Official Letter Modifying the Authorization Granted to Afianzadora CBL Fiducia, S.A. de C.V. to Operate as a Bonding Institution

DOF: 11/05/2017

OFFICIAL LETTER modifying the authorization granted to Afianzadora CBL Fiducia, S.A. de C.V. (formerly Afianzadora Fiducia, S.A. de C.V.) to operate as a bonding institution.

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- Ministry of Finance and Public Credit.- National Commission of Insurance and Bonding.- Presidency.- Legal Vice Presidency.- General Directorate of Legal Consultation and Intermediaries.- Consultative Directorate.- Sub-directorate of Consultation.- File: C00.411.13.2.2-F0021â16 " .- Official Letter No. 06-C00-41100/06545.

SUBJECT:

The authorization granted to
Afianzadora Fiducia, S.A. de C.V. is modified.

AFIANZADORA CBL FIDUCIA, S.A. DE C.V.

Frontera No. 94
Col. Progreso Tizapán
Álvaro Obregón
01090, Mexico City

Attention:
Lic. Leticia Ramos Garduño
Legal Director

The Federal Government, through the National Commission of Insurance and Bonding, and prior to the Agreement of its Board of Directors, based on articles 11, 66, 369, section II, and 370, last paragraph, of the Law of Insurance and Bonding Institutions, as well as articles 6 and 9 of the Internal Regulations of the National Commission of Insurance and Bonding, issues these resolutions in response to the following Background and Considerations:

BACKGROUND

Afianzadora Fiducia, S.A. de C.V., is a company authorized by the Ministry of Finance and Public Credit to function and operate as a bonding institution, through Official Letter 102-E-366-DGSV-l-C-a-1725 of May 31, 1994. This authorization was last modified by said Department through Official Letter 366-III-808/15 of December 21, 2015, published in the Official Gazette of the Federation on July 25, 2016.
Through a written submission received by this Commission on June 27, 2016, Afianzadora Fiducia, S.A. de C.V., through its legal representative and Legal Director, Lic. Leticia Ramos Garduño, requested approval from this Commission for the modification of Article One of its corporate bylaws, in order to change its corporate name to Afianzadora CBL Fiducia, S.A. de C.V.
Through Official Letters 06-C00-41100/29061 of September 29, 2016, 06-C00-41100/31116 of November 16, 2016, and 06-C00-41100/01822 of January 30, 2017, this Commission approved the reform to Article One of the corporate bylaws of Afianzadora Fiducia, S.A. de C.V. regarding the change of its corporate name to Afianzadora CBL Fiducia, S.A. de C.V., in accordance with the terms agreed upon in the notarization of Public Instrument No. 96,800 of October 18, 2016, granted before the notary public Lic. José Ignacio Sentíes Laborde, Public Notary No. 104 of this Mexico City, and registered in the Public Registry of Property and Commerce of Mexico City on January 2, 2017, under commercial folio 189388*, in terms of what is provided in article 66 of the Law of Insurance and Bonding Institutions.
In this context, and resulting from the modification of the name of Afianzadora Fiducia, S.A. de C.V., this modification was submitted for consideration to the Board of Directors of the National Commission of Insurance and Bonding in its session 193 of February 21, 2017, which agreed, prior to the favorable opinion of the Authorizations Committee of the same Commission, the following:

" FIRST.- MODIFY the authorization of "Afianzadora Fiducia, S.A. de C.V." to change its corporate name to "Afianzadora CBL Fiducia, S.A. de C.V.", resulting from the modification of the corporate bylaws of said institution.

" SECOND.- MODIFY the authorization of Afianzadora Fiducia, S.A. de C.V., to the effect that the reference to the capital amount of said bonding institution be eliminated, replacing it with a wording that establishes that the institution must have the minimum paid-in capital determined for the year in question, for each line of business and sub-line for which it is authorized, which must be expressed in Investment Units and paid in national currency, in terms of article 49, first paragraph, of the Law of Insurance and Bonding Institutions.

" The foregoing based on article 369, section II, of the Law of Insurance and Bonding Institutions. "

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 authorizations to organize, operate, and function as a bonding institution.

SECOND.- That as a result of the resolution issued in the aforementioned Official Letter 06-C00-41100/01822 of January 30, 2017, the terms of the authorization granted to said bonding institution must be modified.

In view of the foregoing, the following are issued:

RESOLUTIONS

FIRST.- The Preamble and Articles One and Three, first paragraph, bases I and II, subsection a) of the authorization granted to Afianzadora Fiducia, S.A. de C.V. to operate as a bonding institution are modified, so that the aforementioned parts remain in the following terms:

AUTHORIZATION GRANTED BY THE NATIONAL COMMISSION OF INSURANCE AND BONDING ON BEHALF OF THE FEDERAL GOVERNMENT TO AFIANZADORA CBL FIDUCIA, S.A. DE C.V., TO OPERATE AS A BONDING INSTITUTION, IN THE FOLLOWING TERMS:

ARTICLE ONE.- In exercise of the power conferred by the Federal Government under article 5 of the repealed Federal Law of Bonding Institutions, 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 Commission of Insurance and Bonding, authorization is granted to Afianzadora CBL Fiducia, S.A. de C.V., to operate as a bonding institution.

...

ARTICLE THREE.- The bonding institution shall be subject to the provisions of the Law of Insurance and Bonding Institutions, as well as those derived therefrom, the General Law of Commercial Companies, and other applicable laws, and in particular to the following bases:

I.- The name shall be Afianzadora CBL Fiducia, Variable Capital Anonymous Society.

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

a) The institution must have the minimum paid-in capital determined for the year in question, for each line of business and sub-line for which it is authorized, which must be expressed in Investment Units and paid in national currency, in terms of article 49, first paragraph of the Law of Insurance and Bonding Institutions.

b) ...

...

SECOND.- The authorization granted to Afianzadora CBL Fiducia, S.A. de C.V. to organize and function as a bonding institution, after the modification indicated in the previous resolution, remains entirely in the following terms:

ARTICLE TWO.- The bonding institution is authorized to conduct bonding operations, in the following lines and sub-lines:

I. Fidelity Bonds, in the following sub-lines:

a) Individual; and

b) Collective.

II. Judicial Bonds, in the following sub-lines:

a) Criminal judicial;

b) Non-criminal judicial; and

c) Judicial bonds covering drivers of motor vehicles.

III. Administrative Bonds, in the following sub-lines:

a) Construction;

b) Supply;

c) Tax;

d) Lease; and

e) Other administrative bonds.

IV. Credit Bonds, in the following sub-lines:

a) Supply;

b) Sale and purchase; and

c) Other credit bonds.

V. Guarantee Trusts, in the following sub-lines:

a) Related to bond policies; and

b) Unrelated to bond policies.

I.- The name shall be Afianzadora CBL Fiducia, Variable Capital Anonymous Society.

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

a) The institution must have the minimum paid-in capital determined for the year in question, for each line of business and sub-line for which it is authorized, expressed in Investment Units and paid in national currency, as ordered by article 49, first paragraph, of the Law of Insurance and Bonding Institutions.

b) The variable part of the capital with withdrawal rights, in no case, may exceed the amount of the minimum fixed social capital without withdrawal rights.

III.- The corporate domicile of the bonding institution shall be Mexico City, Federal District.

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 widely circulated newspapers from the corporate domicile of the institution, within one hundred and twenty days following the date of notification to Afianzadora CBL Fiducia, S.A. de C.V., in terms of what is provided in article 11 of the Law of Insurance and Bonding Institutions, at the expense of the interested parties.

These resolutions are issued based on the information provided by the petitioner contained in the submitted writings and are limited exclusively to the modification of the authorization granted to said bonding institution resulting from the change of its name, in the terms described that, in accordance with applicable provisions, fall within the competence of this Commission to resolve, and do 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 do they validate the legality or validity of the same in case such authorizations or approvals are not obtained.

You are hereby informed of the foregoing, based on articles 11, 66, 369, section II, and 370, last paragraph, of the Law of Insurance and Bonding Institutions, as well as articles 6 and 9 of the Internal Regulations of the National Commission of Insurance and Bonding.

Respectfully,

Effective Suffrage. No Re-election.

Mexico City, February 24, 2017. - The President of the National Commission of Insurance and Bonding, Norma Alicia Rosas Rodríguez.- Rubric.

(R.- 448840)

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