Regulatory Alerts2022-12-30
Added · Updated
Compilation of Insurance and Reinsurance Rules - Modifications Regarding Data Safeguarding and Outsourcing
The Superintendence of Financial Services replaces Articles 16.1.1, 16.1.2, and 16.3 of the Insurance and Reinsurance Rules to update outsourcing authorization requirements, mandating express authorization for services provided from abroad and specifying contract clauses for domestic outsourcing. The resolution also amends Articles 120.1, 120.3, and 120.6 to strengthen data safeguarding obligations, requiring daily backups, off-site storage, annual integrity tests, and the designation of a senior data safeguarding officer. Additionally, Article 145.2 is updated to explicitly include the data safeguarding officer in the definition of senior personnel. These modifications apply to contracts signed after the resolution's effective date, with existing contracts required to comply upon renewal.
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