Regulatory Alerts2019-03-15 | DOF 5553083Added
Official Letter Modifying the Authorization Granted to Reaseguradora Patria, S.A., to Organize and Operate as an Insurance Institution
The National Commission of Insurance and Sureties modifies the authorization granted to Reaseguradora Patria, S.A., to restrict its corporate purpose exclusively to the practice of reinsurance as defined in Article 39 of the Insurance and Sureties Institutions Law, removing references to operations and lines of business established in Article 25. The resolution updates Articles First, Second, and Third of the institution's authorization, confirming its exclusive authorization to underwrite reinsurance for persons, property, liabilities, and sureties, while maintaining its social capital of one billion pesos and its domicile in Mexico City. The institution is required to publish these resolutions in the Official Gazette of the Federation and two widely circulated newspapers within 120 days of notification.
DOF: 15/03/2019
OFFICIAL LETTER modifying the authorization granted to Reaseguradora Patria, S.A., to organize and operate 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 Commission of Insurance and Sureties.- Presidency.- Legal Vice Presidency.- General Legal, Advisory and Intermediaries Directorate.- Advisory Directorate.- Sub-directorate for Advisory Services.- File: C00.411.13.2.1-S0061 " 17 ".- Official Letter No. 06-C00-41000-03959/2019.
SUBJECT:
The authorization granted to Reaseguradora Patria, S.A. is modified.
REASEGURADORA PATRIA, S.A.
Periférico Sur No. 2771 San Jerónimo Lídice Neighborhood Magdalena Contreras 10200, Mexico City
Attention: Lic. Isidro Alejandro Vázquez Álvarez Legal Representative
The Federal Government, through the National Commission of Insurance and Sureties, and prior to the Agreement of its Board of Directors, based on articles 11, 369, section II, 370, last paragraph, and 372, section XLI, of the Insurance and Sureties Institutions Law, as well as articles 6 and 9 of the Internal Regulations of the National Commission of Insurance and Sureties, issues the following resolutions in response to the following:
Background and Considerations:
BACKGROUND
I.
Reaseguradora Patria, S.A., was authorized by the Ministry of Finance and Public Credit to organize and operate as an insurance institution, as evidenced by Official Letter 102-E-366-DGSV-I-B-a-164 dated April 1, 1992, published in the Official Gazette of the Federation on June 19, 1992.
This authorization was last modified by the Ministry of Finance and Public Credit through Official Letter 366-III-739/13 dated October 29, 2013.
II.
With writings dated November 15, 2018, Lic. Isidro Alejandro Vázquez Álvarez, legal representative of REASEGURADORA PATRIA, S.A., requested approval from this Commission for the modification of the authorization currently held by that institution, in order to modify subsection a) of Article IV of its corporate bylaws, regarding the corporate purpose, so that it only mentions the practice of reinsurance in accordance with the operations cited in Article 39 of the Insurance and Sureties Institutions Law, suppressing the reference to the operations and lines of business established in the aforementioned Article 25 of that legal framework.
The petitioning institution accredited the personality and powers of its legal representative with the public instrument described below:
·
Certified Copy of the First Testimony of Public Deed number 122,792 dated September 14, 2017, granted before the notary of Lic. Francisco Javier Arce Gargollo, Public Notary No. 74 of Mexico City, where the limited general power of administration granted by Reaseguradora Patria, S.A., in favor of Isidro Alejandro Vázquez Álvarez is recorded.
III.
By Official Letter 06-C00-41000-56779 dated November 29, 2018, this Commission approved the modification to subsection a) of Article IV of the corporate bylaws of REASEGURADORA PATRIA, S.A., which would be agreed upon in terms of the draft Minutes of the Ordinary and Extraordinary General Shareholders' Meeting attached to their writing of November 15, 2018, and in compliance with the draft corporate bylaws submitted as an annex to the same writing.
IV.
By writing dated November 30, 2018, Lic. Isidro Alejandro Vázquez Álvarez, in his capacity as legal agent of REASEGURADORA PATRIA, S.A., submitted the first and second notarial testimonies of public deed 125,576 dated November 30, 2018, granted before the notary of Lic. Francisco Javier Arce Gargollo, Holder of Public Notary Office number 74 of this City, where the protocolization of the Minutes of the Ordinary and Extraordinary General Shareholders' Meeting of November 30, 2018 is recorded.
V.
With Official Letter 06-C00-41100/57563 dated December 10, 2018, this Commission approved the modification of the authorization contained in public instrument No. 125,576 described in the previous point, requesting REASEGURADORA PATRIA, S.A. to submit the first testimony and a certified copy of the referenced public instrument with registration data from the corresponding Public Registry.
VI.
As a result of what is stated in Backgrounds II to V, the National Commission of Insurance and Sureties presented before the Authorizations Committee of said Commission, the proposal to modify the authorization of Reaseguradora Patria, S.A., to effect the modification regarding its corporate purpose.
VII.
In this context, the modification to the authorization of Reaseguradora Patria, S.A., to operate as an insurance institution was submitted for consideration to the Board of Directors of the National Commission of Insurance and Sureties, in its session 206 of February 19, 2019, which agreed, prior to the favorable opinion of the Authorizations Committee of the same Commission, the following:
« SOLE. - The authorization granted to Reaseguradora Patria, S.A., is MODIFIED, to reflect the reforms made to the corporate bylaws of said institution, which are described below:
The authorization of the aforementioned institution is modified, regarding its corporate purpose, so that it only mentions the practice of reinsurance in accordance with the operations cited in Article 39 of the Insurance and Sureties Institutions Law, suppressing the reference to the operations and lines of business established in the aforementioned Article 25 of that legal framework. »
CONSIDERATIONS
FIRST.- That Article 369, section II, of the Insurance and Sureties Institutions Law, 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 as a result of the resolution contained in the aforementioned Official Letter 06-C00-41100/57563 dated December 10, 2018, 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 of the authorization granted to Reaseguradora Patria, S.A., are modified in the following terms:
« AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT, TO REASEGURADORA PATRIA, S.A., TO ORGANIZE AND OPERATE AS AN INSURANCE INSTITUTION, IN THE FOLLOWING TERMS:
« ARTICLE FIRST.- In exercise of the power conferred to the Federal Government by Article 5 of the repealed General Law of Insurance and Mutual Insurance Societies, to the Ministry of Finance and Public Credit, and which from April 4, 2015, is conferred by Article 11 of the Insurance and Sureties Institutions Law, to the National Commission of Insurance and Sureties, Reaseguradora Patria, S.A., is authorized to organize and operate as an insurance institution.
« ARTICLE SECOND.- The insurance institution is authorized to exclusively practice reinsurance of: persons, property, liabilities and sureties.
« ARTICLE THIRD.- The insurance institution shall be subject to the provisions of the Insurance and Sureties Institutions Law, as well as those derived from it, to the General Law of Commercial Societies and to the other norms that by their nature are applicable to it, and in particular, to the following bases:
« I.- ...
« II.- ...
« III.- ... »
SECOND.- The authorization granted to Reaseguradora Patria, S.A., to organize and operate 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 REASEGURADORA PATRIA, S.A., TO ORGANIZE AND OPERATE AS AN INSURANCE INSTITUTION, IN THE FOLLOWING TERMS:
« ARTICLE FIRST.- In exercise of the power conferred to the Federal Government by Article 5 of the repealed General Law of Insurance and Mutual Insurance Societies, to the Ministry of Finance and Public Credit, and which from April 4, 2015, is conferred by Article 11 of the Insurance and Sureties Institutions Law, to the National Commission of Insurance and Sureties, Reaseguradora Patria, S.A., is authorized to organize and operate as an insurance institution.
« ARTICLE SECOND.- The insurance institution is authorized to exclusively practice reinsurance of: persons, property, liabilities and sureties.
« ARTICLE THIRD.- The insurance institution shall be subject to the provisions of the Insurance and Sureties Institutions Law, as well as those derived from it, to the General Law of Commercial Societies and to the other norms that by their nature are applicable to it, and in particular, to the following bases:
« I.- The denomination shall be Reaseguradora Patria, followed by the words Sociedad Anónima or its abbreviation S.A.
« II.- The social capital shall be one billion pesos 00/100 National Currency.
« III.- The domicile shall be Mexico City, Federal District.
« 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 widely circulated newspapers from the social domicile of the institution, within the one hundred twenty days following the date of their notification to Reaseguradora Patria, S.A., in terms of what is provided in Article 11 of the Insurance and Sureties Institutions Law, at the expense of the interested party.
These resolutions are issued based on the information provided by Reaseguradora Patria, S.A., contained in the writings submitted and are limited exclusively to the approval of the modification of the authorization granted to that insurance institution, in the terms described which, in accordance with the applicable provisions, fall within the competence of this Commission to resolve, and do not prejudge the performance of any other act that the aforementioned institution carries out that implies prior authorization or approval from other authorities, nor do they validate any act that has been carried out in contravention of current regulations.
This is made known to you, based on articles 11, 369, section II, 370, last paragraph, and 372, section XLI, of the Insurance and Sureties Institutions Law, as well as articles 6 and 9 of the Internal Regulations of the National Commission of Insurance and Sureties.
Respectfully,
Mexico City, February 20, 2019. - The President of the National Commission of Insurance and Sureties, Ricardo Ernesto Ochoa Rodríguez.- Rubric.
(R.- 479323)
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