Official Letter Modifying the Authorization Granted to Plan Seguro, S.A. de C.V., Insurance Company

DOF: 14/12/2018

OFFICIAL LETTER modifying the authorization granted to Plan Seguro, S.A. de C.V., Insurance Company

A seal bearing the National Coat of Arms appears on the margin, stating: United Mexican States.- Ministry of Finance and Public Credit.- National Commission for Insurance and Sureties.- Presidency.- Legal Vice Presidency.- General Legal, Advisory and Intermediaries Directorate.- Advisory Directorate.- Sub-directorate for Advisory Services.-

File: C00.411.13.2.1-H0701"16".- Official Letter No. 06-C00-41100/47597.

SUBJECT:

The authorization granted to Plan Seguro,
S.A. de C.V., Insurance Company is modified.

PLAN SEGURO, S.A. DE C.V., INSURANCE COMPANY

Periférico Sur No. 4355

Col. Jardines en la Montaña

Tlalpan

14210, Mexico City

Attention to:

Lic. Silvia Graciela García Cruz

Legal Representative

The Federal Government through the National Commission for 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 Law of Insurance and Surety Institutions, as well as articles 6 and 9 of the Internal Regulations of the National Commission for Insurance and Sureties, issues these Resolutions in response to the following

Background and Considerations:

BACKGROUND

1.

Plan Seguro, S.A. de C.V., Insurance Company, was authorized by the Ministry of Finance and Public Credit to function and operate as an insurance institution, through Resolution 366- IV-1094 of March 17, 1997, published in the Official Gazette of the Federation on May 8 of that same year. This authorization was last modified by the aforementioned Ministry through Official Letter 366-III-0812/14 of October 14, 2014.

2.

With writings dated April 18 and September 23, 2016, October 24 and November 1, 2017, Lic. Silvia Graciela García Cruz, in her capacity as legal representative of Plan Seguro, S.A. de C.V., Insurance Company, requested approval from this Decentralized Body of the Ministry of Finance and Public Credit to carry out the comprehensive reform of the corporate bylaws of said institution, in accordance with what was agreed at the Extraordinary General Meeting of Shareholders, held on June 29, 2015.

3.

By Official Letter number 06-C00-41100/13958 of March 12, 2018, this Commission approved the comprehensive reform of the corporate bylaws of Plan Seguro, S.A. de C.V., Insurance Company, in accordance with the project sent through the writing of November 1, 2017, and as agreed at the Extraordinary General Meeting of Shareholders, held on June 29, 2015, and instructed that institution to submit the original and a copy notarially verified of the first testimony of the deed of protocolization of the minutes of the Extraordinary General Meeting of Shareholders.

4.

Through Official Letter 06-C00-41100/41719 of July 31, 2018, this Commission received the first testimony and a copy notarially verified of public deed 86, 570 of May 21, 2018, in which the protocolization of the minutes of the Extraordinary General Meeting of Shareholders of June 29, 2015, is recorded, in which the comprehensive reform of the corporate bylaws of Plan Seguro, S.A. de C.V., Insurance Company was agreed, having fulfilled the Second Resolutive of Official Letter 06-C00-41100/13958 of March 12, 2018.

5.

As a result of what is stated in Backgrounds 3 and 4, the National Commission for Insurance and Sureties presented before the Authorizations Committee of said Commission, the proposal to modify the bases of the authorization of Plan Seguro, S.A. de C.V., Insurance Company, in order to update the denomination of the seat of the social domicile of that institution, substituting the words "Federal District" with those of "Mexico City", 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, as well as the modification regarding 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.

6.

The aforementioned modification was submitted to the consideration of the Board of Directors of the National Commission for Insurance and Sureties in its session 203 of September 5, 2018, which, taking into account the favorable opinion issued by the Authorizations Committee of the same Commission, agreed as follows:

"UNIQUE.- The bases of the authorization granted to Plan Seguro, S.A. de C.V., Insurance Company 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, 2016.

"b) 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 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.

"This is based on 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-C00-41100/41719 of July 31, 2018, the terms of the authorization granted to that insurance institution must be modified.

In view of the above, the following are issued:

RESOLUTIONS

FIRST.- The Preamble and Articles First and Third, sections II, subsection a) and III of the authorization granted to Plan Seguro, S.A. de C.V., Insurance Company, 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 PLAN SEGURO, S.A. DE C.V., INSURANCE COMPANY, TO ORGANIZE AND FUNCTION AS AN INSURANCE INSTITUTION, UNDER THE FOLLOWING TERMS:

"ARTICLE FIRST.- In exercise of the faculty conferred by article 5 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 Commission for Insurance and Sureties, authorization is granted to Plan Seguro, S.A. de C.V., Insurance Company, to organize and function as an insurance institution.

" ...

"ARTICLE THIRD.- The insurance institution will 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 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.

" ...

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

" ... ".

SECOND.- The authorization granted to Plan Seguro, S.A. de C.V., Insurance Company, to organize and operate as an insurance institution, after the modification indicated in the Resolutive above, remains entirely in the following terms:

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

"ARTICLE FIRST.- In exercise of the faculty conferred by article 5 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 Commission for Insurance and Sureties, authorization is granted to Plan Seguro, S.A. de C.V., Insurance Company, to organize and function as an insurance institution.

"ARTICLE SECOND.- The insurance institution is authorized to practice the operation of accident and illness insurance, in the lines of health and medical expenses.

"ARTICLE THIRD.- The insurance institution will 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 Plan Seguro, S.A. de C.V., Insurance Company.

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

"a) The insurance institution must have the minimum paid 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 the right to withdrawal in no case may be greater than the paid capital without the right to withdrawal.

" 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 the one hundred twenty days following the date of their notification to Plan Seguro, S.A. de C.V., Insurance Company, 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 Plan Seguro, S.A. de C.V., Insurance Company, 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 society carries out and which implies prior authorization or approval of other financial, administrative, tax or any other nature authorities, in terms of current regulations, nor do they validate the legality or validity of the same in case such authorization or approval is not obtained.

The above 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 Commission for Insurance and Sureties.

Respectfully

Effective Suffrage. No Re-election.

Mexico City, September 6, 2018. - The President of the National Commission for Insurance and Sureties, Norma Alicia Rosas Rodríguez.- Rubric.

(R.- 476020)

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