Amending Circular 17/16 of the Single Insurance and Surety Circular

DOF: 18/10/2016

AMENDING CIRCULAR 17/16 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

A seal bearing the National Coat of Arms appears at the margin, which reads: United Mexican States.- Ministry of Finance and Public Credit.- National Insurance and Sureties Commission.

AMENDING CIRCULAR 17/16 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Provision 20.1.1.)

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

CONSIDERING

That in accordance with the first paragraph of Article 274 of the Insurance and Surety Institutions Law (LISF), insurance institutions authorized to operate the insurance types referred to in fractions I, III to X, XV, and XVI of Article 27 of said Law, must establish special funds through private trusts, the purpose of which is to have financial resources that, if necessary, support the fulfillment of their obligations towards policyholders, insured persons, and beneficiaries of their insurance policies.

That fraction VII of the aforementioned Article 274 of the LISF establishes that the special funds referenced may only support the fulfillment of obligations arising from the existence of an insurance contract.

That the LISF, in accordance with Article 2, fraction XXV, defines reinsurance as the contract under which an insurance institution, a foreign reinsurer, or a foreign reinsurance entity assumes, totally or partially, a risk already covered by an insurance institution or the remainder of damages that exceeds the amount insured by the direct insurer.

That in terms of the aforementioned definition, in reinsurance contracts, only insurance institutions may have the status of insured parties, whereas in insurance contracts, any person may be the insured party.

That since the Ministry of Finance and Public Credit, through official letter 366-III-331/16 of August 24, 2016, issued an interpretative criterion regarding that fraction VII of Article 274 of the LISF provides that the special funds referred to in said Article may only support the fulfillment of obligations arising from the existence of an insurance contract, without any mention in said provision of obligations arising from reinsurance contracts; the National Insurance and Sureties Commission, in order to clarify the applicable regulations and thus provide legal certainty to the financial entities under its supervision, has deemed it necessary to make the corresponding modification to the Single Insurance and Surety Circular, with the objective of providing that the resources to be contributed to the private trusts referred to in the aforementioned Article 274 of the LISF correspond exclusively to contributions derived from direct insurance contracts and not from assumed reinsurance contracts.

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

AMENDING CIRCULAR 17/16 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Provision 20.1.1.)

SINGLE.-

Provision 20.1.1 of the Single Insurance and Surety Circular is modified by adding a second paragraph to read as follows:

20.1.1.

......... ..

The contributions to the private trusts referred to in this Provision shall correspond exclusively to direct insurance contributions and not to premiums derived from assumed reinsurance contracts.

TRANSITORY

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

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

Respectfully,

Effective Suffrage. No Re-election.

Mexico City, October 7, 2016.- The President of the National Insurance and Sureties Commission, Norma Alicia Rosas Rodríguez.- Signature.

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