February 08 2011
On December 13 2010 the Ministry of Finance and Public Credit, acting through the National Insurance and Bonds Commission, published the Circular on Unified Insurance in the Official Gazette. The circular, which came into force on January 1 2011, consolidates the commission's previously issued rules and guidelines on insurance matters and standardises the relevant terminology.
The circular is intended to provide a single set of rules for consultation and research, which should make it easier for insurance companies to comply with their obligations. However, various administrative decrees - previously issued by the ministry in the form of rules and special resolutions - still regulate several aspects of insurance activities in Mexico; although not incorporated into the circular, they remain in effect.
The circular has not substantially changed the handling of insurance matters in Mexico. Any administrative processes that were underway when the circular came into effect will continue under the original procedure, unless the interested party elects to apply the circular.
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