Regulatory Alerts2017-04-06 | DOF 5478943Added
Amending Circular 2/17 of the Single Insurance and Surety Circular
The National Insurance and Sureties Commission amends Annexes 34.1.21-b and 34.2.2-b of the Single Insurance and Surety Circular to update the General Registry of Foreign Reinsurers. The amendments record the registration, cancellation, and name changes of foreign reinsurance entities, as well as the incorporation of authorized underwriters for the period from August 1, 2016, to February 28, 2017. The circular enters into force the day following its publication in the Official Gazette of the Federation.
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DOF: 06/04/2017
Amending Circular 2/17 of the Single Insurance and Surety Circular
At the margin a seal with the National Coat of Arms, which says: United Mexican States.- Ministry of Finance and Public Credit.- National Insurance and Sureties Commission.
AMENDING CIRCULAR 2/17 OF THE SINGLE INSURANCE AND SURETY CIRCULAR
(Annexes 34.1.21-b and 34.2.2-b)
The National Insurance and Sureties 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 Sureties Commission to maintain the General Registry of Foreign Reinsurers in which the first-class reinsurers from abroad that meet solvency and stability requirements to carry out operations and comply with 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 movements of registration and cancellation of registration of foreign reinsurers in the aforementioned Registry, as well as changes in the legal status presented by such entities from abroad.
That entities from abroad, in terms of what is provided in Provision 34.2.1. of the Single Insurance and Surety Circular, will inform the National Insurance and Sureties Commission of the authorized underwriters with whom they have celebrated 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 sectors, as well as to 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 the information relating to the granting of registration in the General Registry of Foreign Reinsurers of first-class reinsurers from abroad that meet solvency and stability requirements to carry out operations and comply with 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 determined cases, name changes and finally, on the information that said reinsurers provide to the National Insurance and Sureties Commission regarding 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 Sureties Commission has resolved to issue the following modification to the Single Insurance and Surety Circular in the following terms:
AMENDING CIRCULAR 2/17 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 will enter into force the day following its publication in the Official Gazette of the Federation.
The foregoing is made known to you, based on articles 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, March 24, 2017.- The President of the National Insurance and Sureties Commission, Norma Alicia Rosas Rodríguez.- Signature.
ANNEX 34.1.21-b.
REGISTRATIONS, CANCELLATIONS, NAME OR LOCATION CHANGES OF FOREIGN INSURANCE AND REINSURANCE ENTITIES REGISTERED IN THE GRFR
From August 1, 2016 to February 28, 2017.
a) Granting of registration.
SHCP/CNSF Office Date Subject
... ... ...
06-C00-41100/23936 11/08/2016 BERKSHIRE HATHAWAY SPECIALTY INSURANCE COMPANY, to provide reinsurance and surety services in the Mexican Republic. RGRE-1209-16-C0000.
06-C00-41100/27675 13/09/2016 NACIONAL DE REASEGUROS, S.A., to provide reinsurance services in the Mexican Republic. RGRE-1210-16-C0000.
06-C00-41100/30891 20/10/2016 AMLIN INSURANCE SE, to provide reinsurance services in the Mexican Republic. RGRE-1211-16-C0000.
06-C00-41100/33274 16/11/2016 TRANSRE LONDON LIMITED, to provide reinsurance services in the Mexican Republic. RGRE-1212-16-C0000.
06-C00-41100/34855 06/12/2016 W.R. BERKLEY EUROPE AG, to carry out reinsurance operations in the Mexican Republic. RGRE-1213-16-C0000.
06-C00-41100/34839 05/12/2016 MARKEL AMERICAN INSURANCE COMPANY, to carry out reinsurance operations in the Mexican Republic. RGRE-1214-16-C0000.
06-C00-41100/01209 23/01/2017 HDI GLOBAL NETWORK AG, to provide reinsurance services in the Mexican Republic. RGRE-1215-16-C0000.
06-C00-41100/02907 13/02/2017 STARR INTERNATIONAL (EUROPE) LIMITED, to carry out reinsurance operations in the Mexican Republic. RGRE-1216-17-C0000.
b) Cancellation of registration.
Office Date Subject
... ... ...
06-C00-41100/33445 17/11/2016 The registration of AXA ART INSURANCE LIMITED is cancelled. RGRE-473-97-320700.
06-C00-41100/02135 07/02/2017 The registration of ISTMO COMPAÑÍA DE REASEGUROS, INC. is cancelled. RGRE-1002-09-310578.
c) Name or location change.
SHCP/CNSF Office Date Subject
... ... ...
06-C00-41100/28133 19/09/2016 ACE BERMUDA INSURANCE LTD to CHUBB BERMUDA INSURANCE LTD. with registration number RGRE-475-97-320684.
06-C00-41100/31014 24/10/2016 ACE BERMUDA INTERNATIONAL INSURANCE (IRELAND) LIMITED to CHUBB BERMUDA INTERNATIONAL INSURANCE IRELAND DESIGNATED ACTIVITY COMPANY, with registration number RGRE-1139-14-328990.
06-C00-41100/32200 03/11/2016 IRONSHORE EUROPE LIMITED to IRONSHORE EUROPE DESIGNATED ACTIVITY COMPANY, with registration number RGRE-1113-13-328929.
06-C00-41100/32205 03/11/2016 ENDURANCE REINSURANCE CORPORATION OF AMERICA to ENDURANCE ASSURANCE CORPORATION, with registration number RGRE-1053-10-328446.
06-C00-41100/32651 10/11/2016 ATRADIUS REINSURANCE LIMITED to ATRADIUS REINSURANCE DESIGNATED ACTIVITY COMPANY, with registration number RGRE-901-05-326915.
06-C00-41100/34353 29/11/2016 AMLIN AG to MS AMLIN AG, with registration number RGRE-910-06-327292.
06-C00-41100/34857 06/12/2016 STARSTONE INSURANCE PLC to STARSTONE INSURANCE SE, with registration number RGRE-988-08-327951.
06-C00-41100/00826 16/01/2017 ARCH REINSURANCE EUROPE UNDERWRITING LIMITED to ARCH REINSURANCE EUROPE UNDERWRITING DESIGNATED ACTIVITY COMPANY, with registration number RGRE-993-09-327988.
d) ...
ANNEX 34.2.2-b.
INCORPORATION OF AUTHORIZED UNDERWRITERS
From August 1, 2016 to February 28, 2017.
No. Underwriter Authorized Entity from Abroad RGRE No. Liability Limit Risk Validity
... ... ... ... ... ... ...
12 Sutton Special Risk Inc. British Syndicates Syndicate 2987 (British Syndicates Limited) and Aspen Syndicate 4711 (Aspen Managing Agency Limited), both from Lloyd's. RGRE-001-85-300001 Maximum Limit (for all types of liability): From USD 5,000,000 to USD 20,000,000 Duration of signed contracts: 24 months Maximum duration of signed contracts: 27 months The Authorized Underwriter is authorized by the following reinsurance lines: High limit in accidental death and dismemberment, accidental death and dismemberment (group authorized), accidental death and dismemberment (war risk), accidental death and dismemberment (unusual risks), industrial assistance, known accumulations, unknown accumulations, accidental death while traveling and dismemberment, coverage against accidents, medical emergencies outside provinces, various personal accidents, catastrophic contracts and quota share. Until September 30, 2016.
13 Global Business Reinsurance Group LLC Best Meridian Insurance Company. RGRE-1176-15-328941 Liability limits are determined according to the level of the official and the operation as follows: Position: AVP (Assistant Vice President), risk: US$1,400,000, catastrophes: US$14,000,000. Position: VP (Vice President), risk: US$1,700,000, catastrophes: US$17,000,000. Position: SVP (Senior Vice President), risk: US$2,000,000, catastrophe: US$20,000,000. Catastrophe Coverage and Risk for operations throughout the territory of the United Mexican States. October 3, 2016 to December 31, 2016. And January 1, 2017 to December 31, 2017.
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