Official Letter Modifying the Authorization Granted to Seguros El Potosí, S.A., to Organize and Operate as an Insurance Institution — SHCP — MX

DOF: 18/05/2018

OFFICIAL LETTER modifying the authorization granted to Seguros El Potosí, S.A., to organize and function as an insurance institution.

A seal bearing the National Coat of Arms appears on the margin, which reads: United Mexican States.- Ministry of Finance and Public Credit.- National Commission of Insurance and Sureties.- Presidency.- Legal Vice Presidency.- General Directorate of Legal Consultation and Intermediaries.- Consultative Directorate.- Sub-directorate of Consultation.- File: C00-411.13.2.1-S0008"15".- Official Letter No. 06-C00-41100/09866.

SUBJECT:

The authorization granted to
Seguros El Potosí, S.A. is modified.

SEGUROS EL POTOSÍ, S.A.

Av. Venustiano Carranza No. 426

Centro Zone

78000, San Luis Potosí, S.L.P.

Attention:

Lic. Juan Manuel Ávila López
Legal Representative

The Federal Government through the National Commission of Insurance and Sureties, and after agreement by 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, issue the following resolutions in response to the following

Background and Considerations:

BACKGROUND

Seguros El Potosí, S.A., was authorized by the Ministry of Finance and Public Credit to organize and function as an insurance institution to conduct life, accident, and health insurance operations, as well as damage insurance in the lines of civil liability and professional risks, maritime and transport, fire, automobiles, and miscellaneous, as evidenced by resolution 102-E-366-DGSV-I-B-a-3958 of September 24, 1990, published in the Official Gazette of the Federation on December 24, 1990. This resolution was last modified by resolution 366-IV-3785 of October 2, 2003, and published in the Official Gazette of the Federation on March 2, 2004.

II.

By letters dated September 18, 2015, October 27, 2016, and April 6, 2017, Lic. Juan Manuel Ávila López and Lic. Jehová Ramírez Martínez, in their capacity as legal representatives of Seguros El Potosí, S.A., requested approval from this Commission to comprehensively reform the bylaws of said institution, in order to comply with the provisions established in the Law of Insurance and Surety Institutions.

III.

Through Official Letter No. 06-C00-41100/68268 of December 11, 2017, this Commission approved the comprehensive modification of the bylaws of Seguros El Potosí, S.A., in the terms agreed upon in the notarization of the Act of the Extraordinary General Assembly of April 27, 2015, contained in public instrument No. 47,422 of April 7, 2017, granted before the notary Lic. Roberto Castañón Ruiz, holder of Public Notary No. 8, with jurisdiction in the First Judicial District of the State of San Luis Potosí.

IV.

In this context, the modification to the authorization of Seguros El Potosí, S.A., to operate as an insurance institution was submitted to the consideration of the Board of Directors of the National Commission of Insurance and Sureties 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 authorization of "Seguros El Potosí, S.A.", in order to reflect the modifications made in the bylaws of said institution, which are described below:

"a) The adaptation of its social object, to eliminate the reference to "earthquake", in virtue of the fact that earthquake risks are included in the catastrophic risks line; the foregoing based on articles 25, section III, subsection j), and 27, section XV, of the Law of Insurance and Surety Institutions.

"b) Eliminate the reference to the capital amount of said insurance institution, substituting 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 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 Official Letter No. 06-C00-41100/68268 of December 11, 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, section II, of the authorization granted to Seguros El Potosí, S.A., are modified in the following terms:

"AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO SEGUROS EL POTOSÍ, S.A., 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 Institutions 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 Surety Institutions, to the National Commission of Insurance and Sureties, Seguros El Potosí, S.A., is authorized to organize and function as an insurance institution.

"ARTICLE SECOND.- The insurance institution is authorized to conduct life, accident, and health insurance operations, in the lines of personal accidents and medical expenses, as well as damage insurance, in the lines of civil liability and professional risks, maritime and transport, 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 Societies, and to the other norms 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 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 Surety Institutions.

" ...

" ... ".

SECOND.- The authorization granted to Seguros El Potosí, S.A., to organize and operate as an insurance institution, after the modification indicated in the previous operative part, remains in its entirety in the following terms:

"AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO SEGUROS EL POTOSÍ, S.A., TO ORGANIZE AND FUNCTION AS AN INSURANCE INSTITUTION, IN THE FOLLOWING TERMS:

"I.- The denomination shall be Seguros El Potosí, S.A.

"II.- 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 Surety Institutions.

"III.- The domicile shall be the City of San Luis Potosí, San Luis Potosí.

"ARTICLE FOURTH.- By its very nature, this authorization is intransmissible. "

THIRD.- These resolutions must be published in the Official Gazette of the Federation and in two widely circulated newspapers in the social domicile of the institution, within one hundred and twenty days following the date of their notification to Seguros El Potosí, S.A., 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 Seguros El Potosí, S.A., in the terms described, which in accordance with the applicable provisions, it is the competence of this Commission to resolve, and do not prejudge any act that said society 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.

The foregoing is made known to you, 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, February 22, 2018. - The President of the National Commission of Insurance and Sureties, Norma Alicia Rosas Rodríguez.- Signature.

(R.- 467186)

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