Regulatory Alerts2022-10-25 | DOF 5669517Added · Updated
Official Letter Declaring the Revocation of Authorization for HSBC Pensiones, S.A. to Operate as an Insurance Institution
The National Insurance and Sureties Commission declares the revocation of the authorization for HSBC Pensiones, S.A. to function and operate as an insurance institution, specifically for pension insurance derived from social security laws, following the entity's decision to dissolve and liquidate conventionally. This revocation incapacitates HSBC Pensiones, S.A. from issuing new insurance policies and places it into a state of conventional liquidation upon notification. The appointed liquidator is required to implement a calendarized work plan to settle pending obligations within one year, submit monthly progress reports, and present a final balance and audit report before publication in the Official Gazette. HSBC Pensiones, S.A. must also register the notarial instrument of the extraordinary shareholders' meeting and submit a copy to the Commission within ninety days of notification.