• Name of coverholder and syndicates involved.
• Scope of the authority granted.
• Period of validity of the binding authority agreement.
• Territorial scope.
• Type of risks and operations covered (in Spanish).
• Limitations of liability (in USD).
• Legal Address.
Following the submission of this notification, the coverholder will be able to underwrite Mexican business on behalf of the foreign reinsurer. The CNSF has 20 days from the date of receipt of the notification to request additional information or clarifications about it.
To initiate the process, Lloyd’s coverholders based outside of Mexico who intend to transact Mexican business must contact Lloyd’s Representative Office in Mexico with a copy of their binding authority agreement (if available, a Spanish translation should be submitted alongside the English original). Coverholders must include the details of a point of contact who will be subsequently contacted throughout the process.
1. The coverholder must send an email to firstname.lastname@example.org with a copy of their Binding Authority Agreement (if available, a Spanish translation should be submitted alongside the English original), and listing in Spanish the following information:
- Name of coverholder and syndicates involved.
- Scope of the authority granted,
- Period of validity of the binding authority agreement,
- Territorial scope,
- Type of risks and operations covered (in Spanish), and
- Limitations of liability (in USD)
- Legal Address
2. Lloyd’s Mexico will send back a confirmation email verifying all the information provided prior to its submission to the regulator. Once a final verification from the coverholder is received, the notification letter will be submitted to the CNSF and a copy of the notification will be sent to the coverholder for their own records. The coverholder can bind business from Mexico as soon as the notification is issued to the regulator.
3.The full list of coverholders is updated monthly on the CNSF website.
Additionally, reinsurance intermediaries based in Mexico, can become Lloyd`s coverholders, to find out more about this process please contact email@example.com.
Frequently asked questions
Foreign reinsurers wishing to appoint coverholders to write business from Mexico on a cross-border basis must notify the regulator in writing of their intention to do so, clearly stating the scope and limits of authority of their appointed coverholders.
This briefing provides guidance and addresses commonly asked questions on notification process.