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

DOF: 10/05/2018

OFFICIAL LETTER modifying the authorization granted to Profuturo GNP Pensiones, S.A. de C.V. to organize and 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 Bonds Commission.- Presidency.- Legal Vice Presidency.- General Legal, Advisory and Intermediaries Directorate.- Advisory Directorate.- Sub-Advisory Directorate.- File: C00.411.13.2.1-P0906"17".- Official Letter No. 06-C00-41100/09759.

SUBJECT:

The authorization granted to Profuturo GNP Pensiones, S.A. de C.V. is modified.

PROFUTURO GNP PENSIONES, S.A. DE C.V.

Blvd. Adolfo López Mateos No. 2009 Floor 7

Col. Los Alpes

Álvaro Obregón

01010, Mexico City

Attention:

Lic. José Lorenzo García Legal Representative

The Federal Government through the National Insurance and Bonds Commission, and prior to the 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 Bonds Institutions, as well as articles 6 and 9 of the Internal Regulations of the National Insurance and Bonds Commission, issues the following resolutions in response to the following

Background and Considerations:

BACKGROUND

I.

Aseguradora Porvenir GNP, 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 101.-768 of June 17, 1997, published in the Official Gazette of the Federation on December 8, 1998. By official letter 366-IV-312 of November 25, 2004, said Ministry modified the authorization granted to said Institution due to a change in its corporate name to Profuturo GNP Pensiones, S.A. de C.V., published in the Official Gazette of the Federation on July 4, 2005. Said authorization was last modified by Official Letter 366-IV-DG-079/05 of April 8, 2005, published in the Official Gazette of the Federation on September 19, 2016.

II.

With writings dated August 12 and September 21, 2015, June 30 and November 15, 2016, and August 28 and November 17, 2017, Profuturo GNP Pensiones, S.A. de C.V., requested this Commission to modify the bylaws of said Institution to adapt them to the provisions contained in the Law of Insurance and Bonds Institutions.

III.

With Official Letter 06-C00-41100/67118 of December 4, 2017, this Commission approved the modification of the bylaws of Profuturo GNP Pensiones, S.A. de C.V., in the terms agreed upon in the protocolization of the Minutes of the Extraordinary General Meeting of Shareholders of July 24, 2015, contained in public instrument number 75,242 of August 14, 2017, granted before the notary public Lic. Carlos Flavio Orozco Pérez, Holder of Public Notary Office number 37 of this Mexico City, registered in the Public Registry of Property and Commerce, under commercial folio 223197*, on October 19, 2017.

IV.

In this context, the modification to the authorization of Profuturo GNP Pensiones, S.A. de C.V. to operate as an insurance institution was submitted for consideration to the Board of Directors of the National Insurance and Bonds Commission in its session 199 of February 20, 2018, which agreed, prior to the favorable opinion of the Authorizations Committee of said Commission, the following:

"ONLY.- MODIFY the authorization of Profuturo GNP Pensiones, S.A. de C.V., to reflect the modifications made in the bylaws of said institution, which are described below:

" a) Replace the words "Federal District" in its corporate domicile with "Mexico City".

" b) Eliminate the reference to the capital amount of said insurance institution, replacing 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 Bonds Institutions. "

CONSIDERATIONS

FIRST.- That article 369, section II, of the Law of Insurance and Bonds 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-C00-41100/67118 of December 4, 2017, the terms of the authorization granted to said insurance institution must be modified.

In view of the foregoing, the following are issued:

RESOLUTIONS

FIRST.- The Preamble and Articles First and Third, first paragraph, section II subsection a, and section III, of the authorization granted to Profuturo GNP Pensiones, S.A. de C.V., are modified in the following terms:

"AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO PROFUTURO GNP PENSIONES, 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 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 Bonds Institutions, to the National Insurance and Bonds Commission, Profuturo GNP Pensiones, 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 Bonds Institutions, as well as those derived from it, the General Law of Commercial Societies and the other norms applicable to it by their nature, and in particular, to the following bases:

"..."

" 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 Bonds Institutions.

"..."

" III.- The corporate domicile shall be Mexico City.

"..." .

SECOND.- The authorization granted to Profuturo GNP Pensiones, S.A. de C.V., to organize and operate as an insurance institution, after the modification indicated in the previous resolution, remains entirely in the following terms:

"AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO PROFUTURO GNP PENSIONES, 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 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 Bonds Institutions, to the National Insurance and Bonds Commission, Profuturo GNP Pensiones, S.A. de C.V., is authorized to organize and function as an insurance institution.

" ARTICLE SECOND.- The insurance institution is authorized to practice in insurance the operation of life, with the sole purpose of managing pension insurance, derived from social security laws.

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

" I.- The denomination shall be Profuturo GNP Pensiones, 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 Bonds Institutions.

" b) The variable capital with withdrawal rights shall in no case be greater than the paid-in capital without withdrawal rights.

" III.- The corporate domicile 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 widely circulated newspapers from the corporate domicile of the institution, within the one hundred twenty days following the date of their notification to Profuturo GNP Pensiones, S.A. de C.V., in terms of what is provided in article 11 of the Law of Insurance and Bonds Institutions, at the expense of the interested parties.

The issuance of this document is based on the information provided by the petitioner contained in the writings sent and is limited exclusively to the modification of the authorization granted to said insurance institution, 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 and which implies prior authorization or approval of other financial, administrative, tax or any other 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.

You are hereby informed of the foregoing, based on articles 11, 369, section II, 370, last paragraph and 372, section XLI, of the Law of Insurance and Bonds Institutions, as well as articles 6 and 9 of the Internal Regulations of the National Insurance and Bonds Commission.

Respectfully,

Effective Suffrage. No Re-election.

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

(R.- 466655)

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