Regulatory Alerts2017-12-12 | DOF 5507444Added
Modifying Circular 11/17 of the Single Circular on Insurance and Surety Bonds
The National Commission of Insurance and Surety Bonds adds new provisions 4.5.20 and 4.5.21 to the Single Circular on Insurance and Surety Bonds, mandating specific clauses and procedures in surety insurance policies and certificates. These requirements include stipulations for certificate delivery, indemnification payment authorization without prior notice, coverage terms for patrimonial damages, reimbursement procedures, and cancellation processes. The modifications aim to ensure legal certainty regarding the operational aspects of surety insurance contracts. The circular entered into force on the business day following its publication in the Official Gazette on December 12, 2017.
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