Regulatory Alerts2019-12-04 | DOF 5580895Added
Modifying Circular 17/19 of the Single Insurance and Surety Circular
The National Insurance and Sureties Commission amends the definitions of "Certain Transfer of Liabilities Assumed by Active Sureties" and "Certain Transfer of Insurance Risk" in the Single Insurance and Surety Circular. The updated definitions specify the conditions under which risk transfer occurs in proportional and non-proportional reinsurance or reinsuring contracts, requiring that the net liability for future claims be lower than the expected gross claims value in at least 99% of future scenarios or under specific probability thresholds. These modifications apply to insurance institutions, mutual societies, surety institutions, and other entities subject to the Commission's supervision. The circular enters into force the day after its publication in the Official Gazette of the Federation.
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