This Law protects the subjective rights and interests of all those insured, as well as all third parties involved in the supply, subscription, commercialization or execution of insurance contracts. The document also creates and establishes the framework for the authorization, regulation, supervision and functioning of all insurance activities.
At its most basic, all insurance activities are defined as those which transfer the insurable risk to which third persons are exposed for a premium previously established in a contract. Insurance clients are guaranteed their right to have their economic interests protected, their right to freedom, their right to information and their right to confidentiality.
The topics of Board of Directors appointment, capital and solvency regimes, and liquidity requirements and reserve requirements are also discussed.