Official Letter modifying the authorization granted to Sompo Seguros Mexico, S.A. de C.V., to organize and operate as an insurance institution

DOF: 17/12/2018

OFFICIAL LETTER modifying the authorization granted to Sompo Seguros Mexico, 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 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-S0093 " 17 ".- Official Letter No. 06-C00-41100/47225.

SUBJECT:

The authorization granted to Sompo Seguros Mexico, S.A. de C.V. is modified.

SOMPO SEGUROS MEXICO, S.A. DE C.V.

Andres Bello No. 45, Floor 24
Col. Polanco
Miguel Hidalgo
11560, Mexico City

Attention:
Mr. Junji Hisano
General Director

The Federal Government through the National Commission of Insurance and Sureties 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 Commission of Insurance and Sureties, issues these Resolutions in response to the following:

BACKGROUND

I.

Sompo Seguros Mexico, S.A. de C.V., was authorized by the Ministry of Finance and Public Credit to function and operate as an insurance institution through Official Letter 366-IV-936 dated January 26, 1998, published in the Official Gazette of the Federation on April 8 of that same year. This authorization was last modified by this Commission through Official Letter 06-C00-41100/42939 dated July 26, 2017, published in the same Official Gazette on December 22, 2017.

II.

Through letters dated January 19, 2017, April 9, and June 19, 2018, Sompo Seguros Mexico, S.A. de C.V., through its General Director, Mr. Junji Hisano, notified this Commission that on January 1, 2017, its shareholder and Foreign Financial Institution, Sompo Japan Insurance Company of America, changed its name to Sompo America Insurance Company, requesting the corresponding modification to its authorization to function as an insurance institution, resulting from the cited name change.

III.

Through Official Letters 06-C00-41100/68181 dated December 12, 2017, and 06-C00-41100/41849 dated August 2, 2018, this Commission, respectively, approved the reform to the First Clause of the bylaws of that institution, in the terms of the draft Minutes of the Extraordinary General Shareholders' Meeting sent as an annex to its letter of January 19, 2017; and accepted as presented the first certified copy and a notarially compared copy of public deed number 109,487 dated June 18, 2018, granted before the notary of Lic. Jose Luis Quevedo Salceda, holder of Public Notary No. 99 of this City, which contains the protocolization of the Minutes of the Extraordinary General Shareholders' Meeting of that institution, held on March 5, 2018, which contains the reform to the first clause of the bylaws of Sompo Seguros Mexico, S.A. de C.V., in order to reflect that it is a subsidiary of Sompo America Insurance Company, of New York, United States of America.

IV.

In this context, the modification of the authorization bases of Sompo Seguros Mexico, S.A. de C.V., to organize and operate as an insurance institution was submitted for consideration to the Board of Directors of the National Commission of Insurance and Sureties in its session 203 of September 5, 2018, which agreed, prior to the favorable opinion of the Authorizations Committee of the same Commission, the following:

" SOLE.- The bases of the authorization granted to Sompo Seguros Mexico, S.A. de C.V., are MODIFIED, in order to reflect the reform made in the bylaws of said institution, which is described below:

• Change the reference to the Foreign Financial Institution Sompo Japan Insurance Company of America to that of Sompo America Insurance Company, due to the name change of the former. "

CONSIDERING

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 in terms of what is stated in Background IV of this Official Letter, the Board of Directors of this Commission in its Session 203 of September 5, 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 and Articles First and Third of the authorization granted to Sompo Seguros Mexico, S.A. de C.V., are modified, in the following terms:

" AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT, THROUGH THE NATIONAL COMMISSION OF INSURANCE AND SURETIES, TO SOMPO SEGUROS MEXICO, S.A. DE C.V., TO FUNCTION AS AN INSURANCE INSTITUTION SUBSIDIARY OF SOMPO AMERICA INSURANCE COMPANY, OF NEW YORK, UNITED STATES OF AMERICA, IN THE FOLLOWING TERMS:

" ... "

" ARTICLE FIRST.- In exercise of the power conferred on the Federal Government by articles 5°, 33-A, 33-B and 33-C of the repealed General Law of Insurance and Mutual Insurance Institutions, to the Ministry of Finance and Public Credit, and which from April 4, 2015, is conferred by article 75 of the Law of Insurance and Surety Institutions, to the National Commission of Insurance and Sureties, Sompo Seguros Mexico, S.A. de C.V., is authorized to function as an insurance institution subsidiary of Sompo America Insurance Company, of New York, United States of America.

" ... "

" ARTICLE THIRD.- In what is not expressly stated by this resolution, the authorized insurance subsidiary shall be subject to the North American Free Trade Agreement, celebrated by the United States of America, Canada and the United Mexican States, to the Law of Insurance and Surety Institutions, as well as to the provisions derived from it, to the General Law of Commercial Companies, to the Rules for the Establishment of Subsidiaries of Foreign Financial Institutions, and to the other norms that by their nature are applicable to it, and in particular, to the following bases: "

" ... "

SECOND.- The authorization granted to Sompo Seguros Mexico, S.A. de C.V., to organize and operate as an insurance institution, after the modification indicated in the preceding Resolutive part, remains entirely in the following terms:

" AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT, THROUGH THE NATIONAL COMMISSION OF INSURANCE AND SURETIES, TO SOMPO SEGUROS MEXICO, S.A. DE C.V., TO FUNCTION AS AN INSURANCE INSTITUTION SUBSIDIARY OF SOMPO AMERICA INSURANCE COMPANY, OF NEW YORK, UNITED STATES OF AMERICA, IN THE FOLLOWING TERMS:

" ARTICLE FIRST.- In exercise of the power conferred on the Federal Government by articles 5°, 33-A, 33-B and 33-C of the repealed General Law of Insurance and Mutual Insurance Institutions, to the Ministry of Finance and Public Credit, and which from April 4, 2015, is conferred by article 75 of the Law of Insurance and Surety Institutions, to the National Commission of Insurance and Sureties, Sompo Seguros Mexico, S.A. de C.V., is authorized to function as an insurance institution subsidiary of Sompo America Insurance Company, of New York, United States of America. "

" ARTICLE SECOND.- The insurance subsidiary is authorized to practice in the Mexican Republic the operation of property and casualty, in the lines of civil liability and professional risks, marine and transport, fire, automobiles, miscellaneous, as well as earthquake and other catastrophic risks.

" ARTICLE THIRD.- In what is not expressly stated by this resolution, the authorized insurance subsidiary shall be subject to the North American Free Trade Agreement, celebrated by the United States of America, Canada and the United Mexican States, to the Law of Insurance and Surety Institutions, as well as to the provisions derived from it, to the General Law of Commercial Companies, to the Rules for the Establishment of Subsidiaries of Foreign Financial Institutions, and to the other norms that by their nature are applicable to it, and in particular, to the following bases:

" I.- The name shall be Sompo Seguros Mexico, followed by the words Sociedad Anonima de Capital Variable or its abbreviations, S.A. de C.V.

" II.- The share capital shall be variable according to the following:

" a) The institution must have the minimum paid capital determined for the year in question, for each operation or line for which it has authorization, which must be expressed in Investment Units and must be covered in national currency, in terms of article 49, first paragraph, of the Law of Insurance and Surety Institutions.

" b) The amount of variable capital with withdrawal rights in no case may be greater than the paid capital without withdrawal rights.

" III.- The social domicile of the insurance subsidiary shall be Mexico City, Federal District.

" 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 the one hundred twenty days following the date of their notification to Sompo Seguros Mexico, S.A. de C.V., in terms of what is provided in article 11, in relation to article 75, both 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 Sompo Seguros Mexico, S.A. de C.V., 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 the competence of this Commission to resolve, and does not prejudge the carrying out of any other act that the cited institution carries out, and implies the prior authorization or approval of other financial, administrative, tax or any other nature authorities, in terms of the current regulations, nor does it validate the legality or validity of the same in case such authorization or approval is not obtained.

This is made known to you, 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 Commission of Insurance and Sureties.

Respectfully,

Effective Suffrage. No Re-election.

Mexico City, September 06, 2018. - The President of the National Commission of Insurance and Sureties, Norma Alicia Rosas Rodriguez. - Rubric.

(R.- 476477)

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