Office Order modifying the authorization granted to Aseguradora Patrimonial Vida, S.A. de C.V. to operate as an insurance institution

DOF: 17/04/2019

OFFICE ORDER modifying the authorization granted to Aseguradora Patrimonial Vida, S

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- Ministry of Finance and Public Credit.- National Insurance and Bonding Commission.- Presidency.- Legal Vice Presidency.- General Legal, Advisory and Intermediaries Directorate.- Advisory Directorate.- Sub-Advisory Directorate.- File: C00.411.13.2.1-S0069"15".- Office No. 06-C00-41100/22853.

SUBJECT:

The authorization granted to Aseguradora Patrimonial Vida, S.A. de C.V. is modified.

ASEGURADORA PATRIMONIAL VIDA, S.A. DE C.V. Paseo de los Tamarindos No. 400, Letter B Col. Bosques de las Lomas Cuajimalpa 05120, Mexico City

Attention: Lic. Jesús Francisco Badiola Fierro Legal Representative

The Federal Government through the National Insurance and Bonding Commission, and prior to the Agreement of its Board of Directors, based on articles 11, 369, section II, 370, last paragraph, and 372, section XLI, of the Law of Insurance and Bonding Institutions, as well as articles 6 and 9 of the Internal Regulations of the National Insurance and Bonding Commission, issues these Resolutions in response to the following Background and Considerations:

BACKGROUND

Aseguradora Patrimonial Vida, S.A. de C.V., was authorized by the Ministry of Finance and Public Credit to function and operate as an insurance institution, through Resolution 101.-01004 of August 24, 2004, published in the Official Gazette of the Federation on December 17, 2004. This authorization was last modified by Office Order 366-III-403/15 of May 28, 2015.

With letters dated August 17 and September 30, 2015, January 28, 2016 and June 22, 2017, received at this Commission on August 19 and October 1, 2015, January 29, 2016 and June 23 of 2017, respectively, the Lic. Jesús Francisco Badiola Fierro and Rosa Elvira Manzano Colín, in their capacity as legal representatives of Aseguradora Patrimonial Vida, S.A. de C.V., respectively, requested the approval of this Decentralized Body of the Ministry of Finance and Public Credit to carry out a partial reform to the bylaws of said institution, regarding Clauses Second, Third, Eighth, Ninth, Fifteenth, Sixteenth, Twentieth, Twenty-Sixth, Twenty-Eighth, Thirtieth, Thirty-Second, Thirty-Third, Thirty-Fourth, Thirty-Fifth, Thirty-Sixth, Thirty-Eighth, Forty-First, Forty-Second, Forty-Third, Forty-Fourth, Forty-Fifth, Forty-Sixth, Forty-Seventh, Forty-Eighth and Forty-Ninth, of its bylaws, in accordance with what was agreed at the Extraordinary General Meeting of Shareholders, held on August 3, 2015.

Through Office Order 06-C00-41100/15333 of March 20, 2018, this Commission accepted the first testimony and a copy by notarial comparison of public deed number 20,588 of December 13 2017, and considered fulfilled the Second Resolutive of Office Order 06-C00-41100/53511 of September 18 of 2017, through which the partial reform of the bylaws of Aseguradora Patrimonial Vida, S.A. de C.V. was approved, since in the aforementioned deed the protocolization of the Minutes of the Extraordinary General Meeting of Shareholders of October 31 of 2017 is recorded, in which the partial reform of the bylaws of said institution was agreed, instrument that was granted before the notary of Lic. Jorge Franco Martínez, Public Notary Number 81 of this Mexico City, acting as associate in the protocol of Notary Number 183 of which Lic. Rodrigo Abascal Olascoaga is the holder.

As a result of what is stated in Backgrounds 2 and 3, the National Insurance and Bonding Commission presented before the Authorization Committee of said Commission, the proposal for modification of the bases of the authorization of Aseguradora Patrimonial Vida, S.A. de C.V., to the effect that the denomination of the registered domicile of that institution be updated, substituting the words "Distrito Federal" for "Ciudad de México", 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 modification regarding the amount of social capital it has, in order to state that its capital must be expressed in Investment Units and be paid in national currency, as ordered by article 49, first paragraph, of the Law of Insurance and Bonding Institutions.

The aforementioned modification was submitted to the consideration of the Board of Directors of the National Insurance and Bonding Commission in its session 200 of April 24, 2018, which, taking into consideration the favorable opinion issued by the Authorization Committee of the same Commission, agreed as follows:

« UNIQUE.- The bases of the authorization granted to Aseguradora Patrimonial Vida, S.A. de C.V. are MODIFIED, to the effect of reflecting the modifications made in the bylaws of said institution which are described below:

«a) The elimination of the words "Distrito Federal" from its registered 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".

«b) Eliminate the reference to the amount of capital of said insurance institution, substituting it with a wording that establishes that the institution must have the minimum paid-up capital determined for the year in question, for each operation or line of business it is authorized to conduct, which must be expressed in Investment Units and paid in national currency, in terms of article 49, paragraph first, of the Law of Insurance and Bonding Institutions.»

CONSIDERATIONS

FIRST.- That article 369, section II, of the Law of Insurance and Bonding Institutions, provides that it is the competence of the Board of Directors of this Commission, among others, 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 Order 06-C00-41100/15333 of March 20 of 2018, the terms of the authorization granted to that insurance institution must be modified.

In view of the above, the following are issued:

RESOLUTIONS

FIRST.- The Preamble, Articles First and Third first paragraph, sections II, subsection a) and III, of the authorization granted to Aseguradora Patrimonial Vida, S.A. de C.V., are modified, so that they operate as an insurance institution, with the indicated parts in the following terms:

« AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO ASEGURADORA PATRIMONIAL VIDA, S.A. DE C.V., TO ORGANIZE AND FUNCTION AS AN INSURANCE INSTITUTION, UNDER THE FOLLOWING TERMS:

« ARTICLE FIRST.- In exercise of the power conferred by article 5 of the repealed General Law of Insurance and Mutual Insurance Institutions to the Ministry of Finance and Public Credit, and which from April 4, 2015, confers article 11 of the Law of Insurance and Bonding Institutions to the National Insurance and Bonding Commission, authorization is granted to Aseguradora Patrimonial Vida, S.A. de C.V., for it to function as an insurance institution.

« ...

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

« ...

« II.- ...

« a) The insurance institution must have the minimum paid-up capital determined for the year in question, for each operation or line of business it is authorized to conduct, expressed in Investment Units and which must be paid in national currency, as ordered by article 49, first paragraph, of the Law of Insurance and Bonding Institutions.

« ...

« III. The registered domicile of the insurance institution shall be Mexico City.

« ... ».

SECOND.- The authorization granted to Aseguradora Patrimonial Vida, S.A. de C.V., to organize and operate as an insurance institution, after the modification indicated in the previous Resolutive, remains entirely in the following terms:

« AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO ASEGURADORA PATRIMONIAL VIDA, S.A. DE C.V., TO ORGANIZE AND FUNCTION AS AN INSURANCE INSTITUTION, UNDER THE FOLLOWING TERMS:

« ARTICLE FIRST.- In exercise of the power conferred by article 5 of the repealed General Law of Insurance and Mutual Insurance Institutions to the Ministry of Finance and Public Credit, and which from April 4, 2015, confers article 11 of the Law of Insurance and Bonding Institutions to the National Insurance and Bonding Commission, authorization is granted to Aseguradora Patrimonial Vida, S.A. de C.V., for it to function as an insurance institution.

« ARTICLE SECOND.- The insurance institution is authorized to practice life insurance operations.

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

« I.- The denomination shall be "Aseguradora Patrimonial Vida, 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-up capital determined for the year in question, for each operation or line of business it is authorized to conduct, expressed in Investment Units and which must be paid in national currency, as ordered by article 49, first paragraph, of the Law of Insurance and Bonding Institutions.

« b) The amount of variable capital with withdrawal rights shall in no case be higher than the minimum fixed capital without withdrawal rights.

« III. The registered domicile of the insurance institution shall 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 newspapers of wide circulation from the registered domicile of the institution, within one hundred twenty days following the date of their notification to Aseguradora Patrimonial Vida, S.A. de C.V., in terms of what is provided in article 11 of the Law of Insurance and Bonding Institutions, at the expense of the interested parties. These resolutions are issued based on the information provided by the petitioner contained in the letters sent and are limited exclusively to the modification of the authorization granted to Aseguradora Patrimonial Vida, S.A. de C.V., in the terms described which, in accordance with the applicable provisions, fall within the competence of this Commission to resolve, and do not prejudge any act that said society carries out and which implies prior authorization or approval from other financial authorities, administrative, tax or of any other nature, in terms of current regulations, nor validates the legality or validity of the same in case such authorizations or approvals are not obtained.

The above is made known to you, based on articles 11, 369, section II, 370, last paragraph, and 372, section XLI, of the Law of Insurance and Bonding Institutions, as well as articles 6 and 9 of the Internal Regulations of the National Insurance and Bonding Commission.

Respectfully,

Effective Suffrage. No Re-election.

Mexico City, April 25, 2018. - The President of the National Insurance and Bonding Commission, Norma Alicia Rosas Rodríguez.- Rubric.

(R.- 480670)

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