CERTIFICATION

URIEL CERNA BARQUERO.- Secretary of the Board of Directors of the Superintendency of Banks and Other Financial Institutions, CERTIFIES: That in the Fourth Volume of the Minutes Book of the Board of Directors and in particular in Minutes number two hundred twenty, of three in the afternoon of Wednesday, September eleven, two thousand two, there is the resolution that in its pertinent parts integrally and literally says: MINUTES NUMBER TWO HUNDRED TWENTY (220): In the City of Managua, at three in the afternoon, on Wednesday, 11 September, two thousand two, we are gathered in the Board Room of the Board of Directors of the Central Bank of Nicaragua, for the purpose of holding an Extraordinary Session of said Institution, with the quorum integrated as follows:

A T T E N D A N C E

Lic. Eduardo Montealegre Rivas
Minister of Finance and Public Credit	President
Mario Alonso Icabalceta
President Central Bank of Nicaragua	Director
Eng. Gabriel Pasos Lacayo	Director
Lic. Roberto Solórzano Chacón	Director
Dr. Antenor Rosales	Director
Dr. Gilberto Arnoldo Arguello	Alternate Director
Uriel Cerna Barquero	Secretary

Present at this session are Dr. Noel J. Sacasa Cruz, Superintendent of Banks, and Licentiate Alfonso Llanes C., Vice-Superintendent.

The following parts are Irrelevant.

The President, after verifying the legal quorum, declares the session open, proceeding in accordance with the following agenda:

1. Irrelevant

2. Irrelevant

3. Irrelevant

4. Consultation on Insurance Companies as non-banking Financial entities.

5. Irrelevant

Fourth Point. Consultation on Insurance Companies as Non-Banking Financial Entities.

THE BOARD OF DIRECTORS OF THE SUPERINTENDENCY OF BANKS AND OTHER FINANCIAL INSTITUTIONS,

WHEREAS:

I

The services that insurance companies authorized by the state carry out in the country are of a financial nature, and are provided based on resources that the public user of said service pays as premiums.

Insurance companies, being providers of financial services and operating with liquid financial resources received from the public as premiums, fall within the type of non-banking financial entity referred to in article 126 of Law No. 314, “General Law of Banks, Non-Banking Financial Institutions and Financial Groups”

III

Based on the provisions of the last paragraph of article 128 of the General Law of Banks, Non-Banking Financial Institutions and Financial Groups,

HAS ISSUED WITH GENERAL CHARACTER

RESOLUTION ON THE APPLICATION TO NON-BANKING FINANCIAL ENTITIES OF THE PROVISIONS OF THE GENERAL LAW OF BANKS, NON-BANKING FINANCIAL INSTITUTIONS AND FINANCIAL GROUPS REFERRED TO IN ARTICLE 128 OF SAID LAW.

CD- SIBOIF-220-3-SEP11-2002

Sole. Companies previously authorized by the State, dedicated to providing the financial services that the law authorizes them to provide, among which is issuing insurance policies receiving as consideration from the public liquid financial resources as premiums, fall within the type of Non-Banking Financial Entity referred to in Title IV of the General Law of Banks, Non-Banking Financial Institutions and Financial Groups, and consequently the provisions of article 23 of said law are applicable to them, regarding the terms for subscribing and paying shares on the occasion of an increase in social capital decreed by the General Shareholders' Meeting.

Issue certification of this resolution for its publication in La Gaceta Diario Oficial.

At six thirty in the afternoon, the President declares this session closed. Interlineations. supervised. Valid. (f) E. Montealegre R. (f) M.B Alonso I. (F) Roberto Solórzano CH. (f) A. Rosales B. (f) Gabriel Pasos Lacayo (f) G. Arguello T. (f) U. Cerna B. And at the request of Doctor Noel J. Sacasa Cruz, Superintendent of Banks, I issue this certification on two sheets of letterhead paper of the Superintendency of Banks, which I initial, sign and seal, in the city of Managua at nine in the morning of twenty September two thousand two.

URIEL CERNA BARQUERO
Secretary Board of Directors SIBOIF