Introduction

On 22 May 2018 the National Commission for the Protection and Defence of Users of Financial Services (CONDUSEF) amended the General Rules on Good Practices, Transparency and Advertising applicable to Insurance Companies in order to:

  • add additional documents to the contractual documentation required for insurance adhesion contracts; and
  • provide the form on which insurers must include the insurance adhesion contract registry numbers granted by the National Insurance and Bonds Commission (CNSF) and CONDUSEF.

Required contractual documentation for insurance adhesion contracts

Insurance adhesion contracts are non-negotiable insurance contracts offered by insurers and accepted as is by an insured seeking the corresponding coverage.

The recent amendment to the rules provides that insurance adhesion contracts must now include:

  • the individual consent form that the insured must sign; and
  • the individual certificates that the insurer will issue.

For a life or accident and health group insurance policy, in addition to the application document, the insurer must provide:

  • the policy cover;
  • the policy's general and special conditions;
  • any endorsements; and
  • a brochure containing the basic rights of the contracting party, the insured and their beneficiaries.

Insurers that conduct health insurance business must also include the required explanatory brochure of medical services, contracted benefits and available medical clinics and hospitals.

CONDUSEF may request and review the above documents in order to verify that they comply with the applicable legal provisions.

Registry numbers must be included in contractual documentation

Insurers must also include the registry numbers granted by the CNSF and CONDUSEF in the general conditions of an adhesion contract registry.

Compliance date

Insurers must comply with these amendments before 19 September 2018 by incorporating the following into the contractual documentation of their insurance adhesion contracts:

  • an individual consent form;
  • the individual certificates; and
  • the required explanatory brochure for the health line of business, where applicable.

In addition, insurers must include the registration numbers granted by the CNSF and CONDUSEF through the Registry of Insurance Adhesion Contracts in the general conditions of insurance adhesion contracts.

For further information on this topic please contact Carlos Ramos Miranda at Hogan Lovells BSTL by telephone (+52 55 5091 0000) or email (carlos.ramos@hoganlovells.com). The Hogan Lovells website can be accessed at www.hoganlovells.com.

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