This Law regulates the organization of mutual insurance societies and institutions. This document details all the permitted activities and operations that these institutions can perform. These operations should be executed with the sole purpose of protecting the interests of insured agents, within the limits established through a pre-existing contract.
Insurance operations can be classified under one of the following categories: life, accidents, damages or housing. Institutions should have the approval of the National Insurance and Securities Commission before the beginning of operations. Their application to the commission must include the company's insurance policies, a list of projected operations, and an initial valuation of the company's portfolio.