Official Letter Modifying the Authorization Granted to Berkley International Seguros Mexico, S.A. de C.V.

DOF: 03/03/2020

OFFICIAL LETTER modifying the authorization granted to Berkley International Seguros Mexico, S.A. de C.V., to organize and function as an insurance institution.

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- SHCP.- Ministry of Finance and Public Credit.- National Insurance and Sureties Commission.- Presidency.- Legal Vice Presidency.- General Legal, Advisory and Intermediaries Directorate.- Advisory Directorate.- Sub-Advisory Directorate.- File: C00.411.13.2.1-S0126"18".- Official Letter No. 06-C00-41100-38521/2019.

SUBJECT:

The authorization granted to
Berkley International Seguros Mexico,
S.A. de C.V. is modified.

BERKLEY INTERNATIONAL
INSURANCE MEXICO, S.A. DE C.V.
Mario Pani 400 Floor 1
Lomas de Santa Fe Neighborhood
Cuajimalpa Municipality
C.P. 05348, Mexico City

The Federal Government, through the National Insurance and Sureties Commission, prior to the Agreement of its Board of Directors, based on articles 2, fraction I, 17, 26 and 31, fraction VIII, of the Organic Law of the Federal Public Administration; 2, section D, fraction III, of the Internal Regulations of the Ministry of Finance and Public Credit; 11, 75, 369, fraction II, 370, last paragraph, and 372, fraction XLI, of the Law of Insurance and Surety Institutions; as well as articles 6 and 9 of the Internal Regulations of the National Insurance and Sureties Commission, issues these Resolutions in response to the following Background and Considerations:

BACKGROUND

I.

Berkley International Seguros Mexico, S.A. de C.V., was authorized by the National Insurance and Sureties Commission to organize and operate as an insurance institution, through Official Letter 06-C00-41100/00614 of January 13, 2017, published in the Official Gazette of the Federation on February 8, 2017.

II.

Through writings received by this Commission on August 22 and 28, September 18 and 25, and October 23, 2018, Berkley International Seguros Mexico, S.A. de C.V., requested authorization from this Commission to suppress from the corporate purpose of said institution matters related to the practice of suretyship, and consequently, the modification of its authorization to reflect said suppression.

III.

The request to modify the authorization of Berkley International Seguros Mexico, S.A. de C.V., to suppress from its corporate purpose all matters related to the practice of suretyship operations, was submitted for consideration to the Board of Directors of this National Insurance and Sureties Commission in its Session 205 of November 29, 2018, which agreed, prior to the favorable opinion of the Authorizations Committee of said Commission, the following:

"UNIQUE.- THE authorization granted to Berkley International Seguros Mexico, S.A. de C.V., is MODIFIED, in order to reflect the suppression of the practice of suretyship operations from its corporate purpose."

IV.

Through Official Letter 06-C00-41100/56158 of November 30, 2018, this Decentralized Body notified said institution of the cited Agreement of the Board of Directors and, consequently, through Official Letter 06-C00-41100/56159 of November 30, 2018, approved the reform to Clauses Second, Nineteenth and Forty-Fifth of its bylaws.

V.

Through Official Letter 06-C00-41100-14454/2019 of April 5, 2019, this Commission, among other aspects, ordered said institution to register in the corresponding Public Commerce Registry the public deed 40,202 of February 13, 2019, granted before the notary of Lic. Mario Fernando Perez Salinas y Ramirez, Holder of Public Notary 76 of Mexico City, acting as associate and in the protocol of Public Notary 170 of this City, in charge of Lic. Mariana Perez Salinas y Ramirez, in which the Minutes of the Extraordinary General Shareholders' Meeting of August 31, 2018, was notarized, through which the reform to the aforementioned Clauses of its bylaws was agreed upon due to the suppression of the practice of suretyship operations; likewise, through Official Letter 06-C00-41100-32084/2019 of June 20, 2019, it was noted that said public instrument was registered before the Public Commerce Registry of this City, on May 13, 2019, under Electronic Commercial Folio N-2017016420.

CONSIDERATIONS

FIRST.- That article 369, fraction II, of the Law of Insurance and Surety Institutions, provides that it is the competence of the Board of Directors of this Commission to modify the authorizations to organize, operate and function as an insurance institution.

SECOND.- That in terms of what is stated in Backgrounds III and IV of this Official Letter, the Board of Directors of this Commission in its Session 205 of November 29, 2018, agreed to modify the bases of the authorization granted to said insurance institution.

In view of the foregoing, the following are issued:

RESOLUTIONS

FIRST.- Article Two of the authorization granted to Berkley International Seguros Mexico, S.A. de C.V., to organize and function as an insurance institution, is modified, to read as follows:

" ... "

ARTICLE TWO.- The subsidiary insurance institution is authorized to conduct in the Mexican Republic the operation of damages, in the lines of civil liability and professional risks, maritime and transports, fire, agricultural and animals, automobiles, catastrophic risks and miscellaneous; as well as the practice of reinsurance, regarding the operation and lines included in this authorization.

" ... "

SECOND.- The authorization granted to Berkley International Seguros Mexico, S.A. de C.V., to organize and function as an insurance institution, after the modification indicated in the previous Resolutive, remains in its entirety in the following terms:

" AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO BERKLEY INTERNATIONAL INSURANCE MEXICO, S.A. DE C.V., TO ORGANIZE AND OPERATE AS A SUBSIDIARY INSURANCE INSTITUTION OF BERKLEY INSURANCE COMPANY, OF DELAWARE, UNITED STATES OF AMERICA, THROUGH THE RELATED COMPANY W.R. BERKLEY MEXICO, S.A. DE C.V., IN THE FOLLOWING TERMS:

" ARTICLE ONE.- In exercise of the power conferred on the Federal Government by
article 75 of the Law of Insurance and Surety Institutions, the National Insurance
and Sureties Commission, authorizes Berkley International Seguros Mexico, S.A. de C.V., to organize and operate as a subsidiary insurance institution of Berkley Insurance Company, of Delaware, United States of America, through the Related Company W.R. Berkley Mexico, S.A. de C.V.

" ARTICLE TWO.- The subsidiary insurance institution is authorized to conduct in the Mexican Republic the operation of damages, in the lines of civil liability and professional risks, maritime and transports, fire, agricultural and animals, automobiles, catastrophic risks and miscellaneous; as well as the practice of reinsurance, regarding the operation and lines included in this authorization.

" ARTICLE THREE.- The subsidiary insurance institution shall be subject to the North American Free Trade Agreement, celebrated between the United Mexican States, Canada and the United States of America, to the provisions of the Law of Insurance and Surety Institutions, as well as those derived from it, to the General Law of Commercial Companies, and to the other laws applicable to it, and in particular, to the following bases:

" I.- The denomination shall be Berkley International Seguros Mexico, followed by the words Sociedad Anonima de Capital Variable or its abbreviations, S.A. de C.V.

" II.- Berkley International Seguros Mexico, S.A. de C.V., must have the minimum paid capital that is determined for the year in question, for each operation or line, authorized for it, expressed in Investment Units and which must be covered in national currency as ordered by article 49, first paragraph, of the Law of Insurance and Surety Institutions.

" III.- The corporate domicile of the subsidiary insurance institution is Mexico City.

" ARTICLE FOUR.- By its very nature this authorization is non-transferable, in terms of what is provided by article 75 of the Law of Insurance and Surety Institutions.

" ARTICLE FIVE.- The insurance institution shall be subject to inspection and surveillance by the National Insurance and Sureties Commission in accordance with
article 382 of the Law of Insurance and Surety Institutions. "

THIRD.- These resolutions must be published in the Official Gazette of the Federation and in two newspapers of wide circulation from the corporate domicile of the institution, within the one hundred twenty days following the date of their notification to Berkley International Seguros Mexico, S.A. de C.V., in terms of what is provided in article 11, in relation to article 75, both of the Law of Insurance and Surety Institutions, at the expense of the interested parties.

This official letter is issued based on the information provided by the petitioner contained in the writings submitted and is limited exclusively to the modification of the authorization granted to Berkley International Seguros Mexico, S.A. de C.V., in the terms described which, in accordance with the applicable provisions, it is for this Commission to resolve, and does not prejudge any act that said company carries out and which implies the prior authorization or approval of other financial, administrative, tax or any other authorities, in terms of current regulations, nor does it validate the legality or validity of the same in case such authorizations or approvals are not obtained.

The foregoing based on articles 2, fraction I, 17, 26 and 31, fraction VIII, of the Organic Law of the Federal Public Administration; 2, section D, fraction III, of the Internal Regulations of the Ministry of Finance and Public Credit; 11, 75, 369, fraction II, 370, last paragraph, and 372, fraction XLI, of the Law of Insurance and Surety Institutions; as well as articles 6 and 9 of the Internal Regulations of the National Insurance and Sureties Commission.

Respectfully,

Mexico City, October 28, 2019. - The President of the National Insurance and Sureties Commission, Ricardo Ernesto Ochoa Rodriguez. - Rubric.

(R.- 493005)

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