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06 March 2018
The National Insurance and Bonds Commission recently added two new articles to the Insurance and Bonding Sole Provisions which set out new surety insurance contract requirements.
Surety insurance contracts must now include:
In case of legal action, insurers may not oppose any of the rights and defences that the policyholder has against the insured under the underlying obligation. The contract must not include clauses that contravene surety insurance principles.
For further information on this topic please contact Carlos Ramos Miranda at Hogan Lovells BSTL SC by telephone (+52 55 5091 0000) or email (firstname.lastname@example.org). The Hogan Lovells BSTL SC website can be accessed at www.hoganlovells.com.
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