Regulatory Alerts2017-05-24 | DOF 5484059Added
Official Letter Revoking Authorization for Genworth Seguros Vida, S.A. de C.V. to Operate as an Insurance Institution
The National Commission of Insurance and Sureties revokes the authorization of Genworth Seguros Vida, S.A. de C.V. to operate as a life insurance institution following its shareholders' decision to dissolve and liquidate the company. The revocation prohibits the institution from issuing new insurance policies upon notification, while mandating the settlement of pending claims through an irrevocable trust and the termination of commercial obligations with agents. The designated liquidator is required to submit a calendarized work plan, initial liquidation balance, and monthly progress reports to the Commission, culminating in a final balance audited by an independent external auditor before publication in the Official Gazette.