Official Letter modifying the authorization to organize, operate and function as an insurance institution granted to Virginia Surety Seguros de México, S.A. de C.V.

Official Gazette of the Federation: 25/10/2022

OFFICIAL LETTER modifying the authorization to organize, operate and function as an insurance institution granted to Virginia Surety Seguros de México, S.A. de C.V.

On the margin a seal with the National Coat of Arms, which says: United Mexican States.- FINANCE.- Secretariat of Finance and Public Credit.- National Insurance and Surety Commission.- Presidency.- Legal Vice-Presidency.- General Legal Advisory and Intermediaries Directorate.- Official Letter No. 06-C00-41100-00409/2022.

VIRGINIA SURETY SEGUROS DE MÉXICO, S.A. DE C.V.

Pedregal 24, Torre Virreyes, floor 24

Molino del Rey Neighborhood

Miguel Hidalgo Borough

Postal Code 01140, Mexico City

SUBJECT:

The authorization to organize, operate and function as an insurance institution granted to Virginia Surety Seguros de México, S.A. de C.V. is modified.

The Federal Government, through the National Insurance and Surety Commission, prior to 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; 2, section D section III, of the Internal Regulations of the Secretariat of Finance and Public Credit; 11, 45, 75, 366, section VIII, 367, sections I and II, 369, section II, 370, last paragraph, 372, section XLI, and 373 of the Law of Insurance and Surety Institutions; as well as in articles 4, sections I and II, 6 and 9 of the Internal Regulations of the National Insurance and Surety Commission; issues the present Resolutions in attention to the following Backgrounds and Considerations:

BACKGROUNDS

FIRST.- Virginia Surety Seguros de México, S.A. de C.V., was authorized by the Secretariat of Finance and Public Credit to organize and operate as an insurance institution, in order to practice damage operations in the lines of diverse and automobiles, through Official Letter 100.27 of May 5, 2016, published in the Official Gazette of the Federation on June 17 of the same year.

SECOND.- By writing of September 21, 2020 and extensions of April 15 and 27 and May 24 of 2021, Virginia Surety Seguros de México, S.A. de C.V., requested this Commission authorization to expand the lines it currently practices in damage operations, adding civil liability and professional risks, fire and catastrophic risks; and, consequently, modify its corporate bylaws as well as its respective authorization.

THIRD.- The Governing Board of this National Insurance and Surety Commission in its Session 222 of June 29, 2021, taking into consideration the favorable opinion issued by the Authorizations Committee of the same Commission, agreed as follows:

« FIRST.- THE authorization under which the insurance institution Virginia Surety Seguros de México, S.A. de C.V. operates IS MODIFIED, in order to expand in the damage operations it currently has authorized, the lines civil liability and professional risks, fire and catastrophic risks, in addition to the automobile and diverse lines it has authorized.

SECOND.- THE authorization granted to Virginia Surety Seguros de México, S.A. de C.V. IS MODIFIED, in order to eliminate the precepts that allude to the General Law of Insurance Institutions and Mutual Insurance Companies, legislation abrogated as of April 4, 2015.

The foregoing, understanding that said authorization will be subject to the cited institution obtaining the favorable opinion that, where appropriate, this Commission issues in accordance with articles 11, third paragraph, and 47 of the Law of Insurance and Surety Institutions, which must be requested within a period of one hundred eighty days counted from the approval of the public instrument in which the reform to the second clause of the corporate bylaws of Virginia Surety Seguros de México, S.A. de C.V. is recorded. In case the favorable opinion referred to is not obtained, said authorization will become without effect.

... ».

FOURTH.- Through Official Letter 06-C00-41100-14989/2021 of June 29, 2021, this Commission approved the reform of section I of the second clause of the corporate bylaws of Virginia Surety Seguros de México, S.A. de C.V., and by Official Letter 06-C00-41100-14990/2021 of the same date, the aforementioned Agreement of the Governing Board was notified to that institution.

FIFTH.- Through Official Letter 06-C00-41100-19439/2021 of September 14, 2021, this Commission, among other aspects, ordered that institution, the registration in the Public Registry of Property and Commerce of Mexico City of the public deed number 104,957 of July 27, 2021, granted before the faith of Lic. Francisco Talavera Autrique, holder of Public Notary number 221 of this City, where the protocolization of its extraordinary general shareholders' assembly act of July 20 of the same year is recorded, in which the reform of section I of the second clause of its corporate bylaws was agreed in order to modify its corporate purpose to expand in the damage operations it currently has authorized, the lines civil liability and professional risks, fire and catastrophic risks, in addition to the automobile and diverse lines. In that sense, by writing of February 2, 2022, that institution remitted the first copy of the aforementioned public deed 104,957, registered on November 1, 2021 in the aforementioned registry entity under electronic commercial folio 561785-1.

CONSIDERATIONS

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

SECOND.- That in terms of what is indicated in Background Third of this Official Letter, the Governing Board of this Commission in its Session 222 of June 29, 2021, agreed to modify the authorization granted to that insurance institution.

In attention to the foregoing, the following are issued:

RESOLUTIONS

FIRST.- The preamble, as well as Articles Second, Third, Fifth, Sixth and Seventh of the First Resolution of the authorization granted to Virginia Surety Seguros de México, S.A. de C.V., to organize, operate and function as an insurance institution, are modified, in order to remain:

« IN USE OF THE FACULTY THAT THE FEDERAL GOVERNMENT WAS CONFERRED BY ARTICLES 5o. AND 33-C, IN RELATION WITH ARTICLE 33-A, SECTION I, OF THE ABROGATED GENERAL LAW OF INSURANCE INSTITUTIONS AND MUTUAL INSURANCE COMPANIES TO THE SECRETARIAT OF FINANCE AND PUBLIC CREDIT AND THAT AS OF APRIL 4, 2015 CONFIER THE ARTICLES 11 AND 75 OF THE LAW OF INSURANCE AND SURETY INSTITUTIONS TO THE NATIONAL INSURANCE AND SURETY COMMISSION, AUTHORIZATION IS GRANTED TO VIRGINIA SURETY COMPANY, INC. SO THAT THROUGH THE RELATED COMPANY TWG HOLDINGS, INC. IT CARRIES OUT THE ORGANIZATION, OPERATION AND FUNCTIONING OF A SUBSIDIARY INSURANCE INSTITUTION, IN THE FOLLOWING TERMS:

« ...

Second.- Virginia Surety Seguros de México, S.A. de C.V., is authorized, in terms of what is provided in article 25, section III, subsections a), c), e), j) and k), of the Law of Insurance and Surety Institutions to practice damage operations, in the lines of civil liability and professional risks, fire, automobiles, catastrophic risks and diverse.

Third.- The share capital will be variable, in accordance with the following:

a)

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

b)

The variable capital with right to withdrawal in no case may be superior to the paid capital without right to withdrawal.

« ...

Fifth.- In what is not expressly indicated by this resolution, Virginia Surety Seguros de México, S.A. de C.V., will be subject to the North American Free Trade Agreement, celebrated between the United Mexican States, Canada and the United States of America, the Law of Insurance and Surety Institutions, to the provisions that emanate from it, to the General Law of Mercantile Companies, and the rest of legislation, norms and regulation, that by its own nature, are applicable to it.

Sixth.- The subsidiary insurance institution will be subject to the inspection and vigilance of the National Insurance and Surety Commission in conformity with article 382 of the Law of Insurance and Surety Institutions.

Seventh.- By its own nature this authorization is non-transferable, in terms of what is provided by article 11 of the Law of Insurance and Surety Institutions. »

SECOND.- The authorization granted to Virginia Surety Seguros de México, S.A. de C.V., to organize, operate and function as an insurance institution, after the modification indicated in the previous Resolution, remains entirely as indicated below:

« IN USE OF THE FACULTY THAT THE FEDERAL GOVERNMENT WAS CONFERRED BY ARTICLES 5o. AND 33-C, IN RELATION WITH ARTICLE 33-A, SECTION I, OF THE ABROGATED GENERAL LAW OF INSURANCE INSTITUTIONS AND MUTUAL INSURANCE COMPANIES TO THE SECRETARIAT OF FINANCE AND PUBLIC CREDIT AND THAT AS OF APRIL 4, 2015 CONFIER THE ARTICLES 11 AND 75 OF THE LAW OF INSURANCE AND SURETY INSTITUTIONS TO THE NATIONAL INSURANCE AND SURETY COMMISSION, AUTHORIZATION IS GRANTED TO VIRGINIA SURETY COMPANY, INC. SO THAT THROUGH THE RELATED COMPANY TWG HOLDINGS, INC. IT CARRIES OUT THE ORGANIZATION, OPERATION AND FUNCTIONING OF A SUBSIDIARY INSURANCE INSTITUTION, IN THE FOLLOWING TERMS:

First.- The corporate name of the subsidiary insurance institution, will be "Virginia Surety Seguros de México " , which will be followed by the words Sociedad Anónima de Capital Variable or its abbreviations S.A. de C.V.

Second.- Virginia Surety Seguros de México, S.A. de C.V., is authorized, in terms of what is provided in article 25, section III, subsections a), c), e), j) and k), of the Law of Insurance and Surety Institutions to practice damage operations, in the lines of civil liability and professional risks, fire, automobiles, catastrophic risks and diverse.

Third.- The share capital will be variable, in accordance with the following:

c)

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

d)

The variable capital with right to withdrawal in no case may be superior to the paid capital without right to withdrawal.

Fourth.- Its corporate domicile will be Mexico City.

Fifth.- In what is not expressly indicated by this resolution, Virginia Surety Seguros de México, S.A. de C.V., will be subject to the North American Free Trade Agreement, celebrated between the United Mexican States, Canada and the United States of America, the Law of Insurance and Surety Institutions, to the provisions that emanate from it, to the General Law of Mercantile Companies, and the rest of legislation, norms and regulation, that by its own nature, are applicable to it.

Sixth.- The subsidiary insurance institution will be subject to the inspection and vigilance of the National Insurance and Surety Commission in conformity with article 382 of the Law of Insurance and Surety Institutions.

Seventh.- By its own nature this authorization is non-transferable, in terms of what is provided by article 11 of the Law of Insurance and Surety Institutions. »

THIRD.- This official letter must be published in the Official Gazette of the Federation and in two newspapers of wide circulation of the corporate domicile of the institution, within the one hundred twenty days following the date of its notification to Virginia Surety Seguros de México, S.A. de C.V., in terms of what is provided in articles 75, second paragraph, in relation to article 11 of the Law of Insurance and Surety Institutions, at the cost of the interested parties.

This official letter is issued based on the information provided by the proponent contained in the remitted writings and is limited exclusively to the modification of the authorization granted to Virginia Surety Seguros de México, S.A. de C.V., in the described terms that in conformity with the applicable provisions corresponds to this Commission to resolve, and does not prejudge any act that said society carries out and that implies the prior authorization or approval of other financial, administrative, fiscal or any other nature authorities, in terms of the current regulations, nor does it validate the legality or validity of the same in case said authorizations or approvals are not obtained.

The foregoing based on articles 2, section I, 17, 26 and 31, section VIII, of the Organic Law of the Federal Public Administration; 2, section D section III, of the Internal Regulations of the Secretariat of Finance and Public Credit; 11, 45, 75, 366, section VIII, 367, sections I and II, 369, section II, 370, last paragraph, 372, section XLI, and 373 of the Law of Insurance and Surety Institutions; as well as in articles 4, sections I and II, 6 and 9 of the Internal Regulations of the National Insurance and Surety Commission.

Respectfully,

Mexico City, June 23, 2022. - The President of the National Insurance and Surety Commission , Ricardo Ernesto Ochoa Rodríguez .- Signature.

(R.- 528224)

In the document you are viewing there may be text, characters or objects that are not displayed correctly due to the conversion to HTML format, so we recommend always taking as reference the digitized image of the Official Gazette of the Federation or the PDF file of the edition. The content, form and scope of the published documents, are strict responsibility of their issuer.

SEARCH

BY DATE

Sun

Mon

Tue

Wed

Thu

Fri

Sat

INDICATORS

Exchange Rate and Rates as of 27/08/2026

DOLLAR

16.9660 UDIS

8.808255 TIIE 28 DAYS

6.7559% TIIE 91 DAYS

6.7931% TIIE 182 DAYS

6.8474% FUNDING TIIE

6.50%

See more

SURVEYS

Did you like the new image of the Official Gazette of the Federation website?

No

Yes

Official Gazette of the Federation

Río Amazonas No. 62, Cuauhtémoc Neighborhood, Postal Code 06500, Mexico City Tel. (55) 5093-3200, where you can access our services menu

Electronic address: dof.gob.mx

113

LEGAL NOTICE | SOME RIGHTS RESERVED © 2026