Amendatory Circular 8/22 to the Single Circular for Insurance and Sureties

Official Gazette of the Federation (DOF): 29/08/2022

AMENDATORY CIRCULAR 8/22 TO THE SINGLE CIRCULAR FOR INSURANCE AND SURETIES

In the margin a seal with the National Shield, stating: United Mexican States.- FINANCE.- Ministry of Finance and Public Credit.- National Insurance and Surety Commission.

AMENDATORY CIRCULAR 8/22 TO THE SINGLE CIRCULAR FOR INSURANCE AND SURETIES

(Provision 3.7.14.)

The National Insurance and Surety Commission, based on the provisions of articles 366, section II, 367, section II, 372, sections VI and XLII, 373 and 381 of the Law of Insurance and Surety Institutions, and

CONSIDERING

That article 55 of the Law of Insurance and Surety Institutions establishes that the administration of the Institutions shall be entrusted to a board of directors and a general manager, in their respective spheres of competence.

That article 59 of the Law of Insurance and Surety Institutions establishes that in the case of national insurance institutions and national surety institutions, the board members shall be appointed by the Federal Executive through the Ministry of Finance and Public Credit, said appointments having to be made to public servants of the Federal Public Administration or professionals of recognized honorability, experience and prestige in economic and financial matters.

That article 61 of the Law of Insurance and Surety Institutions indicates that the Institutions shall verify, as appropriate, that the persons who are designated as board members, statutory auditors, general manager or equivalent, and officials with the two immediate lower hierarchies to the latter, comply with the requirements indicated in articles 56 to 60 of the referred Law. Likewise, that said article indicates that this Commission shall establish, through general provisions, the norms that the Institutions must observe to verify compliance with said requirements, as well as the criteria by which the files that certify compliance with the provisions of the aforementioned article must be integrated.

That Chapter 3.7. of the Single Circular for Insurance and Sureties, establishes the elements that the Institutions must evaluate and verify for the designation of their board members and officials, as well as the documentation with which the files of the designated persons must be integrated, in terms of provision 3.7.7 of the same.

That taking into consideration the provisions of the aforementioned article 59 of the Law of Insurance and Surety Institutions regarding the board members of national insurance institutions and national surety institutions, it is considered necessary to add a paragraph to Provision 3.7.14. of the Single Circular for Insurance and Sureties, in order to simplify the documents necessary for the integration of the files of those board members of national insurance institutions and national surety institutions who are public servants, for which reason this Commission has resolved to issue the following modification to the Single Circular for Insurance and Sureties in the terms specified below:

AMENDATORY CIRCULAR 8/22 TO THE SINGLE CIRCULAR FOR INSURANCE AND SURETIES

(Provision 3.7.14.)

SOLE.- A paragraph is added to Provision 3.7.14 of the Single Circular for Insurance and Sureties, to read as follows:

3.7.14

...

...

In the case of board members of national insurance institutions and national surety institutions, who are public servants, it shall be sufficient that a certified copy of their appointment and a copy of an official identification or of the entity, dependency or institution in which they work is in the respective file.

TRANSITORY

SOLE.- The present Amendatory Circular shall enter into force on the day following its publication in the Official Gazette of the Federation.

The foregoing is made known to you based on articles 366, section II, 367, section II, 372, sections VI and XLII, 373 and 381 of the Law of Insurance and Surety Institutions.

Respectfully,

Mexico City, August 22, 2022.- The President of the National Insurance and Surety Commission,

Ricardo Ernesto Ochoa Rodríguez .- Signature.

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