Amending Circular 3/23 of the Single Insurance and Surety Circular

DOF: 18/10/2023

Amending Circular 3/23 of the Single Insurance and Surety Circular

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

AMENDING CIRCULAR 3/23 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Chapter 5.6.)

The National Insurance and Sureties Commission, based on the provisions of articles 366, fraction II, 367, fractions I and II, 369, fraction I, 372, fractions VI and XLII, 373 and 381 of the Law of Insurance Institutions and Sureties, and:

CONSIDERING

That insurance institutions that insure risks of a catastrophic nature must establish the catastrophic risk reserve in order to have sufficient resources to meet, with a high degree of certainty, the obligations arising from insurance contracts, in the event of extraordinary events.

That in Provisions 5.6.1. to 5.6.6. of Chapter 5.6 of the Single Insurance and Surety Circular (CUSF), it is established that the corresponding financial products, determined based on the arithmetic mean of the 30-day London InterBank Offered Rate (LIBOR), which is published by the Intercontinental Exchange Benchmark Administration, an institution authorized and regulated by the Financial Conduct Authority (FCA) of the United Kingdom, will be added monthly to the balance of the catastrophic risk reserve established in foreign currency.

In view of the fact that the aforementioned body responsible for calculating and publishing the LIBOR rate has determined its disappearance (1), and in accordance with the recommendations of the Bank for International Settlements (BIS) and the Financial Stability Board (FSB), it is necessary to update the aforementioned Provisions 5.6.1. to 5.6.6. in order to establish as a new reference parameter the Secured Overnight Financing Rate (SOFR) made known by the Federal Reserve Bank of New York.

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 3/23 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Chapter 5.6.)

SINGLE. -

Provisions 5.6.1. to 5.6.6. of Chapter 5.6 of the Single Insurance and Surety Circular are modified, to read as follows:

CHAPTER 5.6.

ON THE VALUATION, ESTABLISHMENT AND INCREMENT OF CATASTROPHIC RISK RESERVES OF INSURANCE INSTITUTIONS AND MUTUAL SOCIETIES

For the purposes of articles 216, 217, 218 and 349 of the LISF:

5.6.1.

...

I.

...

II.

The financial products of the same shall be added to the balance, calculated based on the average monthly effective rate of the issuances of the month in question of the 28-day Treasury Certificates of the Federation and, for those established in foreign currency, the effective rate calculated based on the Secured Overnight Financing Rate (SOFR) 30-Day Average, corresponding to the last business day of the calculation month, made known by the Federal Reserve Bank of New York on its internet portal (https://www.newyorkfed.org/markets/reference-rates/sofr-averages-and-index). The respective financial products shall be capitalized monthly;

III.

to

VII.

...

5.6.2.

...

I.

and

II.

...

III.

The financial products of the same shall be added to the balance, calculated based on the average monthly effective rate of the issuances of the month in question of the 28-day Treasury Certificates of the Federation and, for those established in foreign currency, the effective rate calculated based on the Secured Overnight Financing Rate (SOFR) 30-Day Average, corresponding to the last business day of the calculation month, made known by the Federal Reserve Bank of New York on its internet portal (https://www.newyorkfed.org/markets/reference-rates/sofr-averages-and-index). The respective financial products shall be capitalized monthly;

IV.

and V.

...

5.6.3.

...

I.

...

II.

The financial products of the same shall be added to the balance, calculated based on the average monthly effective rate of the issuances of the month in question of the 28-day Treasury Certificates of the Federation and, for those established in foreign currency, the effective rate calculated based on the Secured Overnight Financing Rate (SOFR) 30-Day Average, corresponding to the last business day of the calculation month, made known by the Federal Reserve Bank of New York on its internet portal (https://www.newyorkfed.org/markets/reference-rates/sofr-averages-and-index). The respective financial products shall be capitalized monthly;

III.

to

V.

...

5.6.4.

...

I.

and

II.

...

III.

The financial products of the same shall be added to the balance, calculated based on the average monthly effective rate of the issuances of the month in question of the 28-day Treasury Certificates of the Federation and, for those established in foreign currency, the effective rate calculated based on the Secured Overnight Financing Rate (SOFR) 30-Day Average, corresponding to the last business day of the calculation month, made known by the Federal Reserve Bank of New York on its internet portal (https://www.newyorkfed.org/markets/reference-rates/sofr-averages-and-index). The respective financial products shall be capitalized monthly, and

IV.

...

5.6.5.

...

I.

to

III.

...

IV.

The financial products of the same shall be added to the balance, calculated based on the average monthly effective rate of the issuances of the month in question of the 28-day Treasury Certificates of the Federation and, for those established in foreign currency, the effective rate calculated based on the Secured Overnight Financing Rate (SOFR) 30-Day Average, corresponding to the last business day of the calculation month, made known by the Federal Reserve Bank of New York on its internet portal (https://www.newyorkfed.org/markets/reference-rates/sofr-averages-and-index). The respective financial products shall be capitalized monthly;

V

to

VIII.

...

5.6.6.

...

I.

and

II.

...

III.

The financial products of the same shall be added to the balance, calculated based on the average monthly effective rate of the issuances of the month in question of the 28-day Treasury Certificates of the Federation and, for those established in foreign currency, the effective rate calculated based on the Secured Overnight Financing Rate (SOFR) 30-Day Average, corresponding to the last business day of the calculation month, made known by the Federal Reserve Bank of New York on its internet portal (https://www.newyorkfed.org/markets/reference-rates/sofr-averages-and-index). The respective financial products shall be capitalized monthly;

IV.

to

VI.

...

5.6.7.

to

5.6.9.

...

TRANSITORY PROVISIONS

FIRST. - Publish in the Official Gazette of the Federation.

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

Respectfully,

Mexico City, October 9, 2023. - The President of the National Insurance and Sureties Commission, Ricardo Ernesto Ochoa Rodríguez.- Signature.

1 https://www.theice.com/iba/libor

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