Official Letter Modifying the Authorization Granted to Crédito Afianzador, S.A., Compañía Mexicana de Garantías

DOF: 11/06/2018

OFFICIAL LETTER through which the authorization granted to Crédito Afianzador, S.A., Compañía Mexicana de Garantías is modified.

At the margin, a seal with the National Emblem, 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 Directorate.- Advisory Directorate.- Sub-directorate for Advisory.- File: C00-411.13.2.2-F0001"15".- Official Letter No. 06-C00-41100/09929.

SUBJECT:

The authorization granted to Crédito
Afianzador, S.A., Compañía Mexicana de
Garantías is modified.

CRÉDITO AFIANZADOR, S.A.,
MEXICAN SURETY COMPANY

Vienna No. 5, Floor 6
Juárez Neighborhood
Cuauhtémoc
06600, Mexico City

Attention to:
Lic. Pablo Antonio León de la Barra Rowland
Legal Representative

The Federal Government through the National Commission of Insurance and Sureties, and prior Agreement of its Board of Directors, based on articles 11, 369, section II, 370, last paragraph and 372, section XLI, of the Insurance and Surety Institutions Law, as well as articles 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

I.

Crédito Afianzador, S.A., Compañía Mexicana de Garantías, was authorized by the Ministry of Finance and Public Credit to function and operate as a surety institution, through Official Letter 102-E-366-DGSV-I-C-a-464 of March 19, 1991. This authorization was last modified by said Ministry through Official Letter 366-III-499/15 of August 5, 2015, published in the Official Gazette of the Federation on July 13, 2016.

II.

With letters dated August 14 and September 18, 2015, November 17, 2016 and March 14, 2017, Lic. Pablo Antonio León De La Barra Rowland, in his capacity as legal representative, requested the approval of this Decentralized Body regarding the modification of the corporate bylaws of said institution by adapting them to the Insurance and Surety Institutions Law.

III.

With official letter 06-C00-41100/69380 of December 15, 2017, this Commission approved the comprehensive reform of the corporate bylaws of Crédito Afianzador, S.A., Compañía Mexicana de Garantías, in the terms agreed upon in the protocolization of the Minutes of the Extraordinary Shareholders' Meeting of July 15, 2015, contained in public instrument number 27,854 of March 7, 2017, granted before the notary public Lic. Rosamaría López Lugo, holder of Public Notary Office 223 of this City.

IV.

In this context, the modification to the authorization of Crédito Afianzador, S.A., Compañía Mexicana de Garantías to operate as a surety institution was submitted for consideration to the Board of Directors of the National Commission of Insurance and Sureties in its session 199 of February 20, 2018, which agreed, prior to the favorable opinion of the Authorizations Committee of said Commission, the following:

« SOLE.- MODIFY the authorization of " Crédito Afianzador, S.A., Compañía Mexicana de Garantías " , in order to reflect the modifications made in the corporate bylaws of said institution, which are described below:

«a) Substitute in its social domicile the words " Federal District " for " Mexico City " .

«b) Eliminate the reference to the capital amount of said surety institution, substituting it with a wording that establishes that the institution must have the minimum paid-in capital determined for the year in question, for each operation or line of business it has authorized, which must be expressed in Units of Investment and covered in national currency, as ordered by article 49, paragraph first, of the Insurance and Surety Institutions Law.

«c) Adaptation of its corporate object by virtue of the elimination of the reference to " financial sureties " . »

CONSIDERING

FIRST.- That article 369, section II, of the Insurance and Surety Institutions Law, provides that it is the competence of the Board of Directors of this Commission to modify the authorizations to organize, operate and function as a surety institution.

SECOND.- That as a result of the resolution contained in the aforementioned official letter 06-C00-41100/69380 of December 15 , 2017 , the terms of the authorization granted to said surety institution must be modified.

In view of the above, the following are issued:

RESOLUTIONS

FIRST.- The Preamble and Articles First, Second, section IV, subsections c and d (suppressing subsection d), and Third, first paragraph and sections II and III, of the authorization granted to Crédito Afianzador, S.A., Compañía Mexicana de Garantías , are modified, in the following terms:

« AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO CRÉDITO AFIANZADOR, S.A., COMPAÑÍA MEXICANA DE GARANTÍAS , TO ORGANIZE AND FUNCTION AS A SURETY INSTITUTION, IN THE TERMS FOLLOWING:

« ARTICLE FIRST.- In exercise of the power conferred to the Federal Government by
article 5 of the repealed General Law of Insurance and Mutual Societies,
to the Ministry of Finance and Public Credit, and which from April 4, 2015, it confers article 11 of the Insurance and Surety Institutions Law, to the National Commission of Insurance and Sureties, Crédito Afianzador, S.A., Compañía Mexicana de Garantías is authorized to organize and function as a surety institution.

« ARTICLE SECOND.- The surety institution is authorized to carry out surety operations, in the following lines and sub-lines:

« I.- Fidelity Sureties, in the following sub-lines:

a)
Individuals; and

b)
Collective.

« II.- Judicial Sureties, in the following sub-lines:

a)
Penal judicial;

b)
Non-penal judicial; and

c)
Judicial that cover drivers of motor vehicles.

« III.- Administrative sureties, in the following sub-lines:

a)
Construction;

b)
Supply;

c)
Tax;

d)
Leasing; and

e)
Other administrative sureties.

« VI.- Credit Sureties, in the following sub-lines:

a)
Supply;

b)
Sales; and

c)
Other credit sureties.

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

a)
Related to surety policies; and

b)
Unrelated to surety policies.

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

« I.- ...

« II.- The institution must have the minimum paid-in capital determined for the year in question, for each operation or line of business it has authorized, which must be expressed in Investment Units and must be covered in national currency, in terms of article 49, first paragraph, of the Insurance and Surety Institutions Law.

« III.- The social domicile shall be Mexico City.

« ... ».

SECOND.- The authorization granted to Crédito Afianzador, S.A., Compañía Mexicana de Garantías , to organize and operate as a surety institution, after the modification indicated in the previous resolution, remains entirely in the following terms:

« AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO CRÉDITO AFIANZADOR, S.A., COMPAÑÍA MEXICANA DE GARANTÍAS , TO ORGANIZE AND FUNCTION AS A SURETY INSTITUTION, IN THE TERMS FOLLOWING:

« ARTICLE FIRST.- In exercise of the power conferred to the Federal Government by
article 5 of the repealed General Law of Insurance and Mutual Societies,
to the Ministry of Finance and Public Credit, and which from April 4, 2015, it confers article 11 of the Insurance and Surety Institutions Law, to the National Commission of Insurance and Sureties, Crédito Afianzador, S.A., Compañía Mexicana de Garantías is authorized to organize and function as a surety institution.

« ARTICLE SECOND.- The surety institution is authorized to carry out surety operations, in the following lines and sub-lines:

« I.- Fidelity Sureties, in the following sub-lines:

a)
Individuals; and

b)
Collective.

« II.- Judicial Sureties, in the following sub-lines:

a)
Penal judicial;

b)
Non-penal judicial; and

c)
Judicial that cover drivers of motor vehicles.

« III.- Administrative sureties, in the following sub-lines:

a)
Construction;

b)
Supply;

c)
Tax;

d)
Leasing; and

e)
Other administrative sureties.

« IV.- Credit Sureties, in the following sub-lines:

a)
Supply;

b)
Sales; and

c)
Other credit sureties.

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

a)
Related to surety policies; and

b)
Unrelated to surety policies.

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

« I.- The denomination shall be " Crédito Afianzador, S.A., Compañía Mexicana de Garantías. "

« II.- The institution must have the minimum paid-in capital determined for the year in question, for each operation or line of business it has authorized, which must be expressed in Investment Units and must be covered in national currency, in terms of article 49, first paragraph, of the Insurance and Surety Institutions Law.

« III.- The social domicile shall be Mexico City.

« ARTICLE FOURTH.- By its very nature, this authorization is non-transferable. »

THIRD.- The present resolutions must be published in the Official Gazette of the Federation and in two newspapers of wide circulation in the social domicile of the institution, within one hundred and twenty days following the date of their notification to Crédito Afianzador, S.A., Compañía Mexicana de Garantías , in terms of what is provided in article 11, both of the Insurance and Surety Institutions Law, at the expense of the interested parties.

The present resolutions are issued based on the information provided by Crédito Afianzador, S.A., Compañía Mexicana de Garantías , contained in the letters sent and are limited exclusively to the approval of the modification of the authorization granted to said surety institution, in the terms described which in accordance with the applicable provisions compete to resolve this Commission, and does not prejudge on the performance of any other act that the cited institution carries out and implies prior authorization or approval of other authorities, nor does it validate any act that has been carried out in contravention of current regulations.

This is made known to you, based on articles 11, 369, section II, 370, last paragraph, and 372, section XLI, of the Insurance and Surety Institutions Law, as well as articles 6 and 9 of the Internal Regulations of the National Commission of Insurance and Sureties.

Respectfully

Effective Suffrage. No Re-election.

Mexico City, February 22, 2018.- The President of the National Commission of Insurance and Sureties, Norma Alicia Rosas Rodríguez .- Rubric.

(R.- 468404)

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