The country's banking and insurance watchdog is once again trying to update its mortality tables after plans to amend them in 2015 were scrapped following a barrage of criticism.
Billionaire Sebastián Piñera won a decisive victory against the ruling coalition candidate, center-left senator Alejandro Guillier, and will return to La Moneda presidential palace in March.
The agency cited disparities in the minimum fees, collection models and contribution structure between Mexican and Chilean pension systems, noting that the Mexican system ultimately places additional pressures on workers under the current framework.
The Mexican insurers' association said insured losses would represent roughly a fifth of the total economic impact, much of which will have to be absorbed by individual families and businesses.
Lawmakers are due to debate the bill in congress on Monday, December 18.