Official Letter Modifying the Authorization for Solunion Mexico Credit Insurance, S.A. to Organize, Operate, and Function as an Insurance Institution

DOF: 28/10/2021

OFFICIAL LETTER modifying the authorization to organize, operate, and function as an insurance institution, granted to Solunion Mexico Credit Insurance, S.A.

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:

C00.411.31.2-S0059"20".- Official Letter No. 06-C00-41100-14950/2021.- Legal Vice Presidency.- General Directorate of Legal Advisory and Intermediaries.

SOLUNION MEXICO CREDIT INSURANCE, S.A.

Paseos de los Tamarindos No. 150, Ground Floor

Colonia Bosques de las Lomas

Cuajimalpa Municipality

C.P. 05120, Mexico City

Subject:

The authorization to organize, operate, and function as an insurance institution, granted to

Solunion Mexico Credit Insurance, S.A., 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, 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 Sureties 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.- Mapfre Credit Insurance, S.A., was authorized by the Ministry of Finance and Public Credit through Official Letter 366-IV-5196 dated October 28, 2002, published in the Official Gazette of the Federation on March 26, 2003, to organize and function as an insurance institution, a subsidiary of Mapfre Surety and Credit, International Insurance and Reinsurance Company, S.A., through Mapfre America Surety and Credit, S.A., both from the Kingdom of Spain. This authorization was last modified by the aforementioned Ministry through official letter 366-III-207/15 dated March 17, 2015, published in the same Official Gazette on September 9, 2020, specifying, among other things, its change of name to Solunion Mexico Credit Insurance, S.A., a subsidiary of Solunion Credit Insurance, International Insurance and Reinsurance Company, S.A., through Mapfre America Surety and Credit, S.L., both from the Kingdom of Spain.

SECOND.- By writings dated February 13, August 27, September 15, and December 11, all of 2020, Solunion Mexico Credit Insurance, S.A., requested the approval of this Commission to reform the entirety of its represented entity's bylaws, in accordance with the unanimous shareholder resolution adopted outside of a meeting on December 20, 2019, with the purpose of replacing references to the General Law of Insurance and Mutual Insurance Companies with the corresponding references to the Law of Insurance and Sureties Institutions and the change of name of both its foreign financial institution and its related company, without any change or substitution of said entities.

THIRD.- Through official letter 06-C00-41100-03135/2021 dated February 2, 2021, this Commission approved the comprehensive reform of the bylaws of that institution.

FOURTH.- Through writings dated April 19 and May 3, 2021, that insurance institution submitted the testimony of public deed number 92,168 dated April 30, 2021, granted before the notary of Lic. Erik Namur Campesino, Holder of Public Notary Office number 94 of Mexico City, in which the unanimous shareholder resolution adopted outside of a meeting on December 20, 2019, was notarized, with the comprehensive reform of its bylaws recorded in such public deed.

FIFTH.- The Board of Directors of this National Insurance and Sureties Commission in its session 222 on June 29, 2021, taking into consideration the favorable opinion of its Authorizations Committee, agreed as follows:

"UNIQUE.- THE AUTHORIZATION granted to Solunion Mexico Credit Insurance, S.A., is MODIFIED to record the changes described below:

a) The update regarding the names of its Foreign Financial Institution and its Related Company:

b) The replacement of references to the General Law of Insurance and Mutual Insurance Companies with the corresponding references to the Law of Insurance and Sureties Institutions.

c) To substitute the amount of its social capital, with the reference that its capital must be expressed in Investment Units and be paid in national currency as ordered by article 49, first paragraph, of the Law of Insurance and Sureties Institutions. "

CONSIDERATIONS

FIRST.- That article 369, fraction II, of the Law of Insurance and Sureties Institutions, states 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 the Fifth Background of the present document, the Board of Directors of this Commission, in its Session 222 on June 29, 2021, agreed to modify the authorization granted to that insurance institution.

In view of the foregoing, the following are issued:

RESOLUTIONS

FIRST.- The Preamble, as well as Article First and Third, first paragraph and fraction II, of the authorization granted to Solunion Mexico Credit Insurance, S.A., to organize, operate, and function as an insurance institution, are modified, to read as follows:

"AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO SOLUNION MEXICO CREDIT INSURANCE, S.A. TO ORGANIZE, OPERATE, AND FUNCTION AS AN INSURANCE INSTITUTION, SUBSIDIARY OF SOLUNION INSURANCE, INTERNATIONAL INSURANCE AND REINSURANCE COMPANY, S.A. THROUGH SOLUNION AMERICA HOLDING, S.L., BOTH FROM THE KINGDOM OF SPAIN, UNDER THE FOLLOWING TERMS:

ARTICLE FIRST.- In exercise of the power conferred on the Federal Government by articles 33-A, 33-B, and 33-C of the General Law of Insurance and Mutual Insurance Companies, 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 Sureties Institutions to the National Insurance and Sureties Commission, Solunion Mexico Credit Insurance, S.A., is authorized to organize, operate, and function as an insurance institution, subsidiary of Solunion Insurance, International Insurance and Reinsurance Company, S.A., through Solunion America Holding, S.L., both from the Kingdom of Spain.

... .

ARTICLE THIRD.- The subsidiary insurance institution shall be subject to the provisions of the Law of Insurance and Sureties Institutions, as well as those derived from it, to the General Law of Commercial Companies, to the other laws applicable to it, to the Free Trade Agreement between Mexico and the European Union (TLCUEM), and, in particular, to the following bases:

I.- ...

II.- The subsidiary 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 paid in national currency, as ordered by article 49, first paragraph, of the Law of Insurance and Sureties Institutions.

III.- ...

..."

SECOND.- The authorization granted to Solunion Mexico Credit Insurance, S.A., to organize, operate, and function as an insurance institution, after the modification indicated in the previous Resolutive section, is integrated in the following terms:

"AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO SOLUNION MEXICO CREDIT INSURANCE, S.A. TO ORGANIZE, OPERATE, AND FUNCTION AS AN INSURANCE INSTITUTION, SUBSIDIARY OF SOLUNION INSURANCE, INTERNATIONAL INSURANCE AND REINSURANCE COMPANY, S.A. THROUGH SOLUNION AMERICA HOLDING, S.L., BOTH FROM THE KINGDOM OF SPAIN, UNDER THE FOLLOWING TERMS:

ARTICLE FIRST.- In exercise of the power conferred on the Federal Government by articles 33-A, 33-B, and 33-C of the General Law of Insurance and Mutual Insurance Companies, 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 Sureties Institutions to the National Insurance and Sureties Commission, Solunion Mexico Credit Insurance, S.A., is authorized to organize, operate, and function as an insurance institution, subsidiary of Solunion Insurance, International Insurance and Reinsurance Company, S.A., through Solunion America Holding, S.L., both from the Kingdom of Spain.

ARTICLE SECOND.- The subsidiary insurance institution is authorized to practice damage insurance operations, in the credit line.

ARTICLE THIRD.- The subsidiary insurance institution shall be subject to the provisions of the Law of Insurance and Sureties Institutions, as well as those derived from it, to the General Law of Commercial Companies, to the other laws applicable to it, to the Free Trade Agreement between Mexico and the European Union (TLCUEM), and, in particular, to the following bases:

I.- The denomination shall be Solunion Mexico Credit Insurance, followed by the words Sociedad Anónima or its abbreviation, S.A.

II.- The subsidiary 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 paid in national currency, as ordered by article 49, first paragraph, of the Law of Insurance and Sureties Institutions.

III.- The social domicile of the subsidiary insurance institution shall be the State of Mexico.

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 Solunion Mexico Credit Insurance, S.A., in terms of what is established in articles 11 and 75 of the Law of Insurance and Sureties Institutions, at the expense of the interested parties.

This is issued based on the information provided by the petitioner contained in the writings submitted and is limited exclusively to the modification of the authorization granted to Solunion Mexico Credit Insurance, S.A., under the terms described, which in accordance with the applicable provisions, it is competent for this Commission to resolve, and does not prejudge any act that said company 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 said acts in case such authorization or approval is not obtained.

This is 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, 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 Sureties Institutions; 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, June 29, 2021. - The President of the National Insurance and Sureties Commission, Ricardo Ernesto Ochoa Rodríguez.- Signature.

(R.- 513092)

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