Regulatory Alerts2023-10-18 | DOF 5705731Added · Updated
Amending Circular 3/23 of the Single Insurance and Surety Circular
The National Insurance and Sureties Commission amends provisions 5.6.1 through 5.6.6 of Chapter 5.6 of the Single Insurance and Surety Circular to replace the London InterBank Offered Rate (LIBOR) with the Secured Overnight Financing Rate (SOFR) as the reference rate for calculating financial products added to the catastrophic risk reserve held in foreign currency. This change applies to insurance institutions and mutual societies, requiring the use of the SOFR 30-Day Average published by the Federal Reserve Bank of New York. The circular enters into force the day following its publication in the Official Gazette of the Federation.
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