Comparative Analysis of Transparency in the Insurance Contract Law of Colombia, Chile, Peru, and Spain

In Spain, the regulation of the insurance contract was initially included in the Commercial Code of 1885, in its Articles 380 to 438. However, given the obsolete nature of this regulation, in 1980 this set of precepts was repealed by the current Act 50/1980, of October 8, of Insurance Contract (LCS hereafter). The LCS is a special mercantile law specifically dedicated to provide an updated regulation of this contractual figure that since its enactment was conceived as a regulation in which the position of the insured as a consumer should be protected. This is a conception that underlies the principle recognized in the Spanish Constitution (CE onwards) of protection of consumers and users (Articles 51.1, 51.2, and 53.3 CE), and under which it is also explained that in Spain the regulatory framework of the insurance contract is not limited to the LCS itself, but must be completed with the regime established in the Revised Text of the General Act for the Defense of Consumers and Users of 2007 (TRLGDCU hereinafter) and in Act 7/1998, of April 13, on General Conditions of Contract (LCGC hereinafter).