Regulatory Alerts2019-10-18 | DOF 5575912Added
Notice declaring the revocation of the authorization granted to Principal Pensiones, S.A. de C.V., Principal Grupo Financiero, to organize and operate as an insurance institution
The National Insurance and Bonds Commission declares the revocation of the authorization granted to Principal Pensiones, S.A. de C.V., Principal Grupo Financiero, to operate as a life insurance institution, specifically for managing pension insurance derived from social security laws. This revocation is based on the company's shareholder agreement to transfer its entire portfolio to Pensiones Banorte, S.A. de C.V., and initiates the conventional liquidation process for the entity. Principal Pensiones is prohibited from issuing new insurance policies upon notification and must publish the revocation declaration within 120 days while the designated liquidator manages the settlement of obligations.
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