Amending Circular 16/15 of the Single Insurance and Surety Circular

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DOF: 08/12/2015

Amending Circular 16/15 of the Single Insurance and Surety Circular

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

AMENDING CIRCULAR 16/15 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Provisions 28.1.2., 28.2.2., 39.1.8 and 39.5.15 to 39.5.19.; Annexes 39.5.16-a, 39.5.16-b and 39.5.16-c)

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

CONSIDERING

That article 389 of the Law of Insurance and Surety Institutions establishes that Institutions and Mutual Societies, as well as other persons and entities subject to the inspection and supervision of the Commission under the terms of that Law, must submit to it the reports and tests regarding their organization, operations, accounting, investments, or assets that it requests for regulatory, supervisory, control, inspection, surveillance, statistical, and other functions that correspond to it under said Law or other legal, regulatory, and administrative provisions, in the form and terms established by it through general provisions.

That the submission of information regarding the Regularization Plans and Self-Correction Programs referred to in articles 320, 321, and 322 of the Law of Insurance and Surety Institutions, respectively, in conjunction with Provisions 28.1.2., 28.2.2., 39.1.7., and 39.1.8. of the Single Insurance and Surety Circular, by Institutions, Mutual Societies, Holding Companies of Financial Groups referred to in the Law to Regulate Financial Groupings, Reinsurance Intermediaries, and other persons and entities subject to the inspection and supervision of the Commission, must adhere to the form and terms indicated by the same.

That in view of the above and with the objective that the aforementioned submission of information by Institutions, Mutual Societies, Holding Companies of Financial Groups referred to in the Law to Regulate Financial Groupings, Reinsurance Intermediaries, and other persons and entities subject to the inspection and supervision of the Commission that send such Plans and Programs, is carried out in a simple, agile manner, and through means that allow effective and timely handling and control of the corresponding information, the Commission has deemed it necessary to modify the current Single Insurance and Surety Circular to establish therein the procedures that such entities must observe for the submission of information related thereto.

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

AMENDING CIRCULAR 16/15 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Provisions 28.1.2., 28.2.2., 39.1.8 and 39.5.15 to 39.5.19.; Annexes 39.5.16-a, 39.5.16-b and 39.5.16-c)

FIRST.- Section "Content" is modified to change the denomination of Chapter 39.5. of Title 39. of the Single Insurance and Surety Circular, to read as follows:

" Content "

" CHAPTER 39.5.

On the System for Notification of Requirement Letters and on the System for

Regularization Plans and Self-Correction Programs .

"..."

SECOND.- The " LIST OF DOCUMENTATION AND INFORMATION REFERRED TO IN THE SINGLE INSURANCE AND SURETY CIRCULAR THAT IS ACCESSED THROUGH THE WEBSITE OF THE NATIONAL COMMISSION OF INSURANCE AND SURETIES " is modified to add the reference to the instruction referred to in Provision 39.5.16.

to read as follows:

" LIST OF DOCUMENTATION AND INFORMATION REFERRED TO IN THE SINGLE

INSURANCE AND SURETY

CIRCULAR THAT IS ACCESSED THROUGH THE WEBSITE

OF THE NATIONAL

COMMISSION OF INSURANCE AND SURETIES

" ...

Provision 39.5.16.

Instruction for Use of the System for Regularization Plans and Self-Correction Programs, at the path:

http://www.cnsf.gob.mx/Sistemas/Instructivos catálogos y manuales "

THIRD.- Provisions 28.1.2., 28.2.2., and 39.1.8. of the Single Insurance and Surety Circular are modified, to read as follows:

28.1.2.

...

...

The submission of regularization plans by Institutions, Mutual Societies,

Holding Companies of Financial Groups referred to in the Law to Regulate

Financial Groupings and Reinsurance Intermediaries,

will adhere to the procedure

indicated in Provision 39.1.8., as well as in Chapter 39.6. of these

Provisions.

The submission of regularization plans by other persons and entities subject to the

inspection and supervision of the Commission referred to in Provision 28.3.5., will adhere for

such purposes to the procedure indicated in Provision 39.1.7., fraction II, and to Chapter 39.6.

of these Provisions.

28.2.2.

...

The submission of self-correction programs by Institutions, Mutual Societies,

Holding Companies of Financial Groups referred to in the Law to Regulate

Financial Groupings and Reinsurance Intermediaries, will adhere to the procedure

indicated in Provision 39.1.8., as well as in Chapter 39.6. of these

Provisions.

The submission of self-correction programs by other persons and entities subject to the

inspection and supervision of the Commission referred to in Provision 28.3.5., will adhere for

such purposes to the procedure indicated in Provision 39.1.7., fraction II, and to Chapter 39.6.

of these Provisions.

39.1.8.

...

I. and II.

...

III.

Document Registration System,

IV.

System for Notification of Requirement Letters, and

V.

System for Regularization Plans and Self-Correction Programs.

FOURTH.- The denomination of Chapter 39.5. of the Single Insurance and Surety Circular is modified, and Provisions 39.5.15. to 39.5.19. are added to said Chapter, to read as follows:

" CHAPTER 39.5.

" ON THE SYSTEM FOR NOTIFICATION OF REQUIREMENT LETTERS AND ON THE SYSTEM

FOR REGULARIZATION

PLANS AND SELF-CORRECTION PROGRAMS "

" ...

" 39.5.15.

For the submission of the information referred to in fraction V of Provision 39.1.8., the

Institutions, Mutual Societies, Holding Companies of Financial Groups referred to

in the Law to Regulate Financial Groupings and Reinsurance Intermediaries

must adhere to what is stated in this Chapter.

" 39.5.16.

The Institutions, Mutual Societies, Holding Companies of Financial Groups referred to

in the Law to Regulate Financial Groupings and Reinsurance Intermediaries

that use the System for Regularization Plans and Self-Correction Programs referred to in

fraction V of Provision 39.1.8., must carry out, remotely, via Internet,

the filling out of the information provided for in these Provisions according to the formats

established in Annexes 39.5.16-a, 39.5.16-b, and 39.5.16-c. For this purpose, the Institutions,

Mutual Societies, Holding Companies of Financial Groups referred to in the

Law to Regulate Financial Groupings and Reinsurance Intermediaries must

adhere to what is established in the " Instruction for Use of the System for Regularization Plans and

Self-Correction Programs ", which will be available on the Commission's Website.

" 39.5.17.

The System for Regularization Plans and Self-Correction Programs will be available

for Institutions, Mutual Societies, Holding Companies of

Financial Groups and Reinsurance Intermediaries to carry out the submission of the information

indicated in these Provisions. For the use of the System for Regularization Plans

and Self-Correction Programs, such entities must have a user registration

in accordance with the " Instruction for Use of the System for Regularization Plans and Self-Correction

Programs ".

The reference System will generate an identification folio for each Regularization Plan or

Self-Correction Program submitted to this Commission.

" 39.5.18.

The Institutions, Mutual Societies, Holding Companies of Financial Groups and

Reinsurance Intermediaries must submit the Regularization Plans and Self-Correction

Programs with the corresponding handwritten signatures, containing the identification folio

of the submission made through the System for Regularization Plans and Self-Correction

Programs within five business days following the said submission, otherwise

the information sent through the aforementioned system will be considered discarded. For

the submission of the documents in question, the provisions of

Chapter 39.6. of these Provisions must be followed.

" 39.5.19.

The entry of data into the System for Regularization Plans and Self-Correction Programs

and the submission of the information mentioned in Provision 39.5.18. above does not presuppose the

authorization of such Plans and Programs. "

FIFTH.- The " List of Annexes " of the Single Insurance and Surety Circular is modified to add

Annexes 39.5.16-a, 39.5.16-b, and 39.5.16-c, to read as follows:

" LIST OF ANNEXES

OF THE SINGLE INSURANCE AND SURETY CIRCULAR

...

39.5.16-a

Format for the submission of Regularization Plans referred to in article 320 of the Law

of Insurance and Surety Institutions.

39.5.16-b

Format for the submission of Regularization Plans referred to in article 321 of the Law

of Insurance and Surety Institutions.

39.5.16-c

Format for the submission of Self-Correction Programs referred to in article 322 of the

Law of Insurance and Surety Institutions.

...

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, based on articles 366, fraction II, and 372, fraction VI, of the Law of Insurance and Surety Institutions.

Respectfully,

Effective Suffrage. No Re-election.

Mexico, D.F., November 23, 2015 .- The President of the National Commission of Insurance and Sureties ,

Norma Alicia Rosas Rodríguez .- Rubric.

Annex 39.5.16-a

Format for the submission of Regularization Plans referred to in

article 320 of the Law of

Insurance and Surety Institutions

Folio:

General Data

Date:

Name*

General Manager issuing the document*

Paternal Surname

Maternal Surname

First Name(s)

Name of the Member of the Audit Committee or Comissary*

Paternal Surname

Maternal Surname

First Name(s)

REGULARIZATION PLAN ARTICLE 320

CNSF General Directorate to which the request is addressed*

Number of letter and date of request for the Regularization Plan*

Letter Number

Date ( DD/MM/YYYY)

Specific Data

Based on the Law of Insurance and Surety Institutions and the Single Insurance and Surety

Circular, this document is submitted for approval to the National Commission of Insurance and Sureties.

I.

Irregularities that are the subject of the Regularization Plan *

Id

Irreg.

Description

Normative Provision

LISF

CUSF

Art.

Frac.

Inciso

Numeral

Disp.

Frac.

Inciso

Numeral

Other

1

2

3

4

5

6

7

8

9

10

II.

Specific objectives pursued by the plan to restore coverage of the

solvency parameters.*

III.

The administrative, financial, and any other measures that the Institution will adopt to

correct the deficiencies that have caused the shortfall in any of its

solvency parameters.*

IV.

The capitalization program that, if necessary, the Institution requires to restore coverage of

the shortfalls in the solvency parameters by the end date of the regularization plan.*

V.

Detailed schedule of activities for their execution.*

Id

Acc.

Actions Adopted

Start ( DD/MM/YYYY)

End ( DD/MM/YYYY)

Id Irreg.

1

2

3

4

5

6

7

8

9

10

Various Clarifications

GENERAL MANAGER

AUDIT COMMITTEE/COMISSARY

• Required data

Annex 39.5.16-b

Format for the submission of Regularization Plans referred to in

article 321 of the Law of

Insurance and Surety Institutions

Folio:

General Data

Date:

Name*

General Manager issuing the document*

Paternal Surname

Maternal Surname

First Name(s)

Name of the Member of the Audit Committee or Comissary*

Paternal Surname

Maternal Surname

First Name(s)

REGULARIZATION PLAN ARTICLE 321

CNSF General Directorate to which the request is addressed*

Number of letter and date of request for the Regularization Plan*

Letter Number

Date ( DD/MM/YYYY)

Specific Data

Based on the Law of Insurance and Surety Institutions and the Single Insurance and Surety

Circular, this document is submitted for approval to the National Commission of Insurance and Sureties.

I.

Irregularities that are the subject of the Regularization Plan *

Id

Irreg.

Description

Normative Provision

LISF

CUSF

Art.

Frac.

Inciso

Numeral

Disp.

Frac.

Inciso

Numeral

Other

1

2

3

4 n

5

6

7

8

9

10

II.

Specific objectives pursued by the plan.*

III.

The administrative, financial, and any other measures that the Institution will adopt to

correct the situations that have caused the irregularities detected as the subject of the plan.*

IV.

Detailed schedule of activities for their execution.*

Id

Acc.

Actions Adopted

Start ( DD/MM/YYYY)

End ( DD/MM/YYYY)

Id Irreg.

1

2

3

4

5

6

7

8

9

10

Various Clarifications

GENERAL MANAGER

AUDIT COMMITTEE/COMISSARY

• Required data

Annex 39.5.16-c

Format for the submission of Self-Correction Programs referred to in

article 322 of the Law of

Insurance and Surety Institutions

Folio:

General Data

Date:

Name*

General Manager issuing the document*

Paternal Surname

Maternal Surname

First Name(s)

Name of the Member of the Audit Committee or Comissary*

Paternal Surname

Maternal Surname

First Name(s)

SELF-CORRECTION PROGRAM ARTICLE 322

CNSF General Directorate to which the request is addressed*

Specific Data

Based on the Law of Insurance and Surety Institutions and the Single Insurance and Surety

Circular, this document is submitted for approval to the National Commission of Insurance and Sureties.

I.

Irregularities or non-compliance committed, indicating for this purpose the provisions that have been

considered contravened.*

Id

Irreg.

Description

Normative Provision

LISF

CUSF

Art.

Frac.

Inciso

Numeral

Disp.

Frac.

Inciso

Numeral

Other

1

2

3

4

5

6

7

8

9

10

II.

Detail the circumstances that gave rise to the irregularity or non-compliance committed.*

III.

Indicate the actions adopted or intended to be adopted by the Institution to correct

the irregularity or non-compliance that motivated the program.*

IV.

Detailed schedule of activities for their execution.*

Id

Acc.

Actions Adopted

Start ( DD/MM/YYYY)

End ( DD/MM/YYYY)

Id Irreg.

1

2

3

4

5

6

7

8

9

10

Various Clarifications

GENERAL MANAGER

AUDIT COMMITTEE/COMISSARY

• Required data

---

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