Amending Circular 16/19 of the Single Circular on Insurance and Sureties

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DOF: 04/12/2019

Amending Circular 16/19 of the Single Circular on Insurance and Sureties

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

AMENDING CIRCULAR 16/19 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Annex 6.4.11.)

The National Insurance and Sureties Commission, pursuant to the provisions of Articles 366, fraction II, and 372, fractions VI and XLII, 373 and 381 of the Law of Insurance and Surety 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 Institutions, it is the obligation of Insurance Institutions to maintain the necessary Admissible Own Funds to back a Solvency Capital Requirement resulting from applying the general formula referred to in Article 236 of said Law, or by using an internal model, in terms of what is established in Article 237 of the cited Law; this without prejudice to the fact that these 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 Single Circular on Insurance and Sureties, 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 capital requirement factor corresponding to the issued guarantee.

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

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

AMENDING CIRCULAR 16/19 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Annex 6.4.11.)

SOLE.-

Annex 6.4.11. of the Single Circular on Insurance and Sureties is modified.

TRANSITORY

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

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

Respectfully,

Mexico City, November 13, 2019. - The President of the National Insurance and Sureties Commission, Ricardo Ernesto Ochoa Rodríguez. - Signature.

ANNEX 6.4.11.

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

I.

For the case of Government Bonds:

FBA

2.3462

II. For the case of:

a)

Asset-backed securities,

b)

Guaranteed securities that have collateral guarantee or a maturity term

of 7

years or less, and

c)

Guaranteed securities that do not have collateral guarantee or a maturity term

greater than 7 years:

FA

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

2.3462

FA

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

2.4897

FA

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

2.5417

FA

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

3.5340

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