Official Letter Modifying the Authorization Granted to AIG Seguros Mexico, S.A. de C.V.

DOF: 29/05/2018

OFFICIAL LETTER modifying the authorization granted to AIG Seguros Mexico, S.A. de C.V.

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 Sureties.- Presidency.- Legal Vice Presidency.- General Legal, Advisory and Intermediaries Direction.- Advisory Direction.- Sub-directorate for Advisory Services.- File: C00.411.13.2.1-S0012"15".- Official Letter No. 06-C00-41100/23120.

SUBJECT:

The authorization granted to AIG Seguros Mexico, S.A. de C.V. is modified.

AIG SEGUROS MEXICO, S.A. DE C.V.

Av. Insurgentes Sur, No. 1136 Col. Del Valle Benito Juarez 03219, Mexico City

Attention to: Lic. Karina Maribel Garrido Deciga Legal Representative

The Federal Government through the National Commission of Insurance and Sureties, and with prior Agreement of its Board of Directors, based on articles 11, 75, 369, section II, 370, last paragraph, and 372, section XLI, of the Law of Insurance and Surety Institutions, as well as articles 6 and 9 of the Internal Regulations of the National Commission of Insurance and Sureties, issues these Resolutions in response to the following Background and Considerations:

BACKGROUND

AIG Seguros Mexico, S.A. de C.V., was authorized by the Ministry of Finance and Public Credit to organize and function as an insurance institution as evidenced by resolution 102-E-366- DGSV-I-B-a-4852 of November 6, 1990, published in the Official Gazette of the Federation on February 26 1991. This authorization was last modified by diverse 366-III-0977/ 14 of November 24, 2014 and published in the Official Gazette of the Federation on June 15, 2015.

With writings dated June 29, August 11, and October 9, 2015; January 11, May 25, June 27, and October 12, 2016; January 12, February 21, and June 14, 2017, Lic. Karina Maribel Garrido Deciga, in her capacity as legal representative of AIG Seguros Mexico, S.A. de C.V., requested approval from this Commission to modify Clause Sixth of its corporate bylaws in order to reflect an increase in its minimum fixed capital, as well as to comprehensively reform the corporate bylaws of said institution, in order to comply with what is established in the Law of Insurance and Surety Institutions.

Through Official Letter 06-C00-41100/18402 of March 27, 2018, this Commission received the first testimony and a copy by notarial comparison of public deed 96,645 of June 8, 2017, and considered fulfilled the Fifth Resolutive of Official Letter 06-C00-41100/20704 of May 15, 2017, through which, among other things, the comprehensive reform of the corporate bylaws of AIG Seguros Mexico, S.A. de C.V. was approved, since the aforementioned deed records the protocolization of the Act of the Extraordinary General Shareholders' Meeting of May 24, 2017, in which it was agreed to carry out the comprehensive reform of the corporate bylaws of said institution, granted before the notary of Lic. Carlos Ricardo Viñas Berea, holder of Public Notary Number 72 with practice in this Mexico City.

As a result of what is stated in Backgrounds 2 and 3, the National Commission of Insurance and Sureties presented to the Authorization Committee of said Commission, the proposal to modify the bases of the authorization of AIG Seguros Mexico, S.A. de C.V., in order to eliminate the words "Federal District" from its social domicile, in accordance with the "Decree by which various provisions of the Political Constitution of the United Mexican States are declared reformed and repealed, in matters of the political reform of Mexico City", published in the Official Gazette of the Federation on January 29, 2016; to carry out the modification regarding the amount of social capital held by said institution, in order to state 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 Surety Institutions, as well as the elimination of the reference to "earthquake", in view of the fact that in the catastrophic risks branch earthquake risks are included.

The aforementioned modification was submitted to the consideration of the Board of Directors of the National Commission of Insurance and Sureties in its session 200 of April 24, 2018, which, taking into consideration the favorable opinion issued by the Authorization Committee of the same Commission, agreed as follows:

"UNIQUE.- The bases of the authorization granted to AIG Seguros Mexico, S.A. de C.V. are MODIFIED, in order to reflect the modifications made in the corporate bylaws of said institution which are described below:

"a) The elimination of the words "Federal District" from its social domicile, in accordance with the "Decree by which various provisions of the Political Constitution of the United Mexican States are declared reformed and repealed, in matters of the political reform of Mexico City", published in the Official Gazette of the Federation on January 29 of 2016.

"b) The elimination of the reference "Earthquake" from its business object, in virtue of that according to articles 25, section III, subsection j), and 27, section XV, of the Law of Institutions of Insurance and Sureties, in the branch of "catastrophic risks" earthquake risks are included.

"c) Eliminate the reference to the capital amount of said insurance institution, substituting it with a wording that establishes that the institution must have the minimum paid capital that is determined for the year in question, for each operation or branch that it has 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 Surety Institutions. »

CONSIDERATIONS

FIRST.- That article 369, section II, of the Law of Insurance and Surety Institutions, provides that it is the competence of 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 the resolution issued in the aforementioned Official Letter 06-C00-41100/18402 of March 27, 2018, the terms of the authorization granted to that insurance institution must be modified.

In view of the foregoing, the following are issued:

RESOLUTIONS

FIRST.- Articles First, Second and Third, Bases II and III of the authorization granted to AIG Seguros Mexico, S.A. de C.V., to operate as an insurance institution, are modified, leaving the parts indicated in the following terms:

" ...

"ARTICLE FIRST.- In exercise of the power conferred by articles 5 and 33-C of the repealed General Law of Insurance and Mutual Insurance Companies to the Ministry of Finance and Public Credit, and which from April 4, 2015, are conferred by articles 11 and 75 of the Law of Insurance and Surety Institutions to the National Commission of Insurance and Sureties, authorization is granted to AIG Seguros Mexico, S.A. de C.V., to organize and function as an insurance institution subsidiary of AIG Insurance Company-Puerto Rico, a financial institution from abroad, from the Free and Associated State of Puerto Rico through Chartis Latin America Investments, LLC., a related company, of the United States of America.

"ARTICLE SECOND.- The subsidiary insurance institution is authorized to practice in insurance the operation of accident and health insurance, in the branches of personal accidents and medical expenses, the operation of property insurance, in the branches of civil liability and professional risks, maritime and transport, fire, agricultural and animal, automobile, credit, diverse and other catastrophic risks, as well as the operation of reinsurance.

"ARTICLE THIRD.- The subsidiary insurance institution shall be subject to the provisions of the Law of Insurance and Surety Institutions, as well as those 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:

" ...

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

"a).- The subsidiary insurance institution must have the minimum paid capital that is determined for the year in question, for each operation or branch, that 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 Surety Institutions.

" ...

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

" ... ».

SECOND.- The authorization granted to AIG Seguros Mexico, S.A. de C.V., to organize and operate as an insurance institution, after the modification indicated in the previous Resolutive, remains entirely in the following terms:

"AUTHORIZATION GRANTED BY THE MINISTRY OF FINANCE AND PUBLIC CREDIT ON BEHALF OF THE FEDERAL GOVERNMENT TO AIG SEGUROS MEXICO, S.A. DE C.V., TO OPERATE AS A SUBSIDIARY INSURANCE INSTITUTION OF AIG INSURANCE COMPANY-PUERTO RICO, A FOREIGN FINANCIAL INSTITUTION, FROM THE FREE AND ASSOCIATED STATE OF PUERTO RICO, THROUGH CHARTIS LATIN AMERICA INVESTMENTS, LLC., A RELATED COMPANY, OF THE UNITED STATES OF AMERICA, UNDER THE FOLLOWING TERMS:

"ARTICLE FIRST.- In exercise of the power conferred by articles 5 and 33-C of the repealed General Law of Insurance and Mutual Insurance Companies to the Ministry of Finance and Public Credit, and which from April 4, 2015, are conferred by articles 11 and 75 of the Law of Insurance and Surety Institutions to the National Commission of Insurance and Sureties, authorization is granted to AIG Seguros Mexico, S.A. de C.V., to organize and function as an insurance institution subsidiary of AIG Insurance Company-Puerto Rico, a financial institution from abroad, from the Free and Associated State of Puerto Rico through Chartis Latin America Investments, LLC., a related company, of the United States of America.

"ARTICLE SECOND.- The subsidiary insurance institution is authorized to practice in insurance the operation of accident and health insurance, in the branches of personal accidents and medical expenses, the operation of property insurance, in the branches of civil liability and professional risks, maritime and transport, fire, agricultural and animal, automobile, credit, diverse and other catastrophic risks, as well as the operation of reinsurance.

"ARTICLE THIRD.- The subsidiary insurance institution shall be subject to the provisions of the Law of Insurance and Surety Institutions, as well as those 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.- The name shall be "AIG SEGUROS MEXICO, VARIABLE CAPITAL ANONYMOUS COMPANY".

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

"a).- The subsidiary insurance institution must have the minimum paid capital that is determined for the year in question, for each operation or branch, that 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 Surety Institutions.

"b).- The amount of variable capital with withdrawal rights shall in no case be higher than that of the minimum fixed capital without withdrawal rights.

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

"ARTICLE FOURTH.- 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 newspapers of wide circulation from the social domicile of the institution, within one hundred and twenty days following the date of their notification to AIG Seguros Mexico, S.A. de C.V., in terms of what is provided in the article 75, second paragraph, of the Law of Insurance and Surety Institutions, at the expense of the interested parties. These resolutions are issued based on the information provided by the petitioner contained in the writings sent and are limited exclusively to the modification of the authorization granted to AIG Seguros Mexico, S.A. de C.V., in the terms described which, in accordance with the applicable provisions, fall within the competence of this Commission to resolve, and do not prejudge any act that said company carries out and which 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, 75, 369, section II, 370, last paragraph, and 372, section XLI, of the Law of Insurance and Surety Institutions, as well as on articles 6 and 9 of the Internal Regulations of the National Commission of Insurance and Sureties.

Respectfully,

Effective Suffrage. No Re-election.

Mexico City, April 27, 2018. - The President of the National Commission of Insurance and Sureties, Norma Alicia Rosas Rodríguez.- Rubric.

(R.- 467687)

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