Amending Circular 13/17 of the Single Insurance and Surety Circular

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DOF: 06/10/2017

Amending Circular 13/17 of the Single Insurance and Surety Circular

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.

AMENDING CIRCULAR 13/17 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Seventy-Seventh Transitory Provision and Transitory Annex 16)

The National Commission of Insurance and Sureties, based on the provisions of articles 366, fraction II, 372, fractions VI and XLII, 373 and 381 of the Law of Insurance and Surety Institutions, and

CONSIDERING

That the National Development Plan 2013-2018 contemplates, as one of the lines of action established to achieve the objective of democratizing access to financing for projects with growth potential, the establishment and perfection of prudential norms and mechanisms to avoid imbalances and promote the economic growth of the country.

That, according to the foregoing, the Single Insurance and Surety Circular published in the Official Gazette of the Federation on December 19, 2014, establishes the calculation procedures that Insurance Institutions must apply to have sufficient capital resources in order to cover the solvency capital requirement they must maintain, without prejudice to maintaining the minimum paid-in capital for each operation or line of business authorized, as referred to in article 49 of the Law of Insurance and Surety Institutions.

That the solvency capital requirement provided for in the aforementioned regulation aims to strengthen the equity and development of Insurance Institutions so that, according to the volume of their operations, the different types of risks assumed, the loss trend, their reinsurance practices, and the composition of their investments, they remain permanently at sufficient levels to face adverse variations regarding the fulfillment of obligations contracted with insured persons and their beneficiaries, preserving their financial viability and thereby consolidating their stability and asset security, with which insured persons and their beneficiaries are protected from Insurance Institutions incurring possible insolvency.

That, resulting from the earthquakes registered on September 7 and 19, 2017, respectively, which have caused material damage in various areas of the national territory and in light of the emergency situation faced by inhabitants of the affected areas, it is necessary to facilitate the arrival of all resources that contribute to the restoration of damages, as well as to the normalization of economic activity in the shortest possible time.

That, in order to contribute to the immediate compensation of damages caused by the events in reference, by Insurance Institutions, the National Commission of Insurance and Sureties has determined it necessary to establish, on a transitory basis, a mechanism that provides liquidity to the aforementioned Insurance Institutions to meet commitments contracted with insured persons and their beneficiaries, while they carry out the recovery of risks ceded to reinsurers participating in the claims arising from said phenomena.

Therefore, the National Commission of Insurance and Sureties has resolved to modify the Single Insurance and Surety Circular in the following terms:

AMENDING CIRCULAR 13/17 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Seventy-Seventh Transitory Provision and Transitory Annex 16)

FIRST.- The Seventy-Seventh Transitory Provision is added to the Single Insurance and Surety Circular, to read as follows:

"SEVENTY-SEVENTH.- Payments that Institutions make for the concept of advances for claims arising from the effects of the earthquakes registered on Mexican territory on September 7 and 19, 2017, respectively, on behalf of Insurance Institutions authorized to operate reinsurance, as well as foreign reinsurers that at the time of the celebration of the respective reinsurance contract were registered in the General Register of Foreign Reinsurers and that, on the date the corresponding advance is made, maintain a credit rating granted by an international rating agency equal to or higher than the minimum required to appear in said Register in accordance with Chapter 34.3. "Of specialized rating companies and minimum ratings for purposes of the General Register of Foreign Reinsurers", must be registered under the item "Debtors", "Others", "Various Debtors" (chain 140 08 01 00) of the Minimum Balance Sheet Catalog (CMBG) of the Regulatory Report on Financial Statements (RR-7), considering for such effect that they must create in their accounting the concept named "Advances on Behalf of Reinsurers for the Payment of Claims of the Earthquakes of September 7 and 19, 2017".

The amount registered under the concept "Advances on Behalf of Reinsurers for the Payment of Claims of the Earthquakes of September 7 and 19, 2017", may back the solvency capital requirement, in accordance with what is established in Chapter 7.1 of these Provisions.

With respect to the accounting registration procedure mentioned above, it will remain valid for six months counted from the start of the validity of this Transitory Provision, so that at the end of said period it must be adjusted to the normative concordant with the minimum catalog referred to in Title 22 of these Provisions. For this reason, the balance reported under the concept "Advances on Behalf of Reinsurers for the Payment of Claims of the Earthquakes of September 7 and 19, 2017" on that date, must be transferred in its entirety to the item of Insurance Institutions, Current Account.

During the validity of this procedure and for the purpose of verifying the amounts affected for the concept of advances on behalf of reinsurers to cover the solvency capital requirement, Institutions must send to the Commission, within the first ten business days following the close of the month in question, the information indicated in the electronic format named "Advances for the Payment of Claims of the Earthquakes of September 7 and 19, 2017", which Institutions may obtain on the Website of this Commission (https://www.gob.mx/cnsf), within the module "Actions and Programs, Information Systems, Instructions, Catalogs and Manuals".

The delivery of said information must be carried out via Internet in accordance with what is indicated in Transitory Annex 16, using the Electronic Information Delivery System (SEIVE) referred to in Chapters 39.1 and 39.3 of these Provisions.

The first delivery of information must be made no later than October 13, 2017, with data as of September 30, 2017.

Institutions that have not been affected by claims originating from the earthquakes in reference, must inform this Commission, through a letter addressed to the General Direction of Financial Supervision, located at Avenida Insurgentes Sur 1971, North Tower 2nd Floor, Guadalupe Inn Colony, 01020, Mexico City, during hours of 9:00 to 14:00 and 15:00 to 18:00 before the date scheduled in this Transitory Provision for the first delivery of information, in order to be exempt from its presentation."

SECOND.- The "LIST OF ANNEXES OF THE SINGLE INSURANCE AND SURETY CIRCULAR" is added to make reference to Transitory Annex 16, to read as follows:

"LIST OF ANNEXES OF THE SINGLE INSURANCE AND SURETY CIRCULAR

"...

" Annex Transitory 16. Advances for the Payment of Claims of the Earthquakes of September 7 and 19 of 2017.

THIRD.- Transitory Annex 16 is added to the Single Insurance and Surety Circular.

FOURTH.- The "LIST OF DOCUMENTATION AND INFORMATION REFERRED TO IN THE SINGLE INSURANCE AND SURETY CIRCULAR TO WHICH ACCESS IS MADE THROUGH THE COMMISSION'S WEBSITE" is added to make reference to the electronic format named "Advances for the Payment of Claims of the Earthquakes of September 7 and 19, 2017", to read as follows:

"LIST OF DOCUMENTATION AND INFORMATION REFERRED TO IN THE SINGLE INSURANCE AND SURETY CIRCULAR TO WHICH ACCESS IS MADE THROUGH THE COMMISSION'S WEBSITE

"...

" Seventy-Seventh Transitory Provision Transitory Annex 16. Electronic format named "Advances for the Payment of Claims of the Earthquakes of September 7 and 19, 2017", at the path: https://www.gob.mx/cnsf, within the module Actions and Programs, Information Systems, Instructions, Catalogs and Manuals. "

TRANSITORY

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

The foregoing is made known to you, based on articles 366, fraction II, 372, fractions VI and XLII, 373 and 381 of the Law of Insurance and Surety Institutions.

Respectfully,

EFFECTIVE VOTING. NO RE-ELECTION.

Mexico City, September 29, 2017.- In the absence of the President of the National Commission of Insurance and Sureties, based on article 46 of the Internal Regulations of this Commission.- The Vice President of Institutional Operation, Gerardo Lozano de León.- Signature.

TRANSITORY ANNEX 16

FORM AND TERMS FOR THE PRESENTATION OF THE INFORMATION REPORT "ADVANCES FOR THE PAYMENT OF CLAIMS OF THE EARTHQUAKES OF SEPTEMBER 7 AND 19, 2017"

Institutions will deliver the electronic format named "Advances for the Payment of Claims of the Earthquakes of September 7 and 19, 2017" referred to in this Annex through product A_T_16, which must be identified according to the following 19-character alphanumeric nomenclature ordered as follows:

a)

In the first six positions, the specific product identifier must be placed: A_T_16.

b)

In the seventh position, the company type key must be placed:

Key Definition S Insurance Institutions and Mutual Societies. P Institutions authorized to practice pension insurance derived from social security laws. H Insurance institutions specialized in health insurance. G Insurance institutions authorized to operate financial guarantee insurance. V Insurance institutions authorized to operate housing credit insurance. F Surety institutions.

c)

From the eighth to the eleventh position, the number assigned to the Institution in question must be placed. This number must be preceded by zeros until it occupies four positions.

d)

From the twelfth to the nineteenth position, the report date must be indicated, specifying the year, month, and day.

Example:

In the case of an Insurance Institution with company key 0001, the product A_T_16 with a sending date of September 30, 2017, the product name must be constructed as follows:

Position 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Character A _ T _ 1 6 S 0 0 0 1 2 0 1 7 0 9 3 0 .ZIP .PGP

The information contained in product A_T_16 will be integrated into 1 file with .XLS format, which will contain the following information:

APSS19S: Advances for the Payment of Claims of the Earthquakes of September 7 and 19, 2017.- It will report on payments that Institutions make for the concept of advances for claims arising from the effects of the earthquakes registered on September 7 and 19, 2017, respectively, on behalf of Insurance Institutions authorized to operate reinsurance, as well as foreign reinsurers. (.XLS).

The aforementioned file will be identified with a 26-character alphanumeric nomenclature as follows:

a)

In the first six positions, A_T_16 must be placed.

b)

From the seventh to the thirteenth position, the file name: APSS19S.

c)

In the fourteenth position, the key of the Institution or Mutual Society type must be placed:

Key Definition S Insurance Institutions and Mutual Societies. P Institutions authorized to practice pension insurance derived from social security laws. H Insurance institutions specialized in health insurance. G Insurance institutions authorized to operate financial guarantee insurance. V Insurance institutions authorized to operate housing credit insurance. F Surety institutions.

d)

From the fifteenth to the eighteenth position, the key assigned to the company must be placed, this key must be preceded by zeros until it occupies four spaces.

e)

From the nineteenth to the twenty-sixth position, the report date must be indicated, specifying the year, month, and day.

Examples:

In the case of an Insurance Institution with company key 0001, to send product A_T_16 with a sending date of September 30, 2017, the product name must be constructed as follows:

Position 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Character A _ T _ 1 6 A P S S 1 9 S S 0 0 0 1 2 0 1 7 0 9 3 0 .XLS

The electronic format named "Advances for the Payment of Claims of the Earthquakes of September 7 and 19, 2017", can be consulted at the path: https://www.gob.mx/cnsf, within the module Actions and Programs, Information Systems, Instructions, Catalogs and Manuals.

To this effect, in the Excel electronic format, Institutions must report the information separately for each of the seismic events, according to the tabs contained in said format.

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