The Consorcio de Compensación de Seguros (CCS) now requires insurance companies to report and declare the surcharge to the Environmental Damage Compensations Fund through its new reporting system (SIR). This requirement took effect on 01 July 2019.
As for Extraordinary Risks surcharges, detailed information on the policies subject to the 8% Environmental surcharge must now be reported to the CCS. The requirement now includes two additional pieces of information: the Spanish tax number (NIF) of the insured entity, and a code corresponding to the economic sector of the insured entity. Insurance companies will therefore need to collect that information ahead of the reporting process.
The 8% environmental surcharge applies to insurance contracts covering some Environmental Liability risks. It was introduced on 01 November 2018 and is declared on Modelo 1. A transitional period allowing insurance companies to declare it outside the SIR was in place until the May 2019 submissions.
