Official Letter Declaring the Revocation of Authorizations Granted to Torreón, Mutual Insurance Society, for Agricultural and Fire Insurance Operations

DOF: 22/06/2016

OFFICIAL LETTER declaring the revocation of the authorizations dated September 18, 1952, and December 17, 1955, granted to Torreón, Mutual Insurance Society, for: (i) organizing and functioning as a mutual insurance society in the agricultural and animal damage insurance line, and (ii) operating in the fire insurance line, respectively.

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- Ministry of Finance and Public Credit.- Secretary.- 100. 28.

TORREÓN, MUTUAL INSURANCE SOCIETY, IN LIQUIDATION.

Tenayuca 80, Colonia Letrán Valle,
Benito Juárez Delegation, Postal Code
03650, Mexico City.

PRESENT:

Attn:
Lic. Rodolfo Ángel Palma Tapia,
Liquidator.

The Ministry of Finance and Public Credit, after receiving the opinion of the National Insurance and Bonds Commission and based on Article 90 of the Political Constitution of the United Mexican States; Articles 31, fractions VIII and XXXIV, of the Organic Law of the Federal Public Administration; Article 97, fraction IX, of the General Law of Insurance and Mutual Insurance Societies, applicable in accordance with the First, Thirteenth, and Fourteenth, second paragraph, of the Transitory Provisions of the Insurance and Bonds Institutions Law published on April 4, 2013, in the Official Gazette of the Federation; and based on the powers conferred upon its head by Article 6, fraction XXII, of the Internal Regulations of the Ministry of Finance and Public Credit; issues the resolutions indicated below, in accordance with the following background and considerations:

BACKGROUND

I.

The Federal Government, through the Ministry of Finance and Public Credit, by official letter dated September 18, 1952, published in the Official Gazette of the Federation on December 10 of the same year, based on Article 11 of the General Law of Insurance Institutions, in force at the time the authorization was granted to Torreón, Mutual Insurance Society, to operate in the agricultural line.

II.

By official letter dated December 17, 1955, published in the Official Gazette of the Federation on January 26, 1956, the Federal Government, through the Ministry of Finance and Public Credit, granted authorization to the aforementioned society to operate in the fire insurance line.

III.

By written communication dated October 6, 2014, Torreón, Mutual Insurance Society, in Liquidation, notified this Ministry of Finance and Public Credit that its members, in an extraordinary general assembly held on that same date, agreed to its dissolution and liquidation, considering that it had already fulfilled its protection objectives in the manner and conditions that led to its constitution, and reiterated the appointment of Lic. Rodolfo Ángel Palma Tapia as liquidator of the society, which is recorded in public deed number 1,167, granted on October 9, 2014, before the notary public Lic. Hugo García Sánchez, Holder of Public Notary Office No. 8 in exercise for the Judicial District of Viesca, in the city of Torreón, State of Coahuila; an instrument by which the minutes of the extraordinary general assembly were protocolized, so that upon agreeing to the dissolution and liquidation, the society falls under the cause for revocation established in fraction IX of Article 97 of the General Law of Insurance and Mutual Insurance Societies.

IV.

This Ministry of Finance and Public Credit, by official letter No. 366-III-0987/14 of November 26, 2014, in compliance with what is provided in Article 97, first paragraph, of the General Law of Insurance and Mutual Insurance Societies, requested the opinion of the National Insurance and Bonds Commission regarding the occurrence of the cause for revocation of the authorization granted to Torreón, Mutual Insurance Society, in Liquidation, to operate as a mutual insurance society, having fallen under the circumstance provided for in fraction IX of Article 97 of the aforementioned Law.

V.

By official letter No. 06-367-II-1.1/00450 of January 27, 2015, the National Insurance and Bonds Commission informed this Ministry of Finance and Public Credit that, in order to be able to issue the opinion requested via the aforementioned official letter, it required various information and documentation, which it listed in the aforementioned official letter.

VI.

By official letter No. 366-III-214/15 of March 19, 2015, this Ministry of Finance and Public Credit requested the following information and documentation from Torreón, Mutual Insurance Society, in Liquidation: a) a written statement from the liquidator specifying the assets and liabilities of said society with exactitude; b) the liquidator's proposal regarding the manner in which the liquidation of said society will be carried out; c) a detailed description of the process foreseen regarding possible remaining balances in favor of the mutualized members and, if applicable, the treatment to be given to those who decide not to participate in the "Agropecuaria Mutual Protection Insurance Fund of the Laguna"; d) a detailed explanation of the process to determine the obligations pending to be fulfilled with the mutualized members, as well as the related matter of their participation in the integration of the social fund of Torreón, Mutual Insurance Society; e) regarding its active reinsurance contracts, report the manner and terms in which they will be settled, as well as any pending balances; and, f) the telephone and fax number, as well as the email address, to contact the legal representative.

VII.

By written communication dated March 23, 2015, Torreón, Mutual Insurance Society, in Liquidation, presented to this Ministry of Finance and Public Credit the information and documentation requested via official letter No. 366-III-214/15 of March 19, 2015, indicated in the previous Background item.

VIII.

By official letter No. 366-III-258/15 of March 27, 2015, this Ministry of Finance and Public Credit forwarded to the National Insurance and Bonds Commission the documentation and information referred to in Background items V, VI, and VII, and requested its opinion again regarding the declaration of the revocation of the authorization granted to Torreón, Mutual Insurance Society, to operate as a mutual insurance society.

IX.

By written communication dated April 29, 2015, Torreón, Mutual Insurance Society, in Liquidation, presented to this Ministry of Finance and Public Credit additional information to that accompanying its written communication of March 23 of that same year and requested the issuance of the revocation of the authorization granted to it to organize and function as a mutual insurance society.

X.

By official letter No. 06-367-II-1.1/04541 of June 18, 2015, the National Insurance and Bonds Commission issued an opinion stating that: there is no objection to declaring the revocation of the authorization granted to Torreón, Mutual Insurance Society, in Liquidation.

XI.

By official letter 366-III-587/15 of September 17, 2015, the Insurance, Pensions and Social Security Unit attached to this Ministry of Finance and Public Credit, summoned Torreón, Mutual Insurance Society, in Liquidation, in order to initiate the procedure to declare the revocation of its authorizations, having fallen under the cause for revocation provided in fraction IX of Article 97 of the General Law of Insurance and Mutual Insurance Societies, granting a term of fifteen business days counted from the day following that in which the notification takes effect, to expose what is convenient for its rights and, if applicable, provide the evidence it has to disprove that it falls under the aforementioned cause for revocation.

XII.

In response to the aforementioned official letter and with a written communication dated October 7, 2015, Torreón, Mutual Insurance Society, in Liquidation, stated that once the circumstance of Article 97, first paragraph and fraction IX, of the General Law of Insurance and Mutual Insurance Societies is met, it reiterates its decision that this Ministry declare the revocation of the authorization; it also informed that it had covered the liabilities of the society, for which purpose it attached the following information and documentation:

a)

The written communication of October 6, 2014, directed by C.P. Pedro Fernández Salas, through which it informed this Ministry of Finance and Public Credit that the members of Torreón, Mutual Insurance Society, in Liquidation, in an extraordinary general assembly held on that same date, agreed to its voluntary dissolution and liquidation considering that it had already fulfilled its protection objectives in the manner and conditions that led to its constitution.

b)

Deed number 1,167, granted on October 9, 2014, before the notary public Lic. Hugo García Sánchez, Public Notary No. 8 of the city of Torreón, State of Coahuila, in which it is recorded that, on that day, 91.035% of the total affiliates were present, who unanimously agreed to the voluntary dissolution and liquidation of Torreón, Mutual Insurance Society, and decided that the amount of their coverage would be ceded to the "Agropecuaria Mutual Protection Insurance Fund of the Laguna" once all debts of the mutual society had been paid.

c)

The following documents informing that the society's liabilities have been covered: the balance sheet as of October 20, 2014, and its Fixation as of December 20, 2014; movements from October 20 to December 20, 2014; the balance sheet as of February 28, 2015, and the provision for various obligations.

d)

Agreements for the settlement of the labor relationship with workers and the one containing the report on the process of constituting a trust for the payment to the only pensioner the mutual society had.

e)

Documentation regarding the return of unearned premiums and balances in favor of members.

f)

Documentation corresponding to the liquidation of pending claims to be paid.

g)

Documentation on the liquidation of fees to the liquidator.

h)

The non-debt report issued by Agroasemex, S.A., the only company with which the mutual society contracted reinsurance.

i)

The report on the treatment given to members who did not wish to participate in the Agropecuaria Mutual Protection Insurance Fund of the Laguna.

j)

The report of February 28, 2015, in which it is indicated that there are no pending obligations to pay as of that same date.

k)

The accounting closing report of October 7, 2015, which presents provisions for payments that might take place, such as the case of the publication of the liquidation of the mutual society.

XIII.

By official letter 366-III-018/16 of January 26, 2016, this Ministry requested the National Insurance and Bonds Commission to ratify the content of its official letter 06-367-II-1.1/04541, in the sense that there is no objection to declaring the revocation of the authorizations to operate in the agricultural and fire lines granted to Torreón, Mutual Insurance Society, in Liquidation, due to its dissolution and liquidation. This is because this Ministry considered that from official letter 06-367-II-1.1/04541 it was not clear whether the opinion issued by said Decentralized Body referred to the two authorizations mentioned in items I and II of this document or, alternatively, to one of them.

XIV.

By official letter 06-C00-41100/02261 of February 17, 2016, the National Insurance and Bonds Commission clarified to this Ministry that the opinion contained in its official letter 06-367-II-1.1/04541 pertains to the comprehensive liquidation of Torreón, Mutual Insurance Society, and therefore ratified its opinion in the sense that there is no objection to declaring the revocation of the authorization granted to the aforementioned society to operate the agricultural and fire lines.

CONSIDERATIONS

I.

That this Ministry of Finance and Public Credit, after receiving the opinion of the National Insurance and Bonds Commission and based on Article 90 of the Political Constitution of the United Mexican States; Articles 31, fractions VIII and XXXIV, of the Organic Law of the Federal Public Administration; and Article 97, fraction IX, of the General Law of Insurance and Mutual Insurance Societies; applicable in accordance with the First and Thirteenth of the Transitory Provisions of the Insurance and Bonds Institutions Law; and based on the powers conferred upon its head by Article 6, fraction XXII, of the Internal Regulations of the Ministry of Finance and Public Credit; is competent to revoke from Torreón, Mutual Insurance Society, in Liquidation, the authorizations granted to it to operate as a mutual insurance society in the fire insurance line and in the agricultural and animal damage insurance line, referred to in Background items I and II.

II.

That as of April 4, 2015, the General Law of Insurance and Mutual Insurance Societies was repealed and the Insurance and Bonds Institutions Law entered into force, according to the First of the Transitory Provisions of the latter.

That in accordance with what is provided in the Fourteenth, second paragraph, of the Transitory Provisions of the Insurance and Bonds Institutions Law, the General Law of Insurance and Mutual Insurance Societies is applicable to the present procedure, as it was initiated before the entry into force of the Insurance and Bonds Institutions Law, as derived from the written communication referred to in Background item III of this official letter.

III.

That Torreón, Mutual Insurance Society, in Liquidation, is a society authorized by the Federal Government through the Ministry of Finance and Public Credit, under the then-called General Law of Insurance Institutions, on the dates when the official letters described in Background items I and II were issued, to practice fire and agricultural insurance operations, provided for in Article 1, subsections e) and f), of the aforementioned Law.

IV.

That Article 1 of the "Decree Reforming, Adding and Repealing Various Provisions of the General Law of Insurance Institutions", published in the Official Gazette of the Federation on January 3, 1990, modified its denomination from "General Law of Insurance Institutions" to "General Law of Insurance and Mutual Insurance Societies", so that the present procedure is subject to the provisions of the General Law of Insurance and Mutual Insurance Societies, as well as to the others derived from it.

V.

That the members of Torreón, Mutual Insurance Society, in Liquidation, agreed in an extraordinary general assembly to the voluntary dissolution and liquidation of the society, considering that it had already fulfilled its protection objectives in the manner and conditions that led to its constitution, which was informed to this Ministry of Finance and Public Credit via written communication dated October 6, 2014.

VI.

That Article 97, first paragraph and fraction IX, of the General Law of Insurance and Mutual Insurance Societies, establishes that the Ministry of Finance and Public Credit, hearing the affected mutual insurance society and the National Insurance and Bonds Commission, may declare the revocation of the authorization if it is dissolved or enters a state of liquidation.

VII.

That the Ministry of Finance and Public Credit, by official letters 366-III-0987/14 of November 26, 2014, 366-III-258/15 of March 27, 2015, and 366-III-018/16 of January 26, 2016, requested the opinion of the National Insurance and Bonds Commission, referred to in the first paragraph of Article 97 of the General Law of Insurance and Mutual Insurance Societies, in relation to its fraction IX, regarding what was stated and requested by Torreón, Mutual Insurance Society, in its written communication of October 6, 2014.

VIII.

That, in view of the foregoing and by official letters No. 06-367-II-1.1/004541 of June 18, 2015, and 06-C00-41100/02261 of February 17, 2016, the National Insurance and Bonds Commission opined that there is no objection for this Ministry to declare the revocation of the authorizations granted to Torreón, Mutual Insurance Society, in Liquidation, so that its liquidation may proceed, understanding that the society has fully paid its obligations derived from claim indemnifications and that the returns of unearned premiums have been covered in their entirety.

IX.

That by official letter 366-III-587/15 of September 17, 2015, the Insurance, Pensions and Social Security Unit, attached to this Ministry of Finance and Public Credit, summoned Torreón, Mutual Insurance Society, in Liquidation, as mentioned in Background item XI, for having fallen under the cause for revocation provided in fraction IX of Article 97 of the General Law of Mutual Insurance Societies.

X.

That Torreón, Mutual Insurance Society, in Liquidation, responded to the summons formulated by this Ministry of Finance and Public Credit with a written communication dated October 7, 2015, stating that it updates the circumstance of Article 97, first paragraph and fraction IX, of the General Law of Insurance and Mutual Insurance Societies, reiterates its decision that this Ministry of Finance and Public Credit declare the revocation of the authorization, without having provided evidence to disprove that it falls under the cause for revocation provided in the aforementioned provision.

XI.

That the Ministry of Finance and Public Credit, based on the cited Background and Considerations, has determined that Torreón, Mutual Insurance Society, in Liquidation, falls under the cause for revocation provided in Article 97, fraction IX, of the General Law of Insurance and Mutual Insurance Societies, in virtue of the fact that its members, in an extraordinary general assembly held on October 6, 2014, agreed to the voluntary dissolution and liquidation of the society.

XII.

That the request of Torreón, Mutual Insurance Society, in Liquidation, indicated in Background item III, is resolved under the Thirteenth and Fourteenth, second paragraph, of the Transitory Provisions of the Insurance and Bonds Institutions Law, which establish that matters that, according to the Insurance and Bonds Institutions Law, correspond to the National Insurance and Bonds Commission, and that according to the General Law of Insurance and Mutual Insurance Societies and the Federal Law of Bonds Institutions which are repealed, were being processed before this Ministry, will continue to be processed before the same until their total conclusion; as well as that sanctioning procedures that have been initiated before the entry into force of the Insurance and Bonds Institutions Law will continue to be processed until their total conclusion in accordance with the repealed laws.

RESOLUTIONS

FIRST.- In accordance with the considerations indicated above, the revocation of the authorizations granted to Torreón, Mutual Insurance Society, is declared, for: (i) organizing and functioning as a mutual insurance society in the agricultural and animal damage insurance line, provided for in Article 7, fraction III, subsection d), of the General Law of Insurance and Mutual Insurance Societies; and (ii) operating in the fire insurance line, provided for in Article 7, in its fraction III, subsection c), of the aforementioned Law; authorizations that the Federal Government, through this Ministry of Finance and Public Credit, granted via official letters of September 18, 1952, and December 17, 1955, published in the Official Gazette of the Federation on December 10, 1952, and January 26, 1956, respectively.

SECOND.- The resolution contained in this official letter shall be personally notified to Torreón, Mutual Insurance Society, in Liquidation, through its legal representative, in accordance with what is provided in Article 2 Bis-1 of the General Law of Insurance and Mutual Insurance Societies, in relation to the supplementary application articles 1, 75, fraction XVI, 1054, 1063, 1064, 1068, and 1070 of the Commercial Code, as well as Articles 305, 307, 309, 310, 311, 312, and 313 of the Federal Code of Civil Procedures.

THIRD.- This official letter shall be published in the Official Gazette of the Federation in terms of what is provided in Article 17 of the General Law of Insurance and Mutual Insurance Societies.

FOURTH.- The registration of this declaration of revocation in the Public Commerce Registry is ordered, in accordance with what is established in the last paragraph of Article 97 of the General Law of Insurance and Mutual Insurance Societies.

Mexico City, May 5, 2016. - The Secretary of Finance and Public Credit, Luis Videgaray Caso. - Seal.

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