Regulatory Alerts2017-05-04 | DOF 5481524Added
Official Letter Modifying the Authorization Granted to MBIA Mexico, S.A. de C.V. to Operate as a Subsidiary Insurance Institution
The National Insurance and Sureties Commission modifies the authorization granted to MBIA Mexico, S.A. de C.V. to eliminate the specific capital amount and replace it with a requirement to maintain a minimum paid-in capital determined annually for each authorized operation and line of business, expressed in Investment Units and paid in national currency. This change aligns the institution's charter with Article 49 of the Insurance and Surety Institutions Law following an increase in its minimum paid-in capital to $174,976,218.00 Mexican National Currency. The modified authorization terms are published in the Official Gazette and two widely circulated newspapers within 120 days of notification.