracting it, generates a donation of an amount proportional to the policy. This donation is made by the insurance company, or failing that, by the insurance brokerage or agent. There is usually a collaboration between these entities with different NGOs, associations or non-profit foundations to which the donations will be derived, presenting different destination options. The policyholder will be the one who decides where to direct the donations generated.

The appearance and development of insurance goes hand in hand with the evolution of different forms of social organization. In its beginnings, there were non-monetary forms of insurance without technical or legal bases but rather as a feeling of solidarity in the face of misfortune and as a risk distribution mechanism. Very primitive forms of insurance against bad harvests, in Antiquity and the Middle Ages, occurred through the storage of cereals in granaries of temples or lords, since one of the social functions that these surpluses fulfilled was their distribution or sale in times of bad harvests or shortages. In the same way, the members of the medieval guilds that functioned in the manner of Brotherhoods,[4]​ had among their missions to provide mutual aid in case of illness, disability or death.[5]​.

The first insurance system itself, known in documents, is maritime insurance that appeared in the Mediterranean during the Middle Ages as a consequence of the development of maritime trade. It was a manifestation of private insurance, with a profit motive on the part of the insurers.

An important boost to insurance appears with the Indian trade after the discovery of America. The Casa de Contratación of Seville, created in 1503, was in charge of everything related to trade and navigation with the New World, regulating all related aspects, including insurance and risks assumed by ships.[6]​

Through the Ordinances issued in Monzón in 1510, its regulations were modified, with various measures to prevent insurance fraud and so that they were truly effective. For this reason, verbal contracts were prohibited and both cargo and ships were also prohibited from being insured for more than two-thirds of their value. This ensured that both the shipowner and the captain were interested in reaching a successful port.[7]​.

In 1543 the Consulate of Seville was founded to which exclusive jurisdiction over insurance would be transferred. It is at this time that insurance was established, not only as a guarantee that guarantees any risk, but also as a form of financing or tax that allowed the Institutions and their main tasks to function. Thus, in the Consulate of Seville, also called Consulate of Mercaderes, Casa Lonja or the Stock Exchange, they were represented

all traders with the Indies, excluding foreigners. The Consulate's income came from damage or maritime insurance, mandatory for anyone who had been trading with the Indies for more than a year or who had loaded merchandise for more than 1,000 ducats; which made it possible to finance the organization of a Navy to defend ships against attacks by pirates and privateers.[8]​.

In the centuries and the first insurance companies emerged in England. Modern industrial society, based on individualism and the reduction of the family environment, requires protection through legal formulas against personal and property risks derived from technological progress.[5]​.

From a macroeconomic point of view, the insurance institution provides two major contributions:

The insurance contract is one by which the insurer undertakes, through the collection of a premium and in the event that the event occurs whose risk is the subject of coverage, to compensate, within the agreed limits, the damage caused to the insured or to satisfy a capital, an income or other agreed benefits.

The contracting party or policyholder "Policyholder (Right)") of the insurance, who may or may not coincide with the insured, for his part, undertakes to pay that premium, in exchange for the coverage granted by the insurer, which prevents him from facing greater economic damage, in the event that the incident occurs.

Insurance companies are financial intermediaries from an economic and financial point of view. This sector differs from other economic sectors in that, to start its activity, it needs a relatively small fixed capital, since it does not need to make large investments in assets "Asset (finance)") to carry out its activity and its working capital is advanced by its own clients on account of the product that it has to start manufacturing at that moment (security). Therefore, theoretically, its technical financing needs are very small. On the other hand, the product they sell, security, is guaranteed to all customers, although delivery is only made to a part of the clientele. Time also works in favor of the insurer, since the corresponding cost (the accident rate) is distributed by postponing it and giving rise, meanwhile, to an accumulation of savings that form the so-called technical provisions; Therefore, from a financial point of view, the policyholder "Policyholder (Right)") of an insurance policy is a lender who provides credit to the insurer to manufacture the product (the security), thus converting the insurer into a mere investor of the unconsumed funds.[2]​.

Insurance activity, by its very nature, converts into long-term investment what, in general, the insurance policyholder did not even consider savings. However, it is a savings that from a financial point of view is very stable and long-term.

In the European Union, as well as in most countries in the world, private insurers are subject to control and supervision by the administrative authorities, and in order to operate they need to obtain a special authorization, since insurance is a contract in which the insured pays the premium in advance, while the insurer will compensate him after the fact when the loss occurs and therefore it is in the public interest that by then the insurer has the financial capacity to do so. All this is done under provisions of Administrative Law dictated by the authorities. In Spain, this control of private insurers is carried out by the Ministry of Finance and Competitiveness through the General Directorate of Insurance and Pension Funds (DGSFP),[9]​ while in the European Union the supervision is carried out by the European Insurance and Occupational Pensions Authority -EIOPA- (European Insurance and Occupational Pensions Authority), based in Frankfurt (Germany).[10]​.

Argentina

Through Decree No. 108,295 of June 21, 1937, the National Insurance Superintendency in Argentina (SSN) was created with the aim of regulating and controlling insurance activity.

Spain

The art. 149.11 of the Spanish Constitution grants competence in basic insurance legislation to the State.

In Spain, until December 31, 2015, insurance was governed by Royal Legislative Decree 6/2004, of October 29, which approves the consolidated text of the Law on the organization and supervision of private insurance"),[11] being the applicable Law from January 1, 2016 the new Law 20/2015 cited above and by the Regulation on the Management and Supervision of Private Insurance, approved by Royal Decree 2486/1998, of November 20,[12]​ which should be repealed and replaced by a new one, since this was promulgated not for the 2004 Law, but for the previous law, Law 30/1995, of November 8 (BOE no. 268, of 9.11.1995), that is, it is possible that, if a new one is not promulgated before January 1, 2016, the Law in force at that time will have a Regulation promulgated not for the previous law, which would already be serious, but for the previous one. The commercial aspects of the insurance contract are governed by Law 50/1980, of October 8, on Insurance Contracts,[13]​ although it should be noted that the precepts of this Law, although they are imperative, do not prevail. on what the parties have provided in the policy, since the contractual clauses that are most beneficial for the insured are always valid.[14]​.

Law 20/2015, of July 14, on the organization, supervision and solvency of insurance and reinsurance entities (BOE no. 168, of July 15, 2015) is the provision that regulates the way in which the control of private insurers by the Administration must be carried out as of January 1, 2016. At the European Union level, this supervision is regulated by Directive 2009/138/EC of the European Parliament and of the Council, of November 25, 2009, on access to and exercise of insurance and reinsurance activities (Solvency II) (OJEU no. L335, of December 17, 2009).

In relation to insurance entities, the law indicates that insurance activity may only be carried out by private entities that take the form of a public limited company, mutual company, cooperative (insurance cooperative) and social security mutual society. Entities that adopt any form of public law may also carry out insurance activities, provided that their purpose is to carry out insurance operations under conditions equivalent to those of private insurance entities.[15]​.

In accordance with article 101 of Law 27/1999, of July 16, on Cooperatives, insurance cooperatives are those that carry out insurance activity, in the fields and with the requirements established in the insurance legislation[16]​ and, as a supplementary matter, by the Law on Cooperatives. and the majority have enacted their own autonomous law on cooperatives, such as the one promulgated by the autonomous community of Catalonia, Law 12/2015, of July 9, on cooperatives (BOE no. 194, of August 14, 2015 and DOGC no. 6914, of July 16, 2015 and correction of DOGC errors no. 6917, of July 21, 2015). Our authorities legislate on insurance cooperatives, both in the rules on cooperatives and in the rules on insurance, despite the fact that, as demonstrated in the research work "Competition in the supervision of private insurance" (Diario La Ley no. 8103 of June 12, 2013), there is not, nor has there been, any insurance cooperative established in Spain.

Access to the insurance activity by a Spanish entity is subject to prior obtaining of an administrative authorization that is granted by the Minister of Economy and Competitiveness and is processed before the DGSFP.

The General Council of the Colleges of Insurance Mediators is a public law corporation whose purpose is to promote the defense and representation of insurance agents and brokers. In addition to the elected officials, it is made up of a group of 15 professionals, including the Study Center staff, at the service of mediation. The Council represents the union of 52 schools, distributed throughout Spain, and offers a series of services to facilitate their professional activity in different areas.

In total, according to the census published in the 2014 Report, there were 7,618 mediators (about 60% of them, agents, and the rest, brokers). Its work includes communication and information services, advice and assistance, documentation, training, platforms to facilitate the adaptation of professionals and companies to various legal requirements and even discounts and preferential treatment for members in different companies and entities with which the associations and the Council have signed agreements.

El acto de asegurarse suele llevarse a cabo entre la persona que desea asegurarse (asegurado), y la entidad que le proporcionará el seguro (aseguradora).

A pesar de lo simple que parezca la aseveración pasada, más de dos partes se ven involucradas en el contrato y el seguimiento de un seguro. A continuación, las trataremos:.

Policy

Most important part of insurance, since it is the contract between both parties. It is the document in which the rights and obligations of the parties are stated. It must have been accepted by both and it must include the personal data of the insured and the company, the amount to be paid and how often payments will be made, a description of the insurance in question, from when and until when the policy is in force, the coverage included in the insurance and the beneficiary of the insurance (who is the person who receives the compensation in the event that the established conditions are met).

Insurer

Entity that assumes coverage of the insured's risk.

Contractor

Person who agrees and signs the insurance contract. He is the one obliged to assume the conditions of the contract, especially the premium, that is, he is the person who contracts the insurance and whose name appears on the policy. Normally it coincides with the insured, although in some cases this may not be the case, since it may be that the insurance is paid for by a person but the insured is a family member.

Insured

Person or object under which the insurance falls. Better said, who has the coverage and, therefore, who is exposed to the risk. He is the owner of the insurance contract.

Beneficiary

It is the person who is compensated in the event that the conditions provided for in the contracted policy occur. Depending on the case, policyholder, insured and beneficiary may or may not be the same person. In life insurance, for example, there can be three different people.

Mediators (optional)

An insurance mediator is an advisor who advises the client when purchasing a policy. Your duty is to inform you of the different existing prices and what type of coverage is best for you. There are several types of mediators: traditional and online brokerages, insurance agents, banking operators, etc.