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

DOF: 22/03/2018

OFFICIAL LETTER modifying the authorization granted to Grupo Mexicano de Seguros, S.A. de C.V. to operate 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-S0092"15".- Official Letter No. 06-C00-41100/69483.

SUBJECT:

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

GRUPO MEXICANO DE SEGUROS, S.A. DE C.V.

Nueva York 273

Col. Nápoles

Benito Juárez

03810, Mexico City

Attention to:

Lic. Gerardo María Trigueros Gaisman

Legal Representative

The Federal Government through the National Insurance and Sureties Commission, and with the prior Agreement of its Board of Directors, based on articles 11, 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 these Resolutions in response to the following

Background and Considerations:

BACKGROUND

Grupo Mexicano de Seguros, S.A. de C.V., was authorized by the Ministry of Finance and Public Credit to function and operate as an insurance institution, through Official Letter 366-IV-7018 of December 2, 1997. This authorization was last modified by Official Letter 101.-734.-731.1/320502 of May 30, 2003, published in the Official Gazette of the Federation on July 30, 2003.

With writings dated August 5 and 27, 2015, October 25, 2016, and March 7, 2017, Lic. Gerardo María Trigueros Gaisman, in his capacity as legal representative of Grupo Mexicano de Seguros, S.A. de C.V., requested approval from this Decentralized Body of the Ministry of Finance and Public Credit to carry out a comprehensive modification of the corporate bylaws of said institution, in accordance with the draft minutes of the Extraordinary General Meeting of Shareholders attached to the aforementioned request.

Through Official Letter 06-C00-41100/62295 of November 13, 2017, this Commission approved the comprehensive modification of the corporate bylaws of Grupo Mexicano de Seguros, S.A. de C.V., in the terms agreed upon in the notarization of the minutes of the Extraordinary General Meeting of Shareholders of October 17, 2016, contained in public instrument number 81,320 of February 27, 2017, granted before the notary public Lic. Roberto Garzón Jiménez, Public Notary Number 242 of this Mexico City, acting as associate in the protocol of notary number 229, which is held by Lic. Marco Antonio Ruiz Aguirre, registered in the Public Registry of Property and Commerce, under commercial folio 232663* of August 22, 2017.

As a result of what is stated in Backgrounds 2 and 3, the National Insurance and Sureties Commission presented before the Authorizations Committee of said Commission, the proposal to modify the terms of the authorization of Grupo Mexicano de Seguros, S.A. de C.V., in order to eliminate the reference to the "Earthquake" line of business in the operation of damage insurance, in view of the fact that, in accordance with articles 25, section III, subsection j), and 27, section XV, of the Law of Insurance and Surety Institutions, earthquake risks are included in the Catastrophic Risks line of business, as well as the update of the denomination of the headquarters of the social domicile of that institution, substituting the words "Federal District" with "Mexico City", in accordance with the "Decree declaring reformed and derogated various provisions of the Political Constitution of the United Mexican States, in matters of the political reform of Mexico City", published in the Official Gazette of the Federation on January 29, 2016, and that relative to the amount of social capital it has, in order to state that its capital must be expressed in Investment Units and be covered in national currency, as ordered by article 49, first paragraph, of the Law of Insurance and Surety Institutions.

The aforementioned modification was submitted to the consideration of the Board of Directors of the National Insurance and Sureties Commission in its session 198 of December 14, 2017, which, taking into account the favorable opinion issued by the Authorizations Committee of the same Commission, agreed as follows:

"SINGLE.- The terms of the authorization granted to Grupo Mexicano de Seguros, 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 adaptation of the text of its corporate purpose since the reference to the "Earthquake" line of business in the operation of damage was eliminated, in view of the fact that, in accordance with articles 25, section III, subsection j), and 27, section XV, of the Law of Insurance and Surety Institutions, earthquake risks are included in the Catastrophic Risks line of business.

"b) Substitute in its social domicile the words "Federal District" with "Mexico City".

"c) Eliminate the reference to the amount of capital 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.

"The foregoing in accordance with what is provided in article 369, section II, 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-C00-41100/62295 of November 13, 2017, 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 Preamble and Articles First, Second, and Third, Bases II, subsection a), and III of the authorization granted to Grupo Mexicano de Seguros, S.A. de C.V. to operate as an insurance institution are modified, so that the aforementioned parts remain in the following terms:

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

"ARTICLE FIRST.- In exercise of the power conferred by articles 5 and 6 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, is conferred by article 11 of the Law of Insurance and Surety Institutions to the National Insurance and Sureties Commission, authorization is granted to Grupo Mexicano de Seguros, S.A. de C.V., to operate as an insurance institution.

"ARTICLE SECOND.- The insurance institution is authorized to practice in the Mexican Republic the operation of damage insurance, in the lines of civil liability and professional risks, maritime and transports, fire, automobiles, miscellaneous, and catastrophic risks, as well as reinsurance 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 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 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 covered in national currency, as ordered by article 49, first paragraph, of the Law of Insurance and Surety Institutions.

"...

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

"... ".

SECOND.- The authorization granted to Grupo Mexicano de Seguros, 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 FEDERAL GOVERNMENT, TO GRUPO MEXICANO DE SEGUROS, S.A. DE C.V., TO ORGANIZE AND FUNCTION AS AN INSURANCE INSTITUTION, IN THE FOLLOWING TERMS:

"ARTICLE FIRST.- In exercise of the power conferred by articles 5 and 6 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, is conferred by article 11 of the Law of Insurance and Surety Institutions to the National Insurance and Sureties Commission, authorization is granted to Grupo Mexicano de Seguros, S.A. de C.V., to operate as an insurance institution.

"ARTICLE SECOND.- The insurance institution is authorized to practice in the Mexican Republic the operation of damage insurance, in the lines of civil liability and professional risks, maritime and transports, fire, automobiles, miscellaneous, and catastrophic risks, as well as reinsurance 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 Companies, and to the other laws applicable to it, and in particular, to the following bases:

"I.- The denomination will be "Grupo Mexicano de Seguros, S.A. de C.V.".

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

"a) The 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 covered 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 in no case may be greater than the paid-in capital without withdrawal rights.

"III.- The social domicile of the insurance institution will 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 widely circulated newspapers from the social domicile of the institution, within one hundred and twenty days following the date of their notification to Grupo Mexicano de 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 Grupo Mexicano de Seguros, S.A. de C.V., in the terms described that, 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 that implies 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 such authorizations or approvals are not obtained.

The foregoing is made known to you, based on articles 11, 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, December 18, 2017. - The President of the National Insurance and Sureties Commission, Norma Alicia Rosas Rodríguez.- Rubric.

(R.- 464404)

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