Official Letter Modifying the Authorization Granted to Seguros Atlas, S.A., to Operate as an Insurance Institution

DOF: 10/04/2018

OFFICIAL LETTER modifying the authorization granted to Seguros Atlas, S.A., 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 Bonding Commission.- Presidency.- Legal Vice Presidency.- General Legal, Advisory and Intermediaries Directorate.- Advisory Directorate.- Sub-Advisory Directorate.- File: C00.411.13.2.1-S0023 " 16 ".- Official Letter No. 06-C00-41100/09784.

SUBJECT:

The authorization granted to
Seguros Atlas, S.A. is modified.

SEGUROS ATLAS, S.A.

Av. Paseo de los Tamarindos No. 60, Ground Floor Col. Bosques de la Lomas Cuajimalpa 05120, Mexico City

Attention:
Lic. Francisco Gabriel Grados Zerón
Legal Representative

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

BACKGROUND

I.

Seguros Atlas, S.A., was authorized by the Ministry of Finance and Public Credit to continue functioning as an insurance institution, through Official Letter 102-E-366-DGSV-I-B-a-4803 of October 15, 1990, published in the Official Gazette of the Federation on February 13, 1991. This authorization was last modified by said Department through Official Letter 366-IV-3835 of September 11, 2001, published in the aforementioned Federal Dissemination Medium on January 22, 2002.

II.

With writings dated March 23 and May 19, both in 2016, Lic. Francisco Gabriel Grados Zerón, in his capacity as legal representative of Seguros Atlas, S.A., requested approval from this Commission to comprehensively reform the corporate bylaws of said institution, in accordance with what was agreed in its Extraordinary General Shareholders' Meeting Minutes of July 15, 2015, in order to comply with what is established in the Law of Insurance and Bonding Institutions.

III.

Through Official Letter 06-C00-41100/02230 of January 22, 2018, this Decentralized Body resolved to approve the comprehensive reform of the corporate bylaws of Seguros Atlas, S.A., contained in public deed number 69,885 of August 8, 2017, registered in the Public Property and Commerce Registry of this same City, under commercial folio 6124*, on October 26, 2017, in which the protocolization of the Extraordinary General Shareholders' Meeting Minutes of said institution of July 15, 2015, is recorded, through which the comprehensive reform of its corporate bylaws was agreed.

IV.

The modification to the bases of the authorization granted to Seguros Atlas, S.A., to operate as an insurance institution was submitted for consideration to the Board of Directors of this National Insurance and Bonding Commission in its Session 199 of February 20, 2018, which agreed, prior to the favorable opinion of the Authorizations Committee of the same Commission, the following:

"SINGLE.- MODIFY the bases of the authorization granted to Seguros Atlas, S.A., in order to reflect the reforms made in the corporate bylaws of said institution, which are described below.

a)

Remove the reference to "Earthquake" from its social object, since in the Catastrophic Risks branch, earthquake risks are included. This is based on articles 25, section III, subsection j), and 27, section XV, of the Law of Insurance and Bonding Institutions.

b)

Remove the words "Federal District" from its social domicile, in accordance with the "Decree declaring reforms and derogations of 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.

c)

Remove the reference to the amount of its social capital, 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 branch 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 Bonding Institutions.

This is in accordance with articles 11 and 369, section II, of the Law of Insurance and Bonding Institutions."

CONSIDERATIONS

FIRST.- That article 369, section II, of the Law of Insurance and Bonding 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 in terms of what is stated in Backgrounds III and IV of this Official Letter, the Board of Directors of this Commission in its Session 199 of February 20, 2018, agreed to modify the bases of the authorization granted to that insurance institution.

In view of the foregoing, the following are issued:

RESOLUTIONS

FIRST.- The Preamble, as well as articles One, Two, and Three, first paragraph, sections II and III, of the authorization granted to Seguros Atlas, S.A., to organize and operate as an insurance institution, are modified, to read as follows:

"AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO SEGUROS ATLAS, S.A., TO CONTINUE FUNCTIONING AS AN INSURANCE INSTITUTION, UNDER THE FOLLOWING TERMS:

ARTICLE ONE.- In exercise of the power conferred by the Federal Government on 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 Bonding Institutions, to the National Insurance and Bonding Commission, Seguros Atlas, S.A., is authorized to operate as an insurance institution.

ARTICLE TWO.- The Insurance Institution is authorized to practice life, accident, and health insurance operations, in the branches of personal accidents and major medical expenses, of damages, in the branches of civil liability and professional risks, maritime and transports, fire, automobiles, credit in reinsurance, various, catastrophic risks, as well as re-bonding, in the branches of fidelity, judicial, administrative and credit, in each of its sub-branches.

ARTICLE THREE.- The insurance institution shall be subject to the provisions of the Law of Insurance and Bonding 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 branch 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 Bonding Institutions.

III.-

The domicile of the insurance institution shall be Mexico City.

..."

SECOND.- The authorization granted to Seguros Atlas, S.A., 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 SEGUROS ATLAS, S.A., TO CONTINUE FUNCTIONING AS AN INSURANCE INSTITUTION, UNDER THE FOLLOWING TERMS:

ARTICLE ONE.- In exercise of the power conferred by the Federal Government on 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 Bonding Institutions, to the National Insurance and Bonding Commission, Seguros Atlas, S.A., is authorized to operate as an insurance institution.

ARTICLE TWO.- The Insurance Institution is authorized to practice life, accident, and health insurance operations, in the branches of personal accidents and major medical expenses, of damages, in the branches of civil liability and professional risks, maritime and transports, fire, automobiles, credit in reinsurance, various, catastrophic risks, as well as re-bonding, in the branches of fidelity, judicial, administrative and credit, in each of its sub-branches.

ARTICLE THREE.- The insurance institution shall be subject to the provisions of the Law of Insurance and Bonding 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 shall be "Seguros Atlas", Anonymous Society.

II.-

The institution must have the minimum paid-in capital determined for the year in question, for each operation or branch 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 Bonding Institutions.

III.-

The domicile of the insurance institution shall be Mexico City.

ARTICLE FOUR.- 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 Seguros Atlas, S.A., in terms of what is provided in article 11 of the Law of Insurance and Bonding 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 Seguros Atlas, S.A., 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 company carries out and which implies prior authorization or approval from 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 such authorizations or approvals are not obtained.

This is based on articles 11, 369, section II, 370, last paragraph, and 372, section XLI, of the Law of Insurance and Bonding Institutions, as well as articles 6 and 9 of the Internal Regulations of the National Insurance and Bonding Commission.

Respectfully,

Effective Suffrage. No Re-election.

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

(R.- 465096)

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