translated from Spanish: Insurers and banks agree to COVID-19 measures

Faced with the health contingency by the COVID-19 coronavirus pandemic, insurers and banks agreed with federal authorities to implement measures to support users who must pay credit and insurance.
Read more: Banks announce support for COVID-19 epidemic
The Secretary of Finance and Public Credit (SHCP), Arturo Herrera, commented that one of the main measures is the restructuring of credits that individuals and companies have with banking institutions, to postpone capital and interest payments without the credit being broken.

Yesterday, through the @cnbvmx and in coordination with financial sector institutions, we announced actions to help #mexicanos with a credit to meet their financial obligations to the contingency arising from the #Covid19.https://t.co/7ROOLLWBXk
— Arturo Herrera Gutiérrez (@ArturoHerrera_G) March 26, 2020

This, the official said, “complements some additional measures from last week, with the goal of providing liquidity to the market.”
What are the measures?
The National Banking and Securities Commission (CNBV) explained that the agreement reached with banking institutions is an opportunity to defer, in part or in full, capital and/or interest payments for up to four months, with the possibility of extending it to two more months.
“Balances may be frozen at no interest charge. The foregoing will apply as long as the credit is classified as in force as of February 28, 2020,” Treasury explained in a statement.
This support will apply for mortgage loans, revolving and non-revolving credits to individuals, such as automotive, staff, payroll, credit card, and microcredit.
Business activity “in its different modalities, including agricultural ones” will also apply to commercial appropriations directed by business.
Insurers join
The National Insurance and Bonds Commission (CNSF) and the Mexican Association of Insurance Institutions (AMIS) also agreed on measures such as deferring payments from their clients, as well as providing facilities for their policies to include risks arising from COVID-19 coronavirus.
The other measures include extending the deadline for the endorsement of certificates, so that insurance agents can concentrate on serving the population that requires it; avoid penalization or cancellation of policies for customers who fail to pay on time.
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Original source in Spanish