Amending Circular 23/15 of the Single Circular on Insurance and Surety Bonds

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DOF: 08/01/2016

Amending Circular 23/15 of the Single Circular on Insurance and Surety Bonds

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 Surety Bonds.

AMENDING CIRCULAR 23/15 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETY BONDS

(Provisions 6.10.2., 7.4.1., 38.1.1., 38.1.5. and 38.1.8., Transitory Provisions Twelfth and Fiftieth and Annexes 6.10.6., 38.1.5. and 38.1.8.)

The National Commission of Insurance and Surety Bonds, based on Articles 366, fraction II, and 372, fraction VI of the Law of Insurance and Surety Bond Institutions, and

CONSIDERING

That on April 4, 2013, the "Decree issuing the Law of Insurance and Surety Bond Institutions and reforming and adding various provisions of the Law on the Insurance Contract" was published in the Official Gazette of the Federation, through which, in terms of its First Article, the Law of Insurance and Surety Bond Institutions is issued.

That on December 19, 2014, the Single Circular on Insurance and Surety Bonds was published in the Official Gazette of the Federation, through which the general provisions emanating from the Law of Insurance and Surety Bond Institutions are made known, in order to thereby provide legal certainty regarding the regulatory framework to which Insurance and Mutual Insurance Institutions, Surety Bond Institutions, and other persons and entities subject to the inspection and surveillance of the National Commission of Insurance and Surety Bonds must adhere in the development of their operations.

That in terms of what is established in Transitory Provision Twelfth of the Single Circular on Insurance and Surety Bonds, during the period from April 4 to December 31, 2015, Insurance and Mutual Insurance Institutions, as well as Surety Bond Institutions, shall comply, among others, with the obligations related to technical reserves, solvency capital requirement, and the coverage of the investment base as established in the corresponding transitory annexes of the aforementioned Single Circular.

That in view of the fact that the transitional period referred to in the previous paragraph is about to conclude, the National Commission of Insurance and Surety Bonds has deemed it necessary to issue this Amending Circular with the objective of assisting in the implementation and adaptation of the operational processes of the Institutions, so that they are in a position to perform the estimation of the Solvency Capital Requirement, in accordance with what is established in the applicable regulatory framework as of January 1, 2016.

That as a result of the adoption as of January 1, 2016, of the new methods for the calculation of technical reserves in accordance with the Law of Insurance and Surety Bond Institutions and the Single Circular on Insurance and Surety Bonds, it is necessary to establish the transitional accounting treatment applicable in the event of a release of technical reserves, while the application of said methods stabilizes.

That it is necessary to include in the Regulatory Report on Financial Statements (RR-7) the information on claims registered under the item "Claims Received," in attention to what is established in Annex 22.1.2., with the objective of applying the regulatory actions that correspond in follow-up to possible contingencies that could affect the solvency of Surety Bond Institutions.

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

AMENDING CIRCULAR 23/15 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETY BONDS

(Provisions 6.10.2., 7.4.1., 38.1.1., 38.1.5. and 38.1.8., Transitory Provisions Twelfth and Fiftieth and Annexes 6.10.6., 38.1.5. and 38.1.8.)

FIRST.-

Provisions 6.10.2., 7.4.1., 38.1.1., 38.1.5. and 38.1.8. are modified, to read as follows:

6.10.2.

Institutions shall present to the Commission information regarding the determination of their RCS, as well as compliance with what is established in Chapters 6.2 to 6.10, as part of the Regulatory Report on Capital Requirements (RR-4) referred to in Chapter 38.1 of these Provisions.

7.4.1.

... This information shall be presented as part of the Regulatory Report on Financial Statements (RR-7) referred to in Chapter 38.1 of these Provisions.

38.1.1.

...

I.

...

a) to c)

...

d)

The Regulatory Report on Capital Requirements (RR-4);

e) to i)

...

II. to V. ...

38.1.5.

The Regulatory Report on Capital Requirements (RR-4) shall contain information concerning the verification of the determination of the RCS.

The Regulatory Report on Capital Requirements (RR-4) shall be presented, in accordance with what is indicated in Annex 38.1.5, within fifteen business days following the close of each quarter, with the exception of the fourth quarter information, which shall be presented within the first twenty business days following the close of the fiscal year, and its delivery shall adhere to the procedure indicated in Chapters 39.1 and 39.2 of these Provisions.

38.1.8.

...

I.

...

a) to e)

...

f)

The classification by levels of Admissible Own Funds, as well as the sufficiency level of said funds with respect to the RCS, and

g)

...

II. and III.

...

...

SECOND.-

Transitory Provisions Twelfth and Fiftieth are modified, to read as follows:

TWELFTH.-

...

With the purpose of carrying out a final test prior to the conclusion of the transition provided for in this Provision, Institutions and Mutual Societies shall carry out a complete reporting exercise to the Commission with figures at the close of the fourth quarter of 2015. This complete reporting exercise shall consider, in addition to those that Institutions and Mutual Societies must present in accordance with what is provided in these Provisions, the delivery of the Regulatory Report on Technical Reserves (RR-3), the Regulatory Report on Capital Requirements (RR-4), and the Regulatory Report on Financial Statements (RR-7) in the form and terms provided in Provisions 38.1.4, 38.1.5, and 38.1.8, respectively. The delivery of the aforementioned Regulatory Reports RR-3, RR-4, and RR-7 with figures at the close of the 2015 fiscal year shall be made no later than March 4, 2016, and the same shall be mandatory, considering that it will not generate the application of sanctions for deficiencies in its integration, content, or results.

FIFTIETH.- The Regulatory Report on Capital Requirements (RR-4) referred to in Provision 38.1.5, shall be presented for the first time by Institutions and Mutual Societies to the Commission, within fifteen business days following the close of the first quarter of 2016.

THIRD.-

The "List of Annexes of the Single Circular on Insurance and Surety Bonds" is modified, to read as follows:

"...

Annex 38.1.5. Presentation of the Regulatory Report on Capital Requirements (RR-4).

..."

FOURTH.-

Annexes 6.10.6., 38.1.5. and 38.1.8. of the Single Circular on Insurance and Surety Bonds are modified.

TRANSITORY

SINGLE.- This Amending Circular shall enter into force on January 1, 2016.

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

Respectfully,

Effective Suffrage. No Re-election.

Mexico, D.F., December 24, 2015. - National Commission of Insurance and Surety Bonds.- By substitution of the President and the Vice President of Institutional Operation and in accordance with Article 46 of the Internal Regulations of the

National Commission of Insurance and Surety Bonds, the Legal Vice President, Luis Eduardo

Iturriaga Velasco.- Signature.

ANNEX 6.10.6.

PROCEDURE FOR THE DELIVERY OF THE COMPUTING SYSTEM FOR THE CALCULATION OF THE RCS OF

INSTITUTIONS THROUGH THE USE OF THE GENERAL FORMULA PROVIDED IN ARTICLE

236 OF THE LISF.

The delivery of the computing system, which will be identified as "Solvency Capital Requirement Calculation System," with which the RCS calculation performed by Institutions through the use of the general formula provided in Article 236 of the LISF must be carried out, shall be provided as follows:

I.

The delivery of the "Solvency Capital Requirement Calculation System" will be made to all Institutions authorized to operate insurance and/or surety bonds.

II.

The delivery of the "Solvency Capital Requirement Calculation System" will be carried out by the General Directorate of Informatics of the National Commission of Insurance and Surety Bonds, located at Av. Insurgentes Sur 1971, North Tower, 1st floor, Colonia Guadalupe Inn, C.P. 01020, Mexico D.F., during business hours from 9:00 to 14:00 and from 15:00 to 18:00.

III.

For the purposes of the delivery of the "Solvency Capital Requirement Calculation System," any person may attend, who must exhibit (in original and copy) a letter from the technical director or general director of the Institution, authorizing them to receive said system, as well as original and copy of their official identification.

IV.

Along with the "Solvency Capital Requirement Calculation System," the installation and operation manual for the same will be delivered, which will be found on the installation disk that will be provided to the Institutions.

V.

The version of the "Solvency Capital Requirement Calculation System" that must be used for the RCS calculation performed by Institutions through the use of the general formula provided in Article 236 of the LISF is version 1.0.

ANNEX 38.1.5.

PRESENTATION OF THE REGULATORY REPORT ON

CAPITAL REQUIREMENTS (RR-4)

Institutions shall deliver the Regulatory Report on Capital Requirements (RR-4), with figures at the close of each quarter, through the RR4 product of the Electronic Information Delivery System (SEIVE), which must comply with what is established in this annex and be identified according to the following 16-character alphanumeric nomenclature:

a)

In the first three positions, the specific product identifier must be placed: RR4.

b)

In the fourth position, the company type key must be placed:

Key

Definition

S

Insurance Institutions.

H

Health Institutions.

P

Pension Institutions.

G

Financial Guarantee Institutions.

V

Housing Credit Institutions.

F

Surety Bond Institutions.

c)

From the fifth to the eighth position, the key assigned to the Institution in question must be placed. This key must be preceded by zeros until it occupies the four positions.

d)

From the ninth to the sixteenth position, the report date must be indicated, specifying the year, month, and day (yyyymmdd).

Example:

In the case of the Insurance Institution with company key 5000 with a report date of December 31, 2015, the product name must be constructed as follows:

Position

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

Extension

Character

R

R

4

S

5

0

0

0

2

0

1

5

1

2

3

1

.ZIP

.PGP

The information contained in the RR4 product will be integrated from up to five files with .XLSX format, up to three files with .MAT format, up to 29 files with .TXT format, and one file with PDF format.

The .XLSX files will contain the following information:

RRCS: RCS Results.- The file with the results of the Solvency Capital Requirement yielded by the Solvency Capital Requirement Calculation System, calculated in accordance with Provision 6.2.1, will be reported.

IRTS: Insurance technical reserves information.- Information related to insurance technical reserves will be reported for each line or type of insurance, in accordance with what is indicated in the Data Manual for the RCS calculation of technical reserves.

IRTF: Surety bond technical reserves information.- Information related to surety bond technical reserves will be reported for each line, sub-line, or type of surety bond, in accordance with what is indicated in the Data Manual for the RCS calculation of technical reserves and additional surety bond information.

TFIA: Paid claims triangles and surety bond guarantee recovery.- Information related to paid claims, underwritten guaranteed amounts, guarantee recovery, and the priority and capacity of XL reinsurance contracts will be reported for each line, sub-line, or type of surety bond, in accordance with what is indicated in the Data Manual for the RCS calculation of technical reserves and additional surety bond information.

RCSF: Surety bond RCS calculation information.- Information regarding the capital requirement related to technical risks for the practice of surety bond operations will be reported for each line, sub-line, or type of surety bond, in accordance with what is indicated in the Data Manual for the RCS calculation of technical reserves and additional surety bond information.

The files indicated with .XLSX format will be identified with a 20-character alphanumeric nomenclature, as follows:

a)

The first three positions will be reserved for the product identifier: RR4.

b)

From the fourth to the seventh position, the key corresponding to the file identifier must be indicated, as appropriate:

RRCS

RCS Results

IRTS

Insurance technical reserves information

IRTF

Surety bond technical reserves information

TFIA

Paid claims triangles and

surety bond guarantee recovery

RCSF

Surety bond RCS calculation information

c)

In the eighth position, the company type key must be indicated:

Key

Definition

S

Insurance Institutions.

H

Health Institutions.

P

Pension Institutions.

G

Financial Guarantee Institutions.

V

Housing Credit Institutions.

F

Surety Bond Institutions.

d)

From the ninth to the twelfth position, the key assigned to the company must be indicated; this key must be preceded by zeros until it occupies the four positions.

e)

From the thirteenth to the twentieth position, the report date must be indicated, specifying the year, month, and day (yyyymmdd).

Examples:

For the RCS results files, surety bond technical reserves information, and paid claims triangles and surety bond guarantee recovery for the Surety Bond Institution with key 2000, relative to December 31, 2015, the following identifiers will correspond:

Position

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

Extension

Character

R

R

4

R

R

C

S

F

2

0

0

0

2

0

1

5

1

2

3

1

.XLSX

Position

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

Extension

Character

R

R

4

I

R

T

F

F

2

0

0

0

2

0

1

5

1

2

3

1

.XLSX

and

Position

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

Extension

Character

R

R

4

T

F

I

A

F

2

0

0

0

2

0

1

5

1

2

3

1

.XLSX

The .MAT files will contain the following information:

RSIM: RCS Simulation Results.- The file with the results of the different simulated scenarios for the random variables that comprise the different components for the calculation of the Solvency Capital Requirement will be reported.

LYOT: Complementary to the RSIM file, which contains the encoding of the information loaded from the data inputs used for the calculation of the Solvency Capital Requirement, except for Long-Term Life G01.

LYLP: Complementary to the RSIM file, which contains the encoding of the information loaded from the data inputs used for the calculation of the Solvency Capital Requirement for Long-Term Life G01.

The files with .MAT format will be identified with a 20-character alphanumeric nomenclature, as follows:

a)

The first three positions will be reserved for the product identifier: RR4.

b)

From the fourth to the seventh position, the key corresponding to the file identifier must be indicated, as appropriate:

RSIM

RCS Simulation Results

LYOT

Input encoding except for

Long-Term Life G01

LYLP

Input encoding for Long-Term

Life G01

c)

In the eighth position, the company type key must be indicated:

Key

Definition

S

Insurance Institutions.

H

Health Institutions.

P

Pension Institutions.

G

Financial Guarantee Institutions.

V

Housing Credit Institutions.

F

Surety Bond Institutions.

d)

From the ninth to the twelfth position, the key assigned to the company must be indicated; this key must be preceded by zeros until it occupies the four positions.

e)

From the thirteenth to the twentieth position, the report date must be indicated, specifying the year, month, and day (yyyymmdd).

Example:

For the file with results from the simulations for the RCS, for the Insurance Institution with key 5000, relative to December 31, 2015, the following identifier will correspond:

Position

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

Extension

Character

R

R

4

R

S

I

M

S

5

0

0

0

2

0

1

5

1

2

3

1

.MAT

The .TXT files will contain the following information:

API: Individual Personal Accident Input.- The file with the data corresponding to the Individual Personal Accident portfolio will be reported.

APC: Collective Personal Accident Input.- The file with the data corresponding to the Collective Personal Accident portfolio will be reported.

GMI: Individual Medical Expenses Input.- The file with the data corresponding to the Individual Medical Expenses portfolio will be reported.

GMC: Collective Medical Expenses Input.- The file with the data corresponding to the Collective Medical Expenses portfolio will be reported.

HI Individual Health Input.- The file with the data corresponding to the Individual Health portfolio will be reported.

HC: Collective Health Input.- The file with the data corresponding to the Collective Health portfolio will be reported.

VCP: Short-Term Life Input.- The file with the data corresponding to the Short-Term Life portfolio will be reported.

VLPG01: Long-Term Life (0,1) Expense Input.- The file with the data corresponding to the Long-Term Life portfolio for the Expense in the (0,1) Interval will be reported.

VLPP1: Long-Term Life Liability at 1 Input.- The file with the data corresponding to the Long-Term Life portfolio for the Liability at time 1 will be reported.

VLPVCG01: Joint Life Long-Term Life (0,1) Expense Input.- The file with the data corresponding to the Long-Term Life portfolio for the Expense in the (0,1) Interval for Joint Lives will be reported.

VLPVCP1: Joint Life Long-Term Life Liability at 1 Input.- The file with the data corresponding to the Long-Term Life portfolio for the Liability at time 1 for Joint Lives will be reported.

VLPCAD: Long-Term Life Lapse Rates Input.- The file with the data corresponding to the Lapse Rates for Long-Term Life insurance will be reported.

VLPDEC: Decrement Table.- The file with the data corresponding to long-term life decrements will be reported.

AUI: Individual Automobile Input.- The file with the data corresponding to the Individual Automobile portfolio will be reported.

AUF: Fleet Automobile Input.- The file with the data corresponding to the Fleet Automobile portfolio will be reported.

CRE: Credit Input.- The file with the data corresponding to the Credit portfolio will be reported.

DMI: Miscellaneous Diversified Input.- The file with the data corresponding to the Miscellaneous Diversified portfolio will be reported.

DRT: Technical Lines Diversified Input.- The file with the data corresponding to the Technical Lines Diversified portfolio will be reported.

INC: Fire Input.- The file with the data corresponding to the Fire portfolio will be reported.

MYT: Maritime and Transport Input.- The file with the data corresponding to the Maritime and Transport portfolio will be reported.

RCV: Civil Liability and Professional Risks Input.- The file with the data corresponding to the Civil Liability and Professional Risks portfolio will be reported.

CAU: Surety Input.- The file with the data corresponding to the Surety portfolio will be reported.

RTS: Reinsurance Taken by Insurers Input.- The file with the data corresponding to the Reinsurance Taken by Insurers portfolio will be reported.

RTR: Reinsurance Taken by Reinsurers Input.- The file with the data corresponding to the Reinsurance Taken by Reinsurers portfolio will be reported.

EREA: Reinsurance Scheme Input.- The file with the data corresponding to the Reinsurance Scheme will be reported.

IMPREC: Recoverable Reinsurance Amounts Input.- The file with the data corresponding to the assets corresponding to the recoverable reinsurance amounts referred to in Provision 6.3.2 will be reported.

CPML: PML Reinsurance Coverages Input.- The file with the data corresponding to the proportional and excess of loss reinsurance coverages that back the PML will be reported.

RO: Operational Risk Input.- The file with the data corresponding to Operational Risk will be reported.

ISME: Loss Ratio Indices Input.- The file with the Loss Ratio Indices of the best estimator of the reserve for risks in force and the reserve for obligations pending fulfillment for reported and unreported claims and adjustment expenses assigned to the claim will be reported.

The files indicated with .TXT format will serve as input for the Solvency Capital Requirement Calculation System, referred to in Annex 6.10.6., and will be identified with an alphanumeric character nomenclature, as follows:

a)

The first three positions will be reserved for the product identifier: RR4.

b)

In the following positions, the key corresponding to the file identifier must be indicated, as appropriate:

API

Individual Personal Accident

APC

Collective Personal Accident

GMI

Individual Medical Expenses

GMC

Collective Medical Expenses

HI

Individual Health

HC

Collective Health

VCP

Short-Term Life

VLPG01

Expense in (0,1) Long-Term Life

VLPP1

Liability at 1 Long-Term Life

VLPVCG01

Expense in (0,1) Joint Life Long-Term Life

VLPVCP1

Liability at 1 Joint Life Long-Term Life

VLPCAD

Lapse Rates Long-Term Life

VLPDEC

Decrement Table

AUI

...

Autos Individual

AUF

Autos Flotilla

CRE

Credit

DMI

Miscellaneous Diversified

DRT

Technical Lines Diversified

INC

Fire

MYT

Maritime and Transport

RCV

Civil Liability and Professional Risks

CAU

Suretyship

RTS

Reinsurance Taken for Insurers

RTR

Reinsurance Taken for Reinsurers

EREA

Reinsurance Scheme

IMPREC

Recoverable Reinsurance Amounts

CPML

Reinsurance PML Coverages

RO

Operational Risk

ISME

Loss Ratio Indices

c)

In the eighth position, the company type key must be indicated:

Key Definition

S Insurance institutions.

H Health institutions.

P Pension institutions.

G Financial guarantee institutions.

V Housing credit institutions.

F Surety institutions.

d)

In the following four positions, the key assigned to the company must be indicated; this key must be preceded by zeros to occupy the four positions.

e)

In the following four positions, the report date must be indicated, specifying the year, month, and day (yyyymmdd).

Examples:

For the Collective Medical Expenses, Long-Term Life Passive, and Operational Risk files for the Insurance Institution with key 5000, relating to December 31, 2015, the following identifiers will correspond:

Position 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Extension Character R R 4 G M C S 5 0 0 0 2 0 1 5 1 2 3 1 .TXT

Position 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Extension Character R R 4 V L P P 1 S 5 0 0 0 2 0 1 5 1 2 3 1 .TXT

and

Position 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Extension Character R R 4 R O S 5 0 0 0 2 0 1 5 1 2 3 1 .TXT

The information reported in the files with file identifiers: API, APC, GMI, GMC, HI and HC must be carried out in accordance with the "Data Manual for the Calculation of the RCS of Accident and Health Insurance". The information reported in the file with file identifier: VCP must be carried out in accordance with the "Data Manual for the Calculation of the RCS of Short-Term Life Insurance". The information reported in the files with file identifiers: VLPG01, VLPP1, VLPVCG01, VLPCVP1, VLPDEC and VLPCAD must be carried out in accordance with the "Data Manual for the Calculation of the RCS of Long-Term Life Insurance". The information reported in the files with file identifiers: AUI, AUF, CRE, DMI, DRT, INC, MYT, RCV and CAU must be carried out in accordance with the "Data Manual for the Calculation of the RCS of Property Insurance". The information reported in the file with file identifier: RTS must be carried out in accordance with the "Data Manual for the Calculation of the RCS of the Reinsurance Taken Operation". The information reported in the file with file identifier: RTR must be carried out in accordance with the "Data Manual for the Calculation of the RCS for the Reinsurance Taken Operation for Reinsurers". The information reported in the file with file identifier: EREA must be carried out in accordance with the "Data Manual for the Calculation of the RCS of Reinsurance Schemes". The information reported in the files with file identifiers: IMPREC and CPML must be carried out in accordance with the "Data Manual for the Calculation of the RCS of Counterparty Risks". The information reported in the file with file identifier: ISME must be carried out in accordance with the "Data Manual for the Calculation of the RCS of Best Estimator Loss Ratio Indices". While the information reported in the file with file identifier: RO must be carried out in accordance with the "Data Manual for the Calculation of the RCS of Operational Risk". These manuals will be made available through the Commission's Website.

Furthermore, in the case that Institutions wish to send a file with the clarifications they consider appropriate, through a free-form letter signed by the General Director of the Institution or, in their absence, by an official at the level immediately below that of the latter, to complement the delivery of the Regulatory Report on Capital Requirements (RR-4), they must identify it according to the following 19-character alphanumeric nomenclature:

a)

In the first 6 positions, the identifier must be indicated: RR4ESC.

b)

In the seventh position, the company type key must be indicated:

Key Definition

S Insurance institutions.

H Health institutions.

P Pension institutions.

G Financial guarantee institutions.

V Housing credit institutions.

F Surety institutions.

c)

From the eighth to the eleventh position, the key assigned to the Institution in question must be indicated. This key must be preceded by zeros to occupy the four positions.

d)

From the twelfth to the nineteenth position, the report date must be indicated, specifying the year, month, and day (yyyymmdd).

Example:

In the case of the Insurance Institution with company key 0001, for the letter with clarifications with a report date of December 31, 2015, the file name must be constructed as follows:

Position 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Extension Character R R 4 E S C S 0 0 0 1 2 0 1 5 1 2 3 1 .PDF

Entities Obligated to Deliver the Different Files:

The .XLSX file with file identifier: RRCS.

All.

The .XLSX file with file identifier: IRTS.

S, P, H, V and G

The .XLSX files with file identifiers: TFIA, IRTF and RCSF.

F and S with authorization in the Suretyship line and the surety operation.

The .MAT files with file identifiers: RSIM and LYOT.

All.

The .MAT file with file identifier: LYLP

S with authorization in the Long-Term Life operation

The .TXT files with file identifiers: API, APC, VCP, VLPG01, VLPP1, VLPVCG01, VLPVCP1, VLPDEC, VLPCAD, AUI, AUF, CRE, DMI, DRT, INC, MYT, RCV.

S with authorizations in the Accident and Health operation in the Personal Accident line (API, APC), in the Life operation (VCP, VLPG01, VLPP1, VLPDEC and VLPCAD), and in the Property operation in the Automobiles (AUI and AUF), Credit (CRE), Diversified (DMI and DRT), Fire, Maritime and Transport and Civil Liability and Professional Risks (INC, MYT and RCV) lines.

The .TXT format files with file identifiers: GMI and GMC.

S and H, both with authorization in the Medical Expenses line.

The .TXT format files with file identifiers: HI and HC.

H

The .TXT format file with file identifier: CAU.

S with authorization in the Suretyship line.

The .TXT format file with file identifier: RTS.

S and H.

The .TXT format file with file identifier: RTR.

S with authorization to operate exclusively reinsurance.

The .TXT format file with file identifier: EREA.

S and H

The .TXT format file with file identifier: IMPREC.

S and H

The .TXT format file with file identifier: CPML.

S with authorization in the Property operation in the Agricultural and Animal and Catastrophic Risks lines, as well as G and V.

The .TXT format file with file identifier: RO.

All.

The .TXT format file with file identifier: ISME.

S and H

Clarification Letter

Optional

OF THE REPORT OF INFORMATION RELATING TO THE CAPITAL REQUIREMENT RELATING TO THE TECHNICAL UNDERWRITING RISKS OF THEIR INSURANCE INSTITUTIONS AUTHORIZED TO OPERATE PENSION INSURANCE.

For the purposes of what is stated in fraction I of Provision 38.1.5 of this Single Circular, in concordance with provisions 6.5.1, fractions I and IV, and 6.5.3 to 6.5.17 of the same regulation, Insurance Institutions authorized to operate Pension Insurance and Insurance Institutions that carry out the life operation and that enter into proportional reinsurance contracts in matters of pension insurance derived from social security laws, will carry out the delivery of information relating to capital requirements for technical underwriting risks and for the risk of mismatch between assets and liabilities, as part of the Regulatory Report on Capital Requirements (RR-4), through the RR4RCTF product of the Electronic Information Delivery System (SEIVE).

In accordance with what is stated in the aforementioned Provision 38.1.5, the RR4RCTF product must be presented quarterly within fifteen business days following the close of each quarter, with the exception of fourth-quarter information, which must be presented within the first twenty business days following the close of the fiscal year, and its delivery will adhere to the procedures stated in Chapters 39.1 and 39.2 of these Provisions. On each delivery date, the information for the RR4RCTF product must be presented with figures as of the close of the quarter in question.

This RR4RCTF product must be sent through SEIVE, through a user registered with this Commission, which must be identified according to the following 20-character alphanumeric nomenclature:

a)

The first seven positions will correspond to the specific product identifier: "RR4RCTF".

b)

In the eighth position, the key of the type of Insurance Institution must be indicated:

Key Definition

P Insurance Institutions authorized to operate Pension Insurance.

S Insurance Institutions that carry out the life operation.

c)

From the ninth to the twelfth position, the number assigned to the Insurance Institution in question must be indicated. This number must be preceded by zeros to occupy the four positions.

d)

From the thirteenth to the sixteenth position, the report year must be indicated.

e)

In the seventeenth and eighteenth positions, the report month must be written. This number, if applicable, must be preceded by a zero to occupy the two positions.

f)

In the nineteenth and twentieth positions, the last day of the reported month must be written.

Example:

In the case of an Insurance Institution authorized to operate Pension Insurance with key "0001" and report date June 30, 2015, the name of the RR4RCTF product must be constructed as follows:

Position 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Extension Character R R 4 R C T F P 0 0 0 1 2 0 1 5 0 6 3 0 .ZIP

.PGP

The RR4RCTF product is integrated by up to two structured information files according to the following:

RR4RCTFRES: Database with the result of the determination of the capital requirement relating to technical underwriting risks ( ) and with complementary information for the calculation of the capital requirement for mismatch between assets and liabilities.

RR4RCTFPPA: Database with the projection of the liability and loss ratio for each measurement band for the calculation of the capital requirement for mismatch between assets and liabilities (only applicable to Insurance Institutions authorized to operate Pension Insurance).

The text files of the aforementioned databases must be reported in accordance with the usage instructions, text descriptors, and specific criteria of the files that make up the RR4RCTF product, which will be made available through the Commission's Website, in accordance with what is stated in Provision 39.1.10 of these provisions.

The indicated files will be identified according to the following nomenclature:

I.

The database with the result of the determination of the capital requirement relating to technical underwriting risks ( ) and with complementary information for the calculation of the capital requirement for mismatch between assets and liabilities ( ) must be reported in the magnetic file in text format whose name will be integrated by 23 alphanumeric characters ordered as follows:

a)

The first ten positions will correspond to the specific file identifier: "RR4RCTFPRES".

b)

The eleventh position will correspond to the key of the type of Insurance Institution:

Key Definition

P Insurance Institutions authorized to operate Pension Insurance.

S Insurance Institutions that carry out the life operation.

c)

From the twelfth to the fifteenth position, the number assigned to the Insurance Institution in question must be indicated. This number must be preceded by zeros to occupy the four positions.

d)

From the sixteenth to the nineteenth position, the report year must be indicated.

e)

In the twentieth and twenty-first positions, the report month must be written. This number, if applicable, must be preceded by a zero to occupy the two positions.

f)

In the twenty-second and twenty-third positions, the last day of the reported month must be written.

Example:

In the case of an Insurance Institution authorized to operate Pension Insurance with key "0001" and report date June 30, 2015, the name of the database with the result of the determination of the capital requirement for technical underwriting risks and with complementary information for the calculation of the capital requirement for mismatch between assets and liabilities, must be constructed as follows:

Position 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Extension Character R R 4 R C T F R E S P 0 0 0 1 2 0 1 5 0 6 3 0 .TXT

II.

The database with the projection of the liability and loss ratio for each measurement band for the calculation of the capital requirement for mismatch between assets and liabilities, applicable to Insurance Institutions authorized to operate Pension Insurance, must be reported in the magnetic file in text format whose name will be integrated by 23 alphanumeric characters ordered as follows:

a)

The first ten positions will correspond to the specific file identifier: "RR4RCTFPPA".

b)

The eleventh position will correspond to the key of the type of Insurance Institution:

Key Definition

P Insurance Institutions authorized to operate Pension Insurance.

c)

From the twelfth to the fifteenth position, the number assigned to the Insurance Institution in question must be indicated. This number must be preceded by zeros to occupy the four positions.

d)

From the sixteenth to the nineteenth position, the report year must be indicated.

e)

In the twentieth and twenty-first positions, the report month must be written. This number, if applicable, must be preceded by a zero to occupy the two positions.

ANNEX 38.1.8.

PRESENTATION OF THE REGULATORY REPORT ON

FINANCIAL STATEMENTS (RR-7)

Institutions will carry out the delivery of the Regulatory Report on Financial Statements (RR-7) through the integration of 3 products that group the information depending on the delivery frequency:

Product RR7EFITR: Financial Statements Quarterly Information.

Product RR7EFIA1: Financial Statements Annual Information 1.

Product RR7EFIA2: Financial Statements Annual Information 2.

The delivery of the products will be sent through SEIVE, through a user registered with the Commission.

Product RR7EFITR: Financial Statements Quarterly Information

In the RR7EFITR product, Institutions must send to the Commission the information corresponding to the reports related to the general scheme of the financial statements and those relating to the concepts that make up the financial statements.

This RR7EFITR product must be presented within fifteen business days following the close of each quarter, with the exception of fourth-quarter information, which must be presented within the first twenty business days following the close of the fiscal year and contain the accumulated data of each of the months that make up the quarter.

The RR7EFITR product must contain information as of the close of each of the months that make up the quarter being reported, for which information submissions must be made in independent products for each of the months of the reporting period.

The nomenclature that the Institution must use to name the product consists of 21 alphanumeric characters, according to the following order:

a)

In the first eight positions, the specific identifier of the product must be indicated: RR7EFITR.

b)

In the ninth position, the company type key must be indicated:

Key Definition

S Non-specialized insurance institutions and mutual societies.

P Institutions authorized for the practice of pension insurance derived from social security laws.

H Insurance institutions specialized in health insurance.

G Insurance institutions authorized to operate financial guarantee insurance.

V Insurance institutions authorized to operate housing credit insurance.

F Surety institutions.

c)

From the tenth to the thirteenth position, the number assigned to the Institution or Society in question must be indicated. This number must be preceded by zeros to occupy the four positions.

d)

From the fourteenth to the twenty-first position, the report date must be indicated, specifying the year, month, and day.

Example:

In the case of an Insurance Institution with company key 0001, the RR7IEFTR product with a report date of December 31, 2011, the name of the product must be constructed as follows:

Position 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Name R R 7 E F I T R S 0 0 0 1 2 0 1 1 1 2 3 1 .ZIP

.PGP

The RR7EFITR product is integrated by 24 structured information files and 5 unstructured information files, according to the following:

Structured Information: the following 24 files in TXT format.

CMBG: Minimum balance sheet catalog.

CMER: Minimum income statement catalog.

INVE: Detail of investments in securities.

INDE: Detail of financial derivative operations.

INMU: Detail of real estate investments.

OACT: Detail of other assets.

OINV: Detail of other investments and other debtors

CRED: Detail of credits.

IRRE: Recoverable reinsurance amounts.

ACRE: Report relating to creditors.

OPAS:

Report relating to other liabilities.

CSOC:

Report relating to share capital.

CORD: Report relating to off-balance sheet accounts.

PRIM: Report relating to premiums.

CADQ: Report relating to acquisition cost.

OPAC: Report relating to analogous and related operations.

CSIN: Report relating to loss cost.

COPE: Report relating to operating cost.

RIFI: Report relating to comprehensive financing result.

BASE: Determination of the Investment Base

CCMP: Report relating to the coverage of minimum paid capital.

DEUD: Report relating to the premium debtor.

FOPA: Report relating to the level of admissible funds and its sufficiency level with respect to the RCS.

FOND: Investment Funds.

Unstructured Information: the following 3 files in .PDF format.

EFEF: Cash Flow Statement.

EVCC: Statement of Changes in Equity.

DASS: Annual opinion issued by the Ministry of Health

Finally, it will contain 2 files of Unstructured Information in .XLS format.

EFCO: Consolidation Reports.

RRFI: Claims received from sureties

The indicated files will be identified with a nomenclature of 25 alphanumeric characters, according to the following:

a)

The first eight positions will be reserved for the product identifier: RR7EFITR.

b)

From the ninth to the twelfth positions, the key corresponding to the file identifier must be indicated, as appropriate:

CMBG Minimum Balance Sheet Catalog

CMER Minimum Income Statement Catalog.

INVE Detail of investments in securities.

INDE Detail of financial derivative operations.

INMU Detail of real estate investments.

OACT Detail of other assets.

OINV Detail of other investments and other debtors.

CRED Detail of credits

IRRE Recoverable reinsurance amounts.

ACRE Report relating to creditors.

OPAS Report relating to other liabilities.

CSOC Report relating to Share Capital.

CORD Report relating to Off-Balance Sheet Accounts.

PRIM Report relating to Premiums.

CADQ Report relating to Acquisition Cost.

OPAC Report relating to Analogous and Related Operations.

CSIN Report relating to Loss Cost.

COPE Report relating to Operating Cost.

RIFI Report relating To Comprehensive Financing Result.

BASE Determination of the Investment Base

CCMP Report relating to the coverage of minimum paid capital.

DEUD Report relating to the premium debtor.

FOPA Report relating to the level of admissible funds and its sufficiency level

with respect to the RCS.

FOND Investment Funds

EFEF Cash Flow Statement.

EVCC Statement of Changes in Equity.

DASS Annual opinion issued by the Ministry of Health

EFCO Consolidation Reports.

c)

In the thirteenth position, the company type key must be indicated.

Key Definition

S Non-specialized insurance institutions and mutual societies.

P Institutions authorized for the practice of pension insurance derived from social security laws.

H Insurance institutions specialized in health insurance.

G Insurance institutions authorized to operate financial guarantee insurance.

V Insurance institutions authorized to operate housing credit insurance.

F Surety institutions.

d)

From the fourteenth to the seventeenth position, the key assigned to the company must be placed; this key must be preceded by zeros to occupy four spaces.

e)

From the eighteenth to the twenty-fifth position, the report date must be indicated, specifying the year, month, and day.

Example:

To carry out the submission of structured information files, the naming of the file corresponding to the Minimum Balance Sheet Catalog, corresponding to the fourth quarter of 2011, the Insurance Institution with key 0001 must construct the name of the file as follows:

Position 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Name R R 7 E F I T R C M B G S 0 0 0 1 2 0 1 1 1 2 3 1 .TXT

Likewise, to carry out the submission of unstructured information files, the naming of the file

corresponding to the State of Cash Flows, corresponding to the fourth quarter of 2011, the Insurance Institution with key 0001, must construct the file name as follows:

Position 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Name R R 7 E F I T R E F E F S 0 0 0 1 2 0 1 1 1 2 3 1 .PDF

In the event that, as a result of the operation of the institutions, any file does not apply, it shall not be sent.

The usage instructions, text descriptors, and specific criteria for the files that make up this Regulatory Report will be made known through the Commission's Website, in accordance with what is established in Provision 39.1.10.

Particular considerations of the FOPA file

For the purpose of reporting the monthly calculation of RCS based on the general formula referred to in article 233, in concordance with articles 233 and 236 of the LISF, Institutions may consider for the calculation of the first two months of each quarter, the amount corresponding to the calculation of the closing of the immediately preceding quarter, which must be covered with Admissible Own Funds as established in Title 7 of these Provisions.

The provisions in the preceding paragraph will be applicable for the first two months of 2016, where they may consider the RCS calculation corresponding to the closing of 2015.

PRODUCT RR7EFIA1: Financial Statements Annual Information 1

In product RR7EFIA1, Institutions must remit to the Commission the information corresponding to the reports regarding the Short Report of the annual consolidated basic financial statements and the sufficiency of technical reserves.

This product RR7EFIA1 must be presented within forty-five (45) business days following the closing of each exercise, which must be identified according to the following 21-character alphanumeric nomenclature:

a) In the first eight positions, the specific identifier of the product must be placed: RR7EFIA1.

b) In the ninth position, the key of the type of company must be indicated.

Key Definition S Non-specialized insurance institutions and mutual societies. P Institutions authorized to practice pension insurance derived from social security laws. H Specialized insurance institutions in health insurance. G Insurance institutions authorized to operate financial guarantee insurance. V Insurance institutions authorized to operate housing credit insurance. F Surety institutions.

c) From the tenth to the thirteenth position, the number assigned to the Institution or Society in question must be indicated. This number must be preceded by zeros until it occupies four positions.

d) From the fourteenth to the twenty-first position, the report date must be indicated, specifying the year, month, and day.

Example:

To report the information of the Annual Financial Statements within forty-five (45) business days following the closing of each exercise, corresponding to December 31, 2011, the Insurance Institution with key 0001, must construct the product name as follows:

Position 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

Name R R 7 E F I A 1 S 0 0 0 1 2 0 1 1 1 2 3 1

.ZIP .PGP

The information contained in product RR7EFIA1 will be integrated by 2 files in PDF format, which will contain the following information:

ICAE: Short Report, electronically signed by the independent external auditor.

CDRT: Opinion Letter on the situation and sufficiency of Technical Reserves, electronically signed by the independent actuary.

The PDF format files must be legible, maintaining a minimum resolution of 200 dots per inch (dpi), and they must send one file for each of the aforementioned documents.

The indicated files will be identified with a 25-character alphanumeric nomenclature, according to the following:

a) The first eight positions will be reserved for the product identifier RR7EFIA1.

b) From the ninth to the twelfth positions, the key corresponding to the file identifier must be indicated, as applicable:

ICAE Short Report of the External Financial Auditor CDRT Opinion Letter on the situation and sufficiency of Technical Reserves

c) In the thirteenth position, the key of the type of company must be indicated:

Key Definition S Non-specialized insurance institutions and mutual societies. P Institutions authorized to practice pension insurance derived from social security laws. H Specialized insurance institutions in health insurance. G Insurance institutions authorized to operate financial guarantee insurance. V Insurance institutions authorized to operate housing credit insurance. F Surety institutions.

d) From the fourteenth to the seventeenth position, the key assigned to the company must be indicated, this key must be preceded by zeros until it occupies four spaces.

e) From the eighteenth to the twenty-fifth position, the report date must be indicated, specifying the year, month, and day.

Example:

To report the Short Report of the External Financial Auditor, corresponding to the fourth quarter of 2011, the Insurance Institution with key 0001, must construct the file name as follows:

Position 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Name R R 7 E F I A 1 I C A E S 0 0 0 1 2 0 1 1 1 2 3 1 .PDF

Institutions have the obligation to remit the two files that make up this product.

The PDF format files must be legible, maintaining a minimum resolution of 200 dots per inch (dpi), and they must send one file for each type of document mentioned.

PRODUCT RR7EFIA2: Financial Statements Annual Information 2

In product RR7EFIA2, Institutions must remit to the Commission the information corresponding to the Long Report and the Opinion on Complementary Information, the Report on Other Opinions, Reports and Communications, and the Report on the Technical Reserves Opinion.

This product RR7EFIA2 must be presented within ninety (90) business days following the closing of each exercise, which must be identified according to the following 21-character alphanumeric nomenclature:

a) In the first eight positions, the specific identifier of the product must be placed: RR7EFIA2;

b) In the ninth position, the key of the type of company must be placed:

Key Definition S Non-specialized insurance institutions and mutual societies. P Institutions authorized to practice pension insurance derived from social security laws. H Specialized insurance institutions in health insurance. G Insurance institutions authorized to operate financial guarantee insurance. V Insurance institutions authorized to operate housing credit insurance. F Surety institutions.

c) From the tenth to the thirteenth position, the number assigned to the Institution or Society in question must be indicated. This number must be preceded by zeros until it occupies four positions.

d) From the fourteenth to the twenty-first position, the report date must be indicated, specifying the year, month, and day.

Example:

To report the information of the Annual Financial Statements within ninety (90) business days following the closing of each exercise, corresponding to December 31, 2011, the Insurance Institution with key 0001, must construct the product name as follows:

Position 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

Name R R 7 E F I A 2 S 0 0 0 1 2 0 1 1 1 2 3 1

.ZIP .PGP

The information contained in product RR7EFIA2 will be integrated by 14 files in PDF format, which will contain the following information:

INLA: Long Report, electronically signed by the independent external auditor.

OSIC: Opinion on Complementary Information, electronically signed by the independent external auditor.

IOIC: Report on other Opinions, Reports and Communications, electronically signed by the independent external auditor.

ISGC: Report on the functioning of the Corporate Governance System.

IDRT: Report on the opinion of the Technical Reserves, electronically signed by the independent actuary.

PUEF: Publication in a National Circulation Newspaper of the Financial Statements.

EFBG: Consolidated Annual General Balance Sheet.

EFER: Consolidated Annual Statement of Results.

EFEV: Consolidated Annual Statement of Changes in Equity and Net Worth.

EFEF: Consolidated Annual Statement of Cash Flows.

ASCA: Certified copy of the minutes of the board of directors meeting in which said annual consolidated basic financial statements were approved.

RSCF: Report on Solvency and Financial Condition referred to in Provision 24.1.5.

ICSF: Quantitative Information of the Report on Solvency and Financial Condition.

CCRE: Copy of the documents that accredit the credit quality ratings referred to in Provision 24.1.4.

The PDF format files must be legible, maintaining a minimum resolution of 200 dots per inch (dpi), and they must send one file for each of the aforementioned documents.

The indicated files will be identified with a 25-character alphanumeric nomenclature, according to the following:

a) The first eight positions will be reserved for the product identifier RR7EFIA2.

b) From the ninth to the twelfth positions, the key corresponding to the file identifier must be placed, as applicable:

INLA Long Report of the External Financial Auditor OSIC Opinion on Complementary Information IOIC Report on other Opinions, Reports and Communications ISGC Report on the functioning of the corporate governance system IDRT Report on the Opinion of the Technical Reserves PUEF Publication in a National Circulation Newspaper of the Financial Statements. EFBG Consolidated Annual General Balance Sheet EFER Consolidated Annual Statement of Results EFEV Consolidated Annual Statement of Changes in Equity and Net Worth EFEF Consolidated Annual Statement of Cash Flows ASCA Certified Copy of the minutes of the board of directors meeting in which the Annual Financial Statements were approved RSCF Report on Solvency and Financial Condition CCRE Credit Quality Ratings ICSF Quantitative Information of the Report on Solvency and Financial Condition

c) In the thirteenth position, the key of the type of company must be indicated:

Key Definition S Non-specialized insurance institutions and mutual societies. P Institutions authorized to practice pension insurance derived from social security laws. H Specialized insurance institutions in health insurance. G Insurance institutions authorized to operate financial guarantee insurance. V Insurance institutions authorized to operate housing credit insurance. F Surety institutions.

d) From the fourteenth to the seventeenth position, the key assigned to the company must be indicated, this key must be preceded by zeros until it occupies four spaces.

e) From the eighteenth to the twenty-fifth position, the report date must be indicated, specifying the year, month, and day.

Example:

To report the Long Report carried out by the External Financial Auditor within ninety (90) business days following the closing of each exercise, corresponding to the fourth quarter of 2011, the Insurance Institution with key 0001, must construct the file name as follows:

Position 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Name R R 7 E F I A 2 I N L A S 0 0 0 1 2 0 1 1 1 2 3 1 .PDF

Institutions have the obligation to remit the 14 files that make up this product.

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