Amending Circular 21/19 of the Single Insurance and Surety Circular

DOF: 07/02/2020

Amending Circular 21/19 of the Single Insurance and Surety Circular

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 21/19 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Annex 6.5.7.)

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 Law of Insurance and Surety Institutions, and

CONSIDERING

That in accordance with the provisions of articles 232, 233 and 234 of the Law of Insurance and Surety Institutions, Insurance Institutions must calculate monthly a solvency capital requirement, and in particular, for the insurance referred to in fraction II of article 27 of said Law, the calculation of said requirement shall only be carried out in accordance with the general formula determined for this purpose by the National Insurance and Sureties Commission.

That article 235, fraction VI, subsection b), of the Law of Insurance and Surety Institutions establishes that the solvency capital requirement will cover the risk of mismatch between assets and liabilities, which will reflect the potential loss derived from the structural lack of correspondence between assets and liabilities, due to the fact that a position cannot be covered by establishing an equivalent opposite position, and will consider, at least, duration, currency, interest rate, exchange rates, price indices, among others.

That Provision 6.5.6. of the Single Insurance and Surety Circular states that the calculation of the asset-liability mismatch capital requirement ( ) must be determined considering this sum up to the tranch k corresponding to the number of years for which there is any asset available in the market that offers a guaranteed yield equal to or higher than inflation, through which the Insurance Institution can match its liabilities.

That in order to facilitate the timely update of the measurement interval K referred to, so that insurance institutions maintain an adequate matching position between assets and liabilities, the National Insurance and Sureties Commission periodically reviews this parameter.

That as a result of said review, this Commission detected that on August 7, 2019, a new issuance of the 30-year UDIBONO with a maturity date of November 3, 2050 was carried out by Banxico, so that the investments subject to the coverage of the investment base to which institutions practicing pension insurance derived from social security laws have access, are considered to have a maximum maturity of 30 years; for this reason, it is necessary to update the value of the measurement tranch K established in Annex 6.5.7. of the Single Insurance and Surety Circular, so that it takes this value.

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 21/19 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Annex 6.5.7.)

SOLE.- Annex 6.5.7. of the Single Insurance and Surety Circular is modified.

TRANSITORY

SOLE.- This Amending Circular shall enter into force on June 30, 2020.

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,

Mexico City, December 20, 2019.- The President of the National Insurance and Sureties Commission, Ricardo Ernesto Ochoa Rodríguez.- Signature.

ANNEX 6.5.7.

MEASUREMENT TRANCH K FOR THE PURPOSES OF THE CAPITAL REQUIREMENT FOR

MISMATCH BETWEEN

ASSETS AND LIABILITIES

K = 30

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