Authorization for the Organization and Operation of CRABI, S.A. de C.V.

DOF: 19/02/2019

OFFICE LETTER through which the organization and operation of the insurance institution named CRABI, S.A. de C.V. is authorized.

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- 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-Advisory Directorate.- File: C00.411.13.1.7/4 " 17 ".- Office No. 06-C00-41100/53448.

SUBJECT:

Authorization for the organization and operation of the insurance institution named CRABI, S.A. de C.V.

MR. FRANCISCO JAVIER OROZCO SÁNCHEZ (his own right and on behalf of Crabi, Inc.)

Andares Corporativo Acueducto Av. Acueducto No. 4851, Int. 1.5 Col. Real Acueducto 45116, Zapopan, Jalisco

The Federal Government through the National Commission of Insurance and Sureties, and after agreement of its Board of Directors, based on articles 90 of the Political Constitution of the United Mexican States; 17 and 31, fraction VIII, of the Organic Law of the Federal Public Administration; 2nd, subsection D, fraction III, of the Internal Regulations of the Ministry of Finance and Public Credit, published in the Official Gazette of the Federation on September 11, 1996, and its various modifications; 11, 12, 25, fraction III, subsection e) and second paragraph, 47, 369, fraction II, 370, last paragraph, and 372, fraction XLI, of the Law of Insurance and Sureties Institutions; article 30-E, fractions III and IV, of the Federal Rights Law; in relation to Provisions 2.1.1. to 2.1.4., and Chapters 39.1. and 39.6. of the Single Insurance and Sureties Circular; as well as articles 6 and 9 of the Internal Regulations of the National Commission of Insurance and Sureties, issues the resolutions indicated below, in consideration of the following Background and Considerations:

BACKGROUND

I.

Through writings dated May 23, June 23, July 14, September 20, and November 1 and 15, 2017, January 24 and March 14, 2018, Mr. Arnoldo de la Torre Anderson, in his capacity as petitioner and on his own right, and Mr. Francisco Javier Orozco Sánchez, on behalf of CRABI, INC., requested authorization from this National Commission of Insurance and Sureties for the establishment of an insurance institution to be named CRABI, S.A. de C.V., whose intended purpose is the practice of damage operations in the automobile line of business.

II.

In this context, the aforementioned request was submitted for consideration to the Board of Directors of this Decentralized Body of the Ministry of Finance and Public Credit, in its session 200 of April 24, 2018, after a favorable opinion from the Authorizations Committee of said Commission, which agreed as follows:

"SINGLE AGREEMENT:

GRANT authorization to Mr. Francisco Javier Orozco Sánchez and CRABI, INC., to carry out the establishment of an insurance institution to be named CRABI, S.A. de C.V., whose purpose shall be the practice of damage operations, in the automobile line of business.

"The foregoing is without prejudice to this Commission issuing resolutions directed to each of the shareholders in accordance with their participation in the social capital of the institution, as provided in article 50, fraction II, of the Law of Insurance and Sureties Institutions.

"The above is understood to be subject to the condition that the institution established obtains the favorable opinion that, if applicable, this Commission issues in accordance with article 47 of the Law of Insurance and Sureties Institutions, which must be requested within a period of one hundred eighty days counted from the approval of the public instrument in which the establishment of such corporation is recorded.

"In the event that the favorable opinion referred to is not obtained, this present authorization shall become void.

" ... ".

III.

Through Office Letter 06-C00-41100/24292 of April 30, 2018, this Decentralized Body, among other Resolutions, notified the petitioners that the Board of Directors of this Commission, in its session 200 of April 24, 2018, taking into consideration the favorable opinion issued by the Authorizations Committee of said Commission, in its session held on the 12th of the same month and year, agreed to grant the authorization requested by Mr. Francisco Javier Orozco Sánchez, on his own right and on behalf of CRABI, INC., to carry out the establishment of an insurance institution to be named CRABI, S.A. DE C.V., whose purpose shall be the practice of damage operations in the automobile line of business.

IV.

Through the writing of August 24, 2018, Mr. Francisco Javier Orozco Sánchez, on his own right and on behalf of CRABI, INC., submitted to this Commission the first notarial copy and three copies by notarial comparison of public instrument 70,685 of August 17, 2018, granted before the notary of Lic. Jorge Robles Madrigal, Public Notary number 73 of Guadalajara, Jalisco, acting in the protocol of Public Notary number 12 of that same City, by Notarial Association agreement published in the official newspaper "El Estado de Jalisco", of March 22, 2007, in which the establishment of CRABI, S.A. de C.V., as an insurance institution is recorded, as well as the corporate bylaws that will govern said society.

V.

Likewise, through the aforementioned writing, Mr. Francisco Javier Orozco Sánchez, on his own right and on behalf of CRABI, INC., submitted to this Decentralized Body, the receipt of payment of rights referred to in article 30-E, fraction IV, of the Federal Rights Law and the Fiscal Miscellany Resolution for 2018, published in the Official Gazette of the Federation on December 22, 2017, in the amount of $70,799.00, issued by BBVA Bancomer, S.A., Multiple Banking Institution, BBVA Bancomer Financial Group, for the study and processing of the request for authorization for the establishment and operation of an insurance institution.

VI.

Through Office Letter 06-C00-41100/53363 of October 15, 2018, this Commission approved the corporate bylaws contained in the aforementioned public deed 70,685 of August 17, 2018, granted before the notary of Lic. Jorge Robles Madrigal, Public Notary number 73 of Guadalajara, Jalisco, acting in the protocol of Public Notary number 12 of that same City, by Notarial Association agreement published in the official newspaper "El Estado de Jalisco", of March 22, 2007, in which the establishment of CRABI, S.A. de C.V., as an insurer is recorded.

CONSIDERATIONS

FIRST.- That once the documentation and information submitted by Mr. Francisco Javier Orozco Sánchez, on his own right and on behalf of CRABI, INC., through the request writings referred to in Background I of this Office Letter, has been reviewed, it was determined that the requirements established in articles 11, 25, fraction III, subsection e), and second paragraph, and 41 of the Law of Insurance and Sureties Institutions; article 30-E, fractions III and IV, of the Federal Rights Law; Chapter 2.1, Annex 2.1.3-a, Chapters 39.1. and 39.6. of the Single Insurance and Sureties Circular; applicable regulations for the establishment of an insurance institution that will practice damage operations, in the automobile line of business, as well as the practice of reinsurance regarding said line, were met.

SECOND.- That in accordance with what is established in articles 369, fraction II, 370, last paragraph, and 372, fraction XLI, of the Law of Insurance and Sureties Institutions, authorizations to organize and operate as an insurance institution must be granted by this Commission, after agreement of its Board of Directors, which in its session 200 of April 24, 2018, agreed to grant the authorization requested by the petitioners, corresponding to the Head of the Presidency of this Commission to comply with the agreements of said Governing Body.

THIRD.- That in accordance with what is stated in article 11 of the Law of Insurance and Sureties Institutions, this Decentralized Body of the Ministry of Finance and Public Credit, through Office Letter 06- C00-41100/24292 of April 30, 2018, notified the petitioners of the agreement of the Board of Directors of this Commission by which the requested authorization is granted and a favorable opinion regarding the project of corporate bylaws submitted was issued.

FOURTH.- That this Commission, through Office Letter 06-C00-41100/53363 of October 15, 2018, in accordance with what is established in articles 11 and 66 of the Law of Insurance and Sureties Institutions, approved the corporate bylaws of CRABI, S.A. de C.V., contained in public deed 70,685 of August 17, 2018, granted before the notary of Lic. Jorge Robles Madrigal, Public Notary number 73 of Guadalajara, Jalisco, acting in the protocol of Public Notary number 12 of that same City, by Notarial Association agreement published in the official newspaper "El Estado de Jalisco", of March 22, 2007, in which the establishment of said society as an insurance institution is recorded.

FIFTH.- That in terms of what is stated in articles 11, third paragraph, 12 and 47 of the Law of Insurance and Sureties Institutions, the start of operations of CRABI, S.A. de C.V., as an insurance institution, is subject to obtaining the favorable opinion issued by this Commission, which must be requested within a period of one hundred eighty days counted from the approval of the public instrument in which the corporate bylaws of said society are recorded, prior to payment of the corresponding rights.

In view of the foregoing, the following are issued:

RESOLUTIONS

FIRST.- The Federal Government through the National Commission of Insurance and Sureties and after agreement of its Board of Directors, based on articles 90 of the Political Constitution of the United Mexican States; 17 and 31, fraction VIII, of the Organic Law of the Federal Public Administration; 2nd, subsection D, fraction III, of the Internal Regulations of the Ministry of Finance and Public Credit, published in the Official Gazette of the Federation on September 11, 1996, and its various modifications; 11, 12, 25 fraction III, subsection e), and second paragraph, 47, 369, fraction II, 370, last paragraph, and 372, fraction XLI, of the Law of Insurance and Sureties Institutions; article 30-E, fractions III and IV, of the Federal Rights Law; as well as articles 6 and 9 of the Internal Regulations of the National Commission of Insurance and Sureties, grants authorization to Mr. Francisco Javier Orozco Sánchez, on his own right and on behalf of CRABI, INC., to carry out the organization and operation of an insurance institution under the name of CRABI, S.A. de C.V., in the following terms:

"AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT, TO CRABI, INC., AND TO MR. FRANCISCO JAVIER OROZCO SÁNCHEZ, TO CARRY OUT THE ORGANIZATION AND OPERATION OF AN INSURANCE INSTITUTION, IN THE FOLLOWING TERMS:

"ARTICLE ONE.- In exercise of the power conferred by article 11 of the Law of Insurance and Sureties Institutions, to the Federal Government through the National Commission of Insurance and Sureties, authorization is granted to CRABI, S.A. de C.V., to organize and operate as an insurance institution.

"ARTICLE TWO.- The insurance institution is authorized to practice in the Mexican Republic the damage operations, in the automobile line of business, as well as the practice of reinsurance, regarding the operation and line included in this authorization.

"ARTICLE THREE.- The insurance institution shall be subject to the provisions of the Law of Insurance and Sureties Institutions, as well as those derived from it, to the General Law of Commercial Companies, and to the other laws applicable to it, and in particular, to the following bases:

"I.- The name shall be "CRABI", followed by the words "Variable Capital Anonymous Society" or its abbreviations "S.A. de C.V.".

"II.- The social capital shall be variable, according to the following:

" a)

The insurance institution must have the minimum paid capital that is determined for the year in question, for each operation or line of business, that it has authorized, expressed in Investment Units and which must be covered in national currency, as ordered by article 49, first paragraph, of the Law of Insurance and Sureties Institutions.

" b)

The variable capital with withdrawal right in no case may be greater than the paid capital without withdrawal right.

"III.- The social domicile of the insurance institution is in the City of Zapopan, Jalisco.

"ARTICLE FOUR.- By its very nature this authorization is non-transferable.

"ARTICLE FIVE.- The insurance institution shall be subject to the inspection and supervision of the National Commission of Insurance and Sureties. "

SECOND.- This present authorization, in accordance with what is established in articles 11 and 12 of the Law of Insurance and Sureties Institutions, is subject to the cited institution obtaining the favorable opinion referred to in article 47 of the Law of Insurance and Sureties Institutions, which, if applicable, this Commission issues.

In the event that the favorable opinion referred to is not obtained, this present authorization shall not take effect.

THIRD.- This Office Letter must be published in the Official Gazette of the Federation and in two newspapers of wide circulation from the social domicile of the institution, within the one hundred twenty days following the date of its notification to CRABI, S.A. de C.V., in terms of what is provided in article 11 of the Law of Insurance and Sureties Institutions, at the expense of the authorized society.

These resolutions are issued based on the information provided by the petitioners contained in the writings submitted and are limited exclusively to the authorization for Mr. Francisco Javier Orozco Sánchez, and CRABI, INC., to carry out the organization and operation of an insurance institution to be named CRABI, S.A. de C.V., in the terms described that in accordance with the applicable provisions compete to resolve to this Commission, and does not prejudge any act that said society carries out and that implies the prior authorization or approval of other financial, administrative, tax or any other authorities, in terms of the current regulations, nor validates the legality or validity of the same in the event that such authorization or approval is not obtained.

The foregoing based on articles 11, 12, 25 fraction III, subsection e) and second paragraph, 47, 369, fraction II, 370, last paragraph, and 372, fraction XLI, of the Law of Insurance and Sureties Institutions; article 30-E, fractions III and IV, of the Federal Rights Law; in relation to Provisions 2.1.1. to 2.1.4., and Chapters 39.1. and 39.6. of the Single Insurance and Sureties Circular; as well as articles 6 and 9 of the Internal Regulations of the National Commission of Insurance and Sureties.

Respectfully,

Effective Suffrage. No Re-election.

Mexico City, October 16, 2018.- The President of the National Commission of Insurance and Sureties, Norma Alicia Rosas Rodríguez.- Rubric.

(R.- 478049)

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