Official Letter Modifying the Authorization Granted to Seguros Inbursa, S.A., Grupo Financiero Inbursa

DOF: 05/09/2017

OFFICIAL LETTER modifying the authorization granted to Seguros Inbursa, S.A., Grupo Financiero Inbursa

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-Advisory Directorate.- File: C00.411.13.2.1-S0022"15".- Official Letter No. 06-C00-41100/42167.

SUBJECT:

The authorization granted to Seguros Inbursa, S.A., Grupo Financiero Inbursa is modified.

SEGUROS INBURSA, S.A., GRUPO FINANCIERO INBURSA

Insurgentes Sur No. 3500 Col. Peña Pobre Tlalpan 14060, Mexico City

Attention: Lic. Guillermo René Caballero Padilla 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, 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 Commission of Insurance and Sureties, issues the following resolutions in response to the following

Background and Considerations:

BACKGROUND

Seguros Inbursa, S.A., Grupo Financiero Inbursa, was authorized by the Ministry of Finance and Public Credit to organize and function as an insurance institution through Official Letter 102-E- 366-DGSV-l-B-a-3912 of August 5, 1990. This authorization was last modified by the aforementioned Department through Official Letter 366-IV-DG-177/05 of July 22, 2005, published in the Official Gazette of the Federation on September 7, 2005.

With letters dated June 30, July 5, August 19 and November 26, 2015, February 22, March 8 and October 14, 2016, Lic. Guillermo René Caballero Padilla, in his capacity as legal representative and Non-member Secretary of the Board of Directors of Seguros Inbursa, S.A., Grupo Financiero Inbursa, submitted for approval by this Commission the comprehensive reform of the corporate bylaws of that institution to adapt them to the Law of Insurance and Surety Institutions, which was agreed upon in its Extraordinary General Shareholders' Meeting of April 21, 2015. Likewise, the approval of the reform to Articles Thirty and Thirty-Three of said corporate bylaws, in accordance with its Extraordinary General Shareholders' Meeting of November 26, 2015, by virtue of the authorization granted to Grupo Financiero Inbursa, S.A.B. de C.V., by the National Banking and Securities Commission, through Official Letter 312-2/ 13769/2015 of October 16, 2015, to carry out the committee substitution regime established in article 45 of the Law to Regulate Financial Groups; from this modification, the reform of Article Four of its bylaws stands out to adjust the reference to the line of "earthquake and other catastrophic risks" in the damage operation, 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, as well as Article Six with the object of substituting in its social domicile the reference to the "Federal District" by "Mexico City", according to 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.

Through Official Letter No. 06-C00-41100/23549 of May 26, 2017, this Commission approved the comprehensive reform of the corporate bylaws of that institution, contained in public instrument number 116,635 of June 22, 2016, granted before the notary of Lic. José Visoso del Valle, Public Notary number 92 of Mexico City, protocol in which Lic. Francisco José Visoso del Valle, Public Notary number 145 of the same Entity, also acts, registered in the Public Property and Commerce Registry of the same City under the commercial folio 2838* of September 8, 2016. Likewise, it approved the reform to Articles Thirty and Thirty-Three of the corporate bylaws of that institution, contained in public instrument number 116,638 of June 22, 2016, granted before the notary of Lic. José Visoso del Valle, Public Notary number 92 of Mexico City, protocol in which Lic. Francisco José Visoso del Valle, Public Notary number 145 of the same Entity, also acts, registered in the Public Property and Commerce Registry of the same City under the commercial folio 2838* of September 8, 2016.

In this context, the modifications to the authorization of Seguros Inbursa, S.A., Grupo Financiero Inbursa to operate as an insurance institution were submitted to the consideration of the Board of Directors of the National Commission of Insurance and Sureties 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:

"SINGLE.- The bases of the authorization of Seguros Inbursa, S.A., Grupo Financiero Inbursa are MODIFIED, in order to reflect the modifications made in the corporate bylaws of said institution, which are described below:

a) 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.

b) Substitute in its social domicile the reference to the "Federal District" by "Mexico City", in accordance with the aforementioned "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".

c) 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-C00-41100/23549 of May 26, 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 One, Two and Three, first paragraph, bases II) and III), of the authorization granted to Seguros Inbursa, S.A., Grupo Financiero Inbursa are modified, in the following terms:

"AUTHORIZATION GRANTED BY THE NATIONAL COMMISSION OF INSURANCE AND SURETIES, ON BEHALF OF THE FEDERAL GOVERNMENT, TO SEGUROS INBURSA, S.A., GRUPO FINANCIERO INBURSA TO CONTINUE OPERATING AS AN INSURANCE INSTITUTION, IN THE FOLLOWING TERMS:

ARTICLE ONE.- In exercise of the power conferred on the Federal Government by 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 on the National Commission of Insurance and Sureties by article 11 of the Law of Insurance and Surety Institutions, authorization is granted to Seguros Inbursa, S.A., Grupo Financiero Inbursa, to operate as an insurance institution.

ARTICLE TWO.- The insurance institution is authorized to practice the life insurance operation, the accident and illness insurance operation, in the lines of personal accidents and medical expenses, and the damage insurance operation, in the lines of civil liability and professional risks, maritime and transports, fire, agricultural and animals, automobiles, credit in reinsurance, various and catastrophic risks, as well as the suretyship operation.

ARTICLE THREE.- 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 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.

III.- The domicile will be Mexico City.

... "

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

"AUTHORIZATION GRANTED BY THE NATIONAL COMMISSION OF INSURANCE AND SURETIES, ON BEHALF OF THE FEDERAL GOVERNMENT, TO SEGUROS INBURSA, S.A., GRUPO FINANCIERO INBURSA TO CONTINUE OPERATING AS AN INSURANCE INSTITUTION, IN THE FOLLOWING TERMS:

ARTICLE ONE.- In exercise of the power conferred on the Federal Government by 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 on the National Commission of Insurance and Sureties by article 11 of the Law of Insurance and Surety Institutions, authorization is granted to Seguros Inbursa, S.A., Grupo Financiero Inbursa, to operate as an insurance institution.

ARTICLE TWO.- The insurance institution is authorized to practice the life insurance operation, the accident and illness insurance operation, in the lines of personal accidents and medical expenses, and the damage insurance operation, in the lines of civil liability and professional risks, maritime and transports, fire, agricultural and animals, automobiles, credit in reinsurance, various and catastrophic risks, as well as the suretyship operation.

ARTICLE THREE.- 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 Companies, and to the other laws applicable to it and, in particular, to the following bases:

I.- The denomination will be "Seguros Inbursa, S.A., Grupo Financiero Inbursa".

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.

III.- The domicile will 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 Inbursa, S.A., Grupo Financiero Inbursa, in terms of what is provided in article 11 of the Law of Insurance and Surety Institutions, at the expense of the interested parties.

The issuance of this document is based on the information provided by the petitioner contained in the letters sent and is 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 the competence of 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 does it validate the legality or validity of the same in case such 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 Commission of Insurance and Sureties.

Respectfully

Effective Suffrage. No Re-election.

Mexico City, July 21, 2017. - The President of the National Commission of Insurance and Sureties, Norma Alicia Rosas Rodríguez.- Rubric.

(R.- 455408)

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