|Hearing Scheduled for November 7, 2006|
Pursuant to M.G.L. Chapter 175, § 206B, an application has been made to the Massachusetts Commissioner of Insurance (the "Commissioner") by Caisse Nationale des Caisses d'Epargne et de Prevoyance (the "Applicant") for approval of a proposal to acquire control of Coface North America Insurance Company (the "Insurer"), a Massachusetts domestic insurance company. The Applicant, a French corporation, proposes to acquire control of the Insurer pursuant to a combination of certain subsidiaries and businesses of it and Banque Fédérale des Banques Populaires, the Insurer's current ultimate parent. This proposed transaction would result in the Acquirer owning 34% of the capital stock of Natexis Banques Popularies (to be renamed "NatIxix"), which is the Insurer's indirect parent.
The Commissioner will conduct a public hearing pursuant to M.G.L. c. 175, § 206B, to determine whether to approve the proposed acquisition of control. The hearing will commence on November 7, 2006 at 2:00 p.m. at the Division of Insurance, 5th Floor, One South Station, Boston, MA, 02110. Documents filed in connection with this proposed acquisition of control are available for public inspection at the Division of Insurance, One South Station, Boston, Massachusetts, 02110.
The purpose of this public hearing is to afford those persons identified in M.G.L. c. 175, § 206B(d)(2) the opportunity to present evidence, to examine and cross-examine witnesses, to offer oral and written argument and, in connection therewith, to conduct discovery proceedings in the same manner as in the Superior Court Department of the Trial Court. Any discovery proceedings shall be concluded no later than three days prior to the commencement of the hearing.
Any person identified in M.G.L. c. 175, § 206B(d)(2) who wishes to participate in the November 7, 2006 hearing must submit, on or before November 3, 2006, a Notice of Intent to Participate, setting forth the statutory basis for participation. The Notice of Intent must specify the basis for the asserted interest in the proposed acquisition of control, if applicable, as well as whether the person intends to make an oral statement, present evidence or cross examine witnesses.
If the Commissioner determines that a person's interest may be affected by the proposed acquisition of control, that person may participate at the hearing following presentations by the Applicant and the Insurer, and before any other persons the Commissioner may recognize at the hearing. The length of any oral statements, presentations of evidence or examinations of witnesses may be limited at the discretion of the Commissioner. Written argument may be submitted at any time prior to the conclusion of the hearing.
All submissions, including the written Notice of Intent, must be sent to: Docket Clerk, Hearings and Appeals, Division of Insurance, One South Station, Boston, MA 02110-2208, and must refer to Docket No. F2006-01.
Dated: October 26, 2006