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02 January 2018
In order to prevent the misuse of customer information, the National Insurance and Bonds Commission recently amended the Insurance and Bonding Sole Provisions with regard to information gathered electronically. The amendments require insurers to implement security measures and mechanisms for the transfer, storage and processing of information generated electronically when:
The amendments also require insurers and bonding and mutual companies to provide customers with the terms and conditions for the electronic contracting of insurance products.
The key amendments are as follows.
The amendments set the requirements that insurers and bonding and mutual companies must comply with in order for customers to contract insurance products through electronic means, such as:
The amendments extend the ways in which a customer can consent to a contract, taking into account recent technological advances, including:
The form to obtain customer consent will be determined by the type of electronic operation executed.
The amendments set out the authentication factor required for each type of electronic operation in order to secure the transfer, storage and processing of customer information. An 'authentication factor' is a mechanism that verifies a customer's identity in order to perform electronic operations. Authentication factors will vary depending on the type of transaction or service being requested.
The list of services that can be executed electronically has been extended to include:
Insurers and bonding and mutual companies must comply with these amendments by January 1 2018.
For further information on this topic please contact Carlos Ramos Miranda at Hogan Lovells BSTL by telephone (+52 55 5091 0000) or email (firstname.lastname@example.org). The Hogan Lovells website can be accessed at www.hoganlovells.com.
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