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

DOF: 16/02/2024

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

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

C00.411.3S.2-S0060"21".- Official Letter No. 06-C00-41100-27859/2023.- Legal Vice Presidency.- General Directorate of Legal Advisory and Intermediaries.

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

Nueva York 273

Naples Neighborhood

Benito Juárez Municipality

C.P. 03810, Mexico City

SUBJECT:

The authorization to organize, operate, and function as an insurance institution granted to Seguros Argos, 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; 4, section G, fraction III, 48, and 49 of the Internal Regulations of the Ministry of Finance and Public Credit; 66, 366, fraction VIII, 367, fractions I and II, 369, fraction II, 370, last paragraph, 372, fraction XLI, and 373 of the Law of Insurance Institutions and Sureties; as well as articles 4, fractions I and II, 6, and 9 of the Internal Regulations of the National Commission of Insurance and Sureties; issues the present Resolutions, in attention to the following Background and Considerations:

BACKGROUND

FIRST. - Seguros Argos, S.A. de C.V. (Seguros Argos) was authorized by the Ministry of Finance and Public Credit to function as an insurance institution, through Official Letter 366-IV-6057 dated October 31, 2002, published in the Official Gazette of the Federation (DOF) on March 24, 2003. This authorization was last modified through Official Letter 366-II-894/13 dated March 7, 2013, published in the DOF on February 13, 2014.

SECOND. - Through writings received by this Commission on September 29 and November 8, 2021, and March 29, 2023, Gerardo María Trigueros Gaisman, in his capacity as legal representative of Seguros Argos, requested the approval of this Commission to carry out a comprehensive modification of the corporate bylaws, in accordance with what was agreed upon in its extraordinary general shareholders' meeting of September 27, 2021.

THIRD. - By Official Letter 06-C00-41000-04013/2023 dated May 19, 2023, this Commission approved the reform to the corporate bylaws of Seguros Argos and instructed the submission of the first copy of the public instrument in which the protocolization of the minutes of the extraordinary general shareholders' meeting of September 27, 2021, is recorded. Since, through a writing dated May 29, 2023, Seguros Argos submitted the first copy of public deed number 108,648 dated May 26, 2023, granted before the notary public Licentiate Roberto Garzón Jiménez, holder of Notary Office number 242 of Mexico City, acting as an associate in the protocol of Notary Office number 229, which is held by Licentiate Marco Antonio Ruiz Aguirre, in which the protocolization of the minutes of the extraordinary general shareholders' meeting, held on September 27, 2021, is recorded.

FOURTH. - The authorization request in question was submitted to the agreement of the Board of Directors of this Commission, which, taking into consideration the favorable opinion issued by the Authorizations Committee of the same Commission, in its Session 237 held on December 14, 2023, resolved:

" SOLE. -

The authorization granted to Seguros Argos, S.A. de C.V., is MODIFIED, in order to reflect the reforms made to its corporate bylaws, regarding the update of references to its social capital and its social domicile, and the substitution of references to the General Law of Insurance Institutions and Mutual Insurance Societies by the Law of Insurance Institutions and Sureties, as follows:

" The elimination of the words " Federal District " from its social domicile, in accordance with the " Decree declaring reforms and derogations of various provisions of the Political Constitution of the United Mexican States, in matters of the political reform of Mexico City ", published in the Official Gazette of the Federation on January 29, 2016.

" The authorization basis of the mentioned institution, relating to the amount of social capital it has, is modified, so that it states that its capital must be expressed in Investment Units and be covered in national currency, as ordered by article 49, first paragraph, of the Law of Insurance Institutions and Sureties.

" The substitution of references to the General Law of Insurance Institutions and Mutual Insurance Societies by the Law of Insurance Institutions and Sureties, in accordance with the Decree by which the Law of Insurance Institutions and Sureties is issued and various provisions of the Law on the Insurance Contract are reformed and added, published in the Official Gazette of the Federation on April 4, 2013.

" This is based on articles 11, 66, and 369, fraction II, of the LISF; in Provisions 2.3.1 to 2.3.3. and 2.3.7. of the CUSF. "

Once the above has been stated, and:

CONSIDERATIONS

FIRST. -

That article 369, fraction II, of the Law of Insurance Institutions and Sureties, states that it corresponds to 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 Official Letter 06-C00-41000-04013/2023 dated May 19, 2023, described in Background Third of this Official Letter, it is appropriate to modify the terms of the authorization granted to that insurance institution.

THIRD. -

That, in accordance with what is stated in Background Fourth of this Official Letter, the Board of Directors of this Commission, in its Session 237 held on December 14, 2023, agreed to modify the authorization granted to Seguros Argos, S.A. de C.V.

In view of the foregoing, the following are issued:

RESOLUTIONS

FIRST. - The Preamble, as well as Articles First and Third, Bases II and III, of the authorization granted to Seguros Argos, S.A. de C.V., to organize, operate, and function as an insurance institution, are modified, to remain in the following terms:

" AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO SEGUROS ARGOS,

S.A. DE C.V., TO ORGANIZE, OPERATE, AND FUNCTION AS AN INSURANCE

INSTITUTION, IN THE FOLLOWING TERMS:

" ARTICLE FIRST. - In exercise of the power conferred to the Federal Government by

article 5 of the repealed General Law of Insurance Institutions and Mutual Insurance Societies,

to the Ministry of Finance and Public Credit, and that, from April 4,

2015, it is conferred by article 11 of the Law of Insurance Institutions and Sureties to the

National Commission of Insurance and Sureties, Seguros Argos, S.A. de C.V., is authorized,

to operate as an insurance institution.

" ...

" ARTICLE THIRD. - The insurance institution will be subject to the Law of Insurance

Institutions and Sureties, as well as to the general provisions derived from

the same, to the General Law of Commercial Societies, to the other laws applicable to it and, in particular, to the following bases:

" ...

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

" a) The insurance institution must have the minimum paid capital that is

determined for the year in question, for each operation or line of business it has

authorized, which must be expressed in Investment Units and covered in

national currency, as ordered by article 49, first paragraph, of the Law of

Insurance Institutions and Sureties.

" b) The variable capital with withdrawal rights in no case may be higher than the paid

capital without withdrawal rights.

" III. The social domicile of the insurance institution will be Mexico City.

" ... "

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

and function as an insurance institution, after the modification indicated in the previous ruling, remains

entirely in the following terms:

" AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO SEGUROS ARGOS,

S.A. DE C.V., TO ORGANIZE, OPERATE, AND FUNCTION AS AN INSURANCE

INSTITUTION, IN THE FOLLOWING TERMS:

" ARTICLE FIRST. - In exercise of the power conferred to the Federal Government by

article 5 of the repealed General Law of Insurance Institutions and Mutual Insurance Societies,

to the Ministry of Finance and Public Credit, and that, from April 4,

2015, it is conferred by article 11 of the Law of Insurance Institutions and Sureties to the

National Commission of Insurance and Sureties, Seguros Argos, S.A. de C.V., is authorized,

to operate as an insurance institution.

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

" ARTICLE THIRD. - The insurance institution will be subject to the Law of Insurance

Institutions and Sureties, as well as to the general provisions derived from

the same, to the General Law of Commercial Societies, to the other laws applicable to it and, in particular, to the following bases:

" I.- The denomination will be Seguros Argos, Variable Capital Anonymous Society.

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

" a) The insurance institution must have the minimum paid capital that is

determined for the year in question, for each operation or line of business it has

authorized, which must be expressed in Investment Units and covered in

national currency, as ordered by article 49, first paragraph, of the Law of

Insurance Institutions and Sureties.

" b) The variable capital with withdrawal rights in no case may be higher than the paid

capital without withdrawal rights.

" III. The social domicile of the insurance institution will be Mexico City.

" ARTICLE FOURTH. - 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 of the social domicile of the institution, within one hundred and twenty days following the date of its notification to Seguros Argos, S.A. de C.V., in accordance with what is established in article 11 of the Law of Insurance Institutions and Sureties, at the expense of the interested parties.

This is issued based on the information provided by the petitioner contained in the writings sent and is limited exclusively to the modification of the authorization granted to Seguros Argos,

S.A. de C.V., in the terms described, which, in accordance with the applicable provisions, it is the responsibility 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 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.

Respectfully,

Mexico City, December 19, 2023.- The President of the National Commission of Insurance

and

Sureties, Ricardo Ernesto Ochoa Rodríguez.- Signature.

(R.- 547679)

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