Amendatory Circular 9/23 of the Single Insurance and Surety Circular

Official Gazette of the Federation: 15/12/2023

AMENDATORY CIRCULAR 9/23 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

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 9/23 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Eighty-Fifth Transitory Provision)

The National Insurance and Surety Commission, based on Articles 91, 92, 93, 94, 366, section II, 367, section II, 372, sections VI, XXII and XLII, 373 and 381 of the Law of Insurance and Surety Institutions, and

WHEREAS

That through Amendatory Circular 1/23, published in the Official Gazette of the Federation on February 13, 2023, the text of the Eighty-Fifth Transitory Provision of the Single Insurance and Surety Circular was modified, which was made known through Amendatory Circular 7/22 published in said Federal Dissemination Body on August 25, 2022, modified in order to resume the calculation of periods for the renewal of the Authorizations of Individual Agents and Attorneys-in-Fact of Legal Entity Agents referred to in Article 15, last paragraph, of the Regulation of Insurance and Surety Agents, as well as Provision 32.4.1. of the Single Insurance and Surety Circular.

That in terms of Amendatory Circular 1/23 the current Eighty-Fifth Transitory Provision establishes that the obligation to renew the authorizations of Individual Agents and Legal Entity Agents suspended by Amendatory Circular 4/20 of the Single Insurance and Surety Circular, published in the Official Gazette of the Federation on March 27, 2020, would remain suspended until December 15, 2023.

That during the first six months of this year the number of procedures attended by the National Insurance and Surety Commission for the obtaining of new authorizations of Individual Agents, Attorneys-in-Fact of Legal Entity Agents; new authorizations of Legal Entity Agents; procedures for intermediary category; as well as renewals of Individual Agents and Attorneys-in-Fact of Legal Entity Agents, has exceeded the total annual number of procedures attended in the year 2019, last year of ordinary activity prior to the health contingency.

That it is pertinent to extend the suspension period to the obligation to renew the authorizations of Individual Agents and Attorneys-in-Fact of Legal Entity Agents in order to privilege the incorporation into the insurance intermediation activity of natural persons and legal entities, who otherwise would be prevented from developing this activity.

That the extension of the suspension to the obligation to renew authorizations, together with the measures taken by the National Insurance and Surety Commission substituting face-to-face procedures for those of a digital nature, as well as the substitution of physical agent credentials for digital credentials and the continuous improvement of processes, temporarily suspending the obligation to renew authorizations in terms of this Amendatory Circular, will allow within the period provided for by the suspension that this Circular establishes, to attend the extraordinary increase in procedure applications consequence of the effects of the health contingency.

Based on the foregoing, this National Insurance and Surety Commission has resolved to issue the following modification to the Single Insurance and Surety Circular, in the following terms:

AMENDATORY CIRCULAR 9/23 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Eighty-Fifth Transitory Provision)

SOLE. - The text of the Eighty-Fifth Transitory Provision referred to in Amendatory Circular 1/23 of the Single Insurance and Surety Circular, published in the Official Gazette of the Federation of February 13, 2023, is modified to read as follows:

« EIGHTY-FIFTH - The calculation of periods for the renewal of authorizations of Individual Agents and of Attorneys-in-Fact of Legal Entity Agents referred to in Article 15, last paragraph, of the Regulation of Insurance and Surety Agents and Provision 32.4.1. of the Single Insurance and Surety Circular, suspended through amendatory circular 4/20 of the Single Insurance and Surety Circular published in the Official Gazette of the Federation on March 27, 2020, is resumed, so that the authorizations of Individual Agents and Attorneys-in-Fact of Legal Entity Agents that should have been renewed from that date shall remain valid until September 30, 2024, including the authorizations that must be renewed during the same period.

In accordance with Article 23 of the Regulation of Insurance and Surety Agents, agents must have civil liability insurance for errors and omissions, so that in case of non-compliance with said requirement their application shall be rejected, without prejudice to them subsequently submitting a new application.»

TRANSITORY PROVISIONS

FIRST. - Publish in the Official Gazette of the Federation.

SECOND. - This Amendatory Circular shall enter into force on the day following its publication in the Official Gazette of the Federation.

Sincerely

Mexico City, December 14, 2023. - The President of the National Insurance and Surety Commission, Ricardo Ernesto Ochoa Rodriguez.- Signature.

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