Regulatory Alerts2018-08-20 | DOF 5535273Added
Official Letter Modifying the Authorization Granted to Cardif Mexico General Insurance, S.A. de C.V.
The National Insurance and Surety Commission modifies the authorization for Cardif Mexico General Insurance, S.A. de C.V. to remove the phrase "Federal District" from its social domicile, eliminating the specific reference to "Earthquake" risks from its damage insurance operations (as these are now covered under catastrophic risks), and updating the capital requirement to be expressed in Investment Units and paid in national currency. The institution must publish these resolutions in the Official Gazette and two widely circulated newspapers within 120 days of notification.
DOF: 20/08/2018
OFFICIAL LETTER modifying the authorization granted to Cardif Mexico General Insurance, S.A. de C.V.
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.- Presidency.- Legal Vice Presidency.- General Legal, Advisory and Intermediaries Directorate.- Advisory Directorate.- Sub-Advisory Directorate.- File: C00.411.13.2.1-S0105"15".- Official Letter No. 06-C00-41100/22856.
SUBJECT:
The authorization granted to Cardif Mexico General Insurance, S.A. de C.V. is modified.
CARDIF MEXICO GENERAL INSURANCE, S.A. DE C.V.
Av. Paseo de las Palmas 425, Floor 5
Col. Lomas de Chapultepec
Miguel Hidalgo
11000, Mexico City
Attention:
Mr. Miguel Ángel Orozco del Mazo Legal Representative
The Federal Government through the National Insurance and Surety Commission, and prior to the Agreement of its Board of Directors, based on articles 11, 75, 369, section II, 370, last paragraph, and 372, section 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 Surety Commission, issues these Resolutions in attention to the following Background and Considerations:
BACKGROUND
Cardif Mexico General Insurance, S.A. de C.V., was authorized by the Ministry of Finance and Public Credit to organize and function as an insurance institution via Official Letter 101.-378 of June 20, 2006, published in the Official Gazette of the Federation on August 11, 2006. This authorization was last modified by Official Letter 366-III-637/13 of October 14, 2013.
With writings dated November 3, 2015 and July 18, 2017, Mr. Miguel Ángel Orozco del Mazo, in his capacity as Special Delegate of Cardif Mexico General Insurance, S.A. de C.V., requested approval from this Decentralized Body to carry out the comprehensive reform of the corporate bylaws of said institution, which was agreed upon in its Extraordinary General Shareholders' Meeting of July 29, 2015.
By Official Letter 06-C00-41100/15332 of March 20, 2018, this Commission deemed fulfilled the Second Resolution of Official Letter 06-C00-41100/45797 of August 10, 2017, by which this Decentralized Body of the Ministry of Finance and Public Credit approved the comprehensive modification of the corporate bylaws of Cardif Mexico General Insurance, S.A. de C.V., in the terms agreed in the Minutes of the Extraordinary General Shareholders' Meetings of July 29, 2015 and July 14, 2017, having exhibited public instruments numbers 94,052 of October 19, 2017 and 94,070 of October 20, 2017, granted before the notary of Lic. Carlos Antonio Morales Montes de Oca, holder of Public Notary Number 227 with practice in this Mexico City, in which respectively, the protocolizations of the aforementioned Minutes are recorded.
As a result of what is stated in Backgrounds 2 and 3, the National Insurance and Surety Commission presented before the Authorizations Committee of said Commission, the proposal for modification of the bases of the authorization of Cardif Mexico General Insurance, S.A. de C.V., to the effect that the words "Federal District" be eliminated from its social domicile, in accordance with the "Decree by which various provisions of the Political Constitution of the United Mexican States are declared reformed and repealed, in matters of the political reform of Mexico City", published in the Official Gazette of the Federation on January 29, 2016; as well as to eliminate the reference to the line of "Earthquake" in the damage operation of its corporate object, in virtue that in accordance with articles 25, section III, subsection j), and 27, section XV, of the Law of Insurance and Surety Institutions, in the line of Catastrophic Risks earthquake risks are included, and to carry out the modification regarding the amount of social capital with which said institution has, to the effect that it is stated that its capital shall be expressed in Investment Units and be paid in national currency, as ordered by article 49, first paragraph, of the Law of Insurance and Surety Institutions.
The aforementioned modification was submitted to the consideration of the Board of Directors of the National Insurance and Surety Commission in its session 200 of April 24, 2018, which, taking into consideration the favorable opinion issued by the Authorizations Committee of the same Commission, agreed as follows:
« UNIQUE.- The bases of the authorization granted to Cardif Mexico General Insurance, S.A. de C.V., are MODIFIED, to the effect of reflecting the modifications made in the corporate bylaws of said institution which are described below:
«a) The elimination of the words "Federal District" from its social domicile, in accordance with the "Decree by which various provisions of the Political Constitution of the United Mexican States are declared reformed and repealed, in matters of the political reform of Mexico City", published in the Official Gazette of the Federation on January 29, 2016.
«b) The elimination of the reference "Earthquake" from its corporate object, in virtue that in accordance with articles 25, section III, subsection j), and 27, section XV, of the Law of Insurance and Surety Institutions, in the line of "catastrophic risks" earthquake risks are included.
«c) Eliminate the reference to the amount of capital of said insurance institution, substituting it with a wording that establishes that the institution must have the minimum paid capital that is determined for the year in question, for each operation or line for which it is authorized, which must be expressed in Units of Investment and paid in national currency, in terms of article 49, paragraph first, of the Law of Insurance and Surety Institutions. »
CONSIDERATIONS
FIRST.- That article 369, section II, of the Law of Insurance and Surety Institutions, provides that it is the competence of the Board of Directors of this Commission, among others, to modify the authorizations for organize, operate and function as an insurance institution.
SECOND.- That as a result of the resolution issued in the aforementioned Official Letter 06-C00-41100/45797 of August 10, 2017, the terms of the authorization granted to that insurance institution must be modified.
In view of the foregoing, the following are issued:
RESOLUTIONS
FIRST.- The Preamble and Articles First, Second and Third, Bases II, subsection a) and III of the authorization granted to Cardif Mexico General Insurance, S.A. de C.V., are modified, so that it may operate as an insurance institution, with the aforementioned parts remaining in the following terms:
« AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO CARDIF MEXICO GENERAL INSURANCE, S.A. DE C.V., TO ORGANIZE AND FUNCTION AS AN INSURANCE INSTITUTION SUBSIDIARY OF CARDIF ASSURANCES RISQUES DIVERS, S.A., AN EXTERNAL FINANCIAL INSTITUTION, THROUGH BNP PARIBAS CARDIF, S.A. A RELATED COMPANY OF THE LATTER, BOTH FROM THE FRENCH REPUBLIC, IN THE FOLLOWING TERMS:
« ARTICLE FIRST.- In exercise of the power conferred by articles 5° and 33-C of the repealed General Law of Insurance and Mutual Societies by the Ministry of Finance and Public Credit, and which from April 4, 2015, are conferred by articles 11 and 75 of the Law of Insurance and Surety Institutions on the National Commission of Insurance and Surety, authorization is granted to Cardif Mexico General Insurance, S.A. de C.V., to organize and function as an insurance institution subsidiary of Cardif Assurances Risques Divers, S.A., an external financial institution, through BNP Paribas Cardif, S.A., a related company of the latter, both from the French Republic.
« ARTICLE SECOND.- The subsidiary insurance institution is authorized to practice the damage insurance operation, in the lines of various, civil liability and professional risks, fire, catastrophic risks and automobiles, in terms of articles 25, section III, subsections a), c), e), j) and k), and 27, sections VI, VIII, X, XV and XVI of the Law of Insurance and Surety Institutions.
« ARTICLE THIRD.- The subsidiary insurance institution shall be subject to the provisions of the Law of Insurance and Surety Institutions, as well as those derived from it, to the General Law of Commercial Societies, and to the other laws applicable to it and, in particular, to the following bases:
« ...
« II.- The social capital shall be variable according to the following:
a).- The subsidiary insurance institution must have the minimum paid capital that is determined for the year in question, for each operation or line, that it has authorized, expressed in Investment Units and which must be paid in national currency, as ordered by article 49, first paragraph, of the Law of Insurance and Surety Institutions.
« ...
« III.- The social domicile of the subsidiary insurance institution shall be Mexico City.
« ... ».
SECOND.- The authorization granted to Cardif Mexico General Insurance, S.A. de C.V., to organize and operate as an insurance institution, after the modification indicated in the previous Resolutive, remains entirely in the following terms:
« AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO CARDIF MEXICO GENERAL INSURANCE, S.A. DE C.V., TO ORGANIZE AND FUNCTION AS AN INSURANCE INSTITUTION SUBSIDIARY OF CARDIF ASSURANCES RISQUES DIVERS, S.A., AN EXTERNAL FINANCIAL INSTITUTION, THROUGH BNP PARIBAS CARDIF, S.A. A RELATED COMPANY OF THE LATTER, BOTH FROM THE FRENCH REPUBLIC, IN THE FOLLOWING TERMS:
« ARTICLE FIRST.- In exercise of the power conferred by articles 5° and 33-C of the repealed General Law of Insurance and Mutual Societies by the Ministry of Finance and Public Credit, and which from April 4, 2015, are conferred by articles 11 and 75 of the Law of Insurance and Surety Institutions on the National Commission of Insurance and Surety, authorization is granted to Cardif Mexico General Insurance, S.A. de C.V., to organize and function as an insurance institution subsidiary of Cardif Assurances Risques Divers, S.A., an external financial institution, through BNP Paribas Cardif, S.A., a related company of the latter, both from the French Republic.
« ARTICLE SECOND.- The subsidiary insurance institution is authorized to practice the damage insurance operation, in the lines of various, civil liability and professional risks, fire, catastrophic risks and automobiles, in terms of articles 25, section III, subsections a), c), e), j) and k), and 27, sections VI, VIII, X, XV and XVI of the Law of Insurance and Surety Institutions.
« ARTICLE THIRD.- The subsidiary insurance institution shall be subject to the provisions of the Law of Insurance and Surety Institutions, as well as those derived from it, to the General Law of Commercial Societies, and to the other laws applicable to it and, in particular, to the following bases:
« I.- The denomination shall be "Cardif Mexico General Insurance, S.A. de C.V.".
« II.- The social capital shall be variable according to the following:
a).- The subsidiary insurance institution must have the minimum paid capital that is determined for the year in question, for each operation or line, that it has authorized, expressed in Investment Units and which must be paid in national currency, as ordered by article 49, first paragraph, of the Law of Insurance and Surety Institutions.
«b).- The variable capital with withdrawal right in no case may be greater than the capital paid without withdrawal right.
« III.- The social domicile of the subsidiary insurance institution shall be Mexico City.
« ARTICLE FOURTH.- By its very nature this authorization is non-transferable. »
THIRD.- These resolutions must be published in the Official Gazette of the Federation and in two newspapers of wide circulation from the social domicile of the institution, within one hundred and twenty days following the date of their notification to Cardif Mexico General Insurance, S.A. de C.V., in terms of what is provided in article 75, second paragraph, of the Law of Insurance and Surety Institutions, at the expense of the interested parties.
These resolutions are issued based on the information provided by the petitioner contained in the writings sent and are limited exclusively to the modification of the authorization granted to Cardif Mexico General Insurance, S.A. de C.V., in the terms described which in accordance with the applicable provisions are within the competence of this Commission to resolve, and do not prejudge any act that said society carries out and which implies prior authorization or approval from other financial authorities, administrative, tax or of any other nature, in terms of current regulations, nor validates the legality or validity of the same in case such authorizations or approvals are not obtained.
You are hereby informed of the foregoing, based on articles 11, 75, 369, section II, 370, last paragraph, and 372, section XLI, of the Law of Insurance and Surety Institutions, as well as on articles 6 and 9 of the Internal Regulations of the National Insurance and Surety Commission.
Respectfully,
Effective Suffrage. No Re-election.
Mexico City, April 25, 2018. - The President of the National Insurance and Surety Commission , Norma Alicia Rosas Rodríguez.- Rubric.
(R.- 472085)
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