Regulatory Alerts2024-05-13 | DOF 5726357Added
Official Letter Modifying the Authorization for Agroasemex, S.A. to Organize, Operate, and Function as an Insurance Institution
The National Insurance and Bonds Commission modifies the authorization granted to Agroasemex, S.A. to reflect reforms in its bylaws, specifically updating the governing law reference from the repealed General Law to the current Insurance and Bonds Institutions Law, removing the specific "Earthquake" branch reference as it is now included under Catastrophic Risks, and defining the minimum paid-in capital in Units of Investment. The authorization is amended to explicitly list authorized insurance branches, including life, accidents and diseases, and various damage risks, while maintaining the intransmissible nature of the license. Agroasemex is required to publish this official letter in the Official Gazette of the Federation and two widely circulated newspapers within 120 days of notification.