Official Letter Revoking Authorization for Genworth Seguros Vida, S.A. de C.V. to Operate as an Insurance Institution

DOF: 24/05/2017

OFFICIAL LETTER revoking the authorization granted to Genworth Seguros Vida, S.A. de C.V., to function and operate as an insurance institution.

At the margin, a seal with the National Emblem, 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: C00.411.13.5.1-S0114"17".- Official Letter No. 06-C00-41100/17584.

SUBJECT:

The revocation of the authorization of Genworth Seguros Vida, S.A. de C.V., to organize and function as an insurance institution is declared.

GENWORTH SEGUROS VIDA, S.A. DE C.V.

Av. Antonio Dovalí Jaime No. 70 Tower A, Floor 9 Santa Fe Neighborhood Álvaro Obregón 01210, Mexico City

Attention to: Mr. Rogelio Villegas Otero and/or Miss Patricia Lomelín Romo Special Delegates

The National Commission of Insurance and Sureties, with the agreement of its Board of Directors, and pursuant to Articles 332, subsections X and XI, 334, second paragraph, 369, subsection II, 370, fourth paragraph, 372, subsection XLI, 396, 443, subsection I, 444, subsections I and II, and 445, as well as the Eighth Transitory Provision of the Law of Insurance and Surety Institutions; in Provisions 29.3.5 to 29.3.8 of the Unified Circular of Insurance and Sureties, published in the Official Gazette of the Federation on December 19, 2014; and in Articles 6 and 9 of the Internal Regulations of the National Commission of Insurance and Sureties, issues the resolutions indicated below, in attention to the following Background and Considerations:

BACKGROUND

The Federal Government, through the Ministry of Finance and Public Credit, through Official Letter 101.-513 of December 21, 2010, granted authorization to Genworth Seguros Vida, S.A. de C.V., to function and operate as an insurance subsidiary institution. This authorization was last modified by said Dependency through Official Letter 366-III-0612/14 of August 5, 2014, published in the Official Gazette of the Federation on February 26, 2015.

Through a written submission dated January 19, 2017, Mr. Rogelio Villegas Otero, in his capacity as General Director and Special Delegate of Genworth Seguros Vida, S.A. de C.V., requested this Commission to revoke the authorization under which the aforementioned institution operates, in view of the agreement to carry out the conventional dissolution and liquidation of the same.

From this request, the following is derived:

· On September 5, 2014, Genworth Seguros Vida, S.A. de C.V., informed the Ministry of Finance and Public Credit of the actions to be taken for its liquidation and to obtain the revocation of the authorization granted to operate as an insurance institution.

· On October 1, 2014, the aforementioned institution and Mapfre Tepeyac, S.A., celebrated a contract for the transfer of the portfolio of the product named "Respaldo + Seguro para Scotiabank" corresponding to the one-year temporary individual life insurance.

· On December 19, 2014, Genworth Seguros Vida, S.A. de C.V., requested authorization from said Dependency to carry out the transfer described in the previous paragraph, and the declaration of revocation of the authorization granted to it to operate and function as an insurance institution, informing that they intended to celebrate an irrevocable trust in administration in order to provide a mechanism for the payment of any amount claimed by the insured.

· Through Official Letter 366-III-095/16 of March 14, 2016, the Ministry of Finance and Public Credit authorized the aforementioned institution to transfer the insurance policies of the product named "Respaldo + Seguro para Scotiabank" corresponding to the one-year temporary individual life insurance in favor of Mapfre Tepeyac, S.A.

· Through Official Letter 366-III-096/16 of March 14, 2016, the aforementioned Ministry communicated to this Commission that the trust constituted by Genworth Seguros Vida, S.A. de C.V., on February 4, 2015, includes as part of its object guaranteeing the payment of any amount due and payable to the insured in accordance with the insurance policies issued by said institution, excluding not the life policies that were cancelled in advance, and that this was ratified by the institution through the written submission of August 5, 2015.

· Through Official Letter 366-III-422/16 of November 9, 2016, said Ministry informed this Commission that since the resolution of the portfolio transfer request was in process, it did not initiate the procedure to declare the revocation of the authorization of Genworth Seguros Vida, S.A. de C.V., to operate as an insurance institution, and that in this sense, in accordance with the Eighth and Thirteenth Transitory Provisions of the Law of Insurance and Surety Institutions, said Dependency considered that it corresponds to this Decentralized Body to proceed with the revocation of the institution's authorization.

Through Official Letter 06-C00-41100/04232 of February 17, 2017, this Decentralized Body requested Genworth Seguros Vida, S.A. de C.V., information and complementary documentation in order to be able to analyze the request in question.

Through a written submission dated March 6, 2017, the aforementioned institution, through its Special Delegate, Miss Patricia Lomelín Romo, sent information and documentation in response to Official Letter 06-C00-41100/04232 of February 17, 2017.

Through a written submission dated March 14, 2017, Genworth Seguros Vida, S.A. de C.V., through Mr. Rogelio Villegas Otero, in his capacity as Special Delegate, sent information and documentation in extension of the request in question.

In this context, the aforementioned request was submitted for consideration to the Board of Directors of this Commission in its session 194 of April 25, 2017, with the prior favorable opinion of the Authorizations Committee, which agreed as follows:

"SINGLE.- REVOKE the authorization granted to Genworth Seguros Vida, S.A. de C.V., to function and operate as a life insurance institution, in view of the fact that said company agreed to its conventional dissolution and liquidation through its Extraordinary General Meeting of Shareholders of January 17, 2017.

... "

CONSIDERATIONS

I.

That pursuant to Article 332, subsections X and XI, of the Law of Insurance and Surety Institutions, this Commission, with the agreement of its Board of Directors, and after hearing the insurance institution, may declare the revocation of the authorization to operate as an insurance institution, when the General Meeting of Shareholders of an insurance institution, through a decision adopted in extraordinary session, resolves to request the revocation of its authorization to operate as an insurance institution, and when an insurance institution enters a state of liquidation.

II.

That through the written submission indicated in Background 2 of the present, Mr. Rogelio Villegas Otero, in his capacity as General Director and Special Delegate of Genworth Seguros Vida, S.A. de C.V., requested this Commission to revoke the authorization under which said institution operates, in view of the fact that its Extraordinary General Meeting of Shareholders of January 17, 2017, agreed to carry out the conventional dissolution and liquidation of such institution.

III.

That this Commission granted the right to be heard to Genworth Seguros Vida, S.A. de C.V., upon receiving its revocation request indicated in the previous consideration, allowed it to expose what was convenient for its rights, requested information, and granted the applicable legal deadlines to deliver, receive, and evaluate its request.

IV.

That once the documentation and information sent was reviewed, it was determined that the cause for revocation provided for in Article 332, subsections X and XI, of the Law of Insurance and Surety Institutions is met, having fulfilled the requirements provided for in Articles 443, subsection I, 444, subsections I and II, and 445 of the Law of Insurance and Surety Institutions.

V.

That the Board of Directors of the National Commission of Insurance and Sureties, in its session of April 25, 2017, and with the prior favorable opinion of its Authorizations Committee, agreed to revoke the authorization granted to Genworth Seguros Vida, S.A. de C.V., to function and operate as a life insurance institution, in view of the fact that said company agreed to its conventional dissolution and liquidation through its Extraordinary General Meeting of Shareholders of January 17, 2017.

In view of the foregoing, this Commission issues the following:

RESOLUTIONS

FIRST.- The authorization granted by the Ministry of Finance and Public Credit through Official Letter 101.-513 of December 21, 2010, as well as its modifications, to Genworth Seguros Vida, S.A. de C.V., to function and operate as a life insurance institution, is revoked, in view of the fact that said company agreed to its conventional dissolution and liquidation through its Extraordinary General Meeting of Shareholders of January 17, 2017.

The foregoing, pursuant to Articles 332, subsections X and XI, 334, second paragraph, 369, subsection II, 396, 443, subsection I, 444, subsections I and II, and 445, as well as the Eighth Transitory Provision of the Law of Insurance and Surety Institutions, and in Provisions 29.3.5 to 29.3.8 of the Unified Circular of Insurance and Sureties, published in the Official Gazette of the Federation on December 19, 2014.

SECOND.- This declaration of revocation incapacitates Genworth Seguros Vida, S.A. de C.V., from issuing any insurance from the date on which said insurance institution is notified of it.

THIRD.- Genworth Seguros Vida, S.A. de C.V., must comply with pending payment claims for those accidents originating prior to the request in question, a situation that it intends to carry out through the irrevocable trust in administration constituted on February 4, 2015.

FOURTH.- Genworth Seguros Vida, S.A. de C.V., must terminate the obligations incumbent upon it derived from commercial relationships that it may have had with its insurance agents, as well as cover, in accordance with Article 25 of the Regulations of Insurance and Surety Agents, the commissions to which they are entitled for policies contracted through their intermediation.

FIFTH.- The designated liquidator must instrument, adopt, and send a calendarized work plan in accordance with subsection III, paragraph c) of Article 444 of the Law of Insurance and Surety Institutions -which contains the procedures and measures necessary for pending obligations to be settled-, no later than within the year following the date on which his appointment was protested, as well as present the following information in accordance with what is provided in Provision 29.3.6 of the Unified Circular of Insurance and Sureties, as part of the start of the conventional liquidation process:

I. The report that the liquidator elaborates regarding the integral situation of the company, based on the information received from the administrators, relative to the assets, books, and documents of the company, to have an inventory of its assets and liabilities, and

II. The initial balance of the liquidation, which must be accompanied by the report of an independent external auditor of recognized experience that the liquidator hires for such effect.

Additionally, in accordance with Provision 29.3.7 of the Unified Circular of Insurance and Sureties, the liquidator must deliver a report to this Commission, within ten business days following the close of each month, on the progress of the liquidation process which contains, at minimum, the following information:

I. Monthly balance sheet and income statement, as well as its trial balance at the first level highlighting the main changes with respect to the previous month;

II. Report on the monthly progress of the liquidation process and the actions carried out by the conventional liquidator to comply with the obligations indicated in subsection III of Article 444 of the Law of Insurance and Surety Institutions; and

III. Analysis of expenses incurred within the liquidation process, with the monthly and accumulated detail from the start of the liquidation.

Finally, in accordance with what is provided in Provision 29.3.8 of the Unified Circular of Insurance and Sureties, the conventional liquidator, prior to publication in the Official Gazette of the Federation and in a newspaper of national circulation, must present to this Commission the final balance of the liquidation and the income statement of the liquidation process, accompanied by the report of an independent external auditor of recognized experience that the liquidator hires for such effect, in the terms indicated in Annex 29.3.4 of said Circular.

SIXTH.- Pursuant to Article 334, second paragraph, of the aforementioned Law of Insurance and Surety Institutions, the declaration of revocation must be published at the expense of that institution in the Official Gazette of the Federation and in two newspapers of wide circulation in the country and will incapacitate Genworth Seguros Vida, S.A. de C.V., from issuing any insurance, and will put it in a state of dissolution and liquidation, such that henceforth, when citing the denomination of the insurance institution, the expression " in liquidation " must be added.

These resolutions are adopted based on the information provided by Genworth Seguros Vida, S.A. de C.V., contained in the written submissions sent, and are limited exclusively to the revocation of the authorization under which the institution operates, in the terms indicated above which, in accordance with the applicable provisions, it is for the Board of Directors 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 nature authorities, in terms of the current regulations, nor does it validate the legality or validity of the same in case said authorizations or approvals are not obtained.

The foregoing, pursuant to Articles 332, subsections X and XI, 334, second paragraph, 369, subsection II, 370, fourth paragraph, 372, subsection XLI, 396, 443, subsection I, 444, subsections I and II, and 445, as well as the Eighth Transitory Provision of the Law of Insurance and Surety Institutions, in Provisions 29.3.5 to 29.3.8 of the Unified Circular of Insurance and Sureties, as well as in Articles 6 and 9 of the Internal Regulations of the National Commission of Insurance and Sureties.

Respectfully

Effective Suffrage. No Re-election.

Mexico City, April 27, 2017. - The President of the National Commission of Insurance and Sureties, Norma Alicia Rosas Rodríguez.- Rubric.

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