Currently, in Spain, there is a 3% surcharge on car insurance policies, used to fund accidents caused by those without insurance for their vehicles.

According to a resolution issued on May 19 by the Directorate General of Insurance (DGS), with effect from July 1 this surcharge will drop to 2%, which means that the Consortium will raise 60 million euro less each year.

The consortium has said that it is able to reduce the surcharge as they now have sufficient funds at their disposal to cover the excesses of insurance claims.

The CCS is a public enterprise under the Ministry of Economy, responsible for payment, including compensation in cases of terrorism, natural disasters and the damage done by uninsured vehicles.