Modifying Circular 11/17 of the Single Circular on Insurance and Surety Bonds

DOF: 12/12/2017

Modifying Circular 11/17 of the Single Circular on Insurance and Surety Bonds

A seal with the National Emblem appears on the margin, which reads: United Mexican States.- Ministry of Finance and Public Credit.- National Commission of Insurance and Surety Bonds.

MODIFYING CIRCULAR 11/17 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETY BONDS

(Provisions 4.5.20 and 4.5.21)

The National Commission of Insurance and Surety Bonds, based on the provisions of Articles 366, fraction II, 372, fractions VI and XLII, 373, and 381 of the Law of Insurance and Surety Bond Institutions, and

CONSIDERING

That on April 4, 2013, the "Decree establishing the Law of Insurance and Surety Bond Institutions and reforming and adding various provisions of the Law on the Insurance Contract" was published in the Official Gazette of the Federation, in whose First Article the Law of Insurance and Surety Bond Institutions is established.

That on December 19, 2014, the Single Circular on Insurance and Surety Bonds was published in the Official Gazette of the Federation with the provisions derived from the Law of Insurance and Surety Bond Institutions, systematizing its integration and homogenizing the terminology used, in order to thereby provide legal certainty regarding the regulatory framework to which insurance institutions and mutual insurance societies, surety bond institutions, and other persons and entities subject to the inspection and surveillance of the National Commission of Insurance and Surety Bonds must adhere in the development of their operations.

That fraction III, subsection g), of Article 25, in relation to fraction XII of Article 27, both of the Law of Insurance and Surety Bond Institutions, provide, within the damage operations that Insurance Institutions may conduct, the surety bond branch, which consists of the payment of an indemnification to the insured as compensation or penalty for patrimonial damages suffered, within the limits provided in the insurance contract, upon the occurrence of the circumstances agreed upon regarding the failure by the policyholder of the insurance to comply with their legal or contractual obligations, excluding obligations related to contracts of a financial nature.

That according to what is provided in Article 200, fraction IV, of the Law of Insurance and Surety Bond Institutions, Insurance Institutions, when carrying out their activity, must clearly and precisely indicate in the contractual documentation of insurance operations and related thereto, the scope, terms, conditions, exclusions, limitations, deductibles or franchises, and any other modality established in the coverage or plans offered by the Insurance Institution, as well as the rights and obligations of the policyholders, insured, or beneficiaries.

That in accordance with what is established in Article 215 of the Law of Insurance and Surety Bond Institutions, insurance contracts, in general, must contain the indications that the National Commission of Insurance and Surety Bonds may administratively fix through general provisions, to ensure the solvency of the Institutions and in protection of the interests of the policyholders, insured, or beneficiaries.

That in this context, it is deemed convenient to add to the Single Circular on Insurance and Surety Bonds Provisions 4.5.20 and 4.5.21, in order to include clearly and precisely operational aspects that the surety insurance contract must consider in its content, with the purpose of generating legal certainty for the parties involved in it.

That in order to comply with Article Five of the "Agreement establishing the guidelines that must be observed by the dependencies and decentralized organisms of the Federal Public Administration, regarding the issuance of general administrative acts to which Article 69-H of the Federal Administrative Procedure Law applies," published in the Official Gazette of the Federation on March 8, 2017, Modifying Circular 7/17 of the Single Circular on Insurance and Surety Bonds (Provisions 20.3.1, 20.3.2, and 38.1.6; Annex 20.3.1) was published in the same Official Gazette on June 15, 2017, through which administrative burdens were reduced for insurance institutions authorized to practice pension insurance derived from social security laws obliged to contribute to the special funds referred to in Article 275 of the Law of Insurance and Surety Bond Institutions, by eliminating the obligation to inform this Commission of the amounts deposited to the special trusts, within five business days following the date on which the respective contribution was made; an obligation that gave rise to the procedure "Verification of Contribution to the Special Fund" with homoclave CNSF-16-012.

Therefore, the National Commission of Insurance and Surety Bonds has resolved to issue the following modification to the Single Circular on Insurance and Surety Bonds in the following terms:

MODIFYING CIRCULAR 11/17 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETY BONDS

(Provisions 4.5.20 and 4.5.21)

SINGLE.- Provisions 4.5.20 and 4.5.21 are added, to read as follows:

4.5.20.

In the surety insurance policy, in addition to the requirements provided in the applicable regulations, the following must be contemplated at a minimum:

I.

A clause establishing that the Insurance Institution will deliver to the policyholder the certificate or certificates, so that the latter may forward them to the insured, or a copy thereof, if it is agreed that the Insurance Institution will deliver them directly to the insured;

II.

Payment of the indemnification, indicating that the Insurance Institution is authorized to make the payment of the amounts requested of it, without the need for prior notification to the policyholder of the insurance nor for the latter to show their consent;

III.

Provide that the coverage must establish that the indemnification may operate in terms of compensation or penalty for patrimonial damages suffered.

For cases of compensation, if the coverage operates at a value agreed to be paid upon the claim, then the amount of the damage does not need to be proven, or, if the coverage operates with an insured sum subject to the valuation of the damage, the Insurance Institution will only respond for the amount of the damage, but not exceeding said sum;

IV.

Reimbursement procedure by the policyholder regarding payments made by the Insurance Institution in favor of the insured, as well as the advance of the amount of the claimed indemnification;

V.

Once the policyholder of the insurance has reimbursed the Insurance Institution the amount of the indemnification, they may, at their own expense, claim from the insured the restitution of the amounts they consider to have been improperly paid;

VI.

Expressly provide that there can be no substitution in the fulfillment of the policyholder's obligation by the Insurance Institution;

VII.

Procedure for cancellation of the insurance;

VIII.

The Insurance Institution may not oppose to the insured the exceptions and defenses that the policyholder of the insurance may have against the latter and that derive from the underlying or principal obligation, and

IX.

Clauses that are incompatible with the nature of surety insurance may not be included.

4.5.21.

In the surety insurance certificate, in addition to the requirements provided in the applicable regulations, the following must be contemplated: those indicated in fractions II, III, V to IX of Provision 4.5.20, as well as the description of the procedure for the payment of the claim that establishes the documents the insured must present to the Insurance Institution, to prove that the circumstances agreed upon to make the amount of the indemnification exigible have occurred.

TRANSITORY PROVISIONS

FIRST.- This Modifying Circular shall enter into force on the business day following its publication in the Official Gazette of the Federation.

SECOND.- This Commission, in order to comply with Article Five of the "Agreement establishing the guidelines that must be observed by the dependencies and decentralized organisms of the Federal Public Administration, regarding the issuance of general administrative acts to which Article 69-H of the Federal Administrative Procedure Law applies," published in the Official Gazette of the Federation on March 8, 2017, will simplify the procedure CNSF-12-026-A, "Registration and/or renewal of legal assessors before the National Commission of Insurance and Surety Bonds, for the subscription of the legal opinion that certifies compliance of the contractual documentation with the applicable current regulations. Modality A: Registration of legal assessor in insurance and surety bond matters," within a period of six months counted from the publication of this Modifying Circular in the Official Gazette of the Federation.

The foregoing is made known to you, based on Articles 366, fraction II, 372, fractions VI and XLII, 373, and 381 of the Law of Insurance and Surety Bond Institutions.

Respectfully,

Effective Suffrage. No Re-election.

Mexico City, November 28, 2017. - The President of the National Commission of Insurance and Surety Bonds, Norma Alicia Rosas Rodríguez. - Signature.

In the document you are viewing, there may be text, characters, or objects that do not display correctly due to conversion to HTML format, so we recommend always taking the digitized image of the DOF or the PDF file of the edition as a reference. The content, form, and scope of published documents are the strict responsibility of their issuer.

INQUIRY

BY DATE

Do Mo Tu We Th Fr Sa

INDICATORS

Exchange Rate and Rates as of 08/29/2026

UDIS

8.809369

See more

SURVEYS

Did you like the new image of the Official Gazette of the Federation website?

No

Yes

Official Gazette of the Federation

Río Amazonas No. 62, Col. Cuauhtémoc, C.P. 06500, Mexico City Tel. (55) 5093-3200, where you can access our services menu

Electronic address: dof.gob.mx

113

LEGAL NOTICE | SOME RIGHTS RESERVED © 2026