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 of Contents

MEXICO

Legislation Overview

Supervision and Control

Legislation

Compulsory Insurance

Non-Admitted Insurance Regulations

Company Registration and Operation

License

Foreign Direct Investment / Ownership

Minimum Capital Requirements

Solvency Margins

Reserve Requirements

Statutory Return Requirements

Fee Structure

Taxation

Tax on Insurance Premium

Corporate Income Tax

Corporate Capital Gains Tax

Value Added Tax

Legal System

Policy Practice

About GlobalData

Contact Us

Table

List of Tables

Mexico – Corporate Tax Rates for the Financial Year 2021

Figures

List of Tables

Mexico – Corporate Tax Rates for the Financial Year 2021

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.

Mexico Insurance Industry – Governance, Risk and Compliance standard reports
Currency USD
$950

Can be used by individual purchaser only

$1,900

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

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.

Sample Report

Mexico Insurance Industry – Governance, Risk and Compliance was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS
Financial Services
New
Worldline - Competitor Profile
$350 | March 2024
Financial Services
New
M-PESA - Competitor Profile
$350 | April 2024
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Mexico Insurance Industry – Governance, Risk and Compliance in real time.

  • Access a live Mexico Insurance Industry – Governance, Risk and Compliance dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.

Governance, 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 of Contents

1 INTRODUCTION

1.1 What is this Report About?

1.2 Definitions

2 GOVERNANCE, RISK AND COMPLIANCE

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulation

2.3 Legislation and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability insurance

2.3.5 Marine, aviation and transit insurance

2.3.6 Personal accident and health insurance

2.4 Compulsory Insurance

2.4.1 Workers’ compensation insurance

2.4.2 Motor third-party liability insurance

2.4.3 Social security system

2.4.4 Liability for ships with respect to oil pollution

2.4.5 Liability insurance in respect of transportation of dangerous or toxic substances

2.4.6 Errors and omission insurance for bonding agents

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors

2.5.2 Association of Insurance Supervisors Latin America

2.5.3 Secretaria de Hacienda y Credito Publico

2.5.4 Comisión Nacional de Seguros y Fianzas

2.5.5 Association of Mexican Insurance Companies

2.6 Non-Admitted Insurance Regulations

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and penalties

2.7 Company Registration and Operations

2.7.1 Type of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margin

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxations

2.8.2 Withholding taxes on premium paid overseas

2.8.3 Corporate tax

2.8.4 VAT

2.8.5 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution

3 APPENDIX

3.1 Methodology

3.2 Contact GlobalData

3.3 About GlobalData

3.4 GlobalData’s Services

3.5 Disclaimer

Table

List of Tables

Table 1: Insurance Industry Definitions

Table 2: Mexico – Insurance Regulatory Framework Key Features

Table 3: Mexico – Life Insurance Regulatory Framework

Table 4: Mexico – Property Insurance Regulatory Framework

Table 5: Mexico – Motor Insurance Regulatory Framework

Table 6: Mexico – Liability Insurance Regulatory Framework

Table 7: Mexico – Implementation of Mandatory Motor Third-Party Liability Insurance

Table 8: Mexico – Corporate Tax Rates for the Financial Year 2018

Figures

List of Figures

Figure 1: Mexico – Insurance Supervision and Control at Various Levels

Figure 2: Mexico – Insurance Regulatory Frameworks for Company Registration and Operation

Frequently asked questions

Governance, Risk and Compliance – The Mexican Insurance Industry standard reports
Currency USD
$950

Can be used by individual purchaser only

$2,850

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

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.

Sample Report

Governance, Risk and Compliance – The Mexican Insurance Industry was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS
Financial Services
New
Worldline - Competitor Profile
$350 | March 2024
Financial Services
New
M-PESA - Competitor Profile
$350 | April 2024
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Governance, Risk and Compliance – The Mexican Insurance Industry in real time.

  • Access a live Governance, Risk and Compliance – The Mexican Insurance Industry dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.