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Market Research Report

Governance, Risk and Compliance - The Mexican Insurance Industry

Published by GlobalData Product code 336235
Published Content info 60 Pages
Delivery time: 1-2 business days
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Governance, Risk and Compliance - The Mexican Insurance Industry
Published: December 5, 2019 Content info: 60 Pages

The Comision Nacional de Seguros y Fianzas (CNSF) is an autonomous body of the Secretaria de Hacienda y Credito Publico (SHCP) that regulates and governs the Mexican insurance industry. The CNSF was established on January 3, 1990 to ensure the stability and efficient functioning of the insurance industry. The SHCP is instrumental in licensing insurance entities, setting insurance policy and introducing regulation. It always takes advice from the CNSF before taking any decision relevant to licensing or regulation formulation. The CNSF is responsible for checking the financial stability of insurance companies, and supervising insurance operations in the country.

Rules and regulations to govern the Mexican insurance industry are stipulated in the Insurance Contract Law and the Insurance and Surety Institutions Law. The Insurance Contract Law was enacted on August 31, 1935. The Insurance and Surety Institutions Law that was introduced on April 4, 2013, came into force in 2015.

Key Findings -

  • 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

The report "Governance, Risk and Compliance - Mexican Insurance Industry" 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 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 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 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
Product Code: GDIS0083RR

Table of Contents


  • 1.1 What is this Report About?
  • 1.2 Definitions


  • 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 Comision 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 taxation
    • 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 (ADR)


  • 3.1 Methodology
  • 3.2 Contact GlobalData
  • 3.3 About GlobalData
  • 3.4 GlobalData's Services
  • 3.5 Disclaimer

List of Tables

  • Table 1: Insurance Industry Definitions 6
  • 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 - Civil Liability Insurance Coverage and Cover Limits
  • Table 8: Mexico - Corporate Tax Rates for the Financial Year 2019

List of Figures

  • Figure 1: Mexico - Insurance Supervision and Control at Various Levels
  • Figure 2: Mexico - Insurance Regulatory Frameworks for Company Registration and Operation
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