Mexico to implement Solvency II a year before Europe

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The Comisión Nacional de Seguros y Fianzas (CNSF) which regulates the Mexican insurance sector, is to implement its own Solvency II-type risk-based regulatory regime by January 1, 2012, a year ahead of the likely implementation of the EU’s version.

The level one draft establishing the principles for firms’ capital requirements is currently being reviewed by lawyers from the country’s ministry of finance before passing to congress for approval in September.

Mexico only announced its intention to