Official Letter Modifying the Authorization Granted to Deco Seguros, S.A. de C.V. to Organize and Operate as an Insurance Institution

DOF: 16/05/2018

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

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- Ministry of Finance and Public Credit.- National Insurance and Sureties Commission.- Presidency.- Legal Vice Presidency.- General Legal, Advisory and Intermediaries Directorate.- Advisory Directorate.- Sub-Advisory Directorate.

File: C00.411.13.2.1-S0097"16".- Official Letter No. 06-C00-41100/09673.

SUBJECT:

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

DECO SEGUROS, S.A. DE C.V.

Calle Miguel Hidalgo Poniente No. 2115 Colonia Obispado 64060, Monterrey, N.L.

Attn: Mr. José Daniel Martínez Farías General Director and Legal Representative

The Federal Government through the National Insurance and Sureties Commission, and after agreement by its Board of Directors, based on articles 11, 49, 66, 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 Insurance and Sureties Commission, issues the following resolutions in attention to the following Background and Considerations:

BACKGROUND

I.

Deco Seguros, S.A. de C.V. was authorized by the Ministry of Finance and Public Credit to organize and function as an insurance institution to practice life insurance operations, as stated in resolution 366-IV-3781 of June 30, 2000, published in the Official Gazette of the Federation on August 17 of the same year. Said resolution was last modified by diverse resolution 366-III-0611/14 of August 5, 2014 and published in the Official Gazette of the Federation on April 23, 2015.

II.

With writings dated April 5, May 27, and July 4, 2016 and March 15, August 2, and November 28, 2017, Deco Seguros, S.A. de C.V. submitted to the consideration of this Decentralized Body of the Ministry of Finance and Public Credit, the modification to Clause Seventh of its corporate bylaws.

III.

By Official Letter 06-C00-41100/03391 of January 22, 2018, this Commission approved the modification of Clause Seventh of the Corporate Bylaws of Deco Seguros, S.A. de C.V., due to various movements in its social capital contained in public deeds numbers 35,675, 35,676 and 35,677, all dated November 23, 2017, granted before the notary of Lie. Rodrigo Rodin de la Garza Sepúlveda, Substitute Public Notary attached to Public Notary Office No. 26, of which Gustavo Escamilla Flores is the Titular, in the State of Nuevo León, instruments in which the protocolization of the Minutes of Extraordinary General Shareholders' Meetings of the cited institution of March 31, 2016, June 2, 2016 and July 3, 2017 is recorded.

IV.

In this context, the modification to the authorization of Deco Seguros, S.A. de C.V. to operate as an insurance institution was submitted to the consideration of the Board of Directors of the National Insurance and Sureties Commission in its session 199 of February 20, 2018, which agreed, prior to the favorable opinion issued by the Authorizations Committee of the same Commission, the following:

"SOLE.- MODIFY the authorization of Deco Seguros, S.A. de C.V., in order to reflect the modifications made in the corporate bylaws of said institution described below:

• 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-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 covered in national currency, as ordered by 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 to modify the authorizations to organize, operate and function as an insurance institution.

SECOND.- That as a result of the resolution contained in the aforementioned Official Letter 06-C00-41100/03391 of January 22, 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.- The Proem and Articles First and Third, first paragraph and subsection a) of section II, of the authorization granted to Deco Seguros, S.A. de C.V., are modified in the following terms:

"AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO DECO SEGUROS, S.A. DE C.V., TO ORGANIZE AND FUNCTION AS AN INSURANCE INSTITUTION, UNDER THE FOLLOWING TERMS.

"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, is conferred by article 11 of the Law of Insurance and Surety Institutions to the National Insurance and Sureties Commission, Deco Seguros, S.A. de C.V. is authorized to organize and function as an insurance institution.

"..."

"ARTICLE THIRD.- The 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 Societies, and to the other norms applicable to it, and in particular, to the following bases:

" I.-...

" II.- ...

" a) 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 covered in national currency, in terms of article 49, first paragraph, of the Law of Insurance and Surety Institutions.

" b) ...

" III.- ...

"..." .

SECOND.- The authorization granted to Deco Seguros, S.A. de C.V. to organize and function as an insurance institution, after the modification indicated in the previous operative clause, remains entirely in the following terms:

"AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO DECO SEGUROS, S.A. DE C.V., TO ORGANIZE AND FUNCTION AS AN INSURANCE INSTITUTION, UNDER THE FOLLOWING TERMS.

"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, is conferred by article 11 of the Law of Insurance and Surety Institutions to the National Insurance and Sureties Commission, Deco Seguros, S.A. de C.V. is authorized to organize and function as an insurance institution.

"ARTICLE SECOND.- The insurance institution is authorized to practice life insurance operations.

"ARTICLE THIRD.- The 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 Societies, and to the other norms applicable to it, and in particular, to the following bases:

" I. - The denomination shall be Deco Seguros, S.A. de C.V.

" 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 operation or line of business 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 and Surety Institutions.

" b) The variable capital with right to withdrawal in no case may be greater than the minimum fixed social capital without right to withdrawal.

" III. - The social domicile of the insurance institution shall be the City of Monterrey, Nuevo León.

"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 widely circulated newspapers from the social domicile of the institution, within the one hundred twenty days following the date of their notification to Deco Seguros, S.A. de C.V., in terms of what is provided in article 11, 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 Deco Seguros, 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 nature authorities, in terms of current regulations, nor does it validate the legality or validity of the same in case said authorizations or approvals are not obtained.

This is made known to you, based on articles 11, 66, 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 Insurance and Sureties Commission.

Respectfully,

Effective Suffrage. No Re-election.

Mexico City, February 21, 2018. - The President of the National Insurance and Sureties Commission, Norma Alicia Rosas Rodríguez.- Rubric.

(R.- 466944)

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