Official Letter Modifying the Authorization Granted to Seguros Afirme, S.A. de C.V., Afirme Grupo Financiero

DOF: 23/08/2017

OFFICIAL LETTER modifying the authorization granted to Seguros Afirme, S

A margin seal with the National Emblem, 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-directorate for Advisory Services.- File: C00.411.13.2.1-S0094"15".- Official Letter No. 06-C00-41100/42072.

SUBJECT:

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

SEGUROS AFIRME, S.A. DE C.V., AFIRME GRUPO FINANCIERO

Av. Ocampo No. 220 Pte. Col. Centro 64000 Monterrey, N.L. Attn: Lic. Sergio Sada Ramírez Legal Director

The Federal Government through the National Insurance and Sureties Commission, and prior Agreement of its Board of Directors, 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, issues these resolutions in response to the following Background and Considerations:

BACKGROUND

Seguros Afirme, S.A. de C.V., Afirme Grupo Financiero, was authorized by the Ministry of Finance and Public Credit to organize and function as an insurance institution through Official Letter 366-IV- 965 of February 18, 1998. This authorization was last modified by the aforementioned Department through Official Letter 366-IV-USVP-041/07 of March 22, 2007.

With letters dated July 29 and August 31, 2015, February 4, May 16 and July 11, 2016, Lic. Sergio Sada Ramírez, Legal Director of Seguros Afirme, S.A. de C.V., Afirme Grupo Financiero, requested approval for the comprehensive reform of the bylaws of said institution, due to the entry into force of the Law of Insurance and Surety Institutions, as agreed in the Extraordinary General Meeting of Shareholders of July 27, 2015; from this modification, the reform to Article Second of its bylaws stands out to adjust the reference to the line of "earthquake and other catastrophic risks" to "catastrophic risks", in accordance with what is provided in articles 25, section III, subsection j), and 27, section XV, of the Law of Insurance and Surety Institutions.

By Official Letter No. 06-C00-41100/18988 of May 3, 2017, this Commission approved the comprehensive modification of the bylaws of Seguros Afirme, S.A. de C.V., Afirme Grupo Financiero, contained in public instrument number 45,480 of September 8, 2016, granted before the notary public Lic. Gilberto Federico Allen De León, Holder of Public Notary Office number 33 with practice in the First Registry and Notarial District of the State of Nuevo León, registered in the Public Property and Commerce Registry of the State of Nuevo León, under electronic commercial folio 62485*9 of March 13, 2017.

In this context, the modifications to the authorization of Seguros Afirme, S.A. de C.V., Afirme Grupo Financiero to operate as an insurance institution were submitted to the consideration of the Board of Directors of the National Insurance and Sureties Commission in its session 195 of July 20, 2017, which agreed, prior to the favorable opinion of the Authorizations Committee of the same Commission, the following:

« ONLY.- The bases of the authorization granted to Seguros Afirme, S.A. de C.V., Afirme Grupo Financiero are MODIFIED, in order to:

a) Adjust the reference to the line of "earthquake and other catastrophic risks" in the operation of property damage, to "catastrophic risks", in accordance with what is provided in articles 25, section III, subsection j), and 27, section XV, of the Law of Insurance and Surety Institutions.

b) Likewise, it is considered appropriate to 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 and lines for which it is 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. »

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 No. 06-C00-41100/18988 of May 3, 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, first paragraph, base II), of the authorization granted to Seguros Afirme, S.A. de C.V., Afirme Grupo Financiero, are modified, in the following terms:

"AUTHORIZATION GRANTED BY THE NATIONAL INSURANCE AND SURETIES COMMISSION, ON BEHALF OF THE FEDERAL GOVERNMENT, TO SEGUROS AFIRME, S.A. DE C.V., AFIRME GRUPO FINANCIERO, TO FUNCTION AS AN INSURANCE INSTITUTION, UNDER THE FOLLOWING TERMS:

ARTICLE FIRST.- In exercise of the power conferred on the Federal Government by article 5 of the repealed General Law of Insurance and Mutual Insurance Institutions and 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, Seguros Afirme, S.A. de C.V., Afirme Grupo Financiero is authorized to function as an insurance institution.

ARTICLE SECOND.- The insurance institution is authorized to carry out life and property insurance operations, in the lines of civil liability and professional risks, maritime and transports, fire, automobiles, miscellaneous, as well as catastrophic risks.

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 institution must have the minimum paid-in capital determined for the year in question, for each operation or line for which it is 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.

...

...

... "

SECOND.- The authorization granted to Seguros Afirme, S.A. de C.V., Afirme Grupo Financiero, to organize and operate as an insurance institution, after the modification indicated in the previous Resolutive, remains in its entirety in the following terms:

"AUTHORIZATION GRANTED BY THE NATIONAL INSURANCE AND SURETIES COMMISSION, ON BEHALF OF THE FEDERAL GOVERNMENT, TO SEGUROS AFIRME, S.A. DE C.V., AFIRME GRUPO FINANCIERO, TO FUNCTION AS AN INSURANCE INSTITUTION, UNDER THE FOLLOWING TERMS:

ARTICLE FIRST.- In exercise of the power conferred on the Federal Government by article 5 of the repealed General Law of Insurance and Mutual Insurance Institutions and 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, Seguros Afirme, S.A. de C.V., Afirme Grupo Financiero is authorized to function as an insurance institution.

ARTICLE SECOND.- The insurance institution is authorized to carry out life and property insurance operations, in the lines of civil liability and professional risks, maritime and transports, fire, automobiles, miscellaneous, as well as catastrophic risks.

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 name will be Seguros Afirme, Variable Capital Anonymous Society, Afirme Grupo Financiero.

II.- The institution must have the minimum paid-in capital determined for the year in question, for each operation or line for which it is 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.

The variable capital with withdrawal right in no case may be greater than the paid-in capital without withdrawal right.

III.- The social domicile of the insurance institution will 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 Journal 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 Seguros Afirme, S.A. de C.V., Afirme Grupo Financiero, 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 letters sent and are limited exclusively to the modification of the authorization granted to that insurance institution, in the terms described which in accordance with the applicable provisions it is competent for this Commission to resolve, and does not prejudge any act that said company carries out and which implies the 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, 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, July 21, 2017. - The President of the National Insurance and Sureties Commission , Norma Alicia Rosas Rodríguez .- Rubric.

(R.- 454868)

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