Over three days we worked with Miguel Angel Cabezudo (Deputy Director, Belen Soriano (Deputy Director of Actuarial and Reinsurance) and Enrique Más (Department Head of Accounting, Budgets and Collections).
For the first two days our sessions were focussed on aspects of the legislation, specifically affecting FRL and our clients.
This gave us the opportunity to increase our understanding of the four surcharge calculations:
Property damage (ER)
Business Interruption (ER)
Winding up Activity
Motor Third Party
Also, Consortio provided us with hard copies of the legislation.
Day three was an opportunity to present our questions regarding calculations, exceptions and some possible scenarios.
As a result of these sessions, we can identify each surcharge and Modelo against each Line of Business.
We also have a clear understanding in relation to the surcharges that apply against each class of long-term business for long-term insurance.
FiscalReps was delighted with the development over the three days. I received a beautiful traditional hat from our hosts and we even had time to see some of Madrid and try some tapas!
We look forward to sharing the knowledge with our clients.