Agreement adding a Transitional Eleventh Provision to the General Provisions referred to in Article 140 of the General Law of Insurance and Mutual Insurance Institutions and Societies

DOF: 27/10/2017

AGREEMENT adding a Transitional Eleventh Provision to the General Provisions referred to in Article 140 of the General Law of Insurance and Mutual Insurance Institutions and Societies, published on July 19, 2012, in effect in accordance with the Third Transitional Provision of the Law of Insurance and Surety Institutions.

A seal bearing the National Coat of Arms appears on the margin, which reads: United Mexican States.- Ministry of Finance and Public Credit.

Agreement 105/2017

JOSÉ ANTONIO MEADE KURIBREÑA, Secretary of Finance and Public Credit, pursuant to Articles 31, Section VIII, of the Organic Law of the Federal Public Administration; the Third Transitional Provision of the Law of Insurance and Surety Institutions, in relation to Article 140 of the General Law of Insurance and Mutual Insurance Institutions and Societies, and in exercise of the powers conferred upon its head by Article 6, Section XXXIV, of the Internal Regulations of the Ministry of Finance and Public Credit, and

CONSIDERING

I.

That, on June 29, 2012, the Ministry of Finance and Public Credit issued the "Resolution issuing the General Provisions referred to in Article 140 of the General Law of Insurance and Mutual Insurance Institutions and Societies" (hereinafter, "the Provisions"), which was published in the Official Journal of the Federation on July 19 of that same year.

II.

That, on April 4, 2013, the Law of Insurance and Surety Institutions was published in the Official Journal of the Federation, which entered into force on April 4, 2015, in accordance with the First Transitional Provision of the aforementioned legislation.

III.

That, the Third Transitional Provision of the Law of Insurance and Surety Institutions states that until the general provisions referred to in said Law are issued, those issued prior to its entry into force will continue to apply in the corresponding matters, insofar as they do not conflict with it. This is the case with the Provisions.

IV.

That, the Provisions aim, among other things, to establish the minimum measures and procedures that Insurers are obligated to observe to prevent and detect acts, omissions, or operations that could favor, provide help, assistance, or cooperation of any kind for the commission of the crimes provided for in Articles 139 or 148 Bis of the Federal Penal Code or that could fall under the circumstances of Articles 139 Quáter or 400 Bis of the same Code.

V.

That, the Third Provision of the Provisions establishes that Insurers must elaborate and observe a Customer Identification Policy, which shall include, at a minimum, the guidelines established in said regulatory body, as well as the criteria, measures, and procedures required for its proper compliance, including those related to the verification and updating of data provided by Customers. Furthermore, said provision states that insurers must include and observe guidelines for the identification of Beneficiaries, Beneficial Owners, and Resource Providers.

VI.

That, in accordance with the Fourth Provision of the Provisions, it is established that Insurers must compile and maintain an identification file for each of their Customers with the data and documents indicated in Annexes 1 to 10, prior to the execution of contracts to carry out Operations of any type, which shall meet at least the requirements established therein.

VII.

That, the Fifth Provision of the Provisions imposes on Insurers the obligation to hold a personal interview with their Customer or their representative, in order to collect the respective identification data and documents, before a commercial relationship is established or initiated with a Customer.

VIII.

That the Sixth Provision, Section II, allows Insurers, in the case of insurance operations with an annual premium less than two thousand five hundred United States dollars and of pension insurance derived from social security laws, to complete the verification of the identity of their Customers against the presentation of the official identification they exhibit for those purposes, before resources are delivered for any concept or at the latest when the Customers present themselves to exercise their rights.

IX.

That, the Seventh Provision of the Provisions stipulates that Insurers, at the moment when Beneficiaries are named, must compile in the file of the Customer who designates them, the name, address, and date of birth of those individuals, with the characteristics indicated in Annex 9 and complete the file before resources are delivered for any concept and at the latest when they present themselves to exercise their rights, except that said Beneficiaries have intervened in the signing of the respective contract.

X.

That, the National Development Plan 2013-2018 contemplates, as one of the lines of action established to achieve the objective of democratizing access to financing for projects with growth potential, the establishment and perfection of prudential norms and mechanisms to avoid imbalances and foster the economic growth of the country.

XI.

That, the occurrence of various seismic and hydrometeorological phenomena in the country, during the month of September of the current year, has caused the loss of lives and health impacts on people as well as material damage in various zones of the national territory, affecting the family economy, the productive plant, and putting at risk the preservation of employment sources.

XII.

That, in light of the emergency situation faced by the inhabitants of the affected areas, it is necessary to facilitate the arrival of all resources that contribute to mitigating the effects of the aforementioned phenomena.

XIII.

That, in order to contribute to the immediate payment of claims arising from the seismic and hydrometeorological phenomena that have occurred, and after having heard the prior opinion of the National Insurance and Surety Commission, this Ministry of Finance and Public Credit considers it necessary to establish, on a transitional basis, a mechanism that allows Insurers to meet the commitments undertaken with Customers and their Beneficiaries who, due to the aforementioned phenomena, lost those documents that Insurers require to comply with the Provisions.

Therefore, and in terms of the legal grounds expressed above, I have deemed it appropriate to issue the following:

AGREEMENT ADDING A TRANSITIONAL ELEVENTH PROVISION TO THE GENERAL PROVISIONS REFERRED TO IN ARTICLE 140 OF THE GENERAL LAW OF INSURANCE AND MUTUAL INSURANCE INSTITUTIONS AND SOCIETIES, PUBLISHED IN THE OFFICIAL JOURNAL OF THE FEDERATION ON JULY 19, 2012, IN EFFECT IN ACCORDANCE WITH THE THIRD TRANSITIONAL PROVISION OF THE LAW OF INSURANCE AND SURETY INSTITUTIONS.

SOLE.- A Transitional Eleventh Provision is added to the "General Provisions referred to in Article 140 of the General Law of Insurance and Mutual Insurance Institutions and Societies published in the Official Journal of the Federation on July 19, 2012" in effect in accordance with the Third Transitional Provision of the Law of Insurance and Surety Institutions, in the following terms:

"ELEVENTH.- In cases of insurance operations with an annual premium less than two thousand five hundred United States dollars and of pension insurance derived from social security laws, Insurers may refrain from completing the verification of the identity of their Customers and integrating into their files the identity documents of their Beneficiaries, in accordance with the Sixth Provision, Section II, and Seventh Provision, when resources are delivered to them or they present themselves to exercise their rights, associated with insurance that covers events related to the seismic phenomena that occurred during September 2017 and their aftershocks, as well as for the hydrometeorological phenomena that occurred in the same month, in various regions of the Country, provided that the corresponding payment is made through:

I. Transfer to an account that the Customer or Beneficiary holds at a credit institution, or

II. The delivery of a named check payable to the Customer or Beneficiary, for deposit into an account in their name at a credit institution.

TRANSITIONAL

SOLE.- This Agreement shall enter into force the day following its publication in the Official Journal of the Federation and shall remain in effect for eight months from that date.

Given in Mexico City, on the 18th day of the month of October of two thousand seventeen. - The Secretary of Finance and Public Credit, José Antonio Meade Kuribreña. - Signature.

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