Regulatory Alerts2017-11-14 | DOF 5504397Added
Official Letter Modifying the Authorization Granted to Seguros Banorte, S.A. de C.V., Grupo Financiero Banorte
The National Insurance and Sureties Commission modifies the operating authorization for Seguros Banorte, S.A. de C.V., Grupo Financiero Banorte to align with statutory reforms. The changes remove the specific reference to "Earthquake" coverage from the company's object, as such risks are now classified under Catastrophic Risks, and update the capital requirement clause to mandate that paid-in capital be expressed in Investment Units and covered in national currency. The modified authorization terms must be published in the Official Journal of the Federation and two widely circulated newspapers within 120 days of notification.