Modification of Authorization for Seguros Ve por Más, S.A., Grupo Financiero Ve por Más — SHCP — MX

DOF: 04/04/2017

OFFICE DOCUMENT modifying the authorization granted to Seguros Multiva, S

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- Ministry of Finance and Public Credit.- National Commission for Insurance and Sureties.- Presidency.- Legal Vice Presidency.- General Legal, Advisory and Intermediaries Directorate.- Advisory Directorate.- Sub-directorate for Advisory.- File: C00.411.13.2.2-S0016 " 16 ".- Office No. 06-C00-41100/06533.

SUBJECT:

The authorization granted to
Seguros Ve por Más, S.A., Group
Financial Ve por Más is modified.

SEGUROS VE POR MÁS, S.A., FINANCIAL GROUP VE POR MÁS

Bosques Alisos No. 45-A, Floor 3

Col. Bosques de las Lomas

Cuajimalpa

05120, Mexico City

Attn:

Act. Juan Alberto Vélez Arredondo
Legal Representative

The Federal Government through the National Commission for Insurance and Sureties and with the prior Agreement of its Board of Directors, based on articles 11, 66, 369, section II and 370, last paragraph, of the Law of Insurance and Surety Institutions, as well as articles 6 and 9 of the Internal Regulations of the National Commission for Insurance and Sureties, issues these resolutions in response to the following Background and Considerations:

BACKGROUND

Seguros Multiva, S.A., Grupo Financiero Multiva, is an institution authorized by the Ministry of Finance and Public Credit to organize and function as an insurance institution in the practice of life, accident and illness operations, in the lines of personal accident and medical expenses, property damage, in the lines of civil liability and professional risks, maritime and transport, fire, automobiles, credit exclusively in reinsurance, miscellaneous, as well as earthquake and other catastrophic risks, through Office 366-IV-4100 of December 11, 1995.

This authorization was last modified by the aforementioned Dependence through Office 366-III-027/ 15 of January 19, 2015, published in the Official Gazette of the Federation on January 27, 2016.

With a writing dated June 24, 2016, Act. Juan Alberto Vélez Arredondo, on behalf and in representation of Seguros Multiva, S.A., Grupo Financiero Multiva, requested authorization from this Decentralized Body to reform the corporate bylaws of said institution, in order to change its corporate name to " Seguros Ve por Más, S.A., Grupo Financiero Ve por Más " , as a consequence of the incorporation of said institution into Grupo Financiero Ve por Más, S.A. de C.V. and the disincorporation from Grupo Financiero Multiva S.A.B. de C.V., authorized by the Ministry of Finance and Public Credit, through offices UBVA/081/2016 and UBVA/082/2016 both dated December 2, 2016, respectively; statutory modification in which stand out, in addition to the aforementioned change of name, the elimination of the words " Federal District " from its corporate domicile, in accordance with the " Decree by which various provisions of the Political Constitution of the United Mexican States are declared reformed and repealed, in matters of the political reform of Mexico City " , published in the Official Gazette of the Federation on January 29, 2016; as well as the adjustment to the text of its corporate object eliminating the reference to " Earthquake " , in virtue that in accordance with articles 25, section III, subsection j), and 27, section XV, of the Law of Insurance and Surety Institutions, in the line of Catastrophic Risks, earthquake risks are included.

Through Office 06-C00-41100/01817 of January 30, 2017, this Commission approved the comprehensive reform carried out by that institution to its corporate bylaws, in accordance with what is provided in article 66 of the Law of Insurance and Surety Institutions, in the terms agreed in the protocolization of the minutes of the Extraordinary General Shareholders' Meeting of November 10, 2016, contained in public instrument number 82,425 of November 16, 2016, granted before the faith of Lic. Luis Antonio Montes de Oca Mayogoitia, holder of Public Notary number 29 of this Mexico City, registered in the Public Registry of Property and Commerce of Mexico City, under commercial folio 388922*, of December 13, 2016.

As a result of what is stated in Background 2, the National Commission for Insurance and Sureties presented before the Authorizations Committee of said Commission, the proposal to modify the authorization of Seguros Multiva, S.A., Grupo Financiero Multiva, in order to change its corporate name to " Seguros Ve por Más, S.A., Grupo Financiero Ve por Más " ; eliminate the words " Federal District " from its corporate domicile, in accordance with the " Decree by which various provisions of the Political Constitution of the United Mexican States are declared reformed and repealed, in matters of the political reform of Mexico City " , published in the Official Gazette of the Federation of January 29, 2016; and to adjust the text of its corporate object eliminating the reference to " Earthquake " , in virtue that in accordance with articles 25, section III, subsection j), and 27, section XV, of the Law of Insurance and Surety Institutions, in the line of Catastrophic Risks, earthquake risks are included.

The aforementioned modification was submitted to the consideration of the Board of Directors of the National Commission for Insurance and Sureties in its session 193 of February 21, 2017 and taking into consideration the favorable opinion issued by the Authorizations Committee of the same Commission, agreed the following:

" FIRST.- MODIFY the authorization of " Seguros Multiva, S.A. Grupo Financiero Multiva " , in order to reflect the modifications made in the corporate bylaws of said institution which are described below:

Substitute its corporate name with that of " Seguros Ve por Más, S.A. Grupo Financiero Ve

por

Más " ,

Substitute in its corporate domicile the reference to the " Federal District " with " Mexico City " , and

Substitute in its object the reference to the insurance line identified as " Earthquake and other catastrophic risks " with " Catastrophic Risks " .

" SECOND.- MODIFY the authorization Seguros Multiva, S.A. Grupo Financiero Multiva , in order to eliminate the reference to the capital amount of said insurance institution, substituting it with a wording that establishes that the institution must have the minimum paid-in capital that is determined for the year in question, for each operation and line of business that it has authorized, which must be expressed in Investment Units and covered in national currency, in terms of article 49, first paragraph, of the Law of Insurance and Surety Institutions " .

CONSIDERATIONS

FIRST.- That article 369, section II, of the Law of Insurance and Surety Institutions, 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 issued in the aforementioned Office 06-C00-41100/01817 of January 30, 2017, 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 Seguros Multiva, S.A., Grupo Financiero Multiva, to operate as an insurance institution, are modified, remaining in the following terms:

AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT THROUGH THE NATIONAL COMMISSION FOR INSURANCE AND SURETIES, TO SEGUROS VE POR MÁS, S.A., FINANCIAL GROUP VE POR MÁS, TO FUNCTION AS AN INSURANCE INSTITUTION, IN THE FOLLOWING TERMS:

ARTICLE FIRST.- In exercise of the faculty conferred by the Federal Government on article 5 of the repealed General Law of Insurance Institutions and Mutual Insurance Companies, on the Ministry of Finance and Public Credit, and which from April 4, 2015, confers article 11 of the Law of Insurance and Surety Institutions, through the National Commission for Insurance and Sureties, authorization is granted to Seguros Ve por Más, S.A., Grupo Financiero Ve por Más , to function as an insurance institution.

ARTICLE SECOND.- The insurance institution is authorized to practice operations of life, of accidents and illnesses, in the lines of personal accident and medical expenses, of damage, in the lines of civil liability and professional risks, maritime and transport, fire, automobiles, credit exclusively in reinsurance, miscellaneous, and other catastrophic risks.

ARTICLE THIRD.- The insurance institution shall be subject to the provisions of the Law of Insurance and Surety Institutions, as well as those derived from it, to the General Law of Mercantile Societies, and to the other laws applicable to it and, in particular to the following bases:

I.- The denomination will be " Seguros Ve por Más, S.A., Grupo Financiero Ve por Más " .

II.- The institution must have the minimum paid-in 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 Surety Institutions.

III.- The corporate domicile of the insurance institution will be Mexico City.

SECOND.- The authorization granted to Seguros Ve por Más, S.A., Grupo Financiero Ve por Más , to organize and operate as an insurance institution, after the modification indicated in the Resolutive above, remains entirely in the following terms:

I.- The denomination will be " Seguros Ve por Más, S.A., Grupo Financiero Ve por Más " .

III.- The corporate domicile of the insurance institution will be Mexico City.

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 corporate domicile of the institution, within the one hundred and twenty days following the date of their notification to Seguros Ve por Más, S.A., Grupo Financiero Ve por Más, in terms of what is provided in article 11 of the Law of Insurance and Surety Institutions, at the expense of the interested parties.

These resolutions are issued based on the information provided by the petitioner contained in the writings sent and are limited exclusively to the modification of the authorization granted to that insurance institution, in the terms described which in accordance with the applicable provisions it is competent for this Commission to resolve, and does not prejudge any act that said society carries out and which implies the prior authorization or approval of other financial, administrative, tax or of any other nature authorities, in terms of the current regulations, nor validates the legality or validity of the same in case said authorizations or approvals are not obtained.

This is made known to you, based on articles 11, 66, 369, section II and 370, last paragraph, of the Law of Insurance and Surety Institutions, as well as articles 6 and 9 of the Internal Regulations of the National Commission for Insurance and Sureties.

Respectfully,

Effective Suffrage. No Re-election.

Mexico City, February 24, 2017.- The President of the National Commission for Insurance and Sureties, Norma Alicia Rosas Rodríguez .- Rubric.

(R.- 447317)

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