Regulatory Alerts2021-11-19 | DOF 5635831Added · Updated
Official Letter Modifying the Authorization for BBVA Pensiones Mexico, S.A. de C.V., Grupo Financiero BBVA Mexico to Organize, Operate, and Function as an Insurance Institution
The National Insurance and Sureties Commission modifies the authorization granted to BBVA Pensiones Mexico, S.A. de C.V., Grupo Financiero BBVA Mexico, to reflect the entity's name change from Pensiones BBVA Bancomer, the removal of "Distrito Federal" from its registered address, and the update of applicable legislation. The resolution updates the institution's bylaws to cite the Insurance and Sureties Institutions Law instead of the repealed General Law of Insurance and Mutual Societies, and establishes that the social capital is variable with specific withdrawal restrictions. The modified authorization must be published in the Official Gazette and two widely circulated newspapers within 120 days of notification.