Modifying Circular 4/19 of the Single Insurance and Surety Circular — SHCP — MX

DOF: 04/03/2019

MODIFYING CIRCULAR 4/19 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

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

MODIFYING CIRCULAR 4/19 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Provision 34.4.4.)

The National Insurance and Sureties Commission, based on the provisions of Articles 366, fraction II, 369, fraction I, 372, fractions V, VI and XLII, 373 and 381 of the Law of Insurance and Surety Companies, and

CONSIDERING

That on March 8, 2017, the "Agreement establishing the guidelines that must be observed by the dependencies and decentralized organisms of the Federal Public Administration, regarding the issuance of administrative acts of a general nature to which Article 69-H of the Federal Administrative Procedure Law applies," was published in the Official Gazette of the Federation, through which, in terms of its Fifth Article, the Dependencies of the Federal Public Administration that issue new administrative acts of a general nature, must expressly indicate in the corresponding draft the two regulatory obligations or the two acts that will be abrogated or repealed and that refer to the same regulated matter or economic sector.

That in terms of what is provided in the first paragraph of Article 78 of the General Law of Regulatory Improvement, published in the Official Gazette of the Federation on May 18, 2018, for the issuance of regulations, the obligated subjects referred to in fraction XIX of Article 3 of the aforementioned legal instrument, must expressly indicate in their regulatory proposal the regulatory obligations or acts to be modified, abrogated or repealed, with the aim of reducing the cost of compliance with them by an amount equal to or greater than that of the new obligations of the regulatory proposal to be issued and that refer or refer to the same regulated matter or sector.

That on October 18, 2018, the Modifying Circular 9/18 of the Single Insurance and Surety Circular was published in the Official Gazette of the Federation, by virtue of which, in accordance with what is established in numeral 3 of the last paragraph of its considering text, and with the aim of complying with the Fifth Article of the aforementioned Agreement, the National Insurance and Sureties Commission acquired the commitment to simplify the administrative obligation contained in Provision 34.4.4 of the Single Insurance and Surety Circular, consisting of the obligation on the part of the Offices of Representation of entities from abroad that are registered in the General Registry of Foreign Reinsurers kept by said Commission, to prove before this Decentralized Organ of the Ministry of Finance and Public Credit, their inscription in the National Registry of Foreign Investments, in accordance with what is provided in Article 32, fraction II, of the Foreign Investment Law.

That in order to comply with what is established in numeral 3 of the last paragraph of the considering text of the aforementioned Modifying Circular 9/18, and in observance of what is provided in the first paragraph of the aforementioned Article 78 of the General Law of Regulatory Improvement, the National Insurance and Sureties Commission repeals the proof obligation provided for in Provision 34.4.4. of the Single Insurance and Surety Circular referred to, suppressing said Provision for this purpose.

For the above, this Commission issues the following modification to the Single Insurance and Surety Circular in the following terms:

MODIFYING CIRCULAR 4/19 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Provision 34.4.4.)

SOLE.- Provision 34.4.4. of the Single Insurance and Surety Circular is repealed.

TRANSITORY

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

The foregoing is made known to you, based on Articles 366, fraction II, 369, fraction I, 372, fractions V, VI and XLII, 373 and 381 of the Law of Insurance and Surety Companies.

Respectfully

Mexico City, February 22, 2019. - The President of the National Insurance and Sureties Commission, Ricardo Ernesto Ochoa Rodríguez.- Signature.

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