Official Letter declaring the revocation of the authorization of MBIA México, S.A. de C.V., to organize and operate as a subsidiary insurance institution

DOF: 20/01/2025

OFFICIAL LETTER declaring the revocation of the authorization of MBIA México, S

On the margin a logo, which reads: National Commission of Insurance and Bonds.- Presidency.- File: C00.411.3S.2-G0502"24".- Official Letter No. 06-C00-41100-37270/2024.- Legal Vice-Presidency.- General Directorate of Legal Consulting and Intermediaries.

MBIA MÉXICO, S.A. DE C.V.

Torre Virreyes, Pedregal 24, Floor 24

Molino del Rey Neighborhood

Miguel Hidalgo Borough

C.P. 11040, Mexico City

SUBJECT :

The revocation of the authorization of MBIA México, S.A. de C.V., to organize and operate as a subsidiary insurance institution is declared.

The Federal Government, through the National Commission of Insurance and Bonds, prior Agreement of its Governing Board, based on articles 2, section I, 17, 26 and 31, section VIII, of the Organic Law of the Federal Public Administration; 4, section G, section III, 48 and 49 of the Internal Regulations of the Ministry of Finance and Public Credit; articles 332, sections X and XI, 334, fourth paragraph, 366, section VIII, 369, section II, 370, fourth paragraph, 372, section XLI; 443, first paragraph, section I, 444, sections I and II, 445 and Eighth Transitory Provision of the Law on Insurance and Bonds Institutions; as well as articles 6 and 9 of the Internal Regulations of the National Commission of Insurance and Bonds, issues the Resolutions indicated below, in attention to the following Background and Considerations:

BACKGROUND

FIRST .- MBIA México, S.A. de C.V., was authorized by the Ministry of Finance and Public Credit through Official Letter 101.-603 dated June 15, 2007, published in the Official Gazette of the Federation on October 1, 2007, to organize and operate as a subsidiary insurance institution, specialized in the practice of damage operations in the financial guarantee branch. Said authorization was last modified by this Commission through official letter 06-C00-41100/06547 dated February 24, 2017, published in the aforementioned federal dissemination body on May 4, 2017.

SECOND .- Through writings presented at the official registry of this Commission on January 10, March 4, and July 24, 2024, Carlos Mendoza Rangel, General Director of MBIA México, S.A. de C.V., requested this Commission to declare the revocation of the authorization granted to that insurance institution, due to its conventional dissolution and liquidation in accordance with articles 332, section XI, and 443 to 445 of the Law on Insurance and Bonds Institutions, agreed upon by its shareholders in terms of its extraordinary general assembly held on November 29, 2023.

THIRD .- By official letter number 06-C00-41100-31745/2024 dated August 30, 2024, this Commission notified the applicant of the agreement of its Governing Board, taken in its Session 241 on August 29, 2024, with the prior favorable opinion of its Authorizations Committee, to declare the revocation of the authorization of MBIA México, S.A. de C.V., to operate as a subsidiary insurance institution, specialized in the practice of damage operations in the financial guarantee branch and, consequently, initiate its conventional liquidation procedure in accordance with Chapter Second of Title Twelfth of the Law on Insurance and Bonds Institutions.

FOURTH .- Through a writing received at the official registry of this Commission on September 27, 2024, Carlos Mendoza Rangel, in his capacity as General Director of MBIA México, S.A. de C.V., submitted the original first testimony and a notarized copy of the public instrument in which the protocolization of the minutes of the extraordinary general shareholders' assembly dated September 10, 2024, is recorded, in which the shareholders of MBIA México, S.A. de C.V., among others, approved the dissolution and initiation of the liquidation of the company, as well as the appointment of the liquidator of that insurance institution. In this regard, by official letter number 06-C00-41100-35658/2024 dated October 11, 2024, this Commission acknowledged receipt of said notarial instrument.

Based on the Background, the following are issued:

CONSIDERATIONS

FIRST .- That article 332, sections X and XI, of the Law on Insurance and Bonds Institutions, provides that this Commission, with the agreement of its Governing Board, may declare the revocation of the authorization to operate as an insurance institution when the general shareholders' assembly of an insurance institution, by decision adopted in an extraordinary session, resolves to request it.

SECOND .- That once the submitted documentation and information have been reviewed, it was determined that the cause for revocation provided in article 332, sections X and XI, of the Law on Insurance and Bonds Institutions, is updated, having met the requirements provided in articles 443, first paragraph, section I, 444, sections I and II, and 445 of said legal order.

THIRD .- That the Governing Board of the National Commission of Insurance and Bonds in its Session 241 on August 29, 2024, and with the prior favorable opinion of its Authorizations Committee, agreed regarding the request in question, the following:

«SOLE .- THE REVOCATION of the authorization granted by the Ministry of Finance and Public Credit through Official Letter 101.-603 dated June 15, 2007, published in the Official Gazette of the Federation on October 1 of the same year, as well as its modifications, to MBIA México, S.A. de C.V., to function and operate as a subsidiary insurance institution specialized in the practice of damage operations, in the financial guarantee branch, is DECLARED, by virtue of the fact that said company agreed to request said revocation through its extraordinary general shareholders' assembly held on November 29, 2023, for which reason it may hold the corresponding extraordinary general shareholders' assembly, in order to agree on its conventional dissolution and liquidation.»

Based on all the foregoing, the following are issued:

RESOLUTIONS

FIRST .- In execution of the agreement of the Governing Board of this National Commission, in accordance with the Third consideration, based on articles 369, section II, and 372, section XLI, the REVOCATION of the authorization granted by the Ministry of Finance and Public Credit, through Official Letter 101.-603 dated June 15, 2007, published in the Official Gazette of the Federation on October 1, 2007, as well as its modifications, to MBIA México, S.A. de C.V., to function and operate as a subsidiary insurance institution specialized in the practice of damage operations, in the financial guarantee branch, is declared, by virtue of the fact that said company agreed to its conventional dissolution and liquidation through its extraordinary general shareholders' assembly, held on September 10, 2024.

SECOND .- The declaration of revocation incapacitates MBIA México, S.A. de C.V., from granting any insurance from the date said insurance institution is notified thereof, and will place it in a state of dissolution and liquidation, such that henceforth, when citing the name of the insurance institution, the expression " in liquidation " must be added.

THIRD .- This official letter must be published in the Official Gazette of the Federation and in two widely circulated newspapers at the registered office of MBIA México, S.A. de C.V., within one hundred and twenty calendar days counted from the day following the notification of this official letter, in terms of the provisions of articles 11, last paragraph, and 334, fourth paragraph, of the Law on Insurance and Bonds Institutions, at the expense of said company.

This is issued based on the information and documentation presented by the applicant to this Commission, contained in the submitted writings and is limited exclusively to the declaration of the revocation of MBIA México, S.A. de C.V., to function and operate as a subsidiary insurance institution specialized in the practice of damage operations, in the financial guarantee branch, in the terms indicated above which, in accordance with applicable provisions, it is the responsibility of the Governing Board of this Commission to resolve, and does not prejudge any act that said applicant carries out and that implies the prior authorization or approval of other financial, administrative, tax or any other nature authorities, in terms of current regulations, nor does it validate the legality or validity thereof in case such authorization or approval is not obtained.

Sincerely

Mexico City, December 10, 2024. - The President of the National Commission of Insurance and Bonds , Ricardo Ernesto Ochoa Rodríguez .- Signature.

(R.- 559820)

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