Mexico Insurance Industry – Governance, Risk and Compliance
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
The Mexico insurance industry report provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
What are the market dynamics in Mexico insurance industry?
The CNSF was established on January 3, 1990, as an autonomous body of the SHCP. It derives its power from the General Law of Institutions and Mutual Insurance, and regulations and administrative provisions applicable to insurance services and surety markets. The key objectives of the CNSF include protecting the interests of policyholders in matters relating to assigning of policy, nomination by policyholders, insurable interest, settlement of insurance claim, and other terms and conditions of the contract, regulating the investment funds of insurance companies, deciding on fees and other charges for carrying out the act’s instructions, responsible for regulating the maintenance of solvency margins, settling disputes between insurers and intermediaries, promoting efficiency in conducting insurance in the country.
Which are the key associations in Mexico insurance industry?
The key associations in the Mexico insurance industry include International Association of Insurance Supervisors (IAIS), Association of Insurance Supervisors Latin America (ASSAL), Secretaria de Hacienda y Credito Publico (SHCP), and Association of Mexican Insurance Companies (AMIS).
International Association of Insurance Supervisors
The IAIS formulates and issues various global insurance principles, standards, and guidance provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability. It holds an annual conference where supervisors, industry representatives, and other professionals discuss developments in the insurance industry and topics affecting insurance regulation.The primary objectives of IAIS are to contribute to global financial stability and promote effective and globally consistent supervision of the insurance industry and to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders.
Association of Insurance Supervisors Latin America
The primary objectives of Association of Insurance Supervisors Latin America (ASSAL) include the exchange of information on legislation, control methods, market characteristics and operating systems in each of the countries in the areas of insurance and reinsurance, collecting and dissemination of technical and statistical information, promoting co-operation activities, analyze the development of reinsurance in the region, encouraging regional programs in education insurance and reinsurance, harmonizing policies and monitoring mechanisms, conveying the experiences in member countries on specific issues in the insurance industry.
Secretaria de Hacienda y Credito Publico
The Secretaria de Hacienda y Credito Publico (SHCP) is the regulator of the Mexican insurance industry. The SFPC was formed on May 13, 1891, when the Ministry of Finance increased its powers in relation to trade. Key objectives include licensing insurance entities, setting the insurance policy and introducing regulation. The SHCP always takes advice from the CNSF before taking any decision relevant to licensing or regulation formulation.
Association of Mexican Insurance Companies
Association of Mexican Insurance Companies (AMIS) was established in 1945 with the objective to develop and promote the insurance industry in Mexico. It is a federal district-based association that provides advisory and technical services to its members. It is a founder member of the Business Coordinating CCE Council and a member of the Inter-American Federation of Insurance companies (FIDES).
Which are the key licenses issued in Mexico insurance industry?
The key licenses issued in Mexico insurance industry are life insurance, accident and illness insurance, which includes personal accident, medical expenses and health insurance, public liability and professional risks insurance, maritime and transport insurance, fire insurance, agricultural and animal insurance, automobile insurance, credit insurance, surety insurance, housing loans insurance, financial security insurance, catastrophic risks insurance, composite insurance license, reinsurance licenses, and license for intermediaries.
Market report scope
Key associations | International Association of Insurance Supervisors (IAIS), Association of Insurance Supervisors Latin America (ASSAL), Secretaria de Hacienda y Credito Publico (SHCP), and Association of Mexican Insurance Companies (AMIS) |
Key licenses | Life Insurance, Accident and Illness Insurance, Which Includes Personal Accident, Medical Expenses and Health Insurance, Public Liability And Professional Risks Insurance, Maritime And Transport Insurance, Fire Insurance, Agricultural And Animal Insurance, Automobile Insurance, Credit Insurance, Surety Insurance, Housing Loans Insurance, Financial Security Insurance, Catastrophic Risks Insurance, Composite Insurance License, Reinsurance Licenses, and License For Intermediaries |
Scope
- The report covers details of the insurance regulatory framework in Mexico.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Mexico.
- Track the latest regulatory changes and expected changes impacting the Mexican insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
Table of Contents
Table
Figures
Frequently asked questions
-
Which are the key associations in the Mexico insurance industry?
International Association of Insurance Supervisors (IAIS), Association of Insurance Supervisors Latin America (ASSAL), Secretaria de Hacienda y Credito Publico (SHCP), and Association of Mexican Insurance Companies (AMIS) are the key associations in the Mexican insurance industry.
-
Which are the key licenses issued in the Mexico insurance industry?
Life insurance, accident and illness insurance, which includes personal accident, medical expenses and health insurance, public liability and professional risks insurance, maritime and transport insurance, fire insurance, agricultural and animal insurance, automobile insurance, credit insurance, surety insurance, housing loans insurance, financial security insurance, catastrophic risks insurance, composite insurance license, reinsurance licenses, and license for intermediaries are the key licenses issued in the Mexican insurance industry.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.
Related reports
View more Financial Services reportsGovernance, Risk and Compliance – The Mexican Insurance Industry
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
GlobalData’s "Governance, Risk and Compliance – The Mexican Insurance Industry", report is the result of extensive research into the insurance regulatory framework in Mexico.
It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Mexico, including –
– An overview of the insurance regulatory framework in Mexico.
– The latest key changes, and changes expected in the country’s insurance regulatory framework.
– Key regulations and market practices related to different types of insurance product in the country.
– Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Mexico.
– Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
– Details of the tax and legal systems in the country.
Key Highlights
– The CNSF regulates the Mexican insurance industry.
– There is no IPT on insurance premium.
– Non-admitted insurance is prohibited in Mexico.
– FDI is permitted in the Mexican insurance industry up to 100%.
– Composite insurance is not permitted in Mexico. However, life insurance companies are permitted to underwrite health and accident insurance business.
Scope
– The report covers details of the insurance regulatory framework in Mexico.
– The report contains details of the rules and regulations governing insurance products and insurance entities.
– The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
– The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
– The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Buy
– Gain insights into the insurance regulatory framework in Mexico.
– Track the latest regulatory changes, and expected changes impacting the Mexicon insurance industry.
– Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
– Understand key regulations and market practices pertaining to various types of insurance product.
Table of Contents
Table
Figures
Frequently asked questions
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.