Regulatory Alerts2016-10-14 | DOF 5456792Added
Amending Circular 18/16 of the Single Insurance and Surety Circular
The National Insurance and Surety Commission modifies Annexes 34.1.21-b and 34.2.2-b of the Single Insurance and Surety Circular to update the General Register of Foreign Reinsurers (RGRE) and the list of authorized underwriters for the period from January 1 to July 31, 2016. The amendments record the registration of twelve foreign reinsurers, including Factory Mutual Insurance Company and Affiliated FM Insurance Company, the cancellation of Amlin Europe N.V., and name changes for entities such as LIG Insurance Co., LTD to KB Insurance Co., LTD. Additionally, the document incorporates eleven authorized underwriters, specifying their liability limits, covered risks, and validity periods, such as Hanover Specialty Insurance Brokers with indefinite validity and International Reinsurance Managers, LLC with a three-year term ending December 31, 2017.
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DOF: 10/14/2016
Amending Circular 18/16 of the Single Insurance and Surety Circular
At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- Ministry of Finance and Public Credit.- National Insurance and Surety Commission.
AMENDING CIRCULAR 18/16 OF THE SINGLE INSURANCE AND SURETY CIRCULAR
(Annexes 34.1.21-b and 34.2.2-b)
The National Insurance and Surety Commission, based on the provisions of Articles 366, fraction II, 372, fractions VI and XLII, 373, and 381 of the Law of Insurance and Surety Institutions, and
CONSIDERING
That in accordance with the provisions of Article 107 of the Law of Insurance and Surety Institutions, in conjunction with Chapter 34.1 of the Single Insurance and Surety Circular, it is the competence of the National Insurance and Surety Commission to maintain the General Register of Foreign Reinsurers in which the leading foreign reinsurers that meet solvency and stability requirements to carry out operations and fulfill the diversification of responsibilities assumed by insurance institutions and mutual insurance societies and surety institutions in the country appear; which implies following up on the registration and cancellation of registration movements of foreign reinsurers in the aforementioned Register, as well as changes in the legal status of such foreign entities.
That foreign entities, in terms of what is provided in Provision 34.2.1 of the Single Insurance and Surety Circular, will inform the National Insurance and Surety Commission of the authorized underwriters with whom they have concluded agreements for the acceptance of risks and/or responsibilities in reinsurance and/or surety in the country, as well as the scope and characteristics granted, resulting of special importance that the aforementioned Commission makes known to the insurance and surety sector, as well as reinsurance intermediaries, about such authorized underwriters.
That in view of the foregoing, it is necessary to update Annexes 34.1.21-b and 34.2.2-b of the Single Insurance and Surety Circular with information regarding the granting of registration in the General Register of Foreign Reinsurers of leading foreign reinsurers that meet solvency and stability requirements to carry out operations and fulfill the diversification of responsibilities assumed by insurance institutions and mutual insurance societies and surety institutions in the country, as well as the cancellation of such registration in certain cases and finally, regarding the information that such reinsurers provide to the National Insurance and Surety Commission concerning the legal entities that underwrite risks in reinsurance or responsibilities in surety, in their name and representation (authorized underwriters).
For the aforementioned reasons, the National Insurance and Surety Commission has resolved to issue the following modification to the Single Insurance and Surety Circular in the following terms:
AMENDING CIRCULAR 18/16 OF THE SINGLE INSURANCE AND SURETY CIRCULAR
(Annexes 34.1.21-b and 34.2.2-b)
SINGLE.- Annexes 34.1.21-b and 34.2.2-b of the Single Insurance and Surety Circular are modified.
TRANSITORY
SINGLE.- This Amending Circular shall enter into force the day following its publication in the Official Gazette of the Federation.
This is made known to you, based on Article 366, fraction II, 372, fractions VI and XLII, 373, and 381 of the Law of Insurance and Surety Institutions.
Respectfully,
Effective Suffrage. No Re-election.
Mexico City, October 6, 2016. - The President of the National Insurance and Surety Commission, Norma Alicia Rosas Rodríguez.- Rubric.
ANNEX 34.1.21-b.
REGISTRATIONS, CANCELLATIONS, CHANGES OF NAME OR LOCATION OF FOREIGN INSURANCE AND REINSURANCE ENTITIES REGISTERED IN THE RGRE
From January 1 to July 31, 2016.
a) Granting of registration.
Office SHCP/CNSF
Date
Subject
...
...
...
06-C00-41100/32253
16/12/2015
Factory Mutual Insurance Company, to provide reinsurance services in the Mexican Republic. RGRE-1196-16-C0000.
06-C00-41100/32701
17/12/2015
Affiliated FM Insurance Company, to provide reinsurance services in the Mexican Republic. RGRE-1197-16-C0000.
06-C00-41100/32847
21/12/2015
IRB-Brasil Resseguros S.A., to provide reinsurance services in the Mexican Republic. RGRE-1200-16-C0000.
06-C00-41100/00049
8/01/2016
Philadelphia Indemnity Insurance Company, to provide reinsurance services in the Mexican Republic. RGRE-1198-16-C0000.
06-C00-41100/00056
8/01/2016
Axa Corporate Solutions Brasil e América Latina Resseguros S.A., to provide reinsurance services in the Mexican Republic. RGRE-1199-16-C0000.
06-C00-41100/04447
24/02/2016
Alterra America Insurance Company, to provide reinsurance services in the Mexican Republic. RGRE-1201-16-C0000.
06-C00-41100/09233
6/04/2016
General Insurance Corporation of India, to provide reinsurance and surety services in the Mexican Republic. RGRE-1202-16-C0000.
06-C00-41100/09553
11/04/2016
Austral Resseguradora S.A., to provide reinsurance services in the Mexican Republic. RGRE-1203-16-C0000.
06-C00-41100/11054
21/04/2016
Qatar Reinsurance Company Limited, to provide reinsurance and surety services in the Mexican Republic. RGRE-1204-16-C0000.
06-C00-41100/11332
26/04/2016
Nationwide Mutual Insurance Company, to provide reinsurance and surety services in the Mexican Republic. RGRE-1205-16-C0000.
06-C00-41100/11339
26/04/2016
American Steamship Owners Mutual Protection and Indemnity Association, Inc., to provide reinsurance services in the Mexican Republic. RGRE-1206-16-C0000.
06-C00-41100/13569
17/05/2016
Travelers Insurance Company Limited, to provide reinsurance services in the Mexican Republic. RGRE-1207-16-C0000.
06-C00-41100/16091
8/06/2016
Taiping Reinsurance Company, Ltd, to provide reinsurance services in the Mexican Republic. RGRE-1208-16-C0000.
b) Cancellation of registration.
Office
Date
Subject
06-C00-41100/17996
22/06/2016
The registration of Amlin Europe N.V. is cancelled. RGRE-1137-14-324825.
c) Change of name or location.
Office SHCP/CNSF
Date
Subject
06-C00-41100/01162
21/01/2016
LIG Insurance Co., LTD changes to KB Insurance Co., LTD. RGRE-561-00-321373.
06-C00-41100/06897
14/03/2016
Torus Insurance (UK) Limited changes to Starstone Insurance Limited. RGRE-988-08-327951.
06-C00-41100/06900
14/03/2016
Torus Insurance (EUROPE) AG changes to Starstone Insurance Europe AG. RGRE-995-09-328058.
06-C00-41100/12360
4/05/2016
HDI-Gerling Welt Service AG changes to HDI Global Network AG. RGRE-971-08-327763.
06-C00-41100/12362
4/05/2016
HDI-Gerling Industrie Versicherung AG changes to HDI Global SE. RGRE-963-08-327723.
06-C00-41100/20563
8/07/2016
Starstone Insurance Limited to Starstone Insurance PLC. RGRE-988-08-327951.
06-C00-41100/20770
13/07/2016
ACE Tempest Reinsurance Ltd to Chubb Tempest Reinsurance LTD. RGRE-562-00-322324.
d) ...
ANNEX 34.2.2-b.
INCORPORATION OF AUTHORIZED UNDERWRITERS
From January 1 to July 31, 2016.
No.
Underwriter
Authorized
Foreign Entity
RGRE No.
Liability Limit
Risk
Validity
...
...
...
...
...
...
...
5
Hanover Specialty Insurance Brokers
Chaucer Syndicate (Syndicate 1084) of Lloyd's.
RGRE-001-85-300001
Maximum total risk:
Catastrophe loss excess:
USD $10,000,000.00 with respect to any program.
Loss excess for risks:
USD $5,000,000.00 with respect to any risk (subject to prior approval).
Facultative property and miscellaneous risks:
USD $25,000,000.00 with respect to any risk.
Contracts related to society property departments:
USD $1,000,000.00 with respect to any event.
Aggregate and detained loss for society property departments:
USD $5,000,000.00 with respect to any program.
Facultative engineering risks as contractors, in construction, machinery breakdown and associated pecuniary losses:
USD $50,000,000.00 with respect to maximum probable loss, in any risk.
For proportional losses in engineering regarding total contractor risks, construction, machinery breakdown and associated pecuniary losses:
USD $7,000,000.00 with respect to maximum probable loss.
For excess losses in engineering regarding total contractor construction risks, machinery breakdown and associated pecuniary losses:
USD $14,000,000.00 with respect to maximum probable loss, in any program.
Liability for Claims:
USD $6,250,000.00 with respect to any program or 15% of unlimited layers.
Motor Vehicle Claims:
USD $6,250,000.00 with respect to any program or 15% of unlimited layers.
Energy risks:
USD $75,000,000.00 with respect to any declaration or all combined interests. (In case of exceeding USD $25,000,000.00 prior authorization is required).
Goods, artworks and hull, maritime liability and maritime loss excess:
USD $20,000,000.00 with respect to any declaration or all combined interests.
Accident and health catastrophe excess:
USD $25,000,000.00 or its equivalent at the time of acceptance, with respect to any program. The maximum recoverable with respect to any life is USD $5,000,000.00 or its equivalent at the time of acceptance.
Notwithstanding the above, all liability limits greater than USD $15,000,000.00 or its equivalent at the time of acceptance, with respect to any program and/or with a maximum recoverable with respect to any life greater than USD $3,000,000.00 or its equivalent at the time of acceptance, must be in an individual contract.
Accident and health catastrophe excess:
USD $5,000,000.00 with respect to any program.
Accident and risk/health catastrophe excess:
USD $15,000,000.00 or its equivalent at the time of acceptance, with respect to any program. The maximum recoverable with respect to any life is USD $5,000,000.00 or its equivalent at the time of acceptance, being that the maximum recoverable with respect to any life greater than USD $30,000,000.00 or its equivalent at the time of acceptance, must be in an individual contract.
General Employer and Product Liability:
USD $18,750,000.00 with respect to any declaration.
Agricultural and animals:
USD $25,000,000.00 or its equivalent at the time of acceptance, with respect to any declaration.
Gross income limit for premium items:
USD $20,000,000.00 for all combined sections.
Facultative and miscellaneous risks, contracts related to society property, aggregate and detained loss on society property, facultative engineering risks as contractors, in construction and associated pecuniary losses, for proportional losses or for excess of loss in engineering regarding total contractor risks, construction, machinery breakdown and associated pecuniary losses, casualty treaty liability and motor casualty claims, energy, goods, artworks, accident and health catastrophe excess, accident and risk/health catastrophe excess, general employer liability, public and product, agricultural and animals, as well as maritime.
Indefinite
Note: Each year must give notice of its continuity to the CNSF.
6
International Reinsurance Managers, LLC.
Catlin Underwriting Agencies Limited under Syndicates 2003 and 3002
RGRE-001-85-300001
All health reinsurance will have a maximum limit up to US$5,000,000 per person per year.
All Group Life and Personal Accident reinsurance must have a maximum limit of US $2,000,000 per person and per year.
Reinsurance business must proceed from Latin America and the Caribbean.
All reinsurance shall exclude Property and Casualty reinsurance (however it has been underwritten).
Life and health reinsurance
Three consecutive years from January 1, 2015 to December 31, 2017.
7
Raest Marine Insurance BV
Syndicate AML/2001 (Amlin Underwriting Limited) of Lloyd's
RGRE-001-85-300001
Duration of contracts signed: 12 months
Maximum duration of contracts signed: 18 months
Liability limit/sum insured: USD 50,000,000 per risk
Shipowner's civil liability (protection and indemnity)
Charterer's civil liability
Ships to the interior, protection and indemnity
Legal liability of the cargo owner
War, protection and indemnity
Cargo, stay and defense
Shipowner's civil liability, cargo
Cargo and fuel
Machinery and hull
Yachts and sailboats (including supply vessels to yachts), and/or recreational vessels, and/or classic sailboats and school ships, protection and indemnity, civil and maritime liability, and legal assistance
Until December 31, 2016
8
Redbridge Reinsurance Managers LLC
Citadel Reinsurance Company Limited
RGRE-1149-14-329003
Risk under any reinsurance contract in connection with accidents and health, is limited to a maximum of $5,000,000.00 US dollars, per person per year, starting from zero. Excess of loss reinsurance is placed for claims in excess of U.S. $1,000,000.
Reinsurance of death during employment and personal accidents, will have a maximum limit of $2,000,000.00 US dollars, per person per year. Excess of loss reinsurance is placed for claims in excess of U.S. $1,000,000.
Individual life reinsurance will have a maximum limit of $1,000,000.00 US dollars, per person per year.
Accidents and health, death during employment and personal accidents, individual life.
Until December 31, 2016
9
Global Aerospace Underwriting Managers Limited
Berkshire Hathaway International Insurance Limited.
RGRE-930-06-327306
Airlines with a maximum percentage of 17.5% and a maximum limit of US$2,250m.
Major Products/Satellites with a maximum percentage of 20% and a maximum limit of US$2,500m.
Minor Products/Subcomponents with a maximum percentage of 100% and a maximum limit of US$500m.
Satellite launch/orbit with a maximum percentage of US$100m.
General Aviation with a maximum percentage of 100% and a maximum limit of US$550m.
Aerospace aviation risks and damages, spacecraft and satellites, including components, aerospace liability, as well as liability in airports, launch platforms and in aviation, aerospace and satellite products.
December 31, 2016.
Great Lakes Reinsurance (UK) PLC.
RGRE-888-05-320228
Airlines with a maximum percentage of 17.5% and a maximum limit of US$2,250m.
Major Products/Satellites with a maximum percentage of 20% and a maximum limit of US$2,500m.
Minor Products/Subcomponents with a maximum percentage of 100% and a maximum limit of US$500m.
Satellite launch/orbit with a maximum percentage of US$100m.
General Aviation with a maximum percentage of 100% and a maximum limit of US$550m.
Risks and damages, aerospace aviation, spacecraft and satellites, including components, aerospace liability, as well as liability in airports, launch platforms and in aviation, aerospace and satellite products.
December 31, 2016.
Tokio Marine Kiln Insurance Limited
RGRE-1181-15-306071
Airlines with a maximum percentage of 17.5% and a maximum limit of US$2,250m.
Major Products/Satellites with a maximum percentage of 20% and a maximum limit of US$2,500m.
Minor Products/Subcomponents with a maximum percentage of 100% and a maximum limit of US$500m.
Satellite launch/orbit with a maximum percentage of US$100m.
General Aviation with a maximum percentage of 100% and a maximum limit of US$550m.
Risks and damages, aerospace aviation, spacecraft and satellites, including components, aerospace liability, as well as liability in airports, launch platforms and in aviation, aerospace and satellite products.
December 31, 2016.
Mitsui Sumitomo Insurance Company (Europe) Limited.
RGRE-914-06-327328
Airlines with a maximum percentage of 17.5% and a maximum limit of USD$2,250m.
Major Products/Satellites with a maximum percentage of 20% and a maximum limit of US$2,500m.
Minor Products/Subcomponents with a maximum percentage of 100% and a maximum limit of US$500m.
Satellite launch/orbit with a maximum percentage of US$100m.
General Aviation with a maximum percentage of 100% and a maximum limit of US$550m.
Risks and damages, aerospace aviation, spacecraft and satellites, including components, aerospace liability, as well as liability in airports, launch platforms and in aviation, aerospace and satellite products.
December 31, 2016.
Mapfre Global Risks, Compañía Internacional de Seguros y Reaseguros, S.A.
RGRE-1175-15-324783
Airlines with a maximum percentage of 17.5% and a maximum limit of US$2,250m.
Major Products/Satellites with a maximum percentage of 20% and a maximum limit of US$2,500m.
Minor Products/Subcomponents with a maximum percentage of 100% and a maximum limit of US$500m.
Satellite launch/orbit with a maximum percentage of US$100m.
General Aviation with a maximum percentage of 100% and a maximum limit of US$550m.
Risks and damages, aerospace aviation, spacecraft and satellites, including components, aerospace liability, as well as liability in airports, launch platforms and in aviation, aerospace and satellite products.
December 31, 2016.
10
MS Amlin Reinsurance Managers Inc.
Syndicate AML/2001 (Amlin Underwriting Limited) of Lloyd's
RGRE-001-85-300001
USD 30,000,000 per risk/program (risks/programs above USD 25,000,000 need special authorization from Amlin Underwriting Limited)
Any damage suffered, direct quota share / Energy (incl. war), excess of loss / Non-maritime damage/pecuniary loss for goods, excess of loss / Financial guarantee / Non-maritime general and civil liability various / Extraterritorial machinery and civil liability / Maritime (incl. war), excess of loss / Engineering (incl. construction), individual projects with individual non-renewable policies, installation including contracts, including changes to said policies during their validity / Other lines of reinsurance with special authorization from Amlin Underwriting Limited.
December 31, 2016.
11
Ortac Underwriting Agency Limited
Syndicate AML/2001 (Amlin Underwriting Limited)
RGRE-001-85-300001
Aircraft hull USD 3,750,000, Aircraft spare parts USD 2,500,000, War and related perils USD 2,500,000, Aviation Civil Liability USD 50,000,000, Aviation products and airport liability USD 75,000,000, Maximum limit per risk (combined policies) USD 1,000,000,000.
Risks and damages, including aircraft hull, aircraft spare parts, war and related perils, aviation liability, as well as airport and aviation product liability.
December 31, 2016.
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