Broker, agent or bank: not the same thing
Spain's insurance distribution law (Royal Decree-law 3/2020) defines several roles. An insurance agent works under an agency contract for one or more insurers: a tied (exclusive) agent represents a single company and a linked agent several, but in both cases they sell on the insurers' behalf. Bancassurance operators are banks and lenders acting as agents through their branch network.
An insurance broker has no agency contract with any insurer. The law requires brokers to give independent advice based on an objective, personalised analysis of a sufficient number of contracts on the market (articles 155 and 175 of RDL 3/2020). In practice: an agent offers what their company sells; a broker compares several and explains why they recommend one.
Check they are registered
Every insurance intermediary must be registered before starting work. The DGSFP (Spain's insurance supervisor) keeps the administrative register of insurance and reinsurance distributors and a single information point where anyone can check whether a broker or agent is registered, including those in regional registers.
In Andalusia, brokers based in the region with activity limited to it register with the Junta de Andalucía (Decree 174/2023). Their registration code must appear on their website, documents and pre-contract information. If you cannot find it or they will not give it to you, be wary.
What a broker must have
To register, a broker must prove financial capacity and hold professional liability insurance with the legal minimums (article 157). That policy protects you if a broker's mistake causes you a loss.
They must also have a customer service department or a customer ombudsman to handle complaints (articles 166 and 167). Ask how to file a complaint: there should be a written procedure.
What they must tell you before you buy
Before you sign, and with enough notice, the intermediary must identify themselves, give you their registration number, say whether they are advising you and explain how they are paid (article 173). For non-life insurance they must also give you the product information document (IPID), a standard summary of cover and exclusions (article 176).
On pay: brokers usually receive a commission from the insurer, included in the premium. The law also lets them charge the client a fee if agreed in writing, in which case they must tell you the amount or how it is calculated.
Beyond the law: useful questions
How many insurers do they really work with for your type of cover? Who helps you when you make a claim: you alone with the insurer, or the broker with you? Do they have an office you can walk into with your papers? Do they review policies at renewal or only sell the first time?
Reviews help, but look above all at the ones about claims: that is where a good intermediary and a bad one differ.
Our details, so you can check them
Agaser Costa del Sol Correduría de Seguros, S.L. (CIF B29722949) is a Málaga insurance brokerage registered with the Junta de Andalucía register of intermediaries under code CS-J/0049, searchable on the DGSFP single information point. We have two offices in 29006: Calle Alcalde Díaz Zafra, 45 (administration) and Camino San Rafael, 25 (claims).