Notice declaring the revocation of the authorization for Pensiones Sura, S.A. de C.V. to function and operate as a pension insurance institution

DOF: 26/03/2021

OFFICE DOCUMENT through which the revocation of the authorization of Pensiones Sura, S.A. de C.V. is declared

At the margin, a seal with the National Coat of Arms, which says: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Insurance and Sureties Commission.- Presidency.- Legal Vice Presidency.- General Legal, Advisory and Intermediaries Directorate.- Advisory Directorate.- Sub-directorate Advisory.- Office No. 06-C00-41100-19737/2020.

PENSIONES SURA, S.A. DE C.V.

Avenida Paseo de la Reforma 222, floor 4

Juárez Neighborhood

Cuauhtémoc Borough

C.P. 06600, Mexico City

Email:

marcos.rivera@suramexico.com

SUBJECT:

The revocation of the authorization of Pensiones Sura, S.A. de C.V. is declared, to function and operate as a pension insurance institution.

This National Insurance and Sureties Commission, based on articles 2°, fraction I, 17, 26 and 31, fraction VIII, of the Organic Law of the Federal Public Administration; 2°, section D, fraction III, of the Internal Regulations of the Ministry of Finance and Public Credit; 332, fractions X and XI, 334, second paragraph, 367 fractions I and II, 369, fraction II, 370, last paragraph, 372, fraction XLI, 396, 443, fraction I, 444, fractions I and II, 445, 460, 468, as well as in the Eighth Transitory Provision of the Law of Insurance and Surety Institutions; in articles 6° and 9° of the Internal Regulations of the National Insurance and Sureties Commission; as well as in the General Organization Manual of the National Insurance and Sureties Commission, published in the Official Gazette of the Federation on October 29, 2018; and considering what is established in numerals FOURTH, point 4, and TWELFTH of the "Agreement establishing deadlines for the continuity of procedures and the resolution of proceedings within the competence of the National Insurance and Sureties Commission during the period of duration of the health contingency", published in the Official Gazette of the Federation on August 3, 2020, issues the Resolutions indicated below, in attention to the following Background and Considerations:

BACKGROUND

FIRST.- Pensiones Comercial América, S.A. de C.V., was authorized by the Ministry of Finance and Public Credit to organize and function as an insurance institution to practice life insurance operations, with the sole purpose of operating pension insurance derived from social security laws, through Office 101.-767 of June 17, 1997, published in the Official Gazette of the Federation on July 1 of the same year. By Office 366-IV-2651/06 of November 29, 2006, said Ministry modified the authorization granted to that institution by changing its corporate name to ING Pensiones, S.A. de C.V.

Subsequently, that authorization was modified by Office 366-038/12 of March 22, 2012, by changing its name to Pensiones Sura, S.A de C.V., published in the aforementioned Official Gazette on June 22 of that same year.

The authorization in question was last modified by this National Insurance and Sureties Commission, through Office 06-C00-41100/09853 of February 22, 2018, published in the referred Federal Dissemination Organ on June 21, 2018.

SECOND.- By writing received in this Commission on September 24, 2020, Pensiones Sura, S.A. de C.V., requested this Commission the revocation of the authorization granted to that institution, in order to carry out its dissolution and conventional liquidation in accordance with articles 332, fractions X and XI, and 443 to 445 of the Law of Insurance and Surety Institutions.

THIRD.- Through Office 06-C00-41100-16878/2020 of October 15, 2020, this Commission requested the petitioner information and complementary documentation in order to analyze the aforementioned petition.

FOURTH.- By writing received on October 20, 2020, the aforementioned pension insurance institution, sent information and documentation in response to the aforementioned request.

FIFTH.- Through Office 06-C00-41100-18813/2020 of November 6, 2020, this Commission requested the petitioner information and complementary documentation in order to analyze the aforementioned petition.

SIXTH.- Through the writing of November 17, 2020, that institution sent information and documentation in response to its request.

CONSIDERATIONS

FIRST.- That based on article 332, fractions X and XI, of the Law of Insurance and Surety Institutions, this Commission with the agreement of its Board of Directors, may declare the revocation of the authorization to operate as an insurance institution, when the general assembly of shareholders of an insurance institution, by decision adopted in an extraordinary session, resolves to request the revocation of its authorization to operate as an insurance institution and when an insurance institution enters a state of liquidation.

SECOND.- That by writing received in this Commission on September 24, 2020, Pensiones Sura, S.A. de C.V., requested this Commission the revocation of the authorization granted to that institution, in order to carry out its dissolution and conventional liquidation in accordance with articles 332, fractions X and XI, and 443 to 445 of the Law of Insurance and Surety Institutions.

THIRD.- That once the documentation and information sent by the applicant has been reviewed, it was determined that the cause for revocation provided for in article 332, fractions X and XI, of the Law of Insurance and Surety Institutions is met, having complied with the requirements established in articles 443, fraction I, 444, fractions I and II, and 445 of the Law of Insurance and Surety Institutions.

FOURTH.- That in accordance with article 369, fraction II, of the Law of Insurance and Surety Institutions, it corresponds to the Board of Directors of this Commission to revoke the authorizations to organize, operate and function as an insurance institution, which is why the Board of Directors of this Decentralized Organ, in its session 219 of December 16, 2020, agreed:

SOLE. The REVOCATION is declared of the authorization granted by the Ministry of Finance and Public Credit through Office 101.-767 of June 17, 1997, as well as its modifications, to Pensiones Sura, S.A. de C.V., to function and operate as an insurance institution to practice life insurance operations, with the sole purpose of operating pension insurance derived from social security laws, in view of the fact that said company agreed to its dissolution and conventional liquidation through its extraordinary general assembly of shareholders of September 23, 2020.

FIFTH.- That article 334, second paragraph, of the Law of Insurance and Surety Institutions, establishes that the declaration of revocation must be published in the Official Gazette of the Federation and in two newspapers of wide circulation in the country and will incapacitate the institution in question from granting any insurance, and will place it in a state of dissolution and liquidation.

SIXTH.- That the General Directorate of Financial Supervision through Memorandum DGSF/DVF-00236/ 2020 of November 11, 2020, informed that based on the information sent through RR-7 to the third quarter of 2020, in which it is evident that that insurer duly covered its statutory requirements, from a financial point of view, there is no objection to approving the revocation of the authorization to function and operate as an Insurance Institution to practice life insurance operations, with the sole purpose of managing pension insurance, derived from social security laws, to Pensiones Sura.

SEVENTH.- That from an actuarial technical point of view, the General Directorate of Supervision of Pension and Health Insurance informed through Memorandum DGSSPS-00055/2020 of November 9, 2020, that the documentation presented has, in general terms, the necessary and sufficient support for Pensiones Sura to proceed with its dissolution, so it expresses a favorable opinion regarding the aforementioned request.

EIGHTH.- From a reinsurance technical point of view, the General Directorate of Reinsurance Supervision informed through Memorandum DGSR/DVR-00106/2020 of October 16, 2020, that taking into account that that institution does not carry out reinsurance operations, it has no objection to carrying out the acts subject of its request.

NINTH.- From a technical supervision and risk analysis point of view, the General Directorate of Risk Analysis informed through Memorandum DGAR-00052/2020 of October 7, 2020, that there is no objection to revoking the authorization granted to that insurer, to operate as an institution of pension insurance derived from social security laws.

TENTH.- From a legal point of view, the General Legal, Advisory and Intermediaries Directorate indicated that the request in question is properly integrated and formally meets the legal and documentary requirements established in the applicable regulations, so there is no objection to revoking the authorization granted to that institution, to function and operate as an insurance institution to practice life insurance operations, with the sole purpose of operating pension insurance derived from social security laws, in view of the fact that said company agreed to its dissolution and conventional liquidation through its extraordinary general assembly of shareholders of September 23, 2020.

In view of the foregoing, this Commission issues the following:

RESOLUTIONS

FIRST.- This National Insurance and Sureties Commission, prior agreement of its Board of Directors, based on articles 332, fractions X and XI, 334, second paragraph, 369, fraction II, 396, 443, fraction I, 444, fractions I and II, and 445, as well as in the Eighth Transitory Provision of the Law of Insurance and Surety Institutions, and in Provisions 29.3.5 to 29.3.8, of the Single Insurance and Surety Circular, declares the REVOCATION of the authorization granted to Pensiones Sura, S.A. de C.V., to function and operate as an insurance institution to practice life insurance operations, with the sole purpose of operating pension insurance derived from social security laws, in view of the fact that said company agreed to its dissolution and conventional liquidation through its extraordinary general assembly of shareholders of September 23, 2020, which was recorded in public deed number 76,899 of November 17, 2020.

This revocation of authorization incapacitates Pensiones Sura, S.A. de C.V., from granting any insurance and places it in a state of dissolution and conventional liquidation, from the date on which said insurance institution is notified of it, such that, henceforth, when citing the name of the insurance institution, the expression " in liquidation " must be added.

SECOND.- Pensiones Sura, S.A. de C.V., must register the public instrument described in the previous Resolution in the corresponding Public Commerce Registry, and send a certified copy of it with the registration data in the aforementioned Registry, through a legal representative who accredits its powers, to the Clerk's Office of this Commission, located at Calle Fernando Villalpando No. 18, Guadalupe Inn Neighborhood, Álvaro Obregón Borough, C.P. 01020, Mexico City, or through the official email officialiadepartes@cnsf.gob.mx , in accordance with the Tenth and Eleventh numerals of the " Agreement establishing deadlines for the continuity of procedures and the resolution of proceedings within the competence of the National Insurance and Sureties Commission during the period of duration of the health contingency ", published in the Official Gazette of the Federation on August 3, 2020; as soon as possible and within ninety days following the date of notification of this Office Document.

THIRD.- This Office Document must be published in the Official Gazette of the Federation and in two newspapers of wide circulation of the corporate domicile of Pensiones Sura, S.A. de C.V., within one hundred twenty days following the date of its notification in terms of what is established in articles 11, fourth paragraph, and 334, second paragraph, of the Law of Insurance and Surety Institutions, at the expense of said company.

In accordance with what is provided in Provision 29.3.8. of the Single Insurance and Surety Circular, the liquidator, prior to its publication in the Official Gazette of the Federation and in a newspaper of national circulation, must present to this Commission the final balance of the liquidation and the statement of results of the liquidation process, accompanied by the report of an independent external auditor that the liquidator hires for such effect, in the terms indicated in Annex 29.3.4. of the aforementioned Circular.

FOURTH.- From the moment Pensiones Sura, S.A. de C.V. is notified of this Office Document declaring the revocation of its authorization, said company will cease to be considered as an insurance institution and, therefore, the obligations derived from article 389 of the aforementioned Law will cease, regarding the sending of periodic information that it delivered in its capacity as an operating insurer through the Electronic Information Delivery System (SEIVE), for deliveries subsequent to the date of notification of the aforementioned revocation Office Document.

FIFTH.- Once Pensiones Sura, S.A. de C.V. is notified of this Office Document, the liquidator appointed by said company, in accordance with article 443, first paragraph, of the Law of Insurance and Surety Institutions, must instrument and adopt a calendarized work plan that contains the procedures and necessary measures so that pending obligations are settled no later than within the year following the date on which his appointment was protested, in accordance with what is stated in Provision 29.3.5 and Annex 29.3.5, of the Single Insurance and Surety Circular.

In relation to the above, as part of the start of the conventional liquidation process, the liquidator must present the information indicated in Provision 29.3.6 of the Single Insurance and Surety Circular, in the terms provided in Annex 29.3.6 of that same regulation.

Additionally, the liquidator must deliver a report to the Commission on the progress of the liquidation process on a monthly basis, which must include the information indicated in Provision 29.3.7. of the aforementioned Circular, and be presented in the terms of Annex 29.3.7. of the same regulation.

This Office Document is issued based on the information provided by the petitioner contained in the writings sent and is limited exclusively to the declaration of the revocation of said company to function and operate as an insurance institution to practice life insurance operations, with the sole purpose of operating pension insurance derived from social security laws, in the terms indicated above which in accordance with the applicable provisions fall within the competence of the Board of Directors of this Commission, and does not prejudge any act that said petitioner carries out and which implies the prior authorization or approval of other financial, administrative, tax or any other nature authorities, in terms of current regulations, nor does it validate the legality or validity of the same in case such authorization or approval is not obtained.

The foregoing based on articles 2°, fraction I, 17, 26 and 31, fraction VIII, of the Organic Law of the Federal Public Administration; 2°, section D, fraction III, of the Internal Regulations of the Ministry of Finance and Public Credit; 332, fractions X and XI, 334, second paragraph, 367 fractions I and II, 369, fraction II, 370, last paragraph, 372, fraction XLI, 396, 443, fraction I, 444, fractions I and II, 445, 460, 468, as well as in the Eighth Transitory Provision of the Law of Insurance and Surety Institutions; in articles 6° and 9° of the Internal Regulations of the National Insurance and Sureties Commission; as well as in the General Organization Manual of the National Insurance and Sureties Commission, published in the Official Gazette of the Federation on October 29, 2018; and considering what is established in numerals FOURTH, point 4, and TWELFTH of the " Agreement establishing deadlines for the continuity of procedures and the resolution of proceedings within the competence of the National Insurance and Sureties Commission during the period of duration of the health contingency ", published in the Official Gazette of the Federation on August 3, 2020.

Respectfully

Mexico City, December 18, 2020.- The President of the National Insurance and Sureties Commission, Ricardo Ernesto Ochoa Rodríguez .- Rubric.

(R.- 504628)

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