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Posted in Latin America, Regulatory and legislative updates

Mexico: Surety insurers prepare to commence operations

Two years after the Insurance and Bonding Companies Law was enacted, surety insurance is finally starting to take effect in Mexico and coexist with other institutions that integrate the bonding sector.

In Mexico, surety insurance is regulated as a mechanism to guarantee obligations, under which an insurer must indemnify the insured (ie, the beneficiary) in case of a breach of the policyholder’s legal or contractual obligations.

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