Insurance, Mexico updates

CNSF sets out requirements for fintech ventures in insurance industry
  • Mexico
  • 28 May 2019

The National Insurance and Bonding Commission recently amended the Sole Insurance and Bonding Rules to include the process for securing a temporary authorisation to operate as a regulated company in the insurance sector using 'technologically novel models' (ie, tools or technological media that do not exist in the market and help in the rendering of financial services). This process aims to allow start-ups to offer and test novel models without having to fully comply with the applicable legal framework.

Civil liability insurance made mandatory for all motor vehicles
  • Mexico
  • 22 January 2019

In 2014 the federal government announced that civil liability insurance would be required for motor vehicle owners who travel on federal roads, avenues and bridges in order to guarantee third parties relief for any damages caused to themselves and their property. This measure was gradually rolled out under the Law of Federal Roads, Bridges and Transportation and, as of 1 January 2019, now applies to all motor vehicles.

Insurers' and bonding companies' obligations regarding sensitive user information amended
  • Mexico
  • 02 October 2018

The National Insurance and Bonds Commission recently amended the Sole Provisions on Insurance and Bonds, removing the obligation for insurers and bonding companies to inform the commission when their users' sensitive information is altered, extracted, lost, deleted or suspected of having been accessed without authorisation or compromised. Now, insurers and bonding companies must immediately conduct an investigation and notify affected users of a data breach within three working days.

New government to eliminate private medical insurance for public officials
  • Mexico
  • 18 September 2018

The recently elected government administration has publicly announced that it intends to eliminate the private medical insurance currently granted to public officials as part of their benefits. This measure aims to encourage public officials to use state medical services and reduce government expenditure. If the cancellation of this benefit is confirmed, a significant number of officials are likely to seek major medical expenses insurance, which will present an opportunity for various companies in the sector.

Amendment to Insurance Law mandates insurers to offer products for disabilities
  • Mexico
  • 14 August 2018

A recent amendment to the Insurance Law has mandated medical expenses insurers to offer insurance products that cover risks which can cause disabilities in individuals. The amendment decree also revised the General Law for the Inclusion of Disabled Individuals, which prohibits any type of discrimination against individuals with any type of disability.

CONDUSEF amends general rules for registry of insurance adhesion contracts
  • Mexico
  • 31 July 2018

The National Commission for the Protection and Defence of Users of Financial Services (CONDUSEF) recently amended the General Provisions for the Registry of Insurance Adhesion Contracts in order to specify which additional documents must be included in the contractual documentation of such contracts and registered before the National Insurance and Bonds Commission and CONDUSEF.

CONDUSEF amends rules on good practices, transparency and advertising for insurers
  • Mexico
  • 17 July 2018

The National Commission for the Protection and Defence of Users of Financial Services (CONDUSEF) recently amended the General Rules on Good Practices, Transparency and Advertising applicable to Insurance Companies. The amendments have added additional documents to the contractual documentation required for insurance adhesion contracts and provided the form on which insurers must include the registry numbers granted by the National Insurance and Bonds Commission and CONDUSEF.

New minimum capital requirements for insurers in 2018
  • Mexico
  • 03 July 2018

The National Insurance and Bonds Commission recently amended the Sole Provisions on Insurance and Bonds in accordance with its annual obligation to inform insurance and bonds companies of the value of the investment unit that they must consider in calculating their required minimum paid-in capital. Insurance and bonding companies must comply with the required minimum paid-in capital every year.

Will Brexit and possible NAFTA termination affect Mexican insurers?
  • Mexico
  • 05 June 2018

There has been much speculation around the implications of Brexit and the possible termination of the North American Free Trade Agreement (NAFTA). One of the clear benefits of both NAFTA and the free trade agreement entered into between Mexico and the European Union was the exemption of NAFTA and EU insurers from the foreign investment restriction. However, as this restriction was eliminated in 2014, affiliates of insurers located in NAFTA and EU member states will not be substantially affected.

Insurance regulator updates rules for surety insurance contracts
  • Mexico
  • 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. Contracts must now include, among other things, confirmation that the insurer is authorised to pay the indemnity for damages without prior notice or consent of the policyholder and that the indemnity may be paid as compensation or as a penalty for the damages suffered.

National Insurance and Bonds Commission modifies regulatory framework for electronic contracting
  • Mexico
  • 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. Among other things, the amendments require insurers to implement security measures and mechanisms for the transfer, storage and processing of information generated electronically when contracting insurance and bonds and rendering other services to customers.

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