Official Letter Modifying the Authorization for Genworth Seguros de Crédito a la Vivienda, 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 Genworth Seguros de Crédito a la Vivienda, 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 Bonding Commission.- Presidency.- File:

C00.411.3S.2-V0601"22".- Official Letter No. 06-C00-10000-11856/2022.- Legal Vice Presidency.- General Legal, Advisory, and Intermediaries Directorate.

GENWORTH SEGUROS DE CRÉDITO A LA VIVIENDA, S.A. DE C.V.

Pedregal 24, Floor 24, Virreyes Tower

Molino del Rey Neighborhood

Miguel Hidalgo Borough

C.P. 11040, Mexico City

SUBJECT:

The authorization to organize, operate, and function as an insurance institution is modified, granted to Genworth Seguros de Crédito a la Vivienda, S.A. de C.V.

The Federal Government, through the National Insurance and Bonding Commission, prior to the Agreement of its Board of Directors, based on articles 2, section I, 17, 26, and 31, section VIII, of the Organic Law of the Federal Public Administration; 2, section D, section III, 98-B, and 98-C of the Internal Regulations of the Ministry of Finance and Public Credit; 11, 366, section VIII, 367, sections I and II, 369, section II, 370, last paragraph, 372, section XLI, and 373 of the Law of Insurance and Bonding Institutions; as well as articles 4, sections I and II, 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

FIRST.-

Genworth Seguros de Crédito a la Vivienda, S.A. de C.V., was authorized by the Ministry of Finance and Public Credit through Official Letter 101.- 680 dated June 22, 2007, published in the Official Gazette of the Federation (DOF) on July 1, 2008, to function and operate as an insurance institution specialized in the practice of damage operations, in the housing credit line. This authorization was last modified by this Commission through Official Letter 06-C00-41100/69397 dated December 18, 2017, published in the DOF on February 14, 2018. The aforementioned institution is authorized to practice damage insurance operations in the housing credit line.

SECOND.-

By written document dated May 3, 2022, Genworth Seguros de Crédito a la Vivienda, S.A. de C.V., through Patricia Lomelín Romo, in her capacity as legal representative, requested the approval of this Commission to fully modify its corporate bylaws, among other things, in order to cease being a subsidiary of Genworth Mortgage Insurance Corporation (now Enact Mortgage Insurance Corporation), an Foreign Financial Institution.

THIRD.- Through Official Letter 06-C00-41100-03355/2022 dated July 27, 2022, this Commission approved the full modification of the corporate bylaws of that institution.

FOURTH.-

Through the written document dated September 7, 2022, that insurance institution submitted to this Commission the first copy of public deed number 91,003 dated August 30, 2022, granted before the notary of Lic. F. Javier Gutiérrez Silva, Public Notary number 147 of Mexico City, in which the protocolization of the minutes of the extraordinary general shareholders' meeting held on August 15, 2022, is recorded.

FIFTH.-

By Official Letter 06-C00-41100-09629/2022 dated October 12, 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 issued by the Authorizations Committee, agreed as follows:

" SOLE.- The authorization granted to Genworth Seguros de Crédito a la Vivienda, S.A. de C.V., is MODIFIED, in order to reflect the reforms made to the corporate bylaws of said institution by virtue of ceasing to be a subsidiary of Genworth Mortgage Insurance Corporation and by updating the denomination of the registered office address of that institution by eliminating the reference to " Federal District " and leaving only " Mexico City .

" This is based on articles 11 and 369, section II, of the Law of Insurance and Bonding Institutions. "

Having exposed the above, and

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 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 this Official Letter, 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, two, and three, bases II, subsection a), and III, of the authorization granted to Genworth Seguros de Crédito a la Vivienda, 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 GENWORTH SEGUROS DE CRÉDITO A LA VIVIENDA, S.A. DE C.V., TO ORGANIZE, OPERATE, AND FUNCTION AS AN INSURANCE INSTITUTION SPECIALIZED IN THE PRACTICE OF DAMAGE OPERATIONS, IN THE HOUSING CREDIT LINE, UNDER THE FOLLOWING TERMS:

" ARTICLE ONE.- In exercise of the power conferred by article 5 of the repealed General Law of Insurance Institutions and Mutual Insurance Companies to the Ministry of Finance and Public Credit, and which from April 4, 2015, is conferred by article 11 of the Law of Insurance and Bonding Institutions to the National Insurance and Bonding Commission, Genworth Seguros de Crédito a la Vivienda, S.A. de C.V., is authorized to operate as an insurance institution specialized in the practice of damage operations, in the housing credit line.

" ARTICLE TWO.- The institution is authorized to practice damage insurance operations, in the housing credit line.

" ARTICLE THREE.- The insurance institution specialized in the practice of damage operations, in the housing credit line, to which this resolution refers, shall be subject to the Law of Insurance and Bonding Institutions, as well as to the general provisions derived from it, to the General Law of Commercial Companies, and to the other laws applicable to it, and in particular, to the following bases:

" I.- ...

" II.- ...

" a)

The insurance institution must have the minimum paid-in capital determined for the year in question, for each operation or line of business 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 Bonding Institutions.

" b)

...

" III.- Its registered office shall be Mexico City.

" ARTICLE FOUR.-

... "

SECOND.-

The authorization granted to Genworth Seguros de Crédito a la Vivienda, S.A. de C.V., to organize, operate, and function as an insurance institution, after the modification indicated in the previous Resolutive, remains in its entirety in the following terms:

" AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO GENWORTH SEGUROS DE CRÉDITO A LA VIVIENDA, S.A. DE C.V., TO ORGANIZE, OPERATE, AND FUNCTION AS AN INSURANCE INSTITUTION SPECIALIZED IN THE PRACTICE OF DAMAGE OPERATIONS, IN THE HOUSING CREDIT LINE, UNDER THE FOLLOWING TERMS:

" ARTICLE ONE.- In exercise of the power conferred by article 5 of the repealed General Law of Insurance Institutions and Mutual Insurance Companies to the Ministry of Finance and Public Credit, and which from April 4, 2015, is conferred by article 11 of the Law of Insurance and Bonding Institutions to the National Insurance and Bonding Commission, Genworth Seguros de Crédito a la Vivienda, S.A. de C.V., is authorized to operate as an insurance institution specialized in the practice of damage operations, in the housing credit line.

" ARTICLE TWO.- The insurance institution is authorized to practice damage insurance operations, in the housing credit line.

" ARTICLE THREE.- The insurance institution specialized in the practice of damage operations, in the housing credit line, to which this resolution refers, shall be subject to the Law of Insurance and Bonding Institutions, as well as to the general provisions derived from it, to the General Law of Commercial Companies, and to the other laws applicable to it, and in particular, to the following bases:

" I.- Its name shall be " Genworth Seguros de Crédito a la Vivienda, Sociedad Anónima de Capital Variable " .

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

" a)

The insurance institution must have the minimum paid-in capital determined for the year in question, for each operation or line of business 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 Bonding Institutions.

" b)

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

" III.- Its registered office shall be Mexico City. "

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

THIRD.- This official letter must be published in the Official Gazette of the Federation and in two widely circulated newspapers from the registered office of the institution, within one hundred twenty days following the date of its notification to Genworth Seguros de Crédito a la Vivienda, S.A. de C.V., in accordance with what is provided in article 11 of the Law of Insurance and Bonding Institutions, at the expense of the interested parties.

This is issued based on the information provided by the petitioner contained in the written documents submitted and is limited exclusively to the modification of the authorization granted to Genworth Seguros de Crédito a la Vivienda, S.A. de C.V., under 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 that implies prior authorization or approval from other financial, administrative, tax, or any other authorities, in terms of current regulations, nor does it validate the legality or validity of the same in case such authorizations or approvals are not obtained.

Respectfully,

Mexico City, December 13, 2022. - The President of the National Insurance and Bonding Commission, Ricardo Ernesto Ochoa Rodríguez.- Signature.

(R.- 531845)

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