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

DOF: 30/03/2022

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

A seal with the National Coat of Arms appears at the margin, stating: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Insurance and Sureties Commission.- Presidency.- Official Letter No. 06-C00-41100-22846/2021.- File: C00.411.13.2.1-S0103 "19".- Legal Vice Presidency.- General Directorate of Legal Advisory and Intermediaries.

SEGUROS AZTECA DAÑOS, S.A. DE C.V.

Insurgentes Sur 3579, Tower 3, Floor 1

Colonia Tlalpan la Joya

Tlalpan Municipality

C.P. 14000, Mexico City

SUBJECT:

The authorization to organize, operate, and function as an insurance institution granted to Seguros Azteca Daños, S.A. de C.V. 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; Article 2, section D, fraction III, of the Internal Regulations of the Ministry of Finance and Public Credit; Articles 11, 45, 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 Insurance and Sureties Commission, issues these Resolutions in response to the following Background and Considerations:

BACKGROUND

FIRST. - Seguros Azteca Daños, S.A. de C.V. was authorized by the Ministry of Finance and Public Credit (SHCP) to organize and operate as an insurance institution through Official Letter 101.-359 dated May 25, 2006, published in the Official Gazette of the Federation (DOF) on August 25 of the same year.

This resolution was last modified by the SHCP as recorded in Official Letter 366-IV-USVP-337/07 dated December 10, 2007, in which it was stated that such insurer is authorized to practice the damage operation, in the lines of civil liability and professional risks, maritime and transport, fire, automobiles, miscellaneous, as well as earthquake and other catastrophic risks.

SECOND. - By written submission dated October 22, 2019, and clarifications dated December 17, 2019, and February 18, March 17, and 23, 2020, Seguros Azteca Daños, S.A. de C.V. requested the approval of this Commission to carry out the modification of the authorization under which it operates in order to practice the agricultural and livestock line, in addition to those it has authorized, and consequently modify its bylaws.

THIRD. - The Board of Directors of this National Insurance and Sureties Commission in its session 220 on February 23, 2021, taking into consideration the favorable opinion issued by the Authorizations Committee of the same Commission, agreed as follows:

« FIRST.- THE AUTHORIZATION under which the insurance institution Seguros Azteca Daños, S.A. de C.V. operates is MODIFIED, in order to expand the damage operation currently authorized by it to include the practice of the agricultural and livestock line, in addition to the lines of civil liability and professional risks, maritime and transport, fire, automobiles, miscellaneous, as well as earthquake and other catastrophic risks that it has authorized.

SECOND.- THE AUTHORIZATION granted to Seguros Azteca Daños, S.A. de C.V. is MODIFIED to reflect the changes described below:

a) Replace the reference to the insurance line identified as "Earthquake and other catastrophic risks" with "Catastrophic risks", in accordance with Articles 25, fraction III, inciso j), and 27, fraction XV, of the Law of Insurance Institutions and Sureties, which contemplate earthquake risks within the catastrophic risks line.

b) Eliminate the reference to the amount of its social capital, replacing it with wording that establishes that the institution must have the minimum paid capital determined for the year in question, for each operation and line it has authorized, which must be expressed in Investment Units and covered in national currency, in terms of Article 49, first paragraph, of the Law of Insurance Institutions and Sureties.

c) Eliminate 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, and replace them with "Mexico City".

The foregoing, understanding that said authorization will be subject to the institution obtaining the favorable opinion that this Commission issues, as applicable, in accordance with Articles 11, third paragraph, and 47 of the Law of Insurance Institutions and Sureties, which must be requested within a period of one hundred eighty days counted from the approval of the public instrument in which the reform to the second article of the bylaws of Seguros Azteca Daños, S.A. de C.V. is recorded, in which, among other aspects, its corporate purpose is modified to include the practice of the agricultural and livestock line, in the damage operation it has authorized.

In the event that the favorable opinion referred to is not obtained, said authorization will become void.

... ».

FOURTH. - Through Official Letter 06-C00-41100-04612/2021 dated March 9, 2021, this Commission approved the reform to the second article of the bylaws of Seguros Azteca Daños, S.A. de C.V., in which its corporate purpose is modified to include the practice of the agricultural and livestock line, in the damage operation it has authorized; and by Official Letter 06-C00-41100-04613/2021 of the same date, the institution was notified of the aforementioned Agreement of the Board of Directors.

FIFTH. - Through Official Letter 06-C00-41100-14002/2021 dated June 17, 2021, this Commission, among other things, ordered the institution to register in the corresponding Public Commerce Registry, public deed number 114,521 dated May 26, 2021, granted before the notary Lic. Alejandro Domínguez García Villalobos, holder of Public Notary Number 236 of this City, where the bylaw reform of Seguros Azteca Daños, S.A. de C.V. is recorded, and by written submission dated August 5, 2021, the institution accredited that said deed was registered in the aforementioned registry entity on July 9, 2021, under electronic commercial folio 350628-1.

CONSIDERATIONS

FIRST. - That Article 369, fraction II, of the Law of Insurance Institutions and Sureties, 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 is stated in the Third Background of the present document, the Board of Directors of this Commission in its session 220 on February 23, 2021, agreed to modify the bases of the authorization granted to that insurance institution.

Based on the foregoing, the following are issued:

RESOLUTIONS

FIRST. - The Preamble, as well as Articles First, Second, and Third, fractions II, inciso a), and III, of the authorization granted to Seguros Azteca Daños, 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 THROUGH THE NATIONAL INSURANCE AND SURETIES COMMISSION, TO SEGUROS AZTECA DAÑOS, 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 by Article 5 of the repealed General Law of Insurance Institutions and Mutual Insurance Societies to the Ministry of Finance and Public Credit, and which from April 4, 2015, is conferred by Article 11 of the Law of Insurance Institutions and Sureties, the National Insurance and Sureties Commission authorizes Seguros Azteca Daños, S.A. de C.V., to organize, operate, and function as an insurance institution.

ARTICLE SECOND. - The insurance institution is authorized to practice the damage insurance operation, in the lines of civil liability and professional risks, maritime and transport, fire, agricultural and livestock, automobiles, catastrophic risks, and miscellaneous.

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

I.

...

II.-

The social capital shall be variable according to the following:

a.

Seguros Azteca Daños, S.A. de C.V., must have the minimum paid capital determined for the year in question, for each operation or line authorized for it, expressed in Investment Units and which must be covered in national currency as ordered by Article 49, first paragraph, of the Law of Insurance Institutions and Sureties.

...

III.

The social domicile of the insurance institution shall be Mexico City.

... " .

SECOND.- The authorization granted to Seguros Azteca Daños, 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 THROUGH THE NATIONAL INSURANCE AND SURETIES COMMISSION, TO SEGUROS AZTECA DAÑOS, 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 by Article 5 of the repealed General Law of Insurance Institutions and Mutual Insurance Societies to the Ministry of Finance and Public Credit, and which from April 4, 2015, is conferred by Article 11 of the Law of Insurance Institutions and Sureties, the National Insurance and Sureties Commission authorizes Seguros Azteca Daños, S.A. de C.V., to organize, operate, and function as an insurance institution.

ARTICLE SECOND. - The insurance institution is authorized to practice the damage insurance operation, in the lines of civil liability and professional risks, maritime and transport, fire, agricultural and livestock, automobiles, catastrophic risks, and miscellaneous.

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

I.

The denomination shall be Seguros Azteca Daños, Sociedad Anónima de Capital Variable.

II.-

The social capital shall be variable according to the following:

a.

Seguros Azteca Daños, S.A. de C.V., must have the minimum paid capital determined for the year in question, for each operation or line authorized for it, expressed in Investment Units and which must be covered in national currency as ordered by Article 49, first paragraph, of the Law of Insurance Institutions and Sureties.

b.

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

III.

The social domicile of the insurance institution shall 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 from the social domicile of the institution, within the one hundred twenty days following the date of its notification to Seguros Azteca Daños, S.A. de C.V., in terms of what is provided 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 written submissions sent and is limited exclusively to the modification of the authorization granted to Seguros Azteca Daños, S.A. de C.V., in the terms described which, in accordance with the applicable provisions, it is the competence of this Commission to resolve, and does not prejudge any act that said society carries out which implies the prior authorization or approval of other financial, administrative, tax, or any other authorities, in terms of current regulations, nor does it validate the legality or validity thereof in the event that 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; Article 2, section D, fraction III, of the Internal Regulations of the Ministry of Finance and Public Credit; Articles 11, 45, 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 Insurance and Sureties Commission.

Respectfully,

Mexico City, November 3, 2021.- The President of the National Insurance and Sureties Commission, Ricardo Ernesto Ochoa Rodríguez.- Rubric.

(R.- 518756)

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