Amending Circular 13/19 of the Single Insurance and Surety Bond Circular

DOF: 11/10/2019

Amending Circular 13/19 of the Single Insurance and Surety Bond Circular

At the margin a seal with the National Coat of Arms, which says: United Mexican States.- SHCP.- Ministry of Finance and Public Credit.- National Commission of Insurance and Surety Bonds.

AMENDING CIRCULAR 13/19 OF THE SINGLE INSURANCE AND SURETY BOND CIRCULAR

(Annex 6.4.11.)

The National Commission of Insurance and Surety Bonds, pursuant to the provisions of Articles 366, fraction II, 372, fractions VI and XLII, 373 and 381 of the Law of Insurance and Surety Bond Institutions, and

CONSIDERING

That in accordance with the provisions of Article 232, in conjunction with Article 233, both of the Law of Insurance and Surety Bond Institutions, it is the obligation of Insurance Institutions to maintain the Admissible Own Funds necessary to back a Solvency Capital Requirement resulting from applying the general formula referred to in Article 236 of said Law, or alternatively, through the use of an internal model, in terms of what is established in Article 237 of the cited Law; without prejudice to the fact that such institutions maintain sufficient assets and investments for the coverage of the investment base and the minimum paid-in capital, provided for in said Law.

That according to what is established in Provision 6.4.11 of the current Single Insurance and Surety Bond Circular, the Commission will make known the Basic Adjustment Factor for Credit Risk (FBA) and the Credit Risk Adjustment Factor (FA) that Insurance Institutions must apply for the purpose of determining the corresponding capital requirement factor for the insured issuance.

That in view of the foregoing, it is necessary to inform the Institutions authorized to operate financial guarantee insurance about the values assigned to the credit risk adjustment factors that they must apply for the purpose of determining the corresponding capital requirement factor for the insured issuance, relative to the second quarter of 2019.

Therefore, the National Commission of Insurance and Surety Bonds has resolved to issue the following modification to the Single Insurance and Surety Bond Circular in the following terms:

AMENDING CIRCULAR 13/19 OF THE SINGLE INSURANCE AND SURETY BOND CIRCULAR

(Annex 6.4.11.)

SINGLE.- Annex 6.4.11. of the Single Insurance and Surety Bond Circular is modified.

TRANSITORY

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

This is made known to you, pursuant to Articles 366, fraction II, 372, fractions VI and XLII, 373 and 381 of the Law of Insurance and Surety Bond Institutions.

Respectfully,

Mexico City, September 23, 2019 .- The President of the National Commission of Insurance and Surety Bonds, Ricardo Ernesto Ochoa Rodríguez .- Initials.

ANNEX 6.4.11.

FBA AND FA FACTORS FOR THE CALCULATION OF THE FACTORS APPLICABLE TO THE CALCULATION OF THE

I. For the case of Government Bonds:

FBA

2.1813

II. For the case of:

a)

Asset-backed securities,

b)

Guaranteed values that have collateral guarantee or maturity of 7 years or less, and

c)

Guaranteed values that do not have collateral guarantee or maturity greater than 7 years:

FA

AAA (Standard & Poor's); Aaa (Moody's); AAA (Fitch)

2.1813

FA

AA (Standard & Poor's); Aa (Moody's); AA (Fitch)

2.3123

FA

A (Standard & Poor's); A (Moody's); A (Fitch)

2.3596

FA

BBB (Standard & Poor's); Baa2 (Moody's); BBB (Fitch)

3.2649

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