Amending Circular 2/24 of the Single Circular on Insurance and Sureties

DOF: 05/06/2024

Amending Circular 2/24 of the Single Circular on Insurance and Sureties

A seal with the National Coat of Arms appears at the margin, which reads: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Commission of Insurance and Sureties.

AMENDING CIRCULAR 2/24 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Provisions 1.1.1, 3.1.6., 3.2.2., 3.2.10., 8.1.3. and 24.2.2.)

The National Commission of Insurance and Sureties, based on the provisions of articles 69, 70, 235, 236, 247, 307, 308, 337, 366, section II, 367, sections I and II, 369, section I, 372, sections V, VI, XLI and XLII, 373 and 381 of the Law of Insurance and Surety Institutions, and:

CONSIDERING

On September 25, 2015, the United Nations General Assembly approved the 2030 Agenda for Sustainable Development (hereinafter Agenda 2030), which established sustainable development goals to be achieved through environmental, social, and governance criteria (hereinafter ESG criteria).

The Agenda 2030 defined and enumerated the sustainable development goals (SDGs) and established the criteria to be followed as ESG criteria in its Spanish version, emphasizing that the achievement of balanced development depends not only on the governments of member states, but also on their citizens and, in particular, on their economic and social actors.

In the case of Mexico, it corresponds to all sectors to contribute to this global effort, and the insurance and surety sector must play a relevant role due to its vocation regarding risks, among which those of an environmental nature are significant, since the protection of our natural resources and the prevention of their impairment is of vital importance from a social and economic point of view, considering also social and corporate governance criteria.

It should not be overlooked that, currently, at the international level, insurers, surety companies, reinsurers, and credit rating agencies have decided in their investment policies that, in addition to profitability, ESG criteria must be considered in order to finance sustainable projects.

In accordance with the provisions of articles 55, 70, 247 and 308 of the Law of Insurance and Surety Institutions, Institutions and Mutual Societies must carry out the investment of their assets in accordance with the investment policy approved by their board of directors in terms of their corporate governance system.

To achieve sustainable development goals, investments are a factor within a socially responsible strategy, so it is pertinent to incorporate ESG criteria into the investment and asset management decisions of companies in the insurance sector.

Therefore, it is pertinent that Institutions and Mutual Societies consider ESG criteria in their investment policy, since institutional investors are the main users for the demand for sustainable assets.

In order to contribute to the best determinations of companies attending to ESG criteria, the Ministry of Finance and Public Credit, on its official page, published the first edition of the Sustainable Taxonomy of Mexico on March 16, 2023.

On September 18, 2023, the Ministry of Finance and Public Credit presented the Strategy for the Mobilization of Sustainable Financing with the objective of promoting the mobilization and reorientation of financing from public and private, national and international sources, to develop activities and projects that generate positive impacts on the environment and society.

Reports regarding the investments made by Institutions and Mutual Societies, taking into consideration ESG criteria, will be included in the terms of the reports derived from the General Provisions established by this Commission in accordance with the provisions of article 389 of the Law of Insurance and Surety Institutions.

For the foregoing, the National Commission of Insurance and Sureties has resolved to issue the following modification to the Single Circular on Insurance and Sureties, in the following terms:

AMENDING CIRCULAR 2/24 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Provisions 1.1.1, 3.1.6., 3.2.2., 3.2.10., 8.1.3. and 24.2.2.)

FIRST. -

Section XIII-Bis of Provision 1.1.1.; Provision 3.1.6; numeral 6 of subsection c) for section II and numerals 6, of subsections a) and c) for section III of Provision 24.2.2. are added to Chapters 1.1., 3.1. and 24.2. of the Single Circular on Insurance and Sureties, to read as follows:

1.1.1.

XIII-Bis. ESG, Acronym for Environmental, Social and Corporate Governance, when referring to policies, factors, criteria, risks, matters and principles of an environmental, social and corporate governance nature in accordance with the Sustainable Development Goals (SDGs) of the 2030 Agenda for Sustainable Development approved on September 25, 2015 by the United Nations Organization.

3.1.6.

The corporate governance system, when establishing policies, will consider ESG criteria, as part of the organizational culture, as well as the procedures for verifying their compliance.

24.2.2. ...

II ...

c)

...

Information regarding the ESG criteria considered in accordance with its corporate governance system in terms of the policies approved for such effect and, if applicable, the application of the "Sustainable Taxonomy of Mexico" issued by the Ministry of Finance and Public Credit, for the exercise of its investment policy and decisions.

...

III ...

a)

...

The ESG criteria and their implementation, in terms of the policies established for this purpose.

...

c)

...

...

Description of the incorporation of ESG criteria in the administration of risks in the Institution, in terms of the policies approved for such effect.

SECOND. - Provisions 3.2.2., 3.2.10., section III, and 8.1.3., section III, of the Single Circular on Insurance and Sureties are modified, to read as follows:

3.2.2.

The integrated risk management system must cover the risks established for the calculation of the SCR, as well as any other risk identified by the Institution or Mutual Society that is not included in said calculation, including those derived from its relationship and operations with the Business Group or Consortium to which it belongs, as applicable, additionally considering the interaction with ESG factors, in terms of the policies approved for such effect.

3.2.10.

...

III. The definition and categorization of the risks to which the Institution or Mutual Society may be exposed, as well as its interaction with ESG factors, must consider, at least, the following:

...

8.1.3.

...

III. The assets and investment instruments that will be susceptible to being acquired by the Institution, in accordance with what is provided in the LISF and in these Provisions, distinguishing types of assets, terms, currencies and issuers, and the manner in which said assets and investment instruments contribute to the achievement of the objectives of the investment policy, as well as the analysis of the assets and investment instruments regarding the ESG criteria that it had considered in accordance with its corporate governance system and, if applicable, the application of the "Sustainable Taxonomy of Mexico" issued by the Ministry of Finance and Public Credit.

TRANSITIONAL

FIRST. -

Publish in the Official Gazette of the Federation.

SECOND. - This Amending Circular will enter into force on January 1, 2025.

Respectfully,

Mexico City, May 27, 2024. - The President of the National Commission of Insurance and Sureties, Ricardo Ernesto Ochoa Rodríguez.- Signature.

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