Insurance Compensation Consortium

The Insurance Compensation Consortium (Spanish: Consorcio de Compensación de Seguros, CCS) 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.

http://www.isn-inc.com/countryinfo/spain.aspx There are regulations concerning payment of the Consorcio tax within a certain time of the inception date of the policy.

The timelines are very strict – payment of the tax should be made to the Consorcio office within 7 days (of inception of the policy) for a new risk, and within 30 days for a renewal.