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

DOF: 22/06/2018

OFFICIAL LETTER modifying the authorization granted to Quálitas Compañía de Seguros, 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 Commission of 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-S0037"16".- Official Letter No. 06-C00-41100/23184.

SUBJECT:

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

QUÁLITAS COMPAÑÍA DE SEGUROS, S.A. DE C.V.

Av. San Jerónimo 478
Col. Jardines del Pedregal
Álvaro Obregón
01900, Mexico City

To:
Lic. Zonia de los Santos Paz
Legal Representative

The Federal Government through the National Commission of Insurance and Sureties, 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 Surety Institutions, as well as articles 6 and 9 of the Internal Regulations of the National Commission of Insurance and Sureties, issues the following resolutions in response to the following Background and Considerations:

BACKGROUND

1.
Quálitas Compañía 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 102-E-366-DGSV-I-666 of February 21, 1994, published in the Official Federal Diary on April 18 of the same year. This authorization was last modified by official letter 366-III-0163/14 of February 13, 2014.

2.
With writings dated July 21, 2017, and January 9, 2018, Lic. Zonia de los Santos Paz, in her capacity as legal representative of Quálitas Compañía de Seguros, S.A. de C.V., requested this Commission, among other things, approval to carry out a comprehensive reform of the social bylaws of that institution, in terms of the draft of the Minutes of the Extraordinary General Shareholders' Meeting, which she attached to her request.

3.
Through Official Letter 06-C00-41100/14544 of March 15, 2018, this Commission accepted as presented the first testimony and a copy by notarial comparison of public deed 43,166 of December 20, 2017, and considered fulfilled the Second Resolutive of Official Letter 06-C00-41100/60407 of October 26, 2017, through which the comprehensive reform of the social bylaws of Quálitas Compañía de Seguros, S.A. de C.V. was approved, since the aforementioned deed records the protocolization of the Minutes of the Extraordinary General Shareholders' Meeting of November 24, 2017, in which it was agreed to carry out the comprehensive reform of the social bylaws of said institution, granted before the notary of Lic. Fernando Dávila Rebollar, holder of Public Notary No. 235 of Mexico City.

4.
As a result of what is stated in Backgrounds 2 and 3, the National Commission of Insurance and Sureties presented before the Authorization Committee of said Commission, the proposal to modify the bases of the authorization of Quálitas Compañía de Seguros, S.A. de C.V., in order to eliminate the words "Distrito Federal" from its social domicile, in accordance with the "Decree declaring reformed and repealed various provisions of the Political Constitution of the United Mexican States, in matters of the political reform of Mexico City", published in the Official Federal Diary on January 29, 2016; as well as to eliminate the reference to the branch of "Earthquake" in the operation of damages of its corporate object, in virtue that according to 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 branch, and to carry out the modification regarding the amount of social capital with which said institution counts, 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.

5.
The aforementioned modification was submitted to the consideration of the Board of Directors of the National Commission of Insurance and Sureties in its session 200 of April 24, 2018, which, taking into account the favorable opinion issued by the Authorization Committee of the same Commission, agreed as follows:

"SINGLE.- The bases of the authorization granted to Quálitas Compañía de Seguros, S.A. de C.V., are MODIFIED, in order to reflect the modifications made in the social bylaws of said institution, which are described below:

"a) The elimination of the words "Distrito Federal" from its social domicile, in accordance with the "Decree declaring reformed and repealed various provisions of the Political Constitution of the United Mexican States, in matters of the political reform of Mexico City", published in the Official Federal Diary on January 29, 2016.

"b) Eliminate the reference to the amount of social capital with which it counts, in order to state that its capital of said insurance institution 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.

"c) The elimination of the reference to "earthquake", in virtue that earthquake risks are included in the catastrophic risks branch; the foregoing based on articles 25, section III, subsection j), and 27, section XV, 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-C00-41100/14544 of March 15, 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 Preamble and Articles First, Second, and Third, first paragraph, bases II, subsection a), and III, of the authorization granted to Quálitas Compañía de Seguros, S.A. de C.V., are modified, in the following terms:

"AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO QUALITAS COMPAÑÍA 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 article 5° of the repealed General Law of Insurance and Mutual Insurance Institutions 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 of Insurance and Sureties, authorization is granted to Quálitas Compañía de Seguros, S.A. de C.V., to organize and function as an insurance institution.

"ARTICLE SECOND.- The insurance institution is authorized to carry out damage insurance operations, in the branches of civil liability and professional risks, fire, automobiles, diverse and other catastrophic risks.

"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 Societies 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 institution must have the minimum paid capital determined for the year in question, for each operation or branch that it has expressly 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 Quálitas Compañía 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 QUALITAS COMPAÑÍA 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 article 5° of the repealed General Law of Insurance and Mutual Insurance Institutions 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 of Insurance and Sureties, authorization is granted to Quálitas Compañía de Seguros, S.A. de C.V., to organize and function as an insurance institution.

"ARTICLE SECOND.- The insurance institution is authorized to carry out damage insurance operations, in the branches of civil liability and professional risks, fire, automobiles, diverse and other catastrophic risks.

"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 Societies and to the other laws applicable to it and, in particular, to the following bases:

"I.- The denomination will be Quálitas Compañía de Seguros, followed by the words Variable Capital Anonymous Society or its abbreviations, S.A. de C.V.

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

"a) The institution must have the minimum paid capital determined for the year in question, for each operation or branch that it has expressly 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 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 intransmissible. "

THIRD.- These resolutions must be published in the Official Federal Diary and in two widely circulated newspapers from the social domicile of the institution, within the one hundred and twenty days following the date of their notification to Quálitas Compañía 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 party.

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 Quálitas Compañía 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 and that implies prior authorization or approval of other financial, administrative, tax or any other authorities, in terms of current regulations, nor validates 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 Surety Institutions, 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, April 26, 2018. - The President of the National Commission of Insurance and Sureties, Norma Alicia Rosas Rodríguez.- Rubric.

(R.- 469127)

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