Modifying Circular 10/23 of the Single Insurance and Surety Circular

DOF: 07/08/2024

MODIFYING CIRCULAR 10/23 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

A seal with the National Coat of Arms appears at the margin, which reads: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Commission of Insurance and Sureties.

MODIFYING CIRCULAR 10/23 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Section 32.10.10.)

The National Commission of Insurance and Sureties, based on articles 91, 92, 93, 94, 366, fraction II, 367, fraction II, 372, fractions VI, XXII and XLII, 373 and 381 of the Law of Insurance and Surety Companies, and

CONSIDERING

That in accordance with what is established in article 23 of the Regulations on Insurance and Surety Agents, Agents must contract and maintain in force a civil liability insurance policy for errors and omissions, for the amounts, terms and under the conditions that the Commission establishes through general provisions, in order to guarantee the fulfillment of the responsibilities they may incur towards the public user, due to the intermediation activities they carry out.

That Chapter 32.10. of the Single Insurance and Surety Circular determines the terms and conditions under which the civil liability insurance policy for errors and omissions must be contracted; likewise, it establishes that Agents must present said insurance and its proof of payment to the Commission, within the thirty natural days following the date they obtain their authorization.

That in order to guarantee the timely presentation of the civil liability insurance policies for errors and omissions that Agents must have when an authorization is issued to them to intermediated, and with the purpose of safeguarding the interests of the public user of financial services, it is pertinent to modify the text of the Single Insurance and Surety Circular.

For the aforementioned reasons, this National Commission of Insurance and Sureties has resolved to issue the following modification to the Single Insurance and Surety Circular, in the following terms:

MODIFYING CIRCULAR 10/23 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Section 32.10.10)

SINGLE. - A third paragraph is added to Section 32.10.10. of the Single Insurance and Surety Circular, so that said Section reads as follows:

«32.10.10. The civil liability insurance policy for errors and omissions that Individual Legal Entity Agents must contract in accordance with what is provided in this Chapter must be presented within the thirty natural days following the date they obtain their authorization, and must cover their responsibilities from the date the Individual Legal Entity Agent obtained their authorization. This term shall not apply in the case of certificate renewal procedures.

The civil liability insurance policies for errors and omissions, as well as the proof of payment thereof, shall be sent to the Commission through the Citas y Registro de Personas System at the time of carrying out the certificate renewal procedure, or when a new authorization is processed due to not having carried out the renewal in a timely manner or due to the interruption of their activities as an Individual Legal Entity Agent or due to a change in the category of their authorization, and must send the information referred to in Section 32.10.8., in terms of Annex 32.10.10.

In order to safeguard the interests of the public user of financial services, in the case of Individual Legal Entity Agents who have obtained authorization, have been issued a certificate and who do not send to this Commission through the corresponding System the aforementioned policy and proof of payment within the term and conditions established in this Chapter, said certificate shall be suspended, until such time as this obligation is fulfilled.»

TRANSITORY PROVISIONS

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

SECOND. - This Modifying Circular shall enter into force sixty natural days after its publication in the Official Journal of the Federation.

Respectfully

Mexico City, July 30, 2024 .-

The President of the National Commission of Insurance and Sureties,

Ricardo Ernesto Ochoa Rodríguez .- Initials.

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