Official Letter Modifying the Authorization for Aseguradora Insurgentes, S.A. de C.V. to Organize, Operate, and Function as an Insurance Institution

DOF: 10/02/2023

OFFICIAL LETTER modifying the authorization to organize, operate, and function as an insurance institution, granted to Aseguradora Insurgentes, S.A. de C.V.

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Insurance and Sureties Commission.- Presidency.- File:

C00.411.3S.2-S0802"22".- Official Letter No. 06-C00-41100-11728/2022.- Legal Vice Presidency.- General Directorate of Legal Advisory and Intermediaries.

ASEGURADORA INSURGENTES, S.A. DE C.V.,

(Before Aseguradora Insurgentes, S.A. de C.V., Grupo Financiero Aserta)

Periférico Sur 4829, Floor 7, Office 704

Parque del Pedregal Neighborhood

Tlalpan Borough

C.P. 14010, Mexico City

SUBJECT:

The authorization to

organize, operate, and function as

an insurance institution, granted to

Aseguradora Insurgentes, S.A. de

C.V., Grupo Financiero Aserta, is modified.

The Federal Government, through the National Insurance and Sureties Commission, prior to the Agreement of its Board of Directors, 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, 98-B, and 98-C of the Internal Regulations of the Ministry of Finance and Public Credit; 11, 366, fraction VIII, 367, fractions I and II, 369, fraction II, 370, last paragraph, 372 fraction XLI, and 373 of the Law of Insurance and Surety Institutions; as well as articles 4, fractions I and II, 6, and 9 of the Internal Regulations of the National Insurance and Sureties Commission,

issues these Resolutions in response to the following Background and Considerations:

BACKGROUND

FIRST.- Aseguradora Insurgentes, S.A. de C.V., Grupo Financiero Aserta (formerly Afianzadora Insurgentes, S.A. de C.V., Grupo Financiero Aserta), was authorized by the Ministry of Finance and Public Credit to function and operate as a surety institution, through Official Letter 102-E-366-DGSV-l-C-a-3836 dated September 27, 1990. This authorization was last modified by Official Letter 06-C00-41100/01517 dated January 31, 2017, published in the Official Gazette of the Federation on May 23, 2017, in which the institution was authorized to organize and operate as an insurance institution, in the lines of surety and credit, which also includes the practice of surety lines and sub-lines, in accordance with article 42 of the Law of Insurance and Surety Institutions.

SECOND.- Through letters dated July 19, August 18, October 5, and October 7, 2022, José Manuel Campero Pardo, in his capacity as legal representative, requested approval from this Commission to modify article one of the corporate bylaws of the aforementioned institution due to the change in its denomination, in order to cease being part of Grupo Financiero Aserta; this as a consequence of the merger between Controladora Aserta, S.A.P.I. de C.V., as the merging entity, with Grupo Financiero Aserta, S.A. de C.V., as the merged entity, which ceased to exist, in accordance with Official Letter No. 366-III-193/2022 dated June 24, 2022, which states that the referenced merger was authorized by the Ministry of Finance and Public Credit.

THIRD.- By Official Letter 06-C00-41100-09553/2022 dated October 20, 2022, this Commission approved the modification of article one of the corporate bylaws of Aseguradora Insurgentes, S.A. de C.V., Grupo Financiero Aserta, in accordance with the agreement reached in the extraordinary general shareholders' meeting held on July 18, 2022.

FOURTH.- Through a letter dated October 26, 2022, the insurance institution presented the original of the first testimony of public deed number 64,113 dated October 24, 2022, granted before the notary public Lic. Emiliano Zubiría Maqueo, holder of Public Notary Office number 25 of Mexico City, in which the protocolization of the minutes of the extraordinary general shareholders' meeting held on July 18, 2022, is recorded, where the change of denomination was approved.

FIFTH.- By Official Letter 06-C00-41100-10431/2022 dated November 18, 2022, this Commission accepted said public deed and ordered its registration in the corresponding Public Commerce Registry.

SIXTH.- The Board of Directors of this Commission in its Session 231 on December 13, 2022, taking into consideration the favorable opinion of its Authorizations Committee, agreed as follows:

" UNIQUE.-

The authorization granted to Aseguradora Insurgentes, S.A. de

C.V., Grupo Financiero Aserta, is MODIFIED, in order to reflect the reform made to its corporate bylaws where the words "Grupo Financiero Aserta" were removed from its denomination,

remaining only as Aseguradora Insurgentes, S.A. de C.V.

" This is based on articles 11 and 369, fraction II, of the LISF. "

Once the above has been stated, and

CONSIDERING

FIRST.- That article 369, fraction II, of the Law of Insurance and Surety Institutions, provides that it corresponds to the Board of Directors of this Commission to modify the authorizations to organize, operate, and function as an insurance institution.

SECOND.- That in accordance with what is stated in Background Six of the present document, the Board of Directors of this Commission, in its Session 231 on December 13, 2022, agreed to modify the authorization granted to that insurance institution.

In view of the above, the following are issued:

RESOLUTIONS

FIRST.- The preamble, as well as articles one and three, bases I and II, of the authorization granted to Aseguradora Insurgentes, S.A. de C.V., Grupo Financiero Aserta (now Aseguradora Insurgentes, S.A. de C.V.), to organize, operate, and function as an insurance institution, are modified, to read as follows:

" AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO ASEGURADORA

INSURGENTES, S.A. DE C.V., TO ORGANIZE, OPERATE, AND FUNCTION

AS AN INSURANCE INSTITUTION UNDER THE FOLLOWING TERMS:

" ARTICLE ONE.- In exercise of the power conferred by the Federal Government under

article 11 of the Law of Insurance and Surety Institutions, the National Insurance and

Sureties Commission authorizes Aseguradora Insurgentes, S.A. de C.V., to organize,

operate, and function as an insurance institution in accordance with article 42 of the Law of

Insurance and Surety Institutions.

" ...

" ARTICLE THREE.- The insurance institution shall be subject to the Law of Insurance

and Surety Institutions, as well as to the general provisions derived from it, to the General

Law of Commercial Companies, to the other laws applicable to it, and, in particular, to the

following bases:

" I. The denomination shall be Aseguradora Insurgentes, followed by the words Sociedad

Anónima de Capital Variable or its abbreviations, S.A. de C.V.

" II. Its share capital shall be variable according to the following:

" a)

The insurance institution must have the minimum paid-in capital that is

determined for the year in question, for each operation or line, 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.

" b)

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

" III.- ...

" ARTICLE FOUR.- ...

" ARTICLE FIVE.- ... "

SECOND.- The authorization granted to Aseguradora Insurgentes, S.A. de C.V., to organize, operate

and function 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

INSURGENTES, S.A. DE C.V., TO ORGANIZE, OPERATE, AND FUNCTION

AS AN INSURANCE INSTITUTION UNDER THE FOLLOWING TERMS:

ARTICLE ONE.- In exercise of the power conferred by the Federal Government under

article 11 of the Law of Insurance and Surety Institutions, the National Insurance and

Sureties Commission, authorizes Aseguradora Insurgentes, S.A. de C.V., to organize,

operate, and function as an insurance institution in accordance with article 42 of the Law of

Insurance and Surety Institutions.

ARTICLE TWO.- The insurance institution is authorized to operate in the

Mexican Republic, in accordance with the provisions of articles 25, fraction III, sub-paragraphs

f) and g), and last paragraph, 26, last paragraph, 36, and 42 of the Law of Insurance and

Surety Institutions, the operation of damage insurance in the lines of surety and credit, as

well as to issue sureties of fidelity, in the individual and collective sub-lines;

judicial sureties, in the judicial criminal sub-lines, judicial non-criminal sub-lines, and judicial

sub-lines that cover vehicle drivers; administrative sureties, in

the sub-lines of work, supply, tax, lease, and other administrative sureties; credit sureties, in

the sub-lines of supply, sale and purchase, and other credit sureties; as well as guarantee trusts in the sub-lines

related to surety policies and unrelated to surety policies.

ARTICLE THREE.- The insurance institution shall be subject to the Law of Insurance and

Surety Institutions, as well as to the general provisions derived from it, to the General

Law of Commercial Companies, to the other laws applicable to it, and, in particular, to the

following bases:

I. The denomination shall be Aseguradora Insurgentes, followed by the words Sociedad

Anónima de Capital Variable or its abbreviations, S.A. de C.V.

II. Its share capital shall be variable according to the following:

The insurance institution must have the minimum paid-in capital that is

determined for the year in question, for each operation or line, 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.

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

III. The corporate domicile of the insurance institution is Mexico City.

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

in accordance with the provisions of article 11 of the Law of Insurance and

Surety Institutions.

ARTICLE FIVE.- The insurance institution shall be subject to the inspection and supervision

of the National Insurance and Sureties Commission in accordance with article 382 of the

Law of Insurance and Surety Institutions. "

THIRD.- This official letter must be published in the Official Gazette of the Federation and in two widely circulated newspapers from the corporate domicile of the institution, within one hundred twenty days following the date of

its notification to Aseguradora Insurgentes, S.A. de C.V., in accordance with the provisions of article 11 of the

Law of Insurance and Surety Institutions, at the expense of the interested parties.

This is issued based on the information provided by the petitioner contained in the

letters submitted and is limited exclusively to the modification of the authorization granted to Aseguradora

Insurgentes, S.A. de C.V., under the terms described, which in accordance with the applicable provisions

falls within the jurisdiction of this Commission to resolve, and does not prejudge any act that said company carries out and which implies prior authorization or approval from other financial, administrative, tax, or any other authorities, in accordance with current regulations, nor does it validate the legality or validity of said acts in case such authorizations or approvals are not obtained.

Respectfully,

Mexico City, December 13, 2022. - The

President of the National

Insurance and

Sureties Commission, Ricardo Ernesto Ochoa Rodríguez.- Signature.

(R.- 531826)

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