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

DOF: 22/06/2018

OFFICIAL LETTER modifying the authorization granted to Seguros de Vida Sura México, 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 Surety Commission.- Presidency.- Legal Vice Presidency.- General Legal, Advisory and Intermediaries Directorate.- Advisory Directorate.- Sub-Advisory Directorate.- File: C00.411.13.2.1-S0095 " 15".- Official Letter No. 06-C00-41100/23083.

SUBJECT:

The authorization granted to Seguros de Vida Sura México, S.A. de C.V. is modified.

SEGUROS DE VIDA SURA MEXICO, S.A. de C.V.

Av. Paseo de la Reforma No. 222, Floor 4

Juárez Neighborhood

Cuauhtémoc

06600, Mexico City

Attention:

Lic. Erick Moisés González Barbosa Legal Representative

The Federal Government through the National Insurance and Surety Commission, and prior agreement of its Board of Directors, based on articles 11, 75, 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 Surety Commission, issues these Resolutions in response to the following Background and Considerations:

BACKGROUND

I.

Seguros de Vida Sura México, S.A. de C.V., was authorized by the Ministry of Finance and Public Credit to organize and function as an insurance institution, as evidenced by resolution 366-IV-3349 of June 16, 1999, published in the Official Gazette of the Federation on August 10 of that same year. This authorization was last modified by resolution 366-III-0796/ 14 of October 8, 2014, published in the Official Gazette of the Federation on December 30 of the same year.

II.

By letters dated August 3 and September 2, 2015, December 9 and 19, 2016, and August 1, 2017, Lic. Erik Moisés González Barbosa, in his capacity as legal representative of Seguros de Vida Sura México, S.A. de C.V., requested approval from this Commission for the total reform of the corporate bylaws of said Institution, which was agreed upon in its Extraordinary General Shareholders' Meeting of July 6, 2017.

III.

Through Official Letter No. 06-C00-41100/17772 of March 27, 2018, this Commission received the first testimony and a notarially certified copy of public deed number 70,927 of July 31, 2017, and considered fulfilled the Third Resolutive of Official Letter 06-C00-41100/18968 of May 3, 2017, through which it approved the total reform of the corporate bylaws of Seguros de Vida Sura México, S.A. de C.V., since the aforementioned deed records the protocolization of the Minutes of the Extraordinary General Shareholders' Meeting of the aforementioned institution of July 6, 2017, in which the total reform of the corporate bylaws of said institution was agreed.

IV.

As a result of the foregoing in Backgrounds II and III, the National Insurance and Surety Commission presented before the Authorization Committee of said Commission, the proposal to modify the terms of the authorization of Seguros de Vida Sura México, S.A. de C.V., in order to eliminate the words "Distrito Federal" from its social domicile, in accordance with the "Decree declaring reforms and repeals 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; as well as to make the modification regarding the amount of social capital held by said institution, in order to establish that its capital must be expressed in Investment Units and be paid in national currency, as ordered by article 49, first paragraph, of the Law of Insurance and Surety Institutions.

V.

The aforementioned modification was submitted to the consideration of the Board of Directors of the National Insurance and Surety Commission 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:

« SOLE.- The terms of the authorization granted to Seguros de Vida Sura México, S.A. de C.V., are MODIFIED, in order to reflect the modifications made to the corporate bylaws of said institution, described below:

«a) The elimination of the words "Distrito Federal" from its social domicile, in accordance with the "Decree declaring reforms and repeals 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.

«b) Eliminating the reference to the capital amount of said insurance institution, replacing it with 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 paid 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, among others, 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 06-C00-41100/18968 of May 3, 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, Bases II and III, first paragraph, section a) of section II, and section III of the authorization granted to Seguros de Vida Sura México, S.A. de C.V., are modified, in the following terms:

«AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT, TO SEGUROS DE VIDA SURA MEXICO, S.A. DE C.V., TO ORGANIZE AND FUNCTION AS AN INSURANCE INSTITUTION SUBSIDIARY OF SEGUROS DE VIDA SURAMERICANA, S.A., OF THE REPUBLIC OF COLOMBIA, FOREIGN FINANCIAL INSTITUTION, THROUGH SURA ASSET MANAGEMENT MEXICO, S.A. DE C.V., OF THE UNITED MEXICAN STATES, RELATED COMPANY OF THE LATTER.

« ARTICLE FIRST.- In exercise of the power conferred by articles 5º and 33-C 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, are conferred by articles 11 and 75 of the Law of Insurance and Surety Institutions to the National Insurance and Surety Commission, authorization is granted to Seguros de Vida Sura México, S.A. de C.V., to organize and function as an insurance institution subsidiary of Seguros de Vida Suramericana, S.A. of the Republic of Colombia, a foreign financial institution, through Sura Asset Management México, S.A. de C.V., of the United Mexican States, a related company of the latter.

« ...

« ARTICLE THIRD.- The subsidiary insurance institution shall be subject to the provisions of the Law of Insurance and Surety Institutions, as well as those derived therefrom, to the General Law of Commercial Companies, and to other laws applicable to it, and in particular, to the following bases:

« ...

«II.- The social capital shall be variable according to the following:

«a) The subsidiary 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 paid in national currency, as ordered by article 49, first paragraph, of the Law of Insurance and Surety Institutions.

« ...

«III.- The social domicile of the subsidiary insurance institution shall be Mexico City.

« ... ».

SECOND.- The authorization granted to Seguros de Vida Sura México, 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 SEGUROS DE VIDA SURA MEXICO, S.A. DE C.V., TO ORGANIZE AND FUNCTION AS AN INSURANCE INSTITUTION SUBSIDIARY OF SEGUROS DE VIDA SURAMERICANA, S.A., OF THE REPUBLIC OF COLOMBIA, FOREIGN FINANCIAL INSTITUTION, THROUGH SURA ASSET MANAGEMENT MEXICO, S.A. DE C.V., OF THE UNITED MEXICAN STATES, RELATED COMPANY OF THE LATTER.

« ARTICLE FIRST.- In exercise of the power conferred by articles 5º and 33-C 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, are conferred by articles 11 and 75 of the Law of Insurance and Surety Institutions to the National Insurance and Surety Commission, authorization is granted to Seguros de Vida Sura México, S.A. de C.V., to organize and function as an insurance institution subsidiary of Seguros de Vida Suramericana, S.A. of the Republic of Colombia, a foreign financial institution, through Sura Asset Management México, S.A. de C.V., of the United Mexican States, a related company of the latter.

« ARTICLE SECOND.- The subsidiary insurance institution is authorized to conduct life insurance operations and accident and illness insurance operations, in the personal accidents line of business.

« ARTICLE THIRD.- The subsidiary insurance institution shall be subject to the provisions of the Law of Insurance and Surety Institutions, as well as those derived therefrom, to the General Law of Commercial Companies, and to other laws applicable to it, and in particular, to the following bases:

«I.- The name shall be Seguros de Vida Sura México, followed by the words Sociedad Anónima de Capital Variable or its abbreviations, S.A. de C.V.

«II.- The social capital shall be variable according to the following:

«a) The subsidiary 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 paid in national currency, as ordered by article 49, first paragraph, of the Law of Insurance and Surety Institutions.

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

«III.- The social domicile of the subsidiary insurance institution 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 social domicile of the institution, within one hundred twenty days following the date of their notification to Seguros de Vida Sura México, S.A. de C.V., in terms of what is provided in article 75, second paragraph, 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 said insurance institution, 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 company carries out that implies prior authorization or approval from other financial, administrative, tax, or any other authorities, in terms of current regulations, nor do they validate the legality or validity of said acts in case such authorizations or approvals are not obtained.

You are hereby informed of the foregoing, based on articles 11, 75, 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 Surety Commission.

Respectfully,

Effective Suffrage. No Re-election.

Mexico City, April 25, 2018. - The President of the National Insurance and Surety Commission, Norma Alicia Rosas Rodríguez.- Rubric.

(R.- 469124)

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