Regulatory Alerts2017-10-27 | DOF 5502796Added
Agreement adding a Transitional Eleventh Provision to the General Provisions referred to in Article 140 of the General Law of Insurance and Mutual Insurance Institutions and Societies
The Agreement adds a Transitional Eleventh Provision to the General Provisions under Article 140 of the General Law of Insurance and Mutual Insurance Institutions and Societies, allowing insurers to suspend identity verification for clients and beneficiaries for insurance operations with an annual premium under $2,500 USD and social security pension insurance. This suspension applies specifically to claims related to seismic and hydrometeorological events that occurred in Mexico in September 2017, provided payments are made via bank transfer or a named check deposited into a credit institution account. The measure is effective for eight months starting the day after its publication in the Official Journal of the Federation.