Incorporation in Mexico as a joint stock company is required.
"ARTICLE 48.- Institutions must be constituted as joint stock companies with fixed or variable capital, in accordance with the provisions of the General Law of Commercial Societies, insofar as it is not provided for in this Law.
[...]
ARTICLE 54.- All the assemblies and sessions of the Board of Directors of the Institutions will be held at the registered office, which must always be within the territory of the Republic.[...]" (Insurance and Surety Companies Law (4 April 2013), last amended on 11 May 2022, Articles 48 and 54 [google translation])
Insurance and Surety Companies Law (4 April 2013), last amended on 11 May 2022, Articles 48 and 54
[<a href="https://www.diputados.gob.mx/LeyesBiblio/pdf/LISF.pdf">Law</a>]