SPAIN OWNERSHIP TRANSFER
July 1st, 2004
BY KEITH NUTHALLTHE EUROPEAN Commission has decided to launch legal action against Spain over the transfer of insurance portfolios in that country, which Brussels says are in violation of European Union's (EU) insurance directives and the principle of free movement of services. The Commission will take Spain to the European Court of Justice, which has the power to order Madrid to reform its insurance regulations. The dispute concerns national laws governing the transfer of policies by one insurance company to another following a merger or take-over then. At ...
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