Amending Circular 1/21 of the Sole Insurance and Surety Circular

DOF: 08/02/2021

AMENDING CIRCULAR 1/21 OF THE SOLE INSURANCE AND SURETY CIRCULAR

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

AMENDING CIRCULAR 1/21 OF THE SOLE INSURANCE AND SURETY CIRCULAR

(Provision 14.2.1., Annexes 14.2.1-y, 14.2.2-s, 14.2.2-t, 14.2.2-u, 14.2.2-v, 14.2.2-w and 14.2.2-x)

The National Commission of Insurance and Sureties, based on the provisions of articles 366, fraction II; 367, fraction II; 372, fractions VI and XLII; and 381 of the Law of Insurance and Surety Institutions, and

CONSIDERING

That on December 16, 2020, the Decree by which various provisions of the Social Security Law and the Law of Savings Systems for Retirement are reformed, added, and repealed was published in the Official Gazette of the Federation, by virtue of which, among other aspects, the amount of the guaranteed pension provided for in article 170 of the Social Security Law is modified, and consequently, the procedure for calculating the premiums or constituent amounts of life annuities for retirement, disability in old age, and old age, which entered into force on January 1, 2021.

That the Eighth Transitory Article of said Decree establishes that the Mexican Institute of Social Security, the National Commission of the Savings System for Retirement, the National Commission of Insurance and Sureties, and the Institute for the National Housing Fund for Workers must adjust the systems and procedures that are necessary to implement the reforms provided for in it.

That the procedures related to the calculation of the constituent amount for the contracting of life annuities and survivorship insurance are under the responsibility of the Committee referred to in article 81 of the Law of Savings Systems for Retirement.

That said Committee, in its session of January 4, 2021, approved the adjustments to the calculation procedures for the constituent amounts of life annuities and survivorship insurance related to the Retirement, Disability in Old Age, and Old Age Insurance and for pensions derived from article 172-A, both of the Social Security Law (technical notes), and agreed that the National Commission of Insurance and Sureties make known to insurance institutions the referred procedures, through their publication in the Official Gazette of the Federation.

That, in view of the foregoing, and attending to what is provided for in articles 200, 201, and 202 of the Law of Insurance and Surety Institutions, it is considered necessary to modify Provision 14.2.1. and add Annex 14.2.1-y of the Sole Insurance and Surety Circular, in order to incorporate the technical notes for the calculation of the constituent amounts of life annuities and survivorship insurance related to the Retirement, Disability in Old Age, and Old Age Insurance and for pensions derived from article 172-A of the Social Security Law.

That in that same sense, it is considered necessary to modify, for the purposes of what is established in the legal provisions cited in the previous paragraph, Annexes 14.2.2-s, 14.2.2-t, 14.2.2-u, 14.2.2-v, 14.2.2-w, and 14.2.2-x of the Sole Insurance and Surety Circular, regarding the contractual documentation of the benefits of the Retirement, Disability in Old Age, and Old Age insurance and of the pensions derived from article 172-A of the Social Security Law associated with the calculation procedures (technical note) indicated, in order that these indicate in a clear and precise manner the benefits in favor of the insured and their beneficiaries.

For the above reasons, this Commission has resolved to issue the following modification to the Sole Insurance and Surety Circular in the terms specified below:

AMENDING CIRCULAR 1/21 OF THE SOLE INSURANCE AND SURETY CIRCULAR

(Provision 14.2.1., Annexes 14.2.1-y, 14.2.2-s, 14.2.2-t, 14.2.2-u, 14.2.2-v, 14.2.2-w and 14.2.2-x)

FIRST.-

Provision 14.2.1. of the Sole Insurance and Surety Circular is modified, to read as follows:

" ... 14.2.1.

...

I.

...

II.

For Policies of the New Operational Scheme derived from the Social Security Law:

...

f) Technical note for the determination of the Constituent Amount for pensions derived from the retirement, disability in old age, and old age insurance of policies and technical note for the determination of the Constituent Amount for pensions derived from article 172-A of the Social Security Law, applicable to policies issued under the coverage of the Decree by which various provisions of the Social Security Law and the Law of Savings Systems for Retirement are reformed, added, and repealed, published in the Official Gazette of the Federation on December 16, 2020, contained in Annex 14.2.1-y.

III. ... "

SECOND.- Annex 14.2.1-y of the Sole Insurance and Surety Circular is added.

THIRD.-

The Content and the "List of Annexes" of the Sole Insurance and Surety Circular are modified, to make reference to Annex 14.2.1-y of the Sole Insurance and Surety Circular, to read as follows:

" ... LIST OF ANNEXES OF THE SOLE INSURANCE AND SURETY CIRCULAR ...

... Annex 14.2.1-y

Technical note for the determination of the Constituent Amount for pensions derived from the retirement, disability in old age, and old age insurance and technical note for the determination of the Constituent Amount for pensions derived from article 172-A of the Social Security Law, applicable to policies issued under the coverage of the Decree by which various provisions of the Social Security Law and the Law of Savings Systems for Retirement are reformed, added, and repealed, published in the Official Gazette of the Federation on December 16, 2020. ... "

FOURTH.- Annexes 14.2.2-s, 14.2.2-t, 14.2.2-u, 14.2.2-v, 14.2.2-w, and 14.2.2-x of the Sole Insurance and Surety Circular are modified.

TRANSITORY

SINGLE.- This Amending Circular shall enter into force the day following its publication in the Official Gazette of the Federation.

The foregoing is made known to you, based on the provisions of articles 366, fraction II; 367, fraction II; 372, fractions VI and XLII; and 381 of the Law of Insurance and Surety Institutions.

Respectfully,

Mexico City, January 28, 2021. - The President of the National Commission of Insurance and Sureties, Ricardo Ernesto Ochoa Rodríguez. - Rubric.

ANNEX 14.2.1-y

TECHNICAL NOTE FOR THE DETERMINATION OF THE CONSTITUENT AMOUNT FOR PENSIONS DERIVED FROM THE RETIREMENT, DISABILITY IN OLD AGE, AND OLD AGE INSURANCE AND TECHNICAL NOTE FOR THE DETERMINATION OF THE CONSTITUENT AMOUNT FOR PENSIONS DERIVED FROM ARTICLE 172-A OF THE SOCIAL SECURITY LAW, APPLICABLE TO POLICIES ISSUED UNDER THE COVERAGE OF THE DECREE BY WHICH VARIOUS PROVISIONS OF THE SOCIAL SECURITY LAW AND THE LAW OF SAVINGS SYSTEMS FOR RETIREMENT ARE REFORMED, ADDED, AND REPEALED, PUBLISHED IN THE OFFICIAL GAZETTE OF THE FEDERATION ON DECEMBER 16, 2020.

TECHNICAL NOTE FOR PENSIONS DERIVED FROM THE RETIREMENT, DISABILITY IN OLD AGE, AND OLD AGE INSURANCE

Index

Section 1

I.- Definitions

II.- Determination of the calculation factor for overdue payments

Section 2

I.-

Disability Insurance for Children

a) Disability Insurance for Children - Definitions

b) Pensioner(s) with children and spouse

c) Pensioner(s) with children without spouse

d) Net premium of the disability insurance for children of the Retirement insurance calculated at rate i.

Section 3

I.-

Basic Premium of the Retirement, Disability in Old Age, and Old Age Insurance

a) Pensioner(s) for RCV with children and spouse

b) Pensioner(s) for RCV with spouse without children

c) Pensioner(s) for RCV with children without spouse

d) Pensioner(s) for RCV with ascendants

e) Pensioner(s) for RCV without children, spouse, or ascendants

II.-

Net Premium of the Retirement, Disability in Old Age, and Old Age Insurance.

Section 4

I.-

Basic Premium of the Survivorship Insurance (PBSS)

a) Pensioner(s) for RCV with children and spouse

b) Pensioner(s) for RCV with spouse without children

c) Pensioner(s) for RCV with children orphaned of father or mother

d) Pensioner(s) for RCV with children orphaned with father or mother without right to pension

e) Pensioner(s) for RCV with ascendants

f) Pensioner(s) with spouse and n children with both parents (null orphanhood) and m orphaned of father or mother (simple orphanhood)

g) Pensioner(s) with n children with father or mother without right to pension (null orphanhood) and m orphaned of father or mother (simple orphanhood)

II.-

Disability Insurance for Children

a) Definitions applicable to items b, c, and d.

b) Pensioner(s) with children and spouse

c) Pensioner(s) with children orphaned of father or mother

d) Pensioner(s) with children with father (mother) without right to pension

e) Definitions applicable to items f and g.

f) Pensioner(s) with spouse and n children with both parents (null orphanhood) and m orphaned of father or mother (simple orphanhood)

g) Pensioner(s) with n children with father or mother without right to pension (null orphanhood) and m orphaned of father or mother (simple orphanhood)

III.- Settlement for Children

IV.- Net Premium of the Survivorship Insurance

V.-

Constituent Amount of the Survivorship Insurance

Section 5

I.-

Constituent Amount of Early Retirement (art. 158 of the Social Security Law)

II.-

Constituent Amount of the Disability in Old Age or Old Age Insurance

III.-

Constituent Amount in case of change from Programmed Retirement to Disability in Old Age and Old Age Insurance

IV.-

Constituent Amount of the Survivorship Insurance in case of Programmed Retirement

V.-

Calculation of the initial annuity of the Retirement, Disability in Old Age, or Old Age Insurance.

Section 1

I.- Definitions

i

Technical interest rate. Corresponds to the rate offered by the insurance institution.

k p x

Probability that an individual of age x reaches age x+k.

Probabilidad de invalidarse entre las edades x y x+k.

Probability of becoming disabled between ages x and x+k.

Probabilidad de que un individuo inválido de edad x, permanezca como tal hasta alcanzar la edad x+k.

Probability that a disabled individual of age x remains so until reaching age x+k.

Probabilidad de que un individuo de edad x , sobreviva hasta alcanzar la edad x+k .

Probability that an individual of age x survives until reaching age x+k.

Considerada en la determinación del seguro de sobrevivencia.

Considered in the determination of the survivorship insurance.

Última edad de la tabla de mortalidad.

Last age of the mortality table.

Edad del cónyuge.

Spouse's age.

Edad del padre o madre sin derecho a pensión. Mujer , Hombre

Age of father or mother without right to pension. Woman, Man

x 1 ,x 2 ,...,x n

Age of children in ascending order.

x 1

Age of the youngest of the n+m orphans

X 1 = mín(x 1 ,x 2 ,...,x n ,x n+1 ,...,x n+m)

Número de hijos.

Number of children.

Número de ascendientes de primer grado que dependen económicamente del asegurado o pensionado.

Number of first-degree ascendants who are economically dependent on the insured or pensioner.

z 1 ,z 2 ,...,z np

Age of ascendants in ascending order.

FR PV

Reference date for the calculation of overdue payments to be considered in accordance with the pension processing procedures.

FC

Calculation Date

PV

Amount of overdue payments on the processing date.

AA

Assistance aids on the date of pension calculation

PBSRCV i

Basic premium of the retirement, disability in old age, and old age insurance calculated at rate i.

PNRCV i

Net premium of the retirement, disability in old age, and old age insurance calculated at rate i.

PSIH i

Basic premium of the Disability Insurance for Children of the retirement insurance calculated at rate i.

PNSIH i

Net premium of the Disability Insurance for Children of the retirement insurance calculated at rate i.

PBSS i

Basic Premium of the survivorship insurance calculated at rate i.

PSIH ssi

Premium of the Disability Insurance for Children of the survivorship insurance calculated at rate i.

PFH i

Premium of Settlement for Children

PNSS i

Net Premium of the survivorship insurance calculated at rate i.

MCSS i

Constituent Amount of the survivorship insurance calculated at rate i.

PNSR i

Net premium for the case of early retirement calculated at rate i.

MCSR i

Constituent Amount for the case of early retirement calculated at rate i.

PNSCV i

Net premium of the disability in old age or old age insurance calculated at rate i.

MCSCV i

Constituent Amount of the disability in old age or old age insurance calculated at rate i.

PNRP i

Net premium in case of change from programmed retirement to disability in old age or old age insurance calculated at rate i.

MCRP i

Constituent Amount in case of change from programmed retirement to disability in old age or old age insurance calculated at rate i.

MCSSRP i

Constituent Amount of the Survivorship Insurance in case of Programmed Retirement

Porcentaje para margen de seguridad.

Percentage for safety margin.

PG r

Guaranteed Pension updated on the date of annuity determination in accordance with inflationary factors.

FACBI

For RCV purposes, it will be the annuity update factor for inflation that is calculated in accordance with Annex 14.2.1-m of these provisions.

FI

Inflation estimation factor for the processing month that is calculated in accordance with Annex 14.2.1-m of these provisions.

Pensión básica en caso de retiro anticipado, calculada en función de la cuenta individual sin considerar asignaciones familiares ni ayudas asistenciales.

Basic pension in case of early retirement, calculated based on the individual account without considering family allowances or assistance aids.

Pensión básica del seguro de cesantía en edad avanzada y vejez, calculada en función de la cuenta individual sin considerar asignaciones familiares ni ayudas asistenciales.

Basic premium of the disability in old age and old age insurance, calculated based on the individual account without considering family allowances or assistance aids.

Pensión básica en caso de cambio de retiro programado a seguro de cesantía en edad avanzada y vejez, calculada en función de la cuenta individual sin considerar asignaciones familiares ni ayudas asistenciales.

Basic pension in case of change from programmed retirement to disability in old age and old age insurance, calculated based on the individual account without considering family allowances or assistance aids.

Renta de referencia para el cálculo del Monto Constitutivo del Seguro de Sobrevivencia en caso de Retiro Programado.

Reference annuity for the calculation of the Constituent Amount of the Survivorship Insurance in case of Programmed Retirement.

Renta inicial a percibir por el Pensionado titular en caso de retiro anticipado, considerando asignaciones familiares, ayudas asistenciales y la composición familiar vigente a la fecha de cálculo.

Initial annuity to be received by the titular Pensioner in case of early retirement, considering family allowances, assistance aids, and the family composition in effect on the calculation date.

Renta inicial a percibir por el Pensionado titular del seguro de cesantía en edad avanzada y vejez, considerando asignaciones familiares, ayudas asistenciales y la composición familiar vigente a la fecha de cálculo.

Initial annuity to be received by the titular Pensioner of the disability in old age and old age insurance, considering family allowances, assistance aids, and the family composition in effect on the calculation date.

Renta inicial a percibir por el Pensionado titular en caso de cambio de retiro programado a seguro de cesantía en edad avanzada y vejez, considerando asignaciones familiares, ayudas asistenciales y la composición familiar vigente a la fecha de cálculo.

Initial annuity to be received by the titular Pensioner in case of change from programmed retirement to disability in old age and old age insurance, considering family allowances, assistance aids, and the family composition in effect on the calculation date.

Renta de referencia para el cálculo del Monto Constitutivo del Seguro de Sobrevivencia en caso de Retiro Programado, considerando asignaciones familiares, ayudas asistenciales y la composición familiar vigente a la fecha de cálculo.

Reference annuity for the calculation of the Constituent Amount of the Survivorship Insurance in case of Programmed Retirement, considering family allowances, assistance aids, and the family composition in effect on the calculation date.

Unidad de Renta Vitalicia emitida por CONSAR.

Life Annuity Unit issued by CONSAR.

PV RCVp

Factor for concept of overdue payments on the calculation date, for the Retirement, Disability in Old Age, and Old Age insurances, in accordance with the terms of the pension processing, and the family composition in effect on the calculation date; 0 < PV RCVp

PNSIHi

Net premium of the disability insurance for children of the Retirement insurance calculated at rate i.

CI

Individual Account referred to in article 159 fraction I of the LSS.

Para el caso de retiro anticipado (art. 158 de la Ley del Seguro Social), es el porcentaje del excedente de la cuenta individual, que se va a emplear para la adquisición de una renta vitalicia por encima de 1.3 veces la pensión mínima a selección del pensionado.

For the case of early retirement (art. 158 of the Social Security Law), it is the percentage of the excess of the individual account, which will be used to acquire a life annuity above 1.3 times the minimum pension at the pensioner's selection.

0 < %XL < 1.

Para el caso de retiro anticipado (art. 158 de la Ley del Seguro Social), es el monto de la cuenta individual a ser retirado por el pensionado titular a selección del pensionado.

For the case of early retirement (art. 158 of the Social Security Law), it is the amount of the individual account to be withdrawn by the titular pensioner at the pensioner's selection.

Section 2

I.- Disability Insurance for Children

a) Disability Insurance for Children - definitions

Defined for this insurance:

TECHNICAL NOTE FOR PENSIONS DERIVED FROM ARTICLE 172-A OF THE SOCIAL SECURITY LAW

Index

Section 1

I.- Definitions

Section 2

I.- Basic Premium of the pension derived from Article 172-A of the Social Security Law

a)

Widow(er) and orphans

b)

Widow(er) without orphans

c)

Orphans of father and mother (double orphans)

d)

Orphans with father (mother) without right to pension

e)

n orphans with father (mother) without right to pension (simple orphans) and m orphans of father and mother (double orphans)

f)

Widow(er) and n orphans with father (mother) (simple orphans) and m orphans of father and mother (double orphans).

g)

Ascendants

II.- Disability Insurance for Orphans of the pension derived from Article 172-A of the Social Security Law

a)

Disability Insurance for Orphans - Definitions

b)

Widow(er) and orphans

c)

Orphans of father and mother

d)

Orphans with father (mother) without right to pension

e)

n orphans with father (mother) without right to pension and m orphans of father and mother (double orphans)

f)

Widow(er) and n orphans with father (mother) (simple orphans) and m orphans of father and mother (double orphans)

III.- Settlement for Orphans of the pension derived from Article 172-A of the Social Security Law

IV.- Net Premium of the pension derived from Article 172-A of the Social Security Law

V.- Constituent Amount of the pension derived from Article 172-A of the Social Security Law

Ultima edad de la tabla de mortalidad.

Last age of the mortality table.

y

Edad del cónyuge.

Spouse's age.

Edad del padre o madre sin derecho a pensión. Mujer , Hombre

Age of father or mother without right to pension. Woman, Man

x 1 ,x 2 ,...,x n

Age of children in ascending order.

x 1

Age of the youngest of the n+m orphans

X 1 = mín(x 1 ,x 2 ,...,x n ,x n+1 ,...,x n+m)

n

Número de hijos.

Number of children.

na

Número de ascendientes que dependían económicamente del asegurado o pensionado.

Number of ascendants who were economically dependent on the insured or pensioner.

z 1 ,z 2 ,...,z na

Age of the ascendants.

PV

Amount of overdue payments not prescribed on the processing date that is calculated in accordance with Annex 14.2.1-i of these provisions.

PBSV

Basic premium of the pension derived from article 172-A LSS

PSIH

Basic premium of the Disability Insurance for Children derived from article 172-A LSS

PFH

Basic premium of the settlement for children derived from article 172-A LSS

PNSV

Net Premium of the pension derived from article 172-A LSS

MCSV

Constituent Amount of basic premium of the pension derived from article 172-A LSS

Porcentaje para margen de seguridad.

Percentage for safety margin.

PG r

Guaranteed Pension received by the titular insured at the moment of death.

FAR

Annuity update factor that is calculated in accordance with Annex 14.2.1-m of these provisions.

FACBI

Annuity update factor for inflation that is calculated in accordance with Annex 14.2.1-m of these provisions.

FI

Inflation estimation factor for the processing month that is calculated in accordance with Annex 14.2.1-m of these provisions.

ANNEX 14.2.2-s.

CONTRACTUAL DOCUMENTATION FORMAT FOR THE LIFE ANNUITY BY RETIREMENT, DISABILITY IN OLD AGE, AND OLD AGE INSURANCE AND SURVIVORSHIP INSURANCE (APPLICABLE FOR LIFE ANNUITY AND SURVIVORSHIP INSURANCE MODALITY OR EARLY RETIREMENT).

LOGO

PENSION INSTITUTION

INSTITUTION'S ADDRESS

PENSION INSURANCE DERIVED FROM SOCIAL SECURITY LAWS

LIFE ANNUITY BY RETIREMENT, DISABILITY IN OLD AGE, AND OLD AGE INSURANCE

AND SURVIVORSHIP INSURANCE

GENERAL DATA

PENSIONER'S NAME

PENSIONER'S ADDRESS

SOCIAL SECURITY NUMBER

RESOLUTION NUMBER

CURP

POLICY NUMBER

DATE OF RIGHTS BEGINNING

DATE OF BEGINNING OF VALIDITY

DATE OF ISSUE

BENEFITS

Mr./Mrs. _____________________________________________ will receive by concept of:

A) Basic Amount:

1. A monthly life pension, whose basic amount is equivalent to $______________________________ which will be paid on the day ________ of each month.

B) Family Allowances:

The following will be added to the basic amount of the monthly life pension:

Relationship

Name

Family Allowance

Wife or concubine

Name of wife or concubine

$__________

Child 1

Name of child 1

$__________

Child 2

Name of child 2

$__________

Child 3

Name of child 3

$__________

...

Child n

Name of child n

$__________

(in case that family allowances have been granted to ascendants, the following applies)

Name

Family Allowance

Name of ascendant 1

$_________

Name of ascendant 2

$_________

C. Assistance Aid (in case that IMSS determines it)

On the same payment date as the basic amount of the monthly pension, Mr./Mrs. _________________________

(PENSIONER for Disability or Old Age) will receive an assistance aid of $__________________________.

The pension amounts will be updated in the month of February of each year in accordance with the National Consumer Price Index, corresponding to the previous calendar year.

TERMINATION OF BENEFITS

A. Basic Benefit:

1. With the death of the PENSIONER.

2. When the Mexican Institute of Social Security so disposes through the corresponding resolution.

B. Family Allowances:

1. Family allowances end with the death of the relative who originated them or with the death of the PENSIONER.

Family allowances for concept of children will end with their death or when they reach sixteen years, or twenty-five years, unless they cannot support themselves due to disability for work due to chronic, physical, or psychic illness, prior resolution by the Mexican Institute of Social Security.

C. Assistance Aid

The assistance aid ends with the death of the PENSIONER.

SUSPENSION OF BENEFITS

Family Allowances of Children:

When they reach sixteen years of age, although it may continue to be granted until twenty-five years of age, while they are studying in institutions of the National Education System, accrediting it before the Insurer; provided that they are not subject to the mandatory regime of the Social Security Law.

SURVIVORSHIP INSURANCE

From the contracting of this policy, the beneficiaries registered before the Mexican Institute of Social Security at the moment of the pension processing, in accordance with the Social Security Law, have the right to a survivorship insurance, which covers the payment of a widowhood, orphanhood, or, in its case, ascendency pension, which will begin at the death of the PENSIONER for Retirement, Disability in Old Age, and Old Age, prior resolution of the Mexican Institute of Social Security.

NAME AND POSITION OF THE INSTITUTION'S OFFICIAL AND/OR

LEGAL REPRESENTATIVE

SIGNATURE

ANNEX 14.2.2-t.

CONTRACTUAL DOCUMENTATION FORMAT FOR THE LIFE ANNUITY BY DEATH OF THE INSURED OF THE RETIREMENT, DISABILITY IN OLD AGE, AND OLD AGE INSURANCE, WIDOWHOOD PENSION (ART. 172 A OF THE SOCIAL SECURITY LAW OR PENSION DERIVED FROM THE DEATH OF THE PENSIONER FOR RETIREMENT, DISABILITY IN OLD AGE, OR OLD AGE WHO HAD OPTED FOR THE LIFE ANNUITY MODALITY).

LOGO

PENSION INSTITUTION

INSTITUTION'S ADDRESS

PENSION INSURANCE DERIVED FROM SOCIAL SECURITY LAWS

LIFE ANNUITY BY DEATH OF THE INSURED OF THE RETIREMENT, DISABILITY IN OLD AGE, AND OLD AGE INSURANCE WIDOWHOOD PENSION

GENERAL DATA

NAME OF DECEASED INSURED

NAME OF WIDOWHOOD PENSIONER

PENSIONER'S ADDRESS

SOCIAL SECURITY NUMBER

RESOLUTION NUMBER

CURP

POLICY NUMBER

DATE OF RIGHTS BEGINNING

DATE OF BEGINNING OF VALIDITY

DATE OF ISSUE

BENEFITS

Mr./Mrs. _____________________________________________ will receive:

1. A monthly life pension equivalent to $_____________________ which will be paid on the day ________ of each month.

2. An annual bonus of $ _______________ to be paid on the _____ day of the month of ________________ of each year,

or the proportional part that corresponds.

The amounts of the pension and the annual bonus will be updated in the month of February of each year according to the National Consumer Price Index, corresponding to the previous calendar year.

TERMINATION OF BENEFITS

1. The life pension and the annual bonus will terminate upon the death of the beneficiary, or when the Mexican Social Security Institute so disposes through the corresponding resolution.

CHANGES IN FAMILY COMPOSITION

When the right of any of the PENSIONERS ends, a new distribution of the PENSIONS that remain in force will be made among the remaining ones, without exceeding the partial quotas or the total amount of said PENSIONS, for which the Insurer will issue the corresponding endorsement.

NAME AND POSITION OF THE INSTITUTION'S OFFICIAL AND/OR LEGAL REPRESENTATIVE

SIGNATURE

ANNEX 14.2.2-u.

CONTRACTUAL DOCUMENTATION FORMAT FOR THE LIFE ANNUITY UPON DEATH OF THE INSURED OF THE RETIREMENT, ADVANCED AGE AND OLD AGE DISABILITY INSURANCE, ORPHAN'S PENSION (ART. 172 A OF THE SOCIAL SECURITY LAW OR PENSION DERIVED FROM THE DEATH OF THE PENSIONER FOR RETIREMENT, ADVANCED AGE AND OLD AGE DISABILITY WHO HAD OPTED FOR THE LIFE ANNUITY MODALITY).

LOGO

PENSION INSTITUTION

INSTITUTION'S ADDRESS

PENSION INSURANCE DERIVED FROM SOCIAL SECURITY LAWS

LIFE ANNUITY UPON DEATH OF THE INSURED OF THE RETIREMENT, ADVANCED AGE AND OLD AGE DISABILITY INSURANCE ORPHAN'S PENSION

GENERAL DATA

NAME OF THE DECEASED INSURED

NAME OF THE PENSIONER(S) FOR
INVALIDITY STATUS OF THE (THE)
TYPE OF ORPHANHOOD OF THE
ORPHANHOOD:
PENSIONER(S):
PENSIONER(S):

1)
NULL/ INVALID
SINGLE/DOUBLE

2)
NULL/ INVALID
SINGLE/DOUBLE

...
...
...

ADDRESS OF THE PENSIONER(S)

SOCIAL SECURITY NUMBER

RESOLUTION NUMBER

CURP

POLICY NUMBER

DATE OF START OF RIGHTS

DATE OF START OF VALIDITY

DATE OF ISSUE

BENEFITS

The following beneficiaries will each receive the following benefits:

Monthly pension equivalent to:

Annual bonus equivalent to:

1) Name of
orphan 1
$_________
$___________

2) Name of
orphan 2
$_________
$___________

... n) Name of orphan n
$_________
$___________

The monthly pension will be paid on the ________ day of each month.

The annual bonus will be paid on the ________ day of the month of _________.

The amounts of the pension and the annual bonus will be updated in the month of February of each year according to the National Consumer Price Index, corresponding to the previous calendar year.

CHARACTERISTICS OF THE BENEFITS

a)

The ORPHAN'S PENSION will terminate upon the death of the beneficiary or when they turn sixteen years old.

b)

The ORPHAN'S PENSION will continue to be paid after the orphan reaches the age of sixteen and until the age of twenty-five, if they are studying in institutions of the national education system.

c)

When each ORPHAN PENSIONER turns sixteen years of age, the insurer will inform them in writing, both of their right to receive a settlement payment for reaching 16 years of age as referred to in the Social Security Law, and of their right to request the insurer for an extension of their pension if they are studying in any institution of the National Education System. In the case of children who, at the time of the pension resolution, are over 16 years old, the settlement payment will be made upon the first suspension of pension payment. If any ORPHAN PENSIONER does not prove that they are studying in any institution of the National Education System, the insurer will suspend the payment of the pension and resume it until they prove continuity in their studies.

d)

The orphan who cannot support themselves due to disability to work due to chronic, physical, or psychic illness, with prior resolution by the Mexican Social Security Institute, will have the right to a PENSION.

e)

In the event that the right of any of the PENSIONERS ends, a new distribution of the PENSIONS that remain in force will be made among the remaining ones, without exceeding the partial quotas or the total amount of said PENSIONS, for which the Insurer will issue the corresponding endorsement.

f)

The total of the PENSIONS attributed to the orphans may not exceed the amount of the pension that for retirement, advanced age and old age disability would correspond to the insured, without considering this family allowances or welfare assistance.

g)

The annual bonus that corresponds to orphans over 16 years old will be paid only if they have accredited the extension for studies at the date of payment.

h)

The benefits may also terminate when the Mexican Social Security Institute so disposes through the corresponding resolution.

NAME AND POSITION OF THE INSTITUTION'S OFFICIAL AND/OR LEGAL REPRESENTATIVE

SIGNATURE

ANNEX 14.2.2-v.

CONTRACTUAL DOCUMENTATION FORMAT FOR THE LIFE ANNUITY UPON DEATH OF THE INSURED OF THE RETIREMENT, ADVANCED AGE AND OLD AGE DISABILITY INSURANCE, ANCESTRAL PENSION (ART. 172 A OF THE SOCIAL SECURITY LAW OR PENSION DERIVED FROM THE DEATH OF THE PENSIONER FOR RETIREMENT, ADVANCED AGE AND OLD AGE DISABILITY WHO HAD OPTED FOR THE LIFE ANNUITY MODALITY).

LOGO

PENSION INSTITUTION

INSTITUTION'S ADDRESS

PENSION INSURANCE DERIVED FROM SOCIAL SECURITY LAWS

LIFE ANNUITY UPON DEATH OF THE INSURED OF THE RETIREMENT, ADVANCED AGE AND OLD AGE DISABILITY INSURANCE ANCESTRAL PENSION

GENERAL DATA

NAME OF THE DECEASED INSURED

NAME OF THE PENSIONER(S) FOR ANCESTRY

ADDRESS OF THE PENSIONER(S)

SOCIAL SECURITY NUMBER

RESOLUTION NUMBER

CURP

POLICY NUMBER

DATE OF START OF RIGHTS

DATE OF START OF VALIDITY

DATE OF ISSUE

BENEFITS

Mr./Mrs. _____________________________(and Mrs. _______________________ ) will each receive:

1. A monthly life pension equivalent to $_____________________ to be paid on the ________ day of each month.

2. An annual bonus of $ _______________ to be paid on the _____ day of the month of ________________ of each year,

or the proportional part that corresponds.

The amounts of the pension and the annual bonus will be updated in the month of February of each year according to the National Consumer Price Index, corresponding to the previous calendar year.

TERMINATION OF BENEFITS

1. These benefits will terminate upon the death of the PENSIONED ancestor(s).

2. When the Mexican Social Security Institute so disposes through the corresponding resolution.

NAME AND POSITION OF THE INSTITUTION'S OFFICIAL AND/OR LEGAL REPRESENTATIVE

SIGNATURE

ANNEX 14.2.2-w.

CONTRACTUAL DOCUMENTATION FORMAT FOR THE LIFE ANNUITY UPON DEATH OF THE INSURED OF THE RETIREMENT, ADVANCED AGE AND OLD AGE DISABILITY INSURANCE, WIDOWHOOD AND ORPHANHOOD PENSION (ART. 172 A OF THE SOCIAL SECURITY LAW OR PENSION DERIVED FROM THE DEATH OF THE PENSIONER FOR RETIREMENT, ADVANCED AGE AND OLD AGE DISABILITY WHO HAD OPTED FOR THE LIFE ANNUITY MODALITY).

LOGO

PENSION INSTITUTION

INSTITUTION'S ADDRESS

PENSION INSURANCE DERIVED FROM SOCIAL SECURITY LAWS

LIFE ANNUITY UPON DEATH OF THE INSURED OF THE RETIREMENT, ADVANCED AGE AND OLD AGE DISABILITY INSURANCE WIDOWHOOD AND ORPHANHOOD PENSION

GENERAL DATA

NAME OF THE DECEASED INSURED

NAME OF THE PENSIONER FOR WIDOWHOOD

NAME OF THE PENSIONER(S) FOR
INVALIDITY STATUS OF THE (THE)
TYPE OF ORPHANHOOD OF THE
ORPHANHOOD:
PENSIONER(S):
PENSIONER(S):

1)
NULL/ INVALID
SINGLE/DOUBLE

2)
NULL/ INVALID
SINGLE/DOUBLE

...
...
...

ADDRESS OF THE PENSIONER(S)

SOCIAL SECURITY NUMBER

RESOLUTION NUMBER

CURP

POLICY NUMBER

DATE OF START OF RIGHTS

DATE OF START OF VALIDITY

DATE OF ISSUE

WIDOWHOOD BENEFITS

Mr./Mrs. _______________________________________________ will receive:

1. A monthly life pension equivalent to $_____________________ to be paid on the ________ day of each month.

2. An annual bonus of $ _______________ to be paid on the _____ day of the month of ________________ of each year,

or the proportional part that corresponds.

The amounts of the pension and annual bonus will be updated in the month of February of each year according to the National Consumer Price Index, corresponding to the previous calendar year.

ORPHANHOOD BENEFITS

The beneficiaries will each receive the following benefits:

Monthly pension equivalent to:

Annual bonus equivalent to:

1) Name of orphan 1
$__________
$__________

2) Name of orphan 2
$__________
$__________

... n) Name of orphan n
$__________
$__________

The monthly pension will be paid on the ________ day of each month.

The annual bonus will be paid on the ________ day of the month of _________.

The amounts of the pension, annual bonus will be updated in the month of February of each year according to the National Consumer Price Index, corresponding to the previous calendar year.

CHARACTERISTICS OF THE BENEFITS

a)

The WIDOWHOOD PENSION will terminate upon the death of the beneficiary, or when the Mexican Social Security Institute so disposes through the corresponding resolution.

b)

The ORPHANHOOD PENSION will terminate upon the death of the beneficiary or when they turn sixteen years old.

c)

The ORPHANHOOD PENSION will continue to be paid after the orphan reaches the age of sixteen, and until the age of twenty-five, if they are studying in institutions of the national education system.

d)

When each ORPHANHOOD PENSIONER turns sixteen years of age, the insurer will inform them in writing, both of their right to receive a settlement payment for reaching 16 years of age as referred to in the Social Security Law, and of their right to request the insurer for an extension of their pension if they are studying in any institution of the National Education System. In the case of children who, at the time of the pension resolution, are over 16 years old, the settlement payment will be made upon the first suspension of pension payment. If any ORPHANHOOD PENSIONER does not prove that they are studying in any institution of the National Education System, the insurer will suspend the payment of the pension and resume it until they prove continuity in their studies.

e)

The orphan who cannot support themselves due to disability to work due to chronic, physical, or psychic illness, with prior resolution by the Mexican Social Security Institute, will have the right to a PENSION.

f)

In the event that the right of any of the PENSIONERS ends, a new distribution of the PENSIONS that remain in force will be made among the remaining ones, without exceeding the partial quotas or the total amount of said PENSIONS, for which the Insurer will issue the corresponding endorsement.

g)

The total of the PENSIONS may not exceed the amount of the pension that for retirement, advanced age and old age disability would correspond to the insured, without considering this family allowances or welfare assistance.

h)

The annual bonus that corresponds to orphans over 16 years old will be paid only if they have accredited the extension for studies at the date of payment.

i)

The benefits may also terminate when the Mexican Social Security Institute so disposes through the corresponding resolution.

NAME AND POSITION OF THE INSTITUTION'S OFFICIAL AND/OR LEGAL REPRESENTATIVE

SIGNATURE

ANNEX 14.2.2-x.

CONTRACTUAL DOCUMENTATION FORMAT FOR THE SURVIVORSHIP INSURANCE IN CASE OF CHOICE OF PENSION MODALITY UNDER PROGRAMMED WITHDRAWALS IN THE ADVANCED AGE AND OLD AGE DISABILITY INSURANCE.

LOGO

PENSION INSTITUTION

INSTITUTION'S ADDRESS

PENSION INSURANCE DERIVED FROM SOCIAL SECURITY LAWS

SURVIVORSHIP INSURANCE IN CASE OF CHOICE OF PENSION MODALITY UNDER PROGRAMMED WITHDRAWALS IN THE ADVANCED AGE AND OLD AGE DISABILITY INSURANCE

GENERAL DATA

NAME OF THE INSURED

NAME OF THE PENSIONER FOR WIDOWHOOD

NAME OF THE BENEFICIARY(IES) FOR

Name
Relationship

1)
2)

ADDRESS OF THE PENSIONED

SOCIAL SECURITY NUMBER

RESOLUTION NUMBER

CURP

POLICY NUMBER

DATE OF START OF RIGHTS

DATE OF START OF VALIDITY

DATE OF ISSUE

BENEFITS

The beneficiaries of the pensioner who has opted for programmed withdrawals have the right to a survivorship insurance that covers the payment of a monthly life pension and annual bonus for widowhood, orphanhood, or, in its case, ancestry, which will begin upon the death of the PENSIONER for advanced age and old age disability, whose amount will be determined in accordance with the Social Security Law.

The amounts of the pension and annual bonus derived from the survivorship insurance will be updated in the month of February of each year according to the National Consumer Price Index, corresponding to the previous calendar year.

TERMINATION OF BENEFITS

The monthly life pension and the annual bonus will terminate:

1. Upon the death of the PENSIONED beneficiary.

2. When the Mexican Social Security Institute so disposes through the corresponding resolution.

NAME AND POSITION OF THE INSTITUTION'S OFFICIAL AND/OR LEGAL REPRESENTATIVE

SIGNATURE

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