Official Letter Modifying the Authorization for Deco Seguros, S.A. de C.V. to Operate as an Insurance Institution

DOF: 16/04/2021

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

A seal bearing the National Emblem appears on the margin, which reads: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Commission of Insurance and Sureties.- Presidency.- File:

C00.411.13.2.1-S0097"19".- Official Letter No. 06-C00-41100-15336/2020.- Legal Vice Presidency.- General Legal, Advisory and Intermediaries Directorate.- Advisory Directorate.- Advisory Subdirectorate.

DECO SEGUROS, S.A. DE C.V.

Miguel Hidalgo Poniente 2115

Obispado Neighborhood

Postal Code 64060, Monterrey, Nuevo León.

SUBJECT:

The authorization to

organize, operate, and function as

an insurance institution, granted to Deco

Seguros, S.A. de C.V. is modified.

The Federal Government, through the National Commission of Insurance and Sureties, 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, of the Internal Regulations of the Ministry of Finance and Public Credit; 11, 45, 369, fraction II, 370, last paragraph, and 372, fraction XLI, of the Law of Insurance and Surety Institutions; as well as articles 6° and 9° of the Internal Regulations of the National Commission of Insurance and Sureties; issues these Resolutions in response to the following

Background and Considerations:

BACKGROUND

FIRST.- Deco Seguros, S.A. de C.V. was authorized by the Ministry of Finance and Public Credit to organize and function as an insurance institution through Official Letter 366-IV-3781 dated June 30, 2000, published in the Official Gazette of the Federation on August 17 of the same year. This resolution was last modified by this Commission as recorded in Official Letter 06-C00-41100/09673 dated February 21, 2018, published in the DOF on May 16 of that year, in which it is recorded that such insurer is authorized to conduct life insurance operations.

SECOND.- Through a written submission dated January 17, 2019, and supplements dated March 4, July 9 and 24, and August 12 of the same year, Deco Seguros, S.A. de C.V. requested this Decentralized Body to modify the authorization under which it operates in order to expand its corporate purpose and conduct accidents and illnesses operations in the personal accidents line of business, in addition to the life insurance operation it is currently authorized to conduct.

THIRD.- The Board of Directors of this National Commission of Insurance and Sureties in its Session 211 on December 20, 2019, taking into consideration the favorable opinion of its Authorizations Committee, agreed as follows:

"UNIQUE.- THE AUTHORIZATION under which the insurance institution Deco

Seguros, S.A. de C.V. operates is MODIFIED, in order to expand the

operation to accidents and illnesses, in the

personal accidents line of business, in addition to the life insurance operation it already has authorized."

FOURTH.- Through Official Letter 06-C00-41100-00082/2020 dated January 8, 2020, this Commission approved the reform to Clauses Fifth and Seventh of the bylaws of Deco Seguros, S.A. de C.V., and by Official Letter 06-C00-41100-00083/2020 dated January 10 of the same year, the institution was notified of the aforementioned Agreement of the Board of Directors.

FIFTH.- Through Official Letter 06-C00-41100-03811/2020 dated February 24, 2020, this Commission, among other aspects, ordered that institution to register in the corresponding Public Registry of Commerce the public deed number 1,896 dated February 10, 2020, granted before the notary of Lic. Pablo Quiroga González, Holder of Public Notary Office number 57 with practice in the First District of Monterrey, Capital of the State of Nuevo León, where the protocolization of the Act of the Extraordinary General Shareholders' Meeting of January 21 of the same year is recorded, in which it was agreed to modify the corporate purpose of Deco Seguros, S.A. de C.V. in order to include the practice of accidents and illnesses operations in the personal accidents line of business, in addition to the life insurance operation it currently practices, and the consequent reform to Clauses Fifth and Seventh of its bylaws; likewise, through Official Letter 06-C00-41100- 15326/2020 dated September 17, 2020, it was noted that said public instrument was registered with the Public Registry of Commerce of Monterrey, Nuevo León, on July 14, 2020.

CONSIDERATIONS

FIRST.- That article 369, fraction 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 in terms of what stated in Background THIRD of the present, the Board of Directors of this Commission in its Session 211 on December 20, 2019, agreed to modify the bases of the authorization granted to that insurance institution.

In view of the foregoing, the following are issued:

RESOLUTIONS

FIRST.- Article Two of the authorization granted to Deco Seguros, S.A. de C.V. to organize, operate, and function as an insurance institution is modified, to read as follows:

" ... "

ARTICLE TWO.- The insurance institution is authorized to conduct in

insurance the life insurance operation, as well as the accidents and illnesses operation, in the

personal accidents line of business.

" ... ".

SECOND.- The authorization granted to Deco Seguros, S.A. de C.V. to organize, operate, and function

as an insurance institution, after the modification indicated in the Resolutive section above, remains

entirely in the following terms:

"AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO DECO SEGUROS, S.A. DE

C.V., TO ORGANIZE AND FUNCTION AS AN INSURANCE INSTITUTION, IN

THE FOLLOWING TERMS.

"ARTICLE ONE.- In exercise of the faculty conferred to the Federal Government by article 5

of the repealed General Law of Insurance Institutions and Mutual Societies, to the

Ministry of Finance and Public Credit, and which from April 4, 2015, onwards, is conferred by

article 11 of the Law of Insurance and Surety Institutions to the National Commission of

Insurance and Sureties, Deco Seguros, S.A. de C.V. is authorized to organize, operate and

function as an insurance institution.

"ARTICLE TWO.- The insurance institution is authorized to conduct in

insurance the life insurance operation, as well as the accidents and illnesses operation, in the

personal accidents line of business.

"ARTICLE THREE.- 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 Commercial Societies, and to the other norms applicable to it, and,

in particular, to the following bases:

"I.- The name shall be Deco Seguros, S.A. de C.V.

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

"a) The institution must have the minimum paid capital determined for the year

in question, for each operation or line of business it has authorized, which must be

expressed in Investment Units and must be covered in national currency, in terms

of article 49, first paragraph, of the Law of Insurance and Surety Institutions.

"b) The variable capital with withdrawal rights in no case may exceed the minimum fixed social capital

without withdrawal rights.

"III.- The social domicile of the insurance institution shall be the City of Monterrey,

Nuevo

León.

"ARTICLE FOUR.- 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 social domicile of the institution, within one hundred twenty days

following the date of their notification to Deco Seguros, S.A. de C.V., in terms of what provided in

article 11 of the Law of Insurance and Surety Institutions, at the expense of the interested parties.

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

submissions sent and is limited exclusively to the modification of the authorization granted to Deco Seguros, 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 does not prejudge any act that said society carries out and which implies prior

authorization or approval from other financial, administrative, tax, or any other authorities, in terms of the

current regulations, nor does it validate the legality or validity of the same in case such authorizations or approvals are 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; 11, 45, 369, fraction II, 370, last paragraph, and 372, fraction XLI, of the Law of

Insurance and Surety Institutions; as well as articles 6° and 9° of the Internal Regulations of the

National Commission of Insurance and Sureties.

Respectfully,

Mexico City, December 18, 2020. - The President of the National Commission of Insurance and

Sureties, Ricardo Ernesto Ochoa Rodríguez. - Signature.

(R.- 505400)

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