Official Letter modifying the authorization of BUPA México, Compañía de Seguros, S.A. de C.V., to organize, operate and function as a specialized health insurance institution

DOF: 11/07/2023

OFFICIAL LETTER modifying the authorization of BUPA México, Compañía de Seguros, S

On the margin a seal with the National Coat of Arms, which says: United Mexican States.- FINANCE.- Ministry of Finance and Public Credit.- National Commission of Insurance and Sureties.- Presidency.- Official Letter No. 06-C00- 41100-03038/2023.- Legal Vicepresidency.- General Legal Consultative and Intermediaries Directorate.

BUPA MÉXICO, COMPAÑÍA DE SEGUROS, S.A. DE C.V.

Av. Montes Urales Number 745, Floor 1

Neighborhood Lomas de Chapultepec

Borough Miguel Hidalgo

Postal Code 11000, Mexico City

SUBJECT:

The authorization of BUPA

México, Compañía de Seguros, S.A. de

C.V., to organize, operate and

function as a specialized health insurance institution is modified.

The Federal Government, through the National Commission of Insurance and Sureties, prior to Agreement of its Board of Governors, based on articles 2, section I, 17, 26 and 31, section VIII, of the Organic Law of the Federal Public Administration; 4, section G, section III, 48 and 49 of the Internal Regulations of the Ministry of Finance and Public Credit; 11, 12, 25, section II, 26, third paragraph, 41, 47, 366, section VIII, 367, sections I and II, 369, section II, 370, last paragraph, 372, section XLI, and 373 of the Law of Insurance and Surety Institutions; as well as in articles 4, sections I and II, 6 and 9 of the Internal Regulations of the National Commission of Insurance and Sureties; issues the present Resolutions in attention to the following Background and Considerations:

BACKGROUND

FIRST. - Bupa México, Compañía de Seguros, S.A. de C.V. (Bupa México), was authorized by the Ministry of Finance and Public Credit through Official Letter 101.-01606 of October 31, 2003, published in the Official Gazette of the Federation (DOF) on January 21, 2004, to organize and function as an insurance institution. Said authorization was last modified by this Commission through Official Letter 06-C00-41100/11952 of December 13, 2022, published in the DOF on March 3, 2023. The referred institution is authorized to practice in insurance the operation of accidents and illnesses, in the branch of medical expenses.

SECOND. - By writing of September 3, 2021, Diego Gómez Palacio Borboa, legal representative of that insurance institution, requested this Commission authorization to modify the authorization of that institution to expand to the health branch and, therefore, operate as a specialized health insurance institution, with the consequent statutory reform.

THIRD. - Through writings dated October 15, 2021, March 31, May 13, August 31, and September 6 and 19, 2022, Bupa México sent information and complementary documentation to the reference request.

FOURTH. - The authorization request in question was submitted for consideration of the Board of Governors of this Commission, which taking into consideration the favorable opinion issued by the Authorizations Committee of the same Commission, agreed in its Session 231 of December 13, 2022:

" SINGLE. - The authorization granted to Bupa México, Compañía de Seguros,

S.A. de C.V., is MODIFIED, in order to expand the operation of accidents and illnesses that it currently

has authorized and henceforth practices the health branch, in addition to the medical expenses branch that it has authorized and, therefore, operates as a specialized health insurance institution.

" The above, on the understanding that said authorization will be subject to the institution cited

obtaining the favorable opinion that, as the case may be, this Commission issues in accordance with articles 11, third paragraph, and 47 of the Law of Insurance and Surety Institutions, which it

must request within a period of one hundred eighty days counted from the approval

of the public instrument in which the reform of the social statutes of Bupa

México, Compañía de Seguros, S.A. de C.V. is recorded.

" Likewise, Bupa México, Compañía de Seguros, S.A. de C.V., must submit within the

term of ninety days counted from the granting of the authorization that concerns us

the definitive opinion issued by the Ministry of Health in accordance with article 41,

section VII, of the Law of Insurance and Surety Institutions.

" In case the favorable opinions referred to are not obtained, said

authorization will be without effect.

" This based on articles 11, 25, section III, subsections b) and c), 26, 41, sections I

to V and VIII, 45 and 369, section II, of the Law of Insurance and Surety Institutions, and in the

Provisions 2.1.1. to 2.1.4., 2.3.1. to 2.3.3., Annex 2.1.3-e, and in Chapters 39.1. and 39.6.

of the Single Circular for Insurance and Sureties. "

FIFTH. - Through Official Letter 06-C00-41100-11953/2022 of December 13, 2022, this Commission, among

other resolutions, notified Bupa México of the agreement of the Board of Governors mentioned in the Background

previous.

SIXTH.- Through writing presented before this Commission on March 13, 2023, Bupa México sent the

first testimony of the public deed number 44,851 of February 20, 2023, granted before the faith of

Licentiate Ponciano López Juárez, Public Notary number two hundred twenty-two of Mexico City, instrument

in which the protocolization of the minutes of the extraordinary general shareholders' meeting of

that institution of February 14, 2023, is recorded, in which the partial modification of its social statutes

to operate as a specialized health insurance institution is reflected.

SEVENTH. - Through Official Letter 06-C00-41100-03034/2023 of April 17, 2023, this Commission approved the

social statutes contained in the referred public deed 44,851, where the protocolization of the minutes

of the extraordinary general shareholders' meeting of that institution of February 14, 2023 is recorded.

Once the above is exposed, and with the following:

CONSIDERATIONS

FIRST. - That once the documentation and information sent by Bupa México was reviewed, through

the writings referred to in Background Second and Third of this Official Letter, it was determined that the requirements established in articles 11, 12, 25, section II, 26, third paragraph, 41, 47, 73 and 369,

section II, of the Law of Insurance and Surety Institutions were met; in Provisions 2.3.1. to 2.3.7., in

Chapters 39.1. and 39.6., of the Single Circular for Insurance and Sureties; applicable regulations for the organization,

operation and functioning of a specialized health insurance institution that practices the operation

of accidents and illnesses, in the branches of personal accidents, medical expenses and health.

SECOND.- That in accordance with articles 11 and 369, section II, of the Law of Insurance

and Surety Institutions, modifications to authorizations to organize, operate and function as

insurance institutions must be granted by this Commission, prior agreement of its Board of Governors, reason

for which said Collegiate Body, in its Session 231 of December 13, 2022, agreed to modify the

authorization of Bupa México; likewise, it must be considered that it corresponds to the President of this Commission

to comply with the agreements of the referred Board, in terms of what is established in articles 370, last

paragraph, and 372, section XLI, of the same Law.

THIRD. - That in accordance with what is indicated in article 11 of the Law of Insurance and Surety

Institutions, this National Commission of Insurance and Sureties, through Official Letter 06-C00-41100-11953/2022 of December 13,

2022, notified the applicants of the agreement of the Board of Governors by which it was agreed

to modify the requested authorization and issued a favorable opinion regarding the project of social statutes

sent.

FOURTH.- That this Commission through Official Letter 06-C00-41100-03034/2023 of April 17, 2023,

in accordance with what is established in articles 11 and 66 of the Law of Insurance and Surety Institutions, approved

the modification to the social statutes contained in public deed number 44,851 of February 20 of

2023, granted before the faith of Licentiate Ponciano López Juárez, Public Notary number two hundred twenty-two of

Mexico City, instrument in which the protocolization of the minutes of the general meeting

extraordinary shareholders of that institution of February 14, 2023 is recorded.

FIFTH. - That in terms of articles 11, third paragraph, 12 and 47 of the Law of Insurance

and Surety Institutions, the start of operations as an insurance institution will be subject to obtaining the

favorable opinion issued by this Commission, which must be requested within a period of one hundred eighty

days counted from the approval of the social statutes of Bupa México.

SIXTH. - That in terms of article 41, section VII, of the Law of Insurance and

Surety Institutions, the definitive opinion issued by the Ministry of Health must be submitted within the term of ninety days counted from the granting of the

present authorization, since, in case the referred opinion is not

presented, the authorization in question will be revoked according to law.

Attentive to the above, the following are issued:

RESOLUTIONS

FIRST. - The preamble, as well as articles first and second of the authorization

granted to Bupa México, Compañía de Seguros, S.A. de C.V., to organize, operate and function as

an insurance institution, are modified, to remain in the following terms:

" AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO BUPA MÉXICO, COMPAÑÍA

DE SEGUROS, S.A. DE C.V., TO ORGANIZE, OPERATE AND FUNCTION AS

SPECIALIZED HEALTH INSURANCE INSTITUTION, IN THE FOLLOWING

TERMS:

" ARTICLE FIRST. - In use of the faculty that article

11 of the Law of Insurance and Surety Institutions confers to the Federal Government, the National Commission of Insurance and

Sureties authorizes Bupa México, Compañía de Seguros, S.A. de C.V., to organize,

operate and function as a specialized health insurance institution.

" ARTICLE SECOND. - The insurance institution is authorized to practice in the

Mexican Republic the operation of accidents and illnesses, in the branches of medical expenses and health.

" ... "

SECOND. - The authorization granted to Bupa México, Compañía de Seguros, S.A. de C.V., to

organize, operate and function 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 BUPA MÉXICO, COMPAÑÍA

DE SEGUROS, S.A. DE C.V., TO ORGANIZE, OPERATE AND FUNCTION AS

SPECIALIZED HEALTH INSURANCE INSTITUTION, IN THE FOLLOWING

TERMS:

" ARTICLE FIRST. - In use of the faculty that article

11 of the Law of Insurance and Surety Institutions confers to the Federal Government, the National Commission of Insurance and

Sureties authorizes Bupa México, Compañía de Seguros, S.A. de C.V., to organize,

operate and function as a specialized health insurance institution.

" ARTICLE SECOND. - The insurance institution is authorized to practice in the

Mexican Republic the operation of accidents and illnesses, in the branches of medical expenses and health.

" ARTICLE THIRD. - The insurance institution will be subject to the Law of Insurance

and Surety Institutions, as well as to the general provisions that derive from the

same, to the General Law of Commercial Companies, to the other laws that are

applicable to it and, in particular, to the following bases:

" I.- The name will be " Bupa México, Compañía de Seguros, S.A. de C.V.

" II.- The social capital will be variable in accordance with the following:

" a) The insurance institution must have the minimum paid capital that is determined

for the year in question, for each operation or branch that 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.

" b) The variable capital with right to withdrawal in no case may be superior to the capital

paid without right to withdrawal.

" III. The social domicile of the insurance institution will be Mexico City.

" ARTICLE FOURTH. - By its own nature, this authorization is untransferable. "

THIRD. - The present authorization according to what is established in articles 11 and 12 of the Law of

Insurance and Surety Institutions, is subject to the referred institution obtaining the favorable opinion

that, as the case may be, this Commission issues in accordance with article 47 of the same Law.

In case the favorable opinion referred to is not obtained, the present authorization will not

take effect.

FOURTH. - This official letter must be published in the Official Gazette of the Federation and in two newspapers of

wide circulation of the social domicile of the institution, within the one hundred twenty days following the date of

its notification to Bupa México, Compañía de Seguros, S.A. de C.V., in terms of what is provided in article

11 of the Law of Insurance and Surety Institutions, at the cost of the interested parties.

The present is issued based on the information provided by the promoter contained in the

writings sent and are limited exclusively to the modification of the authorization granted to Bupa México,

Compañía de Seguros, S.A. de C.V., in the described terms that in accordance with the applicable

provisions, corresponds to this Commission to resolve, and does not prejudge any act that said society carries

out and that implies the prior authorization or approval of other financial, administrative,

tax or any other nature authorities, in terms of current regulations, nor does it validate the legality or validity

of the same in case said authorizations or approvals are not obtained.

Sincerely

Mexico City, May 31, 2023. - The President of the National Commission of Insurance and Sureties,

Ricardo Ernesto Ochoa Rodríguez .- Signature.

(R.- 538806)

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